UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934 (Amendment No. )

Comcast Corporation

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

NOTE ABOUT FORWARD-LOOKING STATEMENTS

This proxy statement includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. These may include estimates, projections and statements relating to our business plans, objectives and expected operating results and statements regarding our corporate responsibility initiatives, progress, plans and goals, which are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “would,” “will,” “continue,” “will likely result” and similar expressions. Factors that could cause our actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; consumer acceptance of our content; programming costs; key distribution and/or licensing agreements; use and protection of our intellectual property; our reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather and other uncontrollable events; loss of key personnel; labor disputes; significant tax liability if the separation of Versant is not tax-free; laws and regulations; adverse decisions in litigation or governmental investigations; and other risks described from time to time in reports and other documents we file with the Securities and Exchange Commission (“SEC”). There are also certain risks and challenges we may face in meeting our environmental goals that are beyond our control, including political, economic, regulatory and geopolitical conditions, supply chain and labor issues, supplier emissions reductions, the evolution of carbon offset markets and innovations in technology and infrastructure.

In evaluating these statements, you 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 SEC. The inclusion of forward-looking and other statements in this proxy statement or on our website that may address our corporate responsibility initiatives, progress, plans and goals is not an indication that they are necessarily material to investors or required to be disclosed in our filings with the SEC. Such statements may contain estimates, make assumptions based on developing standards that may change and provide aspirational goals and commitments that are not intended to be promises or guarantees. Readers are cautioned not to place undue reliance on forward-looking statements or such other statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward-looking or such other statements, whether because of new information, future events or otherwise.

Message from Our Chairman and Co-CEO and Our Lead Independent Director

Dear Shareholders,

We are pleased to report that 2025 was a year of meaningful progress for Comcast, as we took decisive steps to reshape our company for the future. We streamlined our business, appointed new leaders and restructured our largest business to move faster and sharpen execution.

At the same time, we generated the highest free cash flow in our history, while maintaining a strong balance sheet and returning nearly $12 billion to shareholders. We invested meaningfully in our six priority areas — broadband, wireless, business services, studios, streaming and theme parks — which we expect will collectively grow over time and position our company for the long term.

In Connectivity & Platforms, we continued to invest in our fiber-rich network by upgrading to multi-gig symmetrical speeds and deploying AI-enabled gateways that can connect hundreds of devices in the home. We also launched a significant go-to-market pivot to simplify pricing and improve the customer experience. We accelerated growth in wireless by adding 1.5 million net lines last year, reaching 9.3 million total lines as of year-end and surpassing 15% penetration of our domestic residential broadband customers. Our business services business, which generated $10.2 billion in revenue in 2025 with healthy margins, was one of the fastest growing providers in the enterprise segment.

In Content & Experiences, with the completion of the Versant spin-off, we are a more focused media business, operating television and streaming together to maximize reach and value across NBC, Peacock, Telemundo and Bravo. In studios, we had great success with the Wicked and Jurassic franchises, and we are excited about our upcoming releases, which include the latest installments of Super Mario and Minions as well as new films from Christopher Nolan and Steven Spielberg. Finally, 2025 featured a landmark achievement for our theme parks business with the opening of Epic Universe, among the largest and most advanced American theme parks to open in decades.

We have an exceptional leadership team and Board of Directors. In early 2026, we promoted Mike Cavanagh to Co-CEO of Comcast and welcomed Gordon Smith, former Co-President and Chief Operating Officer of JPMorgan Chase & Co., to our Board. We extend our thanks to David Novak, who stepped down from our Board in January to become Chairman of the Board of Directors at Versant, for his years of invaluable service.

As we mark America’s 250th anniversary, we are proud of the role we have played in bringing people together for more than six decades. From our networks and products that reach millions, to the stories and shared experiences that unite generations, Comcast occupies a unique place in American life.

We remain grateful for the leadership of our Board, our dedicated employees worldwide, and for your continued confidence.

Sincerely,

Notice of 2026 Annual Meeting of Shareholders of Comcast Corporation

Only shareholders of record on April 8, 2026 may vote and participate during the meeting. If the meeting is adjourned because a quorum is not present, then shareholders who attend the reconvened meeting will constitute a quorum for the purpose of acting upon the matters presented at that meeting pursuant to the rules described in “Information about Stock Ownership – Outstanding Shares and Voting Rights” in the attached proxy statement.

The Notice of Internet Availability of Proxy Materials is being mailed, and the attached proxy statement is being made available, to our shareholders beginning on or about April 24, 2026.

Your vote is important. Please vote your shares promptly. To vote your shares, you can:

April 24, 2026

Thomas J. Reid

Secretary

Table of Contents

About Comcast

Our Company

Comcast Corporation (“Comcast,” the “Company,” “we,” “our” or “us”) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach customers, viewers and guests worldwide. We deliver world-class broadband, wireless, video and voice services through Xfinity, Comcast Business and Sky; produce, distribute and stream leading entertainment, sports and news through brands including NBC, Telemundo, Universal, Peacock and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences.

2025 Performance Overview

2025 was a year of meaningful progress, as we made decisive management, operational and structural changes to how we run our company and how we compete. We continued to invest in our business, maintained a strong balance sheet and returned significant capital to shareholders. As described in “Compensation Discussion and Analysis” below, revenue, Adjusted EBITDA and Free Cash Flow are among the key metrics used in our executive compensation program.

2025 key reported results included:

• Connectivity & Platforms – We continued to make significant investments in our network, product and customer experience to stay ahead of data consumption trends that reflect customers’ increasing demands. We also made a significant go-to market shift to simplify our broadband offerings. We increased the number of domestic homes and businesses passed by 1.3 million to 65.0 million and continued to enhance our domestic network capabilities. We expanded our domestic wireless subscriber base by more than 1.5 million lines, growing our domestic wireless revenue by 16.3%. Connectivity & Platforms revenue was consistent with the prior year period at $80.9 billion, while Adjusted EBITDA decreased 1.4% to $32.4 billion, or 1.6% on a constant currency basis. See Appendix A for a reconciliation.

