NASDAQ: CMCSA · Cable & Satellite
Comcast
Comcast runs two businesses. Connectivity & Platforms provides broadband, wireless, video, and voice under Xfinity, Comcast Business, and Sky in the U.S., U.K., and Italy. Content & Experiences includes NBCUniversal's networks and Peacock streaming, Universal film and TV studios, and Universal theme parks. FY2025 revenue was $123.7 billion and net income $20.0 billion, boosted by a $9.4 billion pre-tax gain on selling its Hulu stake. It spun off Versant (cable networks such as CNBC and MS NOW) on January 2, 2026, and in June 2026 announced plans to spin off NBCUniversal and Sky as a separate company in about a year.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 3, 2026
Built on10-K FY2025 · filed 2026-02-0310-Q (quarter ended 2026-09-30) · filed 2026-10-22
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 3.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 16.7%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +2.6 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.4x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.68x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 7.8x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.59
Higher than 15% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 44% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 47% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 64% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 57% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$24.61close on 2026-11-04
Market cap$88.7B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 7.8x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 0.9x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 4.8x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 24.7%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 5.4%
At FY2025 year-end: 5.2x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.0x
Book value at FY2025 year-end
At FY2025 year-end: 5.2x
EBITDA for FY2025
At FY2025 year-end: 21.7%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$31.2B → $29.3B (vs. a year earlier)↓ −6.1%$31.2B → $29.3B (vs. a year earlier)
- Operating margin17.7% → 18.2% (vs. a year earlier)↑ +0.4 pts17.7% → 18.2% (vs. a year earlier)
- Net income$3.33B → $3.45B (vs. a year earlier)↑ +3.5%$3.33B → $3.45B (vs. a year earlier)
- Diluted EPS$0.90 → $0.97 (vs. a year earlier)↑ +7.8%$0.90 → $0.97 (vs. a year earlier)
- Cash$7.66B → $7.6B (vs. previous quarter-end)↓ −0.8%$7.66B → $7.6B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 22, 2026.
Key changes
Revenue down 6.1%. Source sentence
Revenue decreased 6.1% compared to the prior year period.
Peacock Adjusted EBITDA $261M on $1.8B of revenue. Source sentence
In Content & Experiences, Peacock delivered its second consecutive profitable quarter, generating $261 million in Adjusted EBITDA on $1.8 billion in revenue, driven by strong growth in distribution, while Universal surpassed $5 billion at the global box office, led by the record-breaking success of The Odyssey, now Universal's highest-grossing film of all time.
Wireless lines increased to 10.6M. Source sentence
Total Wireless Lines Increased to 10.6 Million, Reaching Nearly 18% Penetration of Our Domestic Residential Broadband Customers and 7% of Total Addressable Wireless Lines in Our Footprint
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- COMCAST CORP
- Headquarters
- PHILADELPHIA, PA
- Incorporated in
- Pennsylvania
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: CMCSA
- Industry
- Cable & Satellite
- CIK
- 1166691
- IR page
- https://www.cmcsa.com/ ↗
Workforce (as of FY2025 year-end)
Employees
179,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 25–30 days after quarter end (Jan 29, 2026; Jan 30, 2025; Jan 25, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–31 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 22, 2026 (+22 days) | Oct 22, 2026 10-Q (+22 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 23, 2026 (+23 days) | Jul 23, 2026 10-Q (+23 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 23, 2026 (+23 days) | Apr 23, 2026 10-Q (+23 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 29, 2026 (+29 days) | Feb 3, 2026 10-K (+34 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 30, 2025 (+30 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 31, 2025 (+31 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 24, 2025 (+24 days) | Apr 24, 2025 10-Q (+24 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 30, 2025 (+30 days) | Jan 31, 2025 10-K (+31 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 31, 2024 (+31 days) | Oct 31, 2024 10-Q (+31 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 23, 2024 (+23 days) | Jul 23, 2024 10-Q (+23 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 25, 2024 (+25 days) | Apr 25, 2024 10-Q (+25 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 25, 2024 (+25 days) | Jan 31, 2024 10-K (+31 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Connectivity
Xfinity and Sky
Examples: Broadband, Xfinity Mobile, X1 video, Sky Q
Residential services in the U.S., U.K., and Italy.
