Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter and year ended December 31, 2021.

"Comcast’s strong operating and financial performance in 2021 was underscored by our highest full-year revenue, adjusted EBITDA, adjusted EPS, and free cash flow on record. We continue to execute extraordinarily well, strengthening our leadership position in connectivity, aggregation, and streaming, while working to have a lasting impact on our communities through our commitment to DE&I and digital equity. Looking ahead, we remain focused on our many exciting organic growth opportunities across all of our businesses. Our top priority is increasing the capacity of our network in the U.S. and further improving our world-class broadband experience. We are producing more of the premium content that our viewers love and continue to provide them with multiple ways to access it, including on Peacock while ramping construction of Epic Universe and welcoming even more guests to our Theme Parks. And, significantly, we are expanding the reach of our proprietary global technology platform and addressable customer base, starting with Sky Glass and XClass TV. Our confidence in the future is reflected in today’s announcement that we are increasing the dividend for the 14th consecutive year," commented Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation.

For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedules on Comcast’s Investor Relations website at www.cmcsa.com.

Full Year 2021 Highlights:

• Consolidated Adjusted EBITDA Increased 12.6% to $34.7 Billion; Adjusted EPS Increased 23.8% to $3.23; Generated Free Cash Flow of $17.1 Billion
• Cable Communications Adjusted EBITDA Increased 11.2% and Adjusted EBITDA per Customer Relationship Increased 6.7%
• Cable Communications Total Customer Relationship Net Additions Were 1.1 Million; Total Broadband Customer Net Additions Were 1.3 Million
• Cable Communications Wireless Customer Line Net Additions Were 1.2 Million, the Best Annual Result Since Launch in 2017
• Cable Communications Completed a Series of Groundbreaking Tests Demonstrating DOCSIS 4.0 Technology That Culminated in a World-First Test of a Prototype Modem Capable of Delivering Multi-gigabit Speeds to Homes; Paves the Way to Deliver Multi-gigabit Upload and Download Speeds Over Our Hybrid-fiber Coaxial Network
• NBCUniversal Adjusted EBITDA Increased 6.0% to $5.7 Billion, Including Peacock Losses
• Theme Parks Adjusted EBITDA Increased $1.7 Billion to $1.3 Billion. Continued to Recover Quickly from the Ongoing Negative Impacts of COVID-19, Benefiting from Strong Demand from Domestic Guests in the U.S. and Japan; Celebrated the Grand Opening of Universal Beijing Resort on September 20th
• Peacock Monthly Active Accounts in the U.S. Reached 24.5 Million at Year-End. Introduced Peacock in Sky Territories, Beginning in the U.K. and Ireland
• Sky Adjusted EBITDA Increased 20.8% to $2.4 Billion; On a Constant Currency Basis, Adjusted EBITDA Increased 10.2%
• Launched Sky Glass in the U.K. and XClass TV in the U.S. Leveraging the Company’s Proprietary, Global Technology Platform; Providing the Company with More Ways to Bring the Best of Our Entertainment Operating System to More Consumers

4th Quarter 2021 Highlights:

• Consolidated Adjusted EBITDA Increased 17.0% to $8.4 Billion; Adjusted EPS Increased 37.5% to $0.77; Generated Free Cash Flow of $3.8 Billion
• Cable Communications Adjusted EBITDA Increased 7.8% and Adjusted EBITDA per Customer Relationship Increased 3.9%
• Cable Communications Total Customer Relationship Net Additions Were 169,000; Total Broadband Customer Net Additions Were 212,000 and Benefited From the Highest Level of Customer Retention on Record for a Fourth Quarter
• Cable Communications Wireless Customer Line Net Additions Were 312,000, the Best Quarterly Result Since Launch in 2017
• Theme Parks Delivered Its Most Profitable Fourth Quarter on Record, Driven by Strong Growth in Domestic Guest Attendance and Spending Per Guest at Our Parks in the U.S. and Japan, While International Guest Attendance at Each of Our Parks Remained Constrained Due to COVID-19
• Sky Adjusted EBITDA Increased 233.7% to $464 Million; On a Constant Currency Basis, Adjusted EBITDA Increased 187.9%