• Content & Experiences – We continued to entertain and inspire our audiences and guests by creating and leveraging our world-class IP and fan favorite franchises. In 2025, we celebrated the grand opening of Epic Universe, driving higher per-person spending and attendance across the entirety of Universal Orlando Resort. The NBA’s return to NBCUniversal marked the start of one of the biggest stretches of live sports in our history and drew the largest audience for an NBA opening double header since 2010. Peacock paid subscribers increased 22% to 44 million, and its revenue grew 10% to $5.4 billion. Our studios had a strong movie slate that included Jurassic World Rebirth and Wicked: For Good. Content & Experiences revenue was consistent with the prior year period at $45.6 billion and Adjusted EBITDA decreased 4.0% to $6.5 billion.

In 2025, we made cash dividend payments of $4.9 billion and repurchased $6.8 billion of our common stock, resulting in a total return of capital to shareholders of $11.7 billion.

Corporate Governance and Board Matters

Board of Directors Nominees

Board Snapshot

INDEPENDENT Independent: 82% Independent - 9 Non-independent - 2 Average Tenure: 9 years < 5 years - 4 5-10 years - 2 > 11 years - 3 Brian L. Roberts, 65 Chairman of the Board, President and CEO Director Since: March 1988 Committee Membership: None Kenneth J. Bacon, 71 Independent Director Director Since: November 2002 Committee Membership: Governance and Corporate Responsibility Committee Thomas J. Baltimore, Jr., 62 Independent Director Director Since: March 2023 Committee Membership: Compensation and Human Capital Committee Asuka Nakahara, 70 Independent Director Director Since: February 2017 Committee Membership: Audit Committee Wonya Y. Lucas, 65 Independent Director Director Since: April 2024 Committee Membership: Audit Committee Louise F. Brady, 59 Independent Director Director Since: October 2023 Committee Membership: Audit Committee Jeffrey A. Honickman, 69 Independent Director Director Since: December 2005 Committee Membership: Audit** and Governance and Corporate Responsibility Committees Edward D. Breen, 70 Lead Independent Director Director Since: February 2014 Committee Membership: Compensation and Human Capital Committee * Madeline S. Bell, 64 Independent Director Director Since: February 2016 Committee Membership: Governance and Corporate Responsibility Committee Gordon smith, 67 Independent Director Director Since January 2026 Committee Membership Audit Louise F. Brady, 61 Independent Director Director Since 2023 Compensation and human capital committee Michael J. Cavanagh, 60 Co-CEO Director Since: January 2026 Committee Membership: None

Board Refreshment

We have added four new independent directors to our Board within the past three years, including Thomas J. Baltimore, Jr. in March 2023, Louise F. Brady in October 2023, Wonya Y. Lucas in April 2024 and Gordon Smith in February 2026. David C. Novak stepped down from our Board in January 2026 to become Chairman of the Board of Directors of Versant upon completion of the spin-off.

Director Skills and Experience

As baseline director qualifications, our Board seeks, and each of our directors possesses, key attributes that we deem critical in being a director, including strong and effective decision-making, communication and leadership skills; high ethical standards, integrity and values; and a commitment to representing the long-term interests of our shareholders. Our Board, and the Governance and Corporate Responsibility Committee (the “Governance Committee”) in turn, also consider certain director qualifications and skills, including those highlighted below, and seek directors that bring to the Board a range of experiences, viewpoints, perspectives, professional knowledge, business expertise, financial expertise, industry knowledge, entrepreneurial background and experience, and high-level business management experience to oversee and address the current issues facing our company.

Our Board and each of its committees assess their effectiveness as part of their annual self-assessment, which, among other things, evaluates the overall composition of our Board. In evaluating current directors for renomination to the Board or reappointment to Board committees, the Governance Committee considers the director’s performance, as well as the current challenges and needs of the Board and each

committee. The Governance Committee further considers each director’s ability to dedicate sufficient time, energy and attention to the fulfillment of his or her duties, including other obligations and commitments and leadership positions on other boards. In accordance with our corporate governance guidelines, an independent director who is a chief executive officer of a public company may serve on the boards of no more than two other public companies in addition to our Board, while all other independent directors may serve on up to four public company boards in total. In renominating directors for election at our 2026 annual meeting, the Governance Committee and Board have determined that each of our director nominees is currently in compliance with our corporate governance guidelines and has sufficient time, energy and attention to serve on our Board.

Director Nominee Biographies

Skills and Qualifications:

Mr. Bacon brings decades of executive experience across the financial services, real estate and housing industries, including his current role as a partner at RailField Partners. He previously held various leadership roles at Fannie Mae, a leading source of mortgage financing across the United States, where he oversaw a portfolio of nearly $200 billion in assets and ran the company’s multifamily division, affordable lending and community development initiatives. As an industry veteran and seasoned leader in the housing market and multifamily asset class, Mr. Bacon is deeply acquainted with regulatory affairs at federal, state and municipal levels. This background enables him to provide unique perspectives in discussions of how regulatory affairs and government relations impact our business broadly. Mr. Bacon’s deep experience in finance and risk management oversight enables him to contribute to our Governance Committee’s oversight of our compliance and privacy programs. His ongoing public company board service further enhances his perspective on emerging governance priorities, stakeholder expectations and risk frameworks, which he applies to Board deliberations and committee oversight.

