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Comcast

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XBRL · SEC EDGAR

2007–2025(19yr)

Revenue

Net Income

Free CF

Metric	FY 2007	FY 2008	FY 2009	FY 2010	FY 2011	FY 2012	FY 2013	FY 2014	FY 2015	FY 2016	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025Latest	YoY
Revenue	$31.1B	$34.4B	$35.8B	$37.9B	$55.8B	$62.6B	$64.7B	$68.8B	$74.5B	$80.4B	$84.5B	$94.5B	$108.9B	$103.6B	$116.4B	$121.4B	$121.6B	$123.7B	$123.7B	-0.0%
Operating Income	$5.6B	$6.7B	$7.2B	$8.0B	$10.7B	$12.2B	$13.6B	$14.9B	$16.0B	$16.9B	$18.0B	$19.0B	$21.1B	$17.5B	$20.8B	$14.0B	$23.3B	$23.3B	$20.7B	-11.3%
Operating Margin	18.0%	19.6%	20.2%	21.0%	19.2%	19.5%	21.0%	21.7%	21.5%	21.0%	21.3%	20.1%	19.4%	16.9%	17.9%	11.6%	19.2%	18.8%	16.7%	-2.1pp
Net Income	$2.6B	$2.5B	$3.6B	$3.6B	$4.2B	$6.2B	$6.8B	$8.4B	$8.2B	$8.7B	$22.7B	$11.7B	$13.1B	$10.5B	$14.2B	$5.4B	$15.4B	$16.2B	$20.0B	+23.5%
Net Margin	8.3%	7.4%	10.2%	9.6%	7.4%	9.9%	10.5%	12.2%	11.0%	10.8%	26.9%	12.4%	12.0%	10.2%	12.2%	4.4%	12.7%	13.1%	16.2%	+3.1pp
Free Cash Flow	$2.0B	$4.5B	$5.2B	$6.2B	$9.0B	$9.1B	$7.6B	$9.5B	$10.3B	$10.1B	$11.9B	$14.5B	$15.7B	$15.6B	$20.0B	$15.8B	$16.3B	$15.5B	$21.9B	+41.3%
FCF Margin	6.5%	13.0%	14.4%	16.4%	16.2%	14.6%	11.7%	13.8%	13.8%	12.6%	14.0%	15.4%	14.5%	15.0%	17.2%	13.0%	13.4%	12.5%	17.7%	+5.2pp
EPS (Diluted)	$0.83	$0.86	$1.26	$1.29	$1.50	$2.28	$2.56	$3.20	$3.24	$3.57	$4.75	$2.53	$2.83	$2.28	$3.04	$1.21	$3.71	$4.14	$5.39	+30.2%

Total Debt$93.0B

Cash & Equiv.$9.5B

Net Debt$83.5B

3 min read

1. THE BIG PICTURE

Comcast is currently a business in transition, aggressively shedding legacy media assets like Versant Media to focus on a "converged connectivity" strategy that pairs broadband with rapid wireless expansion. While its traditional cable business faces structural headwinds, Comcast’s ability to maintain a 17.4% net margin—the highest among its peer group—provides the necessary capital to build out its next-generation DOCSIS 4.0 network and "Epic" theme park scale (Peer Benchmarking, Recent Results).

2. WHERE THE RISKS HIT HARDEST

Proprietary Technology vs. Cord-Cutting: Comcast’s "unified experience" through X1 and Sky Q is threatened by the shift toward direct-to-consumer streaming, which reduces the subscriber fees that fund these proprietary platforms (Competitive Position, Risks).
Network Advantage vs. 5G Rivalry: The scalability of the hybrid fiber-optic and coaxial (HFC) network is being tested by "competitive intensity" from T-Mobile and Verizon, whose 5G fixed wireless offerings target Comcast’s core broadband subscriber base with aggressive pricing (Business, Risks).
Bundling vs. Programming Costs: Comcast’s ability to offer discounted bundles is threatened by rising programming expenses—the largest cost for its residential business—which contributed to operating margins compressing from 18.8% to 16.7% (Business, Risks).

3. WHAT THE NUMBERS SAY TOGETHER

Comcast functions as a massive cash-generation engine that the market treats with skepticism. Despite flat revenue growth (-0.0% TTMTTMTrailing Twelve Months — the most recent full year of financial data, updated on a rolling basis each quarter), Comcast leads its peers with a 6.7% buyback yield and a 71.7% gross margin (Peer Benchmarking). However, the most recent quarter revealed a 54.6% drop in net income to $2.17 billion, suggesting that the "decisive changes" and strategic shifts mentioned by management involve heavy upfront costs (Recent Results).

While TTMTTMTrailing Twelve Months — the most recent full year of financial data, updated on a rolling basis each quarter revenue is stagnant, the 1.2% revenue growth in Q4 2025 indicates a potential floor, supported by the addition of 1.5 million wireless lines and the first $1 billion EBITDAEBITDAEarnings Before Interest, Taxes, Depreciation & Amortization — a rough proxy for operating cash profit, stripping out accounting adjustments quarter for Theme Parks (Recent Results). With short interest low at 2.4% of the float, market sentiment appears to be one of cautious observation rather than active betting against Comcast's survival (Supplemental Signals).

4. IS IT WORTH IT AT THIS PRICE?

At a 7.8x Forward P/EP/EPrice-to-Earnings ratio — share price divided by annual earnings per share; how much investors pay per dollar of profit. Higher P/E = higher growth expectations, Comcast trades at a significant discount to the peer median of 10.9x (Peer Benchmarking). At this multiple, the market is pricing in approximately 0.5% long-term growth (CAPM analysis).