Dividends and Share Repurchases:

• Returned $8.5 Billion to Shareholders in 2021 Through a Combination of Dividend Payments and Share Repurchases
• Dividends Paid Totaled $4.5 Billion in 2021; Increased Dividend By $0.08, or 8% Year-over-Year, to $1.08 per Share on an Annualized Basis for 2022, the 14th Consecutive Annual Increase
• Resumed Share Repurchases Late in the Second Quarter of 2021; Repurchased $4.0 Billion of our Shares in 2021; Increased Share Repurchase Authorization to $10.0 Billion 

Consolidated Financial Results

Revenue for the fourth quarter of 2021 increased 9.5% to $30.3 billion. Net Income Attributable to Comcast decreased 9.6% to $3.1 billion. Adjusted Net Income increased 35.1% to $3.5 billion. Adjusted EBITDA increased 17.0% to $8.4 billion.

For the twelve months ended December 31, 2021, revenue increased 12.4% to $116.4 billion compared to 2020. Net income attributable to Comcast increased 34.4% to $14.2 billion. Adjusted Net Income increased 24.8% to $15.0 billion. Adjusted EBITDA increased 12.6% to $34.7 billion.

Earnings per Share (EPS) for the fourth quarter of 2021 was $0.66, a decrease of 9.6% compared to the prior year period. Adjusted EPS increased 37.5% to $0.77.

For the twelve months ended December 31, 2021, EPS was $3.04, a 33.3% increase compared to 2020. Adjusted EPS increased 23.8% to $3.23.

Capital Expenditures increased 6.8% to $3.0 billion in the fourth quarter of 2021. Cable Communications’ capital expenditures increased 3.7% to $2.2 billion. NBCUniversal’s capital expenditures increased 33.2% to $502 million. Sky's capital expenditures increased 7.1% to $332 million.

For the twelve months ended December 31, 2021, capital expenditures of $9.2 billion were consistent with 2020. Cable Communications' capital expenditures increased 4.9% to $6.9 billion. NBCUniversal's capital expenditures decreased 27.2% to $1.1 billion. Sky's capital expenditures decreased 1.2% to $948 million.

Net Cash Provided by Operating Activities was $7.7 billion in the fourth quarter of 2021. Free Cash Flow was $3.8 billion.

For the twelve months ended December 31, 2021 net cash provided by operating activities was $29.1 billion. Free cash flow was $17.1 billion.

Dividends and Share Repurchases. Comcast resumed its share repurchase program in May 2021 after pausing the program in 2019 to accelerate the reduction of indebtedness it incurred in connection with its acquisition of Sky. During the fourth quarter of 2021, Comcast paid dividends totaling $1.1 billion and repurchased 38.5 million of its common shares for $2.0 billion. For the twelve months ended December 31, 2021, Comcast paid dividends totaling $4.5 billion and repurchased 73.2 million of its common shares for $4.0 billion, resulting in a total return of capital to shareholders of $8.5 billion.

Today, Comcast announced that its Board of Directors increased its share repurchase program authorization to $10.0 billion, effective as of January 1, 2022. Comcast also announced that it increased its dividend by $0.08, or 8% year-over-year, to $1.08 per share on an annualized basis for 2022. In accordance with the increase, the Board of Directors declared a quarterly cash dividend of $0.27 per share on the company's stock, payable April 27, 2022 to shareholders of record as of the close of business on April 6, 2022.