Skills and Qualifications:

Mr. Baltimore currently serves as Chairman, President and CEO of Park Hotels & Resorts, a real estate investment trust with 40 premium branded hotels and resorts. He draws on this experience leading a complex consumer-facing enterprise to advise the Board on our theme parks and other customer-oriented businesses. In his current role and prior senior management roles, Mr. Baltimore has gathered a wealth of leadership and management experience in the investment management, hospitality and real estate industries which informs the Board’s oversight of strategy and human capital management across our businesses. In addition to Mr. Baltimore’s extensive track record of building and running companies, he has served on the boards of multiple large public companies including Prudential Financial and American Express. This cross-industry board experience strengthens his judgment on enterprise risk and governance best practices. Mr. Baltimore also has deep finance and M&A experience from his years at RLJ Development and RLJ Lodging Trust, as well as a background in accounting having begun his career in public accounting at Price Waterhouse.

Skills and Qualifications:

Ms. Bell serves as President and CEO of CHOP, one of the nation’s top-ranked children’s hospitals with annual revenue of $5.2 billion in fiscal year 2025 and more than 31,000 employees and other workforce members. Under her leadership, CHOP ranked among the Forbes List of America’s Best Large Employers in 2025. As President and CEO, Ms. Bell’s role includes facilitating and maintaining strategic partnerships with private and public partners, maintaining the hospital’s position as a premier nonprofit organization and overseeing and managing complex health and safety matters, as well as human capital strategies for a large, multi-disciplinary workforce that spans clinicians, staffers and academic research experts. These responsibilities translate to Board-level contributions on enterprise risk management, compliance culture, and workforce strategy and management across a diverse employee base.

Skills and Qualifications:

Ms. Brady is a seasoned business leader, having served on several management teams and company boards. As a venture capitalist, Ms. Brady has made transformative investments in emerging technology companies which helps inform strategic Board discussions. Ms. Brady has supported the development of innovative business ideas, including as an Advisory Board member of The Shuford Program in Entrepreneurship at the University of North Carolina at Chapel Hill. She also served as the President of Blue Current, a company that develops battery technology. Ms. Brady has over a decade of experience in venture capital investing and prior to that held investment-related roles at Wells Fargo Advisors and Bank of America. Her background in finance, investing, portfolio management and commercial banking enable her to make robust contributions to the Board’s evaluation of key financial, strategic and business decisions.

Skills and Qualifications:

Mr. Breen currently serves as Chairman of the Board of Directors of DuPont de Nemours, a role he has held since November 2025, having previously served as the Executive Chairman of the Board from 2019 to November 2025 and the CEO from 2020 to 2024. Prior to DuPont, he served as Chairman and CEO of Tyco International. His years of experience as a transformational leader position Mr. Breen well to oversee strategy, provide input into capital allocation decisions and support the Board’s oversight of strategic and financial management of our company. His track record of complex separations, integrations and operational turnarounds informs the Board’s approach to long-term value creation, cost discipline and capital returns. Additionally, Mr. Breen’s vast corporate board experience provides him with a deep foundation in the principles of corporate governance. From his experience at Tyco International and previously at Motorola, Mr. Breen has gained invaluable experience in the technology, equipment supplier and consumer products sectors. In particular, he has deep knowledge of how those sectors relate to our Connectivity & Platforms businesses.

Skills and Qualifications:

Mr. Cavanagh brings to the Board a proven record of enterprise leadership, financial stewardship and strategic execution across complex, scaled, global organizations. As Comcast’s Co-CEO, he oversees strategy, capital allocation and long‑term investment priorities and, drawing on his deep knowledge of our company and industries, supports effective Board-management dialogue and comprehensive oversight of performance and operations. His experience as CFO of JPMorgan Chase during the global financial crisis and subsequent senior leadership of its Corporate & Investment Bank equip him with deep financial expertise, which is fundamental to the Board’s oversight of our financial strategy and resilience. These roles also provided extensive cross-border operating and regulatory experience, informing Board oversight of our global businesses. His tenure as Co‑President and Co‑Chief Operating Officer of The Carlyle Group adds an investor‑oriented perspective to evaluating organic growth, portfolio optimization and transformative transactions. Across his leadership positions, Mr. Cavanagh has managed large, multinational teams and complex talent systems, bringing practical human capital expertise to the Board on leadership succession, executive development, organizational design and culture.

Skills and Qualifications:

For over 30 years, Mr. Honickman has served as CEO of Pepsi-Cola & National Brand Beverages, one of the largest bottling and distribution companies in the United States. Leading large-scale consumer operations equips him to advise the Board on our consumer-facing businesses. Mr. Honickman has also been Vice President and Secretary of beverage distributor Antonio Origlio since 1987. From these roles, Mr. Honickman has a wealth of experience in financial management, budgeting and capital allocation. Mr. Honickman also holds a master’s degree in finance and a bachelor’s degree in accounting. In addition to his executive management roles, Mr. Honickman has served on a number of consumer industry boards, including his current service as a member of the Board of Directors of The American Beverage Association. This mix of operating and industry leadership informs Board discussions on enterprise risk management, capital allocation, consumer product marketing, brand strategy and consumer behavior.

Skills and Qualifications:

Ms. Lucas has previously held senior executive positions at Hallmark Media Networks, Public Broadcasting Atlanta and TV One. In addition to her senior management roles, Ms. Lucas has wide-ranging experience and recognition in the media and entertainment sector. Her more recent accolades include induction into the Broadcasting & Cable Hall of Fame and the Cable Hall of Fame in 2023. Her service on industry-related boards includes her position as Chair of the Board of Jurors of the Peabody Awards, as a member of the Board of Trustees of the Sundance Institute and, formerly, as a member of the Board of the National Cable and Telecommunications Association. During her expansive career, Ms. Lucas has developed a deep expertise in consumer marketing and brand development. This includes previous roles at Westinghouse Electric, The Clorox Company, The Coca Cola Company, Turner Broadcasting and Discovery Communications, where she served as Chief Global Marketing Officer. Her deep knowledge of the entertainment and media industry is highly relevant to our company, and her previous leadership across content, distribution and media businesses provides the Board with insight into consumer sentiment and evolving media consumption.