This valuation appears attractively valued given that Comcast’s 16.9% FCFFCFFree Cash Flow — cash left after paying for operations and capital investments; what the company can actually spend, save, or return to shareholders margin is the second-highest in its peer group, yet the stock is priced as if the business will barely grow again. If Comcast can achieve even modest GDP-pace growth of 2.5%, the sensitivity analysis suggests a justified multiple of 15.9x—more than double the current level (CAPM analysis). The primary factor keeping the price depressed is the risk that programming costs and broadband competition will erode margins faster than new ventures like Peacock or Epic Universe can scale.

5. WHAT WOULD CHANGE THIS VIEW?

Constructive if wireless line additions continue at the current pace toward 10 million total lines, validating the "converged connectivity" strategy (Recent Results).
Constructive if the deployment of DOCSIS 4.0 successfully restores broadband subscriber growth by matching the symmetrical speeds of fiber competitors (Business).
Cautious if operating margins continue to slide below 16.7%, indicating that Comcast has lost the ability to pass rising content costs to its customers (Business).

6. BOTTOM LINE

Structural Advantage: A high-margin connectivity infrastructure paired with a proprietary technology ecosystem (X1/Sky Q) that creates high switching costs through integrated wireless and broadband bundling.

Bottom Line: Comcast is a high-yield transition play that is currently priced for obsolescence, despite owning superior cash-flow metrics and a clear growth path in wireless and theme parks.

Source: Synthesis · LLM Analysis

4 min read

1. Top 5 Material Risks

Competitive Intensity: Comcast faces broad competition from fiber-based networks, 5G fixed wireless, and satellite broadband providers, as well as streaming aggregators and social media platforms. This competition, often involving aggressive pricing and bundling, threatens Comcast's ability to maintain its subscriber base and pricing power.
Consumer Behavior Shifts: The transition from linear television to direct-to-consumer (DTC) streaming services is causing accelerated net customer losses. This trend reduces both video customers and the linear television network subscriber fees Comcast receives from other video service providers.
Rising Programming Costs: Programming expenses are the largest single expense for the Residential Connectivity & Platforms business and continue to increase on a per-subscriber basis. If Comcast cannot offset these costs through rate increases or other initiatives, its results of operations will be adversely affected.
Content Acceptance and Rights: The success of the Content & Experiences business depends on consumer acceptance of content, which is unpredictable. Competition for popular content, particularly sports rights, is intense and has led to significantly increased costs that may not be recovered through revenue.
Technological Disruption: Failure to keep pace with technological developments, such as AI or the deployment of DOCSIS 4.0 for multigigabit speeds, could leave Comcast at a competitive disadvantage. Comcast must incur substantial costs to execute these initiatives with no assurance of success.

2. Company-Specific Risks

Class B Voting Control: Brian L. Roberts, the Chairman and Co-CEO, beneficially owns all outstanding shares of Class B common stock, which carries a non-dilutable 33 1/3% of the combined voting power. This grants him significant influence over material transactions, including mergers or sales of assets, potentially independent of other shareholders' interests.
Separation Tax Liability: If the separation of Versant is determined by the IRS or a court to be taxable, Comcast could be subject to substantial U.S. or non-U.S. tax liabilities.
Theme Park Sensitivity: The performance of the Content & Experiences segment is uniquely tied to consumer demand for out-of-home entertainment. Weak economic conditions directly impact attendance and spending at theme parks, which are significant drivers of revenue for this segment.
Labor Dependency: The Content & Experiences business relies on collective bargaining agreements with writers, directors, and actors. Work stoppages, such as the 2023 Writers Guild and SAG strikes, have historically paused productions and reduced content licensing revenue.

3. Regulatory/Legal Risks

Communications Act and FCC Oversight: Comcast is subject to the Communications Act and FCC regulations, which frequently change. Legislative proposals to rewrite the Act or impose new broadband regulations could significantly increase compliance costs and restrict business operations.
Net Neutrality and Privacy: A patchwork of state-level regulations regarding privacy and Open Internet/net neutrality creates conflicting requirements that complicate operations and increase the risk of administrative enforcement actions or fines.
Antitrust Scrutiny: Federal and international regulators may impose restrictions on operations or block strategic acquisitions as a condition of regulatory approval, potentially limiting Comcast's ability to execute its growth strategy.
Intellectual Property Litigation: Comcast faces risks from third-party claims of intellectual property infringement. Adverse outcomes could result in significant monetary liability, the need to enter into unfavorable royalty agreements, or injunctions preventing the use of specific technologies.

4. Financial Impact Map

Competitive Intensity → Revenue → Increased competition for advertising and subscribers leads to potential declines in top-line growth. Consumer Behavior Shifts → Video Revenues → Accelerated net customer losses in linear video directly reduce subscriber fee income. Rising Programming Costs → Operating Expenses → Programming expenses represent the largest single expense item for the Residential Connectivity & Platforms business. Content Acceptance and Rights → Content Licensing Revenue → Failure to achieve consumer acceptance or the decision to retain content for Peacock rather than licensing it to third parties reduces licensing fee income. Labor Disputes → Content Licensing Revenue → Work stoppages, such as the 2023 industry strikes, directly pause production and reduce revenue at the Studios segment.

Source: 10-K Item 1A · LLM Analysis

Recent Filings

Form	Filed	Period
10-K	Feb 2026	Dec 2025
8-K	Jan 2026	—
10-Q	Oct 2025	Sep 2025
14A	Apr 2025	—