Connectivity
Comcast Business
Examples: Business broadband, enterprise solutions
Small business to enterprise.
Media
NBC, Telemundo, Peacock, Sky networks
Examples: Broadcast, streaming, sports
Television and streaming.
Studios
Universal, DreamWorks
Examples: Films, TV production
Film and television studios.
Theme Parks
Universal parks
Examples: Universal Orlando (Epic Universe), Hollywood, Japan, Beijing
Theme parks and resorts.
Descriptions are from the FY2025 Form 10-K's Item 1.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
NBC owned local TV stations
U.S. TV households reached (Dec 31, 2025)
U.S. share
~28%
Company-disclosedAbout 36 million households; stations in 8 of the top 10 markets. This is reach, not audience share.
Worldwide share
—
Not disclosedTelemundo owned stations
U.S. Hispanic TV households reached
U.S. share
~71%
Company-disclosedThe Telemundo network reaches 96% of U.S. Hispanic TV households through 124 stations. This is reach, not audience share.
Worldwide share
—
Not disclosed
Sources:
07
Recent strategic focusSite analysis
Corporate separations and 2026 results, from 8-Ks.
Versant spin-off
On January 2, 2026, Comcast distributed Versant (CNBC, MS NOW, USA Network, Golf Channel, E!, SYFY, Oxygen, and digital platforms) to shareholders at one Versant share per 25 Comcast shares.
Source: 8-K filed 2026-01-05; Form 10-K (FY2025)
NBCUniversal spin-off planned
In June 2026 Comcast announced a tax-free spin-off of NBCUniversal and Sky, expected in about a year; Mike Cavanagh will lead NBCUniversal and Michael Angelakis will become Comcast's CEO.
Source: 8-K filed 2026-06-29
Q3 2026
Revenue fell 6.1% to $29.3B (pro forma +0.5%); EPS rose 7.2% to $0.97 while adjusted EPS fell 4.0% to $1.07; free cash flow $4.2B. Universal passed $5B at the global box office, led by The Odyssey. The NBCUniversal and Sky separation remains on track.
Source: 8-K filed 2026-10-22 (Exhibit 99.1)
Debt tender offers
Comcast launched and upsized cash tender offers for notes due 2027–2029 in May–June 2026.
Source: 8-Ks filed 2026-05-27 and 2026-06-03
Capex ÷ D&A (FY2025)
0.72x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$11,750M ÷ $16,210M = 0.72x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$3.04B
Latest year: $1.31B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $9.18B in FY2020 to $11.75B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-03
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$123.71B
As reported in the 10-K
Revenue CAGR (5 years)
+3.6%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($123,707M ÷ $103,564M) ^ (1÷5) − 1 = 3.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
16.7%
-0.2pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$20,672M ÷ $123,707M × 100 = 16.7%
ROE (FY2025)
21.9%▲favorable
6-year average: 15.5%
As reported in the 10-K
P/B (FY2025 end)
1.04x
formulafiscal year-end closing price ÷ book value per share
e.g.$28.01 ÷ $26.89 = 1.04x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
5.2x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($100,965M + $98,900M − $9,481M) ÷ ($20,672M + $16,210M) = 5.2x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +3.6% a year over 5 years (modest growth)
From $103.56B in FY2020 to $123.71B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Operating margin held roughly flat: 16.9% → 16.7%
How much operating profit is left per $100 of revenue. It moved -0.2 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 35.5% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 15.5% over 6 years (latest: 21.9%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Verizon
- Verizon (supplier)
07 · what it does
Key activities
Residential Connectivity & Platforms
Selling and servicing connectivity bundles- Operating the X1 and Sky Q platforms
Business Services Connectivity
Broadband, Ethernet, wireless, and managed servicesMedia
Programming and streaming distributionStudios and Theme Parks
Film and TV production and licensing- Operating theme parks
06 · what it draws on
Key resources
Residential Connectivity & Platforms
Cable and fiber network passing about 65 million U.S. homes and businesses- Programming from media companies
Business Services Connectivity
Network infrastructureMedia
Content and sports rightsStudios and Theme Parks
Creative talent and IP- Park investment
02 · why customers buy
Value propositions
- Broadband, wireless and video connectivity, plus NBCUniversal media, Peacock, studios and Universal theme parks.