Cable Communications

Revenue for Cable Communications increased 4.5% to $16.4 billion in the fourth quarter of 2021, driven by increases in broadband, business services, wireless, and other revenue, partially offset by decreases in advertising, video, and voice revenue. Broadband revenue increased 8.5% due to an increase in the number of residential broadband customers and an increase in average rates. Business services revenue increased 11.5% due to an increase in average rates, an increase in the number of customers receiving our services, and from a recent acquisition. Wireless revenue increased 40.3% due to an increase in the number of customer lines and an increase in device sales. Other revenue increased 7.6%, primarily reflecting increases in revenue from licensing of our technology platforms and from our security and automation services. Advertising revenue decreased 12.5%, reflecting a decrease in political advertising. Excluding political advertising revenue, advertising revenue increased 9.3%, primarily driven by our advanced advertising businesses. Video revenue decreased 1.2%, reflecting a decrease in the number of residential video customers, partially offset by an increase in average rates. Voice revenue decreased 6.2%, primarily reflecting a decrease in the number of residential voice customers.

For the twelve months ended December 31, 2021, Cable revenue increased 7.1% to $64.3 billion compared to 2020, driven by growth in broadband, wireless, business services, advertising, video, and other revenue, partially offset by a decrease in voice revenue. In 2020, results were negatively impacted by COVID-19, including accrued customer regional sports network (RSN) fee adjustments related to canceled sporting events. Excluding the impact of accrued customer RSN fee adjustments in 2020⁵, Cable Communications revenue increased 6.5%.

Total Customer Relationships increased by 169,000 to 34.2 million in the fourth quarter of 2021. Residential customer relationships increased by 153,000 and business customer relationships increased by 17,000. Total broadband customer net additions were 212,000, total video customer net losses were 373,000, and total voice customer net losses were 176,000. In addition, Cable Communications added 312,000 wireless lines in the quarter.

For the twelve months ended December 31, 2021, total customer relationships increased by 1.1 million. Residential customer relationships increased by 1.0 million and business customer relationships increased by 63,000. Total broadband customer net additions were 1.3 million, total video customer net losses were 1.7 million, and total voice customer net losses were 548,000. In addition, Cable Communications added 1.2 million wireless lines during the year.

Adjusted EBITDA for Cable Communications increased 7.8% to $7.1 billion in the fourth quarter of 2021, reflecting higher revenue, partially offset by a 2.0% increase in operating expenses. In the fourth quarter of 2021, programming costs decreased 1.2%, reflecting a decline in the number of video subscribers, partially offset by the timing of contract renewals. Non-programming expenses increased 4.1%, primarily reflecting higher technical and product support expenses. Non-programming expenses per customer relationship were consistent with the prior year period. Adjusted EBITDA per customer relationship increased 3.9%, and Adjusted EBITDA margin was 43.4% compared to 42.1% in the prior year period. Cable Communications results include Adjusted EBITDA⁷ of $32 million from our wireless business, compared to a loss of $60 million in the prior year period.

For the twelve months ended December 31, 2021, Adjusted EBITDA for Cable Communications increased 11.2% to $28.1 billion compared to 2020, reflecting higher revenue, partially offset by a 4.2% increase in operating expenses. Programming costs increased 5.8%, reflecting the timing of contract renewals and adjustments in 2020 for provisions in our programming distribution agreements with RSNs related to canceled sporting events as a result of COVID-19, partially offset by a decline in the number of video subscribers. Excluding the impact of accrued RSN adjustments in 2020⁵, programming costs increased 3.0%. Non-programming expenses increased 3.1%. For the twelve months ended December 31, 2021, Adjusted EBITDA per customer relationship increased 6.7%, and Adjusted EBITDA margin was 43.7% compared to 42.1% in 2020. While the accrued RSN adjustments did not impact Adjusted EBITDA for the twelve months ended December 31, 2020, they resulted in an increase to Adjusted EBITDA margin in that period. Cable Communications results include Adjusted EBITDA⁷ of $157 million from our wireless business, compared to a loss of $206 million in 2020.