Skills and Qualifications:

Over the course of a nearly 20-year real estate career at Trammell Crow Company, Mr. Nakahara held a number of senior leadership roles spanning finance, capital markets, M&A, talent development and organizational development, including service as Chief Financial Officer. These experiences have provided him with executive leadership, management, strategic planning and financial expertise credentials that are beneficial to the full range of Board responsibilities and support his service on our Audit Committee, including oversight of financial reporting, internal controls and enterprise risk. Mr. Nakahara is a co-founder and partner of real estate investment and advisory firm Triton Atlantic Partners, where he has over 15 years of experience in investment management and related fields. As an advisor, he provides strategic, leadership and capital markets advice to management teams. His public company board service at CBRE Global Real Estate Income Fund adds investment oversight and governance perspectives that he brings to Board deliberations. Mr. Nakahara has also been a dedicated educator throughout his career. He has served as Senior Fellow of the Zell-Lurie Real Estate Center at the Wharton School of the University of Pennsylvania for over 25 years, and he also serves on the Board of Trustees of Rice University. Mr. Nakahara brings this same expertise in training, leadership and oversight to our Board.

Skills and Qualifications:

Mr. Roberts joined Comcast in 1981 and has served as our Chairman and CEO for over two decades. He has been a strong and effective leader at both the company and Board levels, navigating our company through multiple macroeconomic cycles and industry transformations. Mr. Roberts has overseen a strategy that has included organic growth, new business innovations and transformative strategic transactions, while also returning significant capital to shareholders and maintaining balance sheet discipline. He also serves as an effective bridge between the Board and management, facilitating strong collaboration and encouraging open lines of communication with the Board. He brings extensive familiarity with industry regulation and external stakeholder engagement, supporting the Board’s oversight of public policy, compliance culture and reputation. Given his tenure and direct engagement with leaders across all divisions, he has deep familiarity with our workforce, culture, talent pipeline and employee engagement, supporting effective Board oversight of human capital management and succession planning. His deep company history, broad knowledge of all aspects of our businesses, operations and risks, and extensive connections in the media and telecommunications industries uniquely position him to guide our company through challenges and evaluate future opportunities for growth.

Skills and Qualifications:

Mr. Smith brings extensive operating and risk management experience from his tenure as Co-President and Chief Operating Officer of JPMorgan Chase and as long-time leader of its Consumer and Community Banking franchise. He has led complex, technology-enabled, customer-facing businesses at scale, with accountability for growth, service, operations and controls. His roles at JPMorgan Chase and earlier at American Express, including leadership of its Global Commercial Card Business, give him practical international experience managing cross-border operations, multi-jurisdictional regulatory requirements and global payments infrastructure. This background equips him to advise the Board on international strategy, compliance, operational excellence, digital transformation, customer experience and enterprise risk, including data protection. His earlier leadership of card services and payments businesses also provides insight into subscription management and customer loyalty. Mr. Smith’s public company board service at Choice Hotels and Humana adds perspectives on consumer behavior, service quality and regulated industry dynamics.

Independence Determinations

Our Board has determined that our nonemployee directors are, and were during 2025, independent in accordance with the director independence definition specified in our corporate governance guidelines, which are posted under “Corporate Governance” in the Investors section of our website at www.cmcsa.com, and in accordance with the applicable rules of The Nasdaq Stock Market LLC (“Nasdaq”). In making its independence determinations, our Board considered transactions and relationships between each director or any member of his or her immediate family and us, including those reported under “Related Party Transactions Policy and Certain Transactions” below. The Board also considered that in the ordinary course of business we have, during the current year and the past three fiscal years, sold products and services to, purchased products and services from, and/or made charitable donations (including by certain of our executive officers) to companies and organizations at which certain of our directors are currently an executive officer or a significant shareholder. In each case, the amount paid or donated to or received from these companies and organizations each year was below 1% of the recipient company’s or organization’s total consolidated gross revenues, which is far below the 5% limit prescribed by Nasdaq rules.

Retirement Age and Director Tenure

Our corporate governance guidelines require that our independent directors not stand for re-election to the Board after reaching the age of 75. We believe that our retirement policy and natural turnover achieve the appropriate balance between maintaining longer-term directors with deep institutional knowledge and refreshing the Board with new directors and different areas of expertise and knowledge.

Our Board considers director tenure in connection with its independence determinations, even though neither our corporate governance guidelines nor Nasdaq or SEC rules deem a long-tenured director not independent. Following the annual meeting of shareholders, if all director nominees are elected to serve as our directors, the average tenure of our independent directors will be nine years.

Director Nominations

Identifying and Evaluating Director Nominees

Our Governance Committee will consider director candidates recommended by shareholders and will evaluate any such candidates in a similar manner as any other candidates. In identifying and evaluating candidates, whether recommended by the Governance Committee or by shareholders, the Governance Committee will consider the attributes outlined above in “Director Skills and Experience,” as well as applicable independence requirements. All of our nominees are current directors and were elected by the shareholders at our 2025 annual meeting, other than Gordon Smith who joined the Board in February 2026.

Shareholder Nominees

To submit a nomination for the election of directors, shareholders must provide a written notice in accordance with Section 3.10 of our bylaws. For the election of directors at the 2027 annual meeting of shareholders, if such meeting is called for a date between May 11, 2027 and July 10, 2027, we must receive written notice at the mailing address given on page 65 on or after February 10, 2027 and no later than the close of business on March 12, 2027. If we call the 2027 annual meeting of shareholders for any other date, we must receive written notice no later than the close of business on the tenth day following the day on which we first make a public announcement of the date of the meeting.