04 · how it keeps them
Customer relationships
- Monthly subscriptions; in 2025 simplified broadband pricing and a free wireless line for a year; 24/7 customer service.
03 · how it reaches them
Channels
- Xfinity and Sky retail stores, online and phone sales; NBCUniversal distributes through networks, streaming and theaters.
01 · who it serves
Customer segments
Residential Connectivity & Platforms
HouseholdsBusiness Services Connectivity
BusinessesMedia
Advertisers, distributors, Peacock subscribersStudios and Theme Parks
Theaters, licensees, park visitors
09 · where money goes
Cost structure
FY2025, share of revenue ($123.71B)
- Other operating costs (incl. cost of goods sold)83.3%
Operating profit left: 16.7% of revenue. Depreciation & amortization (inside the costs above): $16.21B. Capital spending: $11.75B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Residential Connectivity & Platforms
Subscription fees- Advertising
Business Services Connectivity
Service feesMedia
Advertising- Distribution fees
Studios and Theme Parks
Content licensing and box office- Park admissions and spending
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Residential Connectivity & Platforms
Broadband, wireless (an MVNO on Verizon's network in the U.S.), video, and voice for homes in the U.S., U.K., and Italy, plus Sky-branded entertainment networks in the U.K. and Italy.
01 what it draws on
Inputs & resources
- Cable and fiber network passing about 65 million U.S. homes and businesses
- Programming from media companies
- Verizon MVNO rights
02 what it does
Activities
- Selling and servicing connectivity bundles
- Operating the X1 and Sky Q platforms
03 who it serves
Customers
- Households
04 how money comes in
How it earns
- Subscription fees
- Advertising
Residential Connectivity & Platforms: how it makes money
- Revenue $70.7B (−1.2%) and Adjusted EBITDA $26.7B (37.7% margin) in FY2025.
- Domestic wireless lines rose to 9.3M at year-end 2025 and 10.6M in Q3 2026, nearly 18% of residential broadband customers.
Business Services Connectivity
Connectivity and enterprise solutions for small businesses, mid-market companies, and large enterprises.
01 what it draws on
Inputs & resources
- Network infrastructure
02 what it does
Activities
- Broadband, Ethernet, wireless, and managed services
03 who it serves
Customers
- Businesses
04 how money comes in
How it earns
- Service fees
Business Services Connectivity: how it makes money
- Revenue $10.2B (+5.5%) and Adjusted EBITDA $5.7B (55.9% margin) in FY2025.
Media
NBC, Telemundo, cable networks, Sky Sports and other international networks, and Peacock streaming.
01 what it draws on
Inputs & resources
- Content and sports rights
02 what it does
Activities
- Programming and streaming distribution
03 who it serves
Customers
- Advertisers, distributors, Peacock subscribers
04 how money comes in
How it earns
- Advertising
- Distribution fees
- Subscriptions
Media: how it makes money
- Revenue $27.1B and Adjusted EBITDA $3.2B in FY2025; Peacock was profitable in Q2 and again in Q3 2026 ($261M Adjusted EBITDA on $1.8B revenue).
Studios and Theme Parks
Universal Pictures, DreamWorks Animation, and television studios; Universal theme parks in Orlando (including Epic Universe, opened May 2025), Hollywood, Japan, and Beijing.
