Executive Brief

Comcast Corporation announced pricing terms for seven private exchange offers of outstanding notes for new 5.168% Notes due 2037 and 5.218% Notes due 2038 (Item 8.01, Exhibit 99.1).
Exchange Offers expire September 26, 2025, at 5:00 p.m. ET; settlement expected October 2, 2025 (Exhibit 99.1).
Total principal amounts offered range from $750 million to $1.65 billion per series, with yields ranging approximately 3.77% to 3.92% and exchange prices near par (Exhibit 99.1).
Exchange Offers governed by Offering Memorandum dated September 22, 2025, including eligibility certification and guaranteed delivery procedures (Exhibit 99.1).
No other Items disclosed; no financial guidance or officer changes reported.
No material risks or uncertainties explicitly stated beyond standard offer conditions.
The exchange aims to refinance or extend debt maturities with new notes maturing in 2037 and 2038.
Investors should monitor acceptance levels and final settlement outcomes by October 2, 2025.
No non-GAAP measures or restatement references.
Forward-looking statements likely in press release but not detailed in 8-K body.

Item-by-Item Analysis

What happened: Comcast announced pricing terms for seven private exchange offers to exchange outstanding notes for new 5.168% Notes due 2037 and 5.218% Notes due 2038.
Parties/terms: Exchange Offers cover seven series of outstanding notes with principal amounts ranging from $750 million to $1.65 billion. Exchange prices range from approximately $985.20 to $1,039.21 per $1,000 principal. Yields range from 3.668% + 10 bps to 3.765% + 15 bps over U.S. Treasury securities. The new notes mature in 2037 and 2038.
Conditions/closing: Exchange Offers expire September 26, 2025, at 5:00 p.m. ET; settlement expected October 2, 2025. Offers subject to terms in Offering Memorandum dated September 22, 2025, including eligibility certification and guaranteed delivery.
Source: (Item 8.01), (Exhibit 99.1, entire).

Exhibit 99.1: Press release dated September 26, 2025, detailing pricing terms and conditions of the exchange offers.
Exhibit 104: Cover Page Interactive Data File embedded in Inline XBRL.
Source: (Item 9.01(d)).

Exhibit 99.1 provides detailed pricing tables for each note series, including CUSIPs, reference U.S. Treasury securities, yields, spreads, and total exchange prices.
No additional financial metrics or guidance disclosed beyond exchange offer terms.

The exchange offers involve refinancing existing debt with new notes due 2037 and 2038, potentially extending maturities and adjusting interest costs.
Total principal amounts involved exceed $6 billion across seven series.
No explicit mention of cash impact, charges, or dilution from equity issuance.
No dividend or buyback information.

Risks include failure to achieve sufficient acceptance to consummate exchange offers.
Market conditions or regulatory changes could affect settlement.
No material adverse change or termination rights detailed.
Investors should monitor acceptance levels and final settlement.

No OCR or parsing issues detected.
Non-GAAP reconciliation: Unknown (not referenced).
Forward-looking statements: Likely present in press release but not explicitly quoted.
Related-party conflicts: None disclosed.