In addition, in accordance with Section 3.11 of our bylaws, a shareholder or group of up to 20 shareholders owning at least 3% of the aggregate number of our outstanding shares of common stock continuously for at least three years may nominate and include in our proxy materials director nominees constituting up to the greater of 20% of our Board or two directors, provided the shareholder(s) and nominee(s) satisfy the requirements in our bylaws. Written notice of proxy access director nominees for the election of directors at the 2027 annual meeting of shareholders, if such meeting is called for a date between May 11, 2027 and July 10, 2027, must be received at the mailing address given on page 65 on or after November 25, 2026 and no later than the close of business on December 25, 2026. If such meeting is called for any other date, we must receive written notice no later than the close of business on the later of the date that is 180 days prior to such meeting or the tenth day following the day on which we first make a public announcement of the date of the meeting.

Shareholders can obtain a copy of our bylaws by writing to Thomas J. Reid, Secretary, Comcast Corporation, at the mailing address given on page 65. A copy of our bylaws is filed with the SEC as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2025 and is posted under “Corporate Governance” in the Investors section of our website at www.cmcsa.com.

Board Structure and Responsibilities

Board Leadership Structure

Our Board believes that our company and shareholders are best served by maintaining the flexibility for the Board to split or combine the offices of Chairman and Chief Executive Officer depending upon the best interests of our company at a given point in time. To that end, our Governance Committee and Board regularly review our Board leadership structure to ensure that the most appropriate structure is in place. These reviews may consider a variety of factors, such as our state corporation laws, our governance practices, the efficiency and effectiveness of our existing Board leadership structure and feedback from our Board members as well as shareholders on our Board and its leadership structure.

Our Board currently believes that we and our shareholders continue to be best served by having Mr. Roberts serve as both our Chairman and co-CEO, working together with a strong Lead Independent Director. Mr. Roberts is a strong and effective leader, at both the company and Board levels, who – together with Mr. Cavanagh, who was elevated to co-CEO in January 2026 – provides critical leadership in carrying out our strategic initiatives and confronting our challenges. Mr. Roberts serves as an effective bridge between the Board and management, facilitating strong collaboration and encouraging open lines of communication with the Board. In his role as Chairman, he also brings to Board discussions extensive knowledge of all aspects of our current business, operations and risks.

In addition to our combined Chairman and co-CEO role, our independent directors are led by our Lead Independent Director, who ensures a strong, independent and active Board by promoting effective communication and consideration of strategy and material risks.

The role of Lead Independent Director is filled by an independent director recommended by the Governance Committee, which is chaired by and composed entirely of independent directors, and appointed by the independent directors of the Board annually. In recommending Mr. Breen to serve as our Lead Independent

Director, our Governance Committee considered, among other qualifications, his extensive experience as a board chairman and chief executive officer seasoned in board-level risk oversight.

Our Board believes that board independence and oversight of management are effectively maintained, and management plans are critically reviewed, through our existing governance structure and policies. The composition of our Board evolves gradually over time, which provides stability and experience, but the processes by which the Board works are dynamic and are designed to address the most critical risks and circumstances prevailing at any point in time. In addition to the Lead Independent Director position, we have strong and effective governance practices that support independent Board oversight, including:

In addition, having one individual perform the roles of Chairman and co-CEO is not restricted or prohibited by current laws or regulations. Board action is the product of consensus following informed and thorough discussion, relying on external expertise when appropriate to supplement management resources or provide the independent directors with additional support. No director has the right to override the vote of any other director, but in practical terms Board action is based on consensus not contested votes.

Ultimately, we believe that our current leadership structure, together with our strong governance practices, creates a productive relationship between our Board and management, including strong and effective leadership of our company, as well as strong independent oversight that benefits our shareholders.

Board Meetings and Attendance

Our Board and various committees of the Board meet throughout the year. During 2025, there were nine meetings of our Board and a total of 19 committee meetings. Each director attended more than 75% of the aggregate number of Board meetings and the number of meetings held by all of the committees on which he or she served.

We require our directors to participate in the annual meeting of shareholders, barring unusual circumstances. Each director then in office participated in the 2025 annual meeting of shareholders, other than Mr. Novak.

Our independent directors have the opportunity to meet separately in executive session following each regularly scheduled Board and committee meeting and, under our corporate governance guidelines, are required to meet in executive session at least two times each year. In 2025, executive sessions were held at each regularly scheduled Board meeting, and most regularly scheduled committee meetings.

Committees of Our Board

Our Board has three standing committees: Audit, Compensation and Governance. All of these committees are composed entirely of independent directors under applicable Nasdaq and SEC requirements.

The Board makes committee and committee chair assignments annually, although changes may be made from time to time as deemed appropriate by the Board.

Each committee has a Board-approved charter, which is reviewed annually by the respective committee, with the Governance Committee annually reviewing all charters and our corporate governance guidelines. Each committee has the authority to retain independent advisors to assist it in carrying out its responsibilities. Committee charters are posted under “Corporate Governance” in the Investors section of our website at www.cmcsa.com.

*Mr. Smith joined the Audit Committee in February 2026.

Each member of our Audit Committee is financially literate for audit committee purposes, and our Board has concluded that Jeffrey A. Honickman, Asuka Nakahara and Gordon Smith qualify as audit committee financial experts.

The Audit Committee Report is included on page 26.

*Ms. Brady joined the Compensation Committee in January 2026, having previously served on the Audit Committee.

Each member of our Compensation Committee qualifies as a “non-employee director” under Rule 16b-3 under the Exchange Act.

The Compensation Committee Report is included on page 43.