01 what it draws on
Inputs & resources
- Creative talent and IP
- Park investment
02 what it does
Activities
- Film and TV production and licensing
- Operating theme parks
03 who it serves
Customers
- Theaters, licensees, park visitors
04 how money comes in
How it earns
- Content licensing and box office
- Park admissions and spending
Studios and Theme Parks: how it makes money
- Studios revenue $11.3B (Adjusted EBITDA $1.1B); Theme Parks revenue $9.8B (+14%, Adjusted EBITDA $3.1B) in FY2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Comcast is regulated under the Communications Act and the FCC; broadband is not common-carrier regulated after a 2025 court ruling.
Approvals & licenses
FCC and Communications Act
The Communications Act and FCC regulations govern its businesses.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Regulated prices & reimbursement
Broadband classification
A January 2025 appeals ruling held broadband is an information service, overturning reclassification.
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Government funding & tax credits
Government partnerships
Partners with agencies to serve unserved communities using government funding.
Supports the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Residential Connectivity & Platforms
70,704 (55%)profit 26,653 · margin 37.7%
Business Services Connectivity
10,237 (8%)profit 5,725 · margin 55.9%
Media
27,090 (21%)profit 3,196 · margin 11.8%
Studios
11,286 (9%)profit 1,099 · margin 9.7%
Theme Parks
9,836 (8%)profit 3,080 · margin 31.3%
Source: Form 10-K (FY2025) — MD&A, Segment Operating Results Profit is Adjusted EBITDA, Comcast's segment measure. Content & Experiences headquarters (−$1.1B) and eliminations are excluded.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Most revenue is recurring subscription revenue; media earns advertising and distribution fees, and parks earn admissions and per-visitor spending.
Verizon MVNO
Supports Xfinity Mobile (9.3M domestic lines at year-end 2025)
Offered only with qualifying broadband service.
Source: Form 10-K (FY2025) — Item 1
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Business partnership
Verizon
MVNO agreement under which Xfinity Mobile runs on Verizon's wireless network in the U.S.
Source: Form 10-K (FY2025) — Item 1
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Households and businesses in the U.S., U.K., and Italy; advertisers; content distributors; theme park visitors.
Named by the company
No customer is named.
Suppliers
Programming providers, sports leagues, equipment vendors, and Verizon for wireless network access.
Named by the company
- Verizon — Provides the wireless network for Xfinity Mobile under MVNO rights.Form 10-K (FY2025) — Item 1
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Comcast's 10-K names fiber builders such as AT&T, Lumen, and Verizon in the U.S. and BT and Virgin Media O2 in the U.K. as broadband competitors, and streaming services such as Netflix and Disney+ in video.
Competitors named in the 10-K
Video and streaming
Also virtual MVPDs such as YouTube TV and Hulu + Live TV.
Peer group the company chose
2025 core compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Media, technology, and telecommunications companies; unchanged from 2024.
- Alphabet (Google)site ↗
- AT&Tsite ↗
- Charter Communications (Spectrum)site ↗
- Fox Corporationsite ↗
- Meta Platformssite ↗
- Netflixsite ↗
- Paramount Skydancesite ↗
- T-Mobile USsite ↗
- Walt Disneysite ↗
- Verizonsite ↗
- Warner Bros. Discoverysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Recent portfolio moves have been separations and a stake sale rather than acquisitions.
Cash spent on acquisitions, FY2020–FY2025: $3.04B
Jun 2025
Sale of Hulu interest
Pre-tax gain of $9.4B
Comcast sold its interest in Hulu.
- Stated purpose (company)
- Not stated in the filings.
Jan 2026
Spin-off of Versant Media Group
Tax-free distribution
Former cable networks and digital platforms.
- Stated purpose (company)
- Not stated in the 8-K's Item 8.01.