Capital Expenditures for Cable Communications increased 3.7% to $2.2 billion in the fourth quarter of 2021, reflecting increased investment in scalable infrastructure and line extensions, partially offset by decreased investment in customer premise equipment and support capital. Cable capital expenditures represented 13.4% of Cable revenue in the fourth quarter of 2021 compared to 13.5% in the prior year period.

For the twelve months ended December 31, 2021, capital expenditures for Cable Communications increased 4.9% to $6.9 billion, reflecting increased investment in scalable infrastructure and line extensions, partially offset by decreased investment in customer premise equipment and support capital. Cable capital expenditures represented 10.8% of Cable revenue compared to 11.0% in 2020.

NBCUniversal

Beginning in the first quarter of 2021, the operations of Peacock, which were previously reported in Corporate and Other, are now included with NBCUniversal results and the operations of NBCUniversal are now presented in three reportable business segments: Media, Studios and Theme Parks. Prior periods have been adjusted to reflect this presentation.

Revenue for NBCUniversal increased 25.6% to $9.3 billion in the fourth quarter of 2021. Adjusted EBITDA decreased 6.8% to $1.3 billion.

For the twelve months ended December 31, 2021, NBCUniversal revenue increased 26.1% to $34.3 billion compared to 2020. Adjusted EBITDA increased 6.0% to $5.7 billion.

Media

Media revenue increased 8.4% to $5.8 billion in the fourth quarter of 2021, primarily reflecting higher distribution revenue and advertising revenue. Distribution revenue increased 11.6%, driven by contractual rate increases in the current period and increases at Peacock, partially offset by a decline in subscribers at our networks. Advertising revenue increased 6.0%, reflecting higher pricing and additional Peacock sales, partially offset by a decline in ratings and lower political advertising. Adjusted EBITDA decreased 49.3% to $721 million in the fourth quarter of 2021, reflecting higher operating expenses, which more than offset higher revenue. The increase in operating expenses was primarily driven by higher programming and production expenses, reflecting higher programming costs at Peacock, higher sports programming costs compared to the prior year period when there was a lower number of sporting events resulting from the delayed start of some professional sports seasons due to COVID-19, and higher entertainment programming costs compared to the prior year period when there was a delay in the production and airing of new television programming due to COVID-19. Media results include $335 million of revenue and an Adjusted EBITDA⁷ loss of $559 million related to Peacock, compared to $71 million of revenue and an Adjusted EBITDA⁷ loss of $254 million in the prior year period.

For the twelve months ended December 31, 2021, revenue from the Media segment increased 20.3% to $22.8 billion compared to 2020, reflecting higher advertising revenue, distribution revenue, and other revenue. Excluding $1.8 billion of revenue associated with the broadcast of the Tokyo Olympics in the third quarter of 2021⁵, revenue increased 11.0%. Adjusted EBITDA decreased 18.0% to $4.6 billion compared to 2020, reflecting higher operating expenses, which more than offset higher revenue. The increase in operating expenses was primarily driven by higher programming and production expenses, primarily reflecting higher sports programming costs due to the broadcast of the Tokyo Olympics, higher programming costs at Peacock, and an increase in the number of other sporting events compared to 2020 when sports were postponed due to COVID-19. Media results include $778 million of revenue and an Adjusted EBITDA⁷ loss of $1.7 billion related to Peacock, compared to $118 million of revenue and an Adjusted EBITDA⁷ loss of $663 million in 2020.

Studios

Studios revenue increased 36.4% to $2.4 billion in the fourth quarter of 2021, reflecting higher content licensing revenue, home entertainment and other revenue, and theatrical revenue. Content licensing revenue increased 33.7%, driven by television content licensing. Home entertainment and other revenue increased 30.4%, reflecting the success of F9 and the return of stage plays, which were paused in 2020 due to COVID-19. Theatrical revenue increased by $80 million, primarily due to current year releases, Sing 2 and Halloween Kills, and the impact of theater closures in the prior year period. Adjusted EBITDA decreased 33.8% to $51 million in the fourth quarter of 2021, reflecting higher operating expenses, which more than offset higher revenue. The increase in operating expenses was driven by higher programming and production expenses, reflecting higher amortization of television production costs in the current year period compared to the prior year period when production was impacted due to COVID-19, as well as an increase in advertising, marketing and promotion expenses due to a higher number of theatrical releases in the current period.