Board and Committee Strategy and Risk Oversight Responsibilities

Our Board and its committees provide guidance to and oversight of management with respect to our business strategy throughout the year. Various elements of strategy are discussed at every Board meeting,

and our management is charged with executing the business strategy and updating the Board on progress and execution throughout the year.

While active risk management is primarily the responsibility of our management, our Board understands the significant risks facing our company and, as a whole and through its committees, exercises an appropriate degree of risk oversight. Our management, with involvement and input from our Board, performs an annual ERM assessment to identify and manage key existing and emerging risks for our company.

Our senior executive management team has the overall responsibility for, and oversight of, our ERM process, and an ERM steering committee manages the process, with one or more senior business executives then monitoring and managing each of the identified risks. Regular business presentations and discussions throughout the year at the Board or its committees, both from management and external experts as appropriate, highlight significant relevant risks and exposures, including those listed below as core enterprise risks identified through our ERM process.

Our Board and its committees exercise their respective roles in strategy and risk oversight in a variety of ways, as set forth below. We believe the Board as a whole is ultimately accountable for risk oversight, but various Board committees may lead and inform the Board with regard to specific risks. To that end, our full Board receives an annual presentation on the results of the core enterprise risks identified through our ERM process for Board-level oversight, with our Audit Committee overseeing the process by which we perform our ERM exercise. Certain risks may be addressed by both the Board and its committees (such as succession planning and cybersecurity) or only by our Board or a committee, depending on the subject matter and significance of a particular risk. If discussion of a risk is covered during a committee meeting, the committee chair reports on the committee’s discussion to the full Board for consideration and action when appropriate.

Corporate Governance Practices, Policies and Processes

Corporate Governance Highlights

As described in more detail elsewhere in this proxy statement, below are highlights of our corporate governance structure.

Succession Planning

Ensuring that we have the appropriate senior management talent to successfully pursue our strategies is one of the Board’s primary responsibilities. To this end, the Board discusses succession planning for our co-CEOs and the remainder of our senior executive management team in private sessions at most of its regularly scheduled meetings. To help fulfill the Board’s responsibility, our Compensation Committee is

required, pursuant to our corporate governance guidelines, to ensure that we have in place appropriate planning to address CEO succession both in the ordinary course of business and in emergency situations, including criteria that reflect our business strategies, such as identifying and developing internal candidates. Our corporate governance guidelines also require that our Compensation Committee ensures that we have appropriate succession planning for the remainder of our senior executive management team, including our NEOs. Each year, our Board and Compensation Committee formally discuss succession planning for our senior executive management team and their respective direct reports.

Board and Committee Evaluations

Every year, our Board and each of its committees perform a self-assessment to evaluate their effectiveness. As part of these assessments, each director completes a detailed questionnaire for the Board and any committees on which he or she serves, addressing topics such as Board structure and composition, Board responsibilities, Board meetings and materials, Board and management interactions and ethics and compliance. The questionnaire seeks both quantitative-based responses and general comments. The Governance Committee reviews and approves the process and the questionnaires to be used, with outside counsel also reviewing the questionnaires. The results of the assessments are compiled anonymously and are reviewed and discussed with the Board and the Governance Committee (as it relates to both the Board and all committees) and each committee (as it relates to such committee). In addition to the formal evaluation process, directors provide feedback on the Board’s and its committees’ performance on an ongoing basis. The Governance Committee develops action plans for items that may require follow-up, and it also coordinates recommendations for key business and director educational topics for the following year’s Board and committee meeting agendas.

Corporate Governance Guidelines and Code of Conduct

Our Board has adopted corporate governance guidelines that address items such as the standards, qualifications and responsibilities of our directors and director candidates and corporate governance policies and standards applicable to us in general. We also have a code of conduct that applies to all of our employees, including our executive officers, and our directors. Both the guidelines and the code of conduct applicable to our executive officers and directors are posted under “Corporate Governance” in the Investors section of our website at www.cmcsa.com. We will disclose under “Corporate Governance” in the Investors section of our website any amendments to, or any waivers under, the code of conduct that are required to be disclosed by SEC or Nasdaq rules.

Shareholder Engagement

We have an active, broad-based and year-round investor relations outreach program to solicit input and to communicate with members of the investment community on a variety of topics. In addition to our regular investor relations program that reviews our business and strategy with buy-side investors and sell-side securities analysts, we also engage with investors on various corporate governance, compensation, environmental and social topics. This dialogue provides an opportunity to discuss governance matters generally, including our directors’ skills and tenure, Board oversight roles and responsibilities, corporate responsibility initiatives and executive compensation.

The key elements of our investor relations outreach program in 2025 are below:

Our Board has established a process for shareholders and other interested parties to communicate with its members. Correspondence may be addressed to the Board, the Lead Independent Director, any other particular director, any committee of the Board or any other group of directors, in care of Thomas J. Reid, Secretary, Comcast Corporation, at the mailing address provided on page 65 or the following e-mail address: audit_committee_chair@comcast.com. The Secretary, or his designee, promptly reviews all such correspondence and, as appropriate, forwards it to the Board or other addressee based on the subject matter of the correspondence. Any such correspondence relating to accounting, internal accounting controls or auditing matters is handled in accordance with procedures established by the Audit Committee.

Audit Committee Matters

Selection of Independent Registered Public Accounting Firm

The Audit Committee is directly responsible for the appointment, compensation, retention and oversight of our independent auditors, Deloitte & Touche LLP (“Deloitte”). Deloitte, together with its predecessors, has served as our independent auditors since 1963. The lead engagement partner from Deloitte is required to

be rotated every five years. In accordance with this rotation, a new lead engagement partner was selected for 2026. The process for selection of a new lead engagement partner includes a meeting between the Chair of the Audit Committee and the candidate for this role, as well as discussion by the full Audit Committee and meetings with senior management.