Source: 8-K filed 2026-01-05
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-03
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-03
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-03
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-03
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 103,564 | 116,385 | 121,427 | 121,572 | 123,731 | 123,707 |
| Operating income | 17,493 | 20,817 | 14,041 | 23,314 | 23,297 | 20,672 |
| Pretax income | 14,065 | 19,093 | 9,284 | 20,478 | 18,673 | 25,766 |
| Net income (attributable) | 10,534 | 14,159 | 5,370 | 15,388 | 16,192 | 19,998 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 12.4% | 4.3% | 0.1% | 1.8% | -0.0% |
| Operating margincalcoperating income ÷ revenue × 100 | 16.9% | 17.9% | 11.6% | 19.2% | 18.8% | 16.7% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 10.2% | 12.2% | 4.4% | 12.7% | 13.1% | 16.2% |
| Balance sheet ($M) | ||||||
| Total assets | 273,869 | 275,905 | 257,275 | 264,811 | 266,211 | 272,631 |
| Total equity | 91,738 | 97,490 | 81,627 | 83,226 | 86,038 | 97,151 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 103,760 | 94,850 | 94,811 | 97,100 | 99,100 | 98,900 |
| Equity ratio | 33.0% | 34.8% | 31.5% | 31.2% | 32.1% | 35.5% |
| ROE | 11.7% | 15.2% | 6.1% | 18.8% | 19.2% | 21.9% |
| Cash flow ($M) | ||||||
| Operating CF | 24,737 | 29,146 | 26,413 | 28,501 | 27,673 | 33,643 |
| Investing CF | -12,047 | -13,446 | -14,140 | -7,161 | -15,670 | -16,157 |
| Financing CF | -6,513 | -18,618 | -16,184 | -19,850 | -10,883 | -14,346 |
| Free cash flowcalccash flow from operations − capital expenditures | 15,558 | 19,972 | 15,787 | 16,259 | 15,492 | 21,893 |
| Cash and equivalents | 11,740 | 8,711 | 4,749 | 6,215 | 7,322 | 9,481 |
| Per share & other | ||||||
| EPS ($) | 2.28 | 3.04 | 1.21 | 3.71 | 4.14 | 5.39 |
| BVPS ($) | 19.72 | 21.20 | 19.18 | 20.79 | 22.59 | 26.89 |
| Dividend per share ($) | 0.92 | 1.00 | 1.08 | 1.16 | 1.24 | 1.32 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 40.4% | 32.9% | 89.3% | 31.3% | 30.0% | 24.5% |
| P/E (x) | 21.5 | 15.5 | 27.1 | 11.1 | 8.5 | 5.2 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 10.4 | 8.7 | 8.2 | 6.8 | 5.9 | 5.2 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.49 | 2.22 | 1.71 | 1.98 | 1.56 | 1.04 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $29.3B-6.1% | $5.32B-3.9% | $3.45B+3.5% | $0.97 |
| 2026-06-30 | $29.94B-1.2% | $5.16B-13.9% | $3.53B-68.3% | $0.99 |
| 2026-03-31 | $31.46B+5.3% | $4.14B-26.9% | $2.17B-35.6% | $0.60 |
| 2025-12-31 † | $32.31B+1.2% | $3.49B-30.1% | $2.17B-54.6% | — |
| 2025-09-30 | $31.2B | $5.53B | $3.33B | $0.90 |
| 2025-06-30 | $30.31B | $5.99B | $11.12B | $2.98 |
| 2025-03-31 | $29.89B | $5.66B | $3.38B | $0.89 |
| 2024-12-31 † | $31.92B | $4.99B | $4.78B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
8.5%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$20,672M × (1 − 22%) ÷ $190,595M × 100 = 8.5%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
5.86%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $100.97B ÷ ($100.97B + $98.9B) = 50.5%
e.g.Debt weight: $98.9B ÷ ($100.97B + $98.9B) = 49.5%
e.g.WACC: 8.2% × 50.5% + 4.5% × (1 − 22%) × 49.5% = 5.86%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 5.1%–6.8% and ROIC − WACC runs +1.6 to +3.4 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 5.86% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.59 (price-derived adjusted beta, but correlation with the market is low (R² 0.05), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 8.20%
- Cost of debt
- 4.46%
- Tax rate
- 22% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 51% : 49%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 5.86%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.59 (price-derived adjusted beta. Raw β 0.38, R² 0.05, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.383 + 0.33 = 0.587
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.59 × 5.5% = 8.2%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
-6.4%
Perpetual FCF growth: g = r − FCF ÷ EV = 5.9% − 12.3%
Past FCF growth (FY2020–FY2025)
+7.1%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+3.6%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $21.89B (operating CF − capex); enterprise value $178.1B = market cap $88.7B (latest close, 2026-11-04) + debt $98.9B − cash and short-term investments $9.5B; r = WACC of 5.9% using this page’s default assumptions (β 0.59, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$177.99B
FCF $21.89B ÷ (5.9% − -6.4%)
Theoretical ÷ actual enterprise value
1.00x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 3.9% | 4.9% | 5.9% | 6.9% | 7.9% |
|---|---|---|---|---|---|
| 0% | 3.15x | 2.51x | 2.08x | 1.78x | 1.56x |
| 2% | 6.47x | 4.24x | 3.15x | 2.51x | 2.08x |
| 4% | — | 13.66x | 6.47x | 4.24x | 3.15x |
| 6% | — | — | — | 13.66x | 6.47x |
| 8% | — | — | — | — | — |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.43x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -5.1%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 80%
Most profit comes from core operations.