For the twelve months ended December 31, 2021, revenue from the Studios segment increased 16.2% to $9.4 billion compared to 2020, primarily reflecting higher content licensing revenue and theatrical revenue. Adjusted EBITDA decreased 15.1% to $884 million compared to 2020, reflecting higher operating expenses, which more than offset higher revenue. The increase in operating expenses was driven by higher programming and production expenses, reflecting higher amortization of television production costs compared to 2020 when production was impacted due to COVID-19, as well as an increase in advertising, marketing and promotion expenses due to a higher number of theatrical releases compared to 2020.

Theme Parks

Theme Parks revenue increased $1.2 billion to $1.9 billion in the fourth quarter of 2021, reflecting improved operating conditions compared to the prior year period, when each of our theme parks in the U.S. and Japan was either operating at limited capacity or closed as a result of COVID-19, and also the opening of Universal Beijing Resort in September 2021. Theme Parks Adjusted EBITDA was $674 million in the fourth quarter of 2021, compared to $3 million in the prior year period.

For the twelve months ended December 31, 2021, revenue from the Theme Parks segment increased $3.0 billion to $5.1 billion compared to 2020, reflecting improved operating conditions compared to 2020, when each of our theme parks in the U.S. and Japan was either closed or operating at limited capacity for the majority of the period as a result of COVID-19, and also the opening of Universal Beijing Resort in September 2021. Theme Parks Adjusted EBITDA was $1.3 billion, which included pre-opening costs related to Universal Beijing Resort, compared to a $477 million Adjusted EBITDA loss in 2020.

Headquarters and Other

NBCUniversal Headquarters and Other includes overhead, personnel costs and costs associated with corporate initiatives. Headquarters and Other Adjusted EBITDA loss in the fourth quarter of 2021 was $197 million, compared to a loss of $133 million in the prior year period.

For the twelve months ended December 31, 2021, Headquarters and Other Adjusted EBITDA loss was $840 million, compared to a loss of $563 million in 2020.

Eliminations

Amounts represent eliminations of transactions between our NBCUniversal segments, which are affected by the timing of recognition of content licenses between our Studios and Media segments. Revenue eliminations in the fourth quarter of 2021 were $817 million, compared to $383 million in the prior year period, and Adjusted EBITDA eliminations were a benefit of $33 million, compared to a benefit of $4 million in the prior year period.

For the twelve months ended December 31, 2021, revenue eliminations were $3.0 billion, compared to $2.0 billion in 2020, and Adjusted EBITDA eliminations were $205 million, compared to $220 million in 2020.

Sky

Revenue for Sky decreased 2.4% to $5.1 billion in the fourth quarter of 2021. Excluding the impact of currency, revenue decreased 2.5% compared to the prior year period, primarily reflecting lower content revenue and direct-to-consumer revenue. Content revenue decreased 23.4% to $327 million due to a change in sports programming licensing agreements in Italy and Germany. Direct-to-consumer revenue decreased 1.0% to $4.0 billion, primarily reflecting an increase in customer relationships and average revenue per customer relationship in the U.K., offset by a decrease in customer relationships and average revenue per relationship in Italy mainly due to the negative impact of the reduction in Sky's broadcast rights to Serie A. Advertising revenue increased 1.4% to $712 million.

For the twelve months ended December 31, 2021, Sky revenue increased 9.1% to $20.3 billion compared to 2020. Excluding the impact of currency, revenue increased 3.1%, reflecting higher advertising revenue and direct-to-consumer revenue, partially offset by lower content revenue.