Each year, the Audit Committee, along with our management and internal auditors, reviews Deloitte’s performance as part of the Audit Committee’s consideration of whether to reappoint the firm as our independent auditors. As part of this review, the Audit Committee considers (i) the continued independence of Deloitte, (ii) its quality of service provided on prior audits, (iii) evaluations of Deloitte by our management and internal auditors, (iv) Deloitte’s effectiveness of communications and working relationships with the Audit Committee and our management and internal auditors, (v) the length of time Deloitte has served as our independent auditors and (vi) the quality and depth of Deloitte and the audit team’s expertise and experience in our industries in light of the breadth, complexity and global reach of our businesses.

Following the Audit Committee’s review of Deloitte’s performance, the Audit Committee appointed Deloitte to serve as our independent auditors for the year ending December 31, 2026. The Audit Committee and our Board recommend that you ratify this appointment, although your ratification is not required. A partner of Deloitte will be present at the annual meeting and will be available to respond to appropriate questions.

Fees of Independent Registered Public Accounting Firm

Set forth below are the fees paid or accrued for the services of Deloitte, the member firms of Deloitte Touche Tohmatsu and their respective affiliates in 2025 and 2024.

Audit fees consisted of fees paid or accrued for services rendered to us and our subsidiaries for the audits of our annual financial statements, audits of our internal control over financial reporting (as required by Section 404 of the Sarbanes-Oxley Act of 2002), reviews of our quarterly financial statements and audit services provided in connection with other statutory, regulatory or contractual requirements.

Audit-related fees consisted of fees paid or accrued for financial due diligence services and attestation services. Audit-related fees also include the audit of financial statements in connection with the Versant spin-off.

Tax fees consisted of fees paid or accrued for domestic and foreign tax compliance services, including review of tax returns and tax examination assistance. There were no fees paid or accrued in 2025 and 2024 for tax planning.

Other fees included fees paid or accrued for subscription services; amounts in the periods presented round to zero.

Preapproval Policy of Audit Committee of Services Performed by Independent Auditors

The Audit Committee’s policy requires that the Committee preapprove all audit and non-audit services performed by the independent auditors to assure that the services do not impair the auditors’

independence. Unless a type of service has received general preapproval, it requires separate preapproval by the Audit Committee. Even if a service has received general preapproval, if the fee associated with the service exceeds $1 million in a single engagement or series of related engagements, it requires separate preapproval. The Audit Committee has delegated its preapproval authority to its Chair.

Report of the Audit Committee

The Audit Committee (as used in this section, “we” or “our”) is composed solely of independent directors meeting the requirements of the applicable rules of the SEC and The Nasdaq Stock Market LLC. Each member also is financially literate for audit committee purposes under the Nasdaq rules, and the Board has concluded that Jeffrey A. Honickman, Asuka Nakahara and Gordon Smith qualify as audit committee financial experts. The key responsibilities of our committee are set forth in our charter, which was adopted by us and approved by the Board and is posted under “Corporate Governance” in the Investors section of Comcast’s website at www.cmcsa.com.

We serve in an oversight capacity and are not intended to be part of Comcast’s operational or managerial decision-making process. Comcast’s management is responsible for the preparation, integrity and fair presentation of information in Comcast’s consolidated financial statements, the financial reporting process and internal control over financial reporting. Deloitte, Comcast’s independent auditors, is responsible for auditing Comcast’s consolidated financial statements and internal control over financial reporting. Our principal purpose is to monitor these processes.

In this context, at each regularly scheduled in-person meeting, we met and held discussions with management, Comcast’s internal auditors and the independent auditors. Management represented to us that Comcast’s consolidated financial statements were prepared in accordance with generally accepted accounting principles applied on a consistent basis.

Prior to their issuance, we reviewed and discussed the quarterly and annual earnings press releases, consolidated financial statements and disclosures under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (including the presentation of non-GAAP financial information and critical accounting estimates) with management, Comcast’s internal auditors and the independent auditors. We also reviewed Comcast’s policies, practices and assessments with respect to significant financial risks and significant business risks, including cybersecurity, as well as its processes and practices with respect to enterprise risk assessment and management. We discussed with the independent auditors critical audit matters identified during the course of the audit and other matters required to be discussed by applicable Public Company Accounting Oversight Board (“PCAOB”) and SEC rules.

We discussed with the independent auditors the overall scope and plans for their audit and approved the terms of their engagement letter. We also reviewed Comcast’s internal audit plan. We met with the independent auditors and with Comcast’s internal auditors, in each case with and without other members of management present, to discuss the results of their respective examinations, the evaluations of Comcast’s internal controls and the overall quality and integrity of Comcast’s financial reporting. Among other things, in our discussions with the independent auditors, we sought their perspectives on the appropriateness of the accounting principles selected by management and their assessment of risk in financial reporting.

Additionally, we reviewed the performance, responsibilities, budget and staffing of Comcast’s internal auditors. We also have established, and oversaw compliance with, procedures for Comcast’s receipt, retention and treatment of complaints regarding accounting, internal accounting controls or auditing matters and its employees’ confidential and anonymous submissions of concerns regarding questionable accounting or auditing matters.

We discussed with the independent auditors the auditors’ independence from Comcast and its management, including the matters required to be discussed by the applicable requirements of the PCAOB and SEC, and received written disclosures from the independent auditors required by applicable PCAOB rules regarding their independence. We also reviewed Comcast’s hiring policies and practices with respect to current and former employees of the independent auditors. We preapproved, in accordance with our preapproval policy described above, all services provided by the independent auditors and considered whether their provision of such services to Comcast is compatible with maintaining the auditors’ independence. Based on the reviews and discussions referred to above, we recommended to the Board, and the Board approved, that the audited consolidated financial statements be included in Comcast’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC.