- ✓
Days sales outstanding: 40 → 41 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-03
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-03
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$33,643M ÷ $19,998M = 1.68x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$20,672M ÷ $25,766M × 100 = 80%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($13,661M + $13,869M) ÷ 2 ÷ $123,707M × 365 = 41 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else — Class A shares, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 89.8%
- Directors & officers (shares)
- 1.1%
- Everyone else (est.)
- 9.1%
- Directors & officers (voting power)
- ≥33.3%
- Institutional-ownership rank
- 193 of 416
- Beta (adjusted)
- 0.59
of Class A shares
individuals and other non-13F holders
of all votes, across share classes
1 = most institutional; 46% of covered companies have more
above 1 = swings more than the market
- 3,178.6M shares reported by 1,891 13F filers ÷ 3,539.2M Class A shares outstanding on 2026-07-15. Option positions are excluded.
- Only the listed Class A shares are counted; other share classes (often held by founders) are not in this figure.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days. Brian Roberts owns all Class B shares, which carry 33⅓% of combined voting power.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-24 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-15)
20
Strengths & weaknessesSite analysis
Strengths
1. Strong cash flow
Operating cash flow was $33.6B in 2025; Comcast repurchased $6.8B of stock and paid $4.9B of dividends.
Evidence: Form 10-K (FY2025) MD&A
2. Wireless growth
Domestic wireless lines grew from 7.8M to 9.3M in 2025 and reached 10.6M in Q3 2026.
Evidence: Form 10-K (FY2025) MD&A; 8-K filed 2026-07-23; 8-K filed 2026-10-22 (Exhibit 99.1)
3. Theme parks
Theme Parks revenue rose 14% in 2025 after Epic Universe opened in May.
Evidence: Form 10-K (FY2025) MD&A
4. Business services
Business Services Connectivity revenue grew 5.5% with a 55.9% Adjusted EBITDA margin.
Evidence: Form 10-K (FY2025) MD&A
Weaknesses
1. Losing broadband and video customers
Domestic video customers fell from 12.5M to 11.3M in 2025, and domestic broadband customers also declined.
Evidence: Form 10-K (FY2025) MD&A
2. Declining linear TV
Comcast expects subscribers and ratings at its remaining linear networks to keep declining.
Evidence: Form 10-K (FY2025) MD&A
3. Earnings boosted by one-offs
2025 net income of $20.0B included a $9.4B pre-tax gain on the Hulu sale; operating income fell 11% to $20.7B.
Evidence: Form 10-K (FY2025) MD&A
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
5.2x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
4.71%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
24%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
21.7%
(Operating CF − capex) ÷ market cap
1. Shareholder returns
Shares outstanding fell from 4.53B (2021) to 3.60B (2025); dividends per share rose from $1.00 to $1.32.
- What has to hold
- Free cash flow stays strong.
- The other side
- Connectivity revenue is flat to declining.