Total Customer Relationships increased by 61,000 to 23.0 million in the fourth quarter of 2021, reflecting an increase in customer relationships in the U.K. and Germany, partially offset by the negative impact of the reduction in Sky's broadcast rights to Serie A in Italy. For the twelve months ended December 31, 2021, total customer relationships decreased by 198,000.

Adjusted EBITDA for Sky increased 233.7% to $464 million in the fourth quarter of 2021. Excluding the impact of currency, Adjusted EBITDA increased 187.9% compared to the prior year period, reflecting lower operating expenses, which more than offset lower revenue. The decrease in operating expenses was due to lower programming and production expenses, primarily reflecting lower sports programming costs associated with the reduction in Sky's broadcast rights to Serie A in Italy, partially offset by the timing of sports rights amortization.

For the twelve months ended December 31, 2021, Adjusted EBITDA for Sky increased 20.8% to $2.4 billion compared to 2020. Excluding the impact of currency, Adjusted EBITDA increased 10.2%.

Corporate, Other and Eliminations

Corporate and Other

Corporate and Other primarily relates to corporate operations, Comcast Spectacor, and our new smart TV initiatives, Sky Glass and XClass TV. Revenue for the quarter ended December 31, 2021 was $215 million compared to $44 million in the prior year period. Corporate and Other Adjusted EBITDA loss was $481 million, including losses from Sky Glass and XClass TV during the period, compared to a loss of $939 million in the prior year period which included certain costs in response to COVID-19, including severance charges related to our businesses, which are presented in Corporate and Other.

For the twelve months ended December 31, 2021, Corporate and Other revenue was $461 million compared to $248 million in 2020. Corporate and Other Adjusted EBITDA loss was $1.4 billion compared to a loss of $1.8 billion in 2020 which included certain costs in response to COVID-19, including severance charges related to our businesses, which are presented in Corporate and Other.

Eliminations

Amounts represent eliminations of transactions between Cable Communications, NBCUniversal, Sky and other businesses. Eliminations of transactions between NBCUniversal segments are presented separately. Revenue eliminations for the quarter ended December 31, 2021 were $703 million compared to $680 million in the prior year period, and Adjusted EBITDA eliminations were $21 million compared to $3 million in the prior year period.

For the twelve months ended December 31, 2021 revenue eliminations were $3.0 billion compared to $2.5 billion in 2020, and Adjusted EBITDA eliminations were a loss of $65 million compared to a benefit of $32 million in 2020.

Conference Call and Other Information

Comcast Corporation will host a conference call with the financial community today, January 27, 2022 at 8:30 a.m. Eastern Time (ET). The conference call and related materials will be broadcast live and posted on our Investor Relations website at www.cmcsa.com. Those parties interested in participating via telephone should dial (833) 618-9487. A replay of the call will be available starting at 12:00 p.m. ET on January 27, 2022, on the Investor Relations website or by telephone. To access the telephone replay, which will be available until Thursday, February 3, 2022 at midnight ET, please dial (855) 859-2056 and enter the conference ID number 2698862.

From time to time, we post information that may be of interest to investors on our website at www.cmcsa.com and on our corporate website, www.comcastcorporation.com. To automatically receive Comcast financial news by email, please visit www.cmcsa.com and subscribe to email alerts.

Caution Concerning Forward-Looking Statements

This press release includes statements that may constitute forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. In evaluating these statements, readers should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission (SEC). We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.

Non-GAAP Financial Measures

In this discussion, we sometimes refer to financial measures that are not presented according to generally accepted accounting principles in the U.S. (GAAP). Certain of these measures are considered “non-GAAP financial measures” under the SEC regulations; those rules require the supplemental explanations and reconciliations that are in Comcast’s Form 8-K (Quarterly Earnings Release) furnished to the SEC.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on broadband, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia.

Visit www.comcastcorporation.com for more information.