In addition, as in prior years, we, along with Comcast’s management and internal auditors, reviewed Deloitte’s performance as part of our consideration of whether to appoint the firm as independent auditors for 2026 and recommend that shareholders ratify this appointment. As part of this review, we considered the continued independence of Deloitte, the quality of service provided on prior audits, the results of an evaluation of Deloitte by Comcast’s management and internal auditors and Deloitte’s effectiveness of communications and working relationships with us, management and the internal auditors. We also considered the period of time that Deloitte has served as Comcast’s independent auditors and evaluated the quality and depth of the firm and the audit team’s expertise and experience in our industries in light of the breadth, complexity and global reach of Comcast’s businesses. Following this review, we have appointed Deloitte as Comcast’s independent auditors for 2026 and are recommending that Comcast’s shareholders ratify this appointment.

Members of the Audit Committee

Jeffrey A. Honickman (Chair)

Wonya Y. Lucas

Asuka Nakahara

Gordon Smith*

*Mr. Smith joined the Audit Committee in February 2026.

Executive Compensation

The following proposal gives our shareholders the opportunity to cast a non-binding, advisory vote to approve the compensation of our NEOs. This vote is not intended to address any specific item of compensation, but rather the overall compensation of our NEOs and our compensation philosophy, process, plans and practices, as disclosed below.

We encourage shareholders to review detailed information on our executive compensation program and the 2025 compensation of our NEOs as set forth in “Executive Compensation – Compensation Discussion and Analysis,” starting below. Shareholders are being asked to vote “FOR” the adoption of the following resolution:

“RESOLVED, that the compensation paid to Comcast Corporation’s NEOs, as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables and narrative discussion, is hereby APPROVED.”

While we intend to carefully consider the voting results of this proposal, this vote is advisory in nature, and, therefore, is not binding on us or our Board. Our Board and Compensation Committee value the opinions of all of our shareholders and will consider the outcome of this vote when making future compensation decisions for our NEOs.

We currently conduct advisory votes to approve the compensation paid to our NEOs on an annual basis.

Compensation Discussion and Analysis

This discussion and analysis describes our executive compensation philosophy, process, plans and practices; our compensation program’s alignment with our performance; and the 2025 compensation decisions for our NEOs set forth in the Summary Compensation Table.

Executive Overview

Overall Performance

Our Board credits our senior leadership team for their successful leadership over the past year, despite sustained competitive challenges across our businesses. 2025 marked a year of decisive management, operational and structural changes, resetting how we operate and compete, with a focus on positioning our company for growth. As described above in “About Comcast – 2025 Performance Overview,” 2025 consolidated financial results were solid, benefiting from contributions across our businesses, including residential broadband, wireless, business services connectivity, theme parks, streaming and premium studios content. At the same time, we maintained a healthy balance sheet and returned significant capital to shareholders.

Our NEOs worked collaboratively with our businesses on key strategic initiatives such as our new simplified broadband offering with a more transparent value proposition to customers, strengthening our wireless business with new offerings, further growing our business services business, growing our Peacock revenue and lowering its operating losses, creating premium content and successfully opening Epic Universe in May

2025. At the same time, we completed our spin-off of Versant in January 2026, creating a focused, well-capitalized public company while positioning our remaining businesses to better compete in the evolving media landscape. Our leadership team also supported our stakeholders, including our employees, customers and the communities where we operate. From our dedication to advancing digital opportunity by providing more people with the tools and resources they need to succeed in a digital society, to our ongoing efforts in community impact, environmental sustainability and strengthening our workplace culture of respect for others, our senior leadership team reinforced our company’s commitment to doing what’s right while emphasizing our commitment to act with integrity.

2025 Compensation Overview

Our executive compensation program is designed to pay for performance, aligning our NEOs’ compensation with our shareholders’ interests and our long-term strategic goals. In making compensation decisions for 2025, the Compensation Committee considered, among other things, the strong performance of our NEOs in successfully managing our company for the long term and market compensation paid by other similarly situated companies.

As a result of our compensation design, the vast majority of our NEOs’ total target compensation is performance-based, strongly aligning NEO compensation with shareholder interests.

Key executive compensation decisions in respect of 2025 compensation are discussed in detail below under “Our Approach to Compensation” and “Design and Structure of Our Executive Compensation Program – Compensation Decisions.”

Shareholder Feedback on Executive Compensation

The Compensation Committee and our management team are committed to continued engagement with shareholders to understand their viewpoints and to discuss and demonstrate the important connection between our compensation program, on the one hand, and our business strategy, goals and financial and operating performance, on the other hand. In response to shareholder feedback, our executive compensation program design includes a significant amount of performance-based compensation. We believe shareholders continue to view our executive compensation program favorably, as reflected by shareholders approving on an advisory basis the 2024 compensation of our NEOs by 90% of the votes cast at our 2025 annual meeting.

The Compensation Committee discussed and evaluated our executive compensation program and considered our annual say-on-pay advisory voting results with Korn Ferry, its independent compensation consultant. The Compensation Committee believes that its decisions are consistent with our compensation philosophy and objectives and that those compensation decisions align the interests of our NEOs with our long-term goals and the interests of our shareholders without incenting inappropriate risk-taking.

Executive Compensation Best Practices

Our Approach to Compensation

In designing our compensation program, we evaluate both our business objectives and the need to attract and retain uniquely talented and experienced individuals who think strategically for the long term, particularly in light of the challenging and evolving competitive, technological and regulatory environments in which we operate. We employ a variety of elements that further our shareholders’ interests by securing our executives’ services in an exceedingly competitive talent market and aligning the long-term interests of our executives with the creation of shareholder value.

Design and Structure of Our Executive Compensation Program

Elements of Compensation

We view our executive compensation program on a “portfolio” basis to appropriately balance various compensation elements that motivate and reward our NEOs for their performance and creation of long-term shareholder value.