Evidence: Form 10-K balance sheets; SEC EDGAR XBRL
2. Value from separation
Management says two focused companies will be better positioned to invest and create value.
- What has to hold
- The spin-off unlocks value.
- The other side
- Separations add costs and uncertainty.
Evidence: 8-K filed 2026-06-29
P/E, dividend yield, payout ratio, and FCF yield use the FY2025 year-end share price. Share counts include Class A and Class B common stock outstanding.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
1.6x
$9.5B vs. $5.96B
Interest coverage (operating income ÷ interest expense)
4.7x
$20.67B vs. $4.41B
Free cash flow ÷ dividends paid
4.5x
$21.89B vs. $4.89B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -0.0% in FY2025 ($123.73B → $123.71B) | Not yet, as of FY2025 |
| Operating income | -32.6% in FY2022 ($20.82B → $14.04B) | Yes, by FY2023 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash generation
$33.6B of operating cash flow in 2025.
Source: SEC EDGAR XBRL
Diversification
Connectivity, media, studios, and theme parks across the U.S. and Europe.
Source: Form 10-K (FY2025), Item 1
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Comcast reports only legal proceedings and claims arising in the ordinary course of business.
Company statement: Comcast does not expect its ultimate liability from these proceedings to materially affect its results, cash flows or financial position.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Broadband competition
- Company disclosure (summarized from the 10-K)
- AT&T, Lumen, and Verizon (U.S.) and BT and Virgin Media O2 (U.K.) keep extending fiber networks; wireless and satellite broadband also compete.
- Company’s stated mitigation
- Deeper convergence of broadband and wireless; nearly 45% of broadband customers were on gig-plus tiers in Q3 2026.
- This site’s assessment
- Impact High / Likelihood High
- 2Competition & technology shift
Video and media disruption
- Company disclosure (summarized from the 10-K)
- Streaming services such as Netflix and Disney+, virtual MVPDs such as YouTube TV and Hulu + Live TV, and social platforms draw viewers from linear TV.
- Company’s stated mitigation
- Growing Peacock subscribers and advertising.
- This site’s assessment
- Impact Med / Likelihood High
- 3M&A & integration
NBCUniversal separation
- Company disclosure (summarized from the 10-K)
- The planned spin-off of NBCUniversal and Sky, expected in about a year, carries execution risk.
- Company’s stated mitigation
- Structured as a tax-free spin-off, as Comcast did with Versant.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Funding & liquidity
Debt
- Company disclosure (summarized from the 10-K)
- Interest-bearing debt was $98.9B at year-end 2025.
- Company’s stated mitigation
- Debt tender offers in 2026 to buy back notes due 2027–2029.
- This site’s assessment
- Impact Med / Likelihood Low
- 5Demand & macro
Theme park demand
- Company disclosure (summarized from the 10-K)
- Comcast cited near-term cyclical headwinds in Theme Parks in Q2 and Q3 2026; Q3 Theme Parks revenue fell 4.4%.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
If the Separation does not qualify as non-taxable, we and/or holders of our common stock could be subject to significant tax liability.
We have received an opinion of Davis Polk & Wardwell LLP that the Separation qualified as non-taxable for U.S. Read more
federal income tax purposes. Notwithstanding the opinion, the IRS or a court could determine that the Separation should be treated as taxable.
If the Separation does not qualify as non-taxable, we and/or holders of our common stock could be subject to substantial U.S. Read more
and/or applicable non-U.S. taxes as a result, and we could incur significant liabilities under applicable law. If the failure to qualify is caused by any action taken by Versant, Versant is required to indemnify us for any resulting tax liabilities.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 3, 2026 ↗ with the 10-K filed Jan 31, 2025 ↗.
26
What to watch going forwardSite analysis
- Progress on the NBCUniversal/Sky spin-off.
- Broadband customer trends.
- Wireless line growth.
- Peacock profitability.
- Theme park attendance after Epic Universe.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 3, 2026
Built on10-K FY2025 · filed 2026-02-03
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Comcast’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.