CMCSA
Updated: 24/09/2026, 16:29:37
Comcast Corporation functions as a global media and technology conglomerate. Its diverse operations are segmented across Cable Communications, Media, Studios, Theme Parks, and Sky. The Cable Communications division delivers internet, television, phone, and mobile services to residential and business clients under its Xfinity brand, alongside offering advertising solutions. Its Media segment encompasses NBCUniversal's television and streaming platforms, including its national, regional, and international cable channels, the NBC and Telemundo broadcast networks, and the Peacock streaming service. The Studios segment is responsible for NBCUniversal's film and television production and distribution activities. Through its Theme Parks division, Comcast manages Universal Studios resorts located in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China. The Sky segment provides direct-to-consumer services such as video, internet, voice, and mobile phone offerings, while its content arm includes entertainment networks, the Sky News channel, and Sky Sports networks. Additionally, Comcast owns the Philadelphia Flyers hockey team and the Wells Fargo Center arena in Philadelphia, Pennsylvania. Founded in 1963, Comcast Corporation is headquartered in Philadelphia, Pennsylvania.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$123.7B
FY 2025 · Reported
Net income
$20.0B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$21.9B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$7.2B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
One Comcast Center headquarters
One Comcast Center, United States · Headquarters
Item 2: Properties We believe our physical assets are generally in good operating condition and are suitable and adequate for our business operations.
United States
One Comcast Center headquarters
Item 2: Properties We believe our physical assets are generally in good operating condition and are suitable and adequate for our business operations.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Global media and technology company; brands include Xfinity, Comcast Business, Sky, NOW, NBC, Telemundo, Universal, Peacock
“We are a global media and technology company that reaches customers, viewers and guests worldwide through the connectivity and platforms services we provide and the content and experiences we create.”
Theme Parks segment properties
Universal parks in Orlando (incl. Epic Universe opened May 2025), Hollywood, Osaka, Beijing; new destinations in Las Vegas, Chicago, Frisco TX, UK
“Epic Universe, which opened in May 2025... a Universal theme park and resort in the United Kingdom with a projected opening date in 2031, subject to various approvals.”
Corporate and Other composition
Corporate and Other includes Sky Germany video/networks, Comcast Spectacor, and Xumo streaming JV
“Corporate and Other primarily consists of overhead and personnel costs; Sky-branded video services and television networks in Germany; Comcast Spectacor... and Xumo, our consolidated streaming platform joint venture.”
Residential broadband offerings
US HFC/fiber broadband with gigabit-plus speeds; low-income Internet Essentials (75/100 Mbps); NOW prepaid (200 Mbps); UK/Italy via third-party networks
“we offer qualifying domestic customers broadband services at discounted rates through our Internet Essentials and Internet Essentials Plus services, with downstream speeds of up to 75 and 100 megabits per second, respectively.”
Wireless service via MVNO on Verizon's network
Wireless via MVNO rights over Verizon's network in US; UK wireless; unlimited and NOW prepaid plans; 24-48 month interest-free device financing
“Our domestic wireless services are offered over Verizon’s wireless network and our existing network of secure residential, outdoor and business Wi-Fi hotspots”
Television studios brands
TV studios produce under Universal Television, Universal Content Productions, Universal Television Alternative Studio, Universal International Studios, Sky Studios
“Our television studios produce content primarily under the following names: •Universal Television •Universal Content Productions •Universal Television Alternative Studio •Universal International Studios •Sky Studios”
Theme Parks segment results
Theme Parks revenue $9,836M in 2025 (+14.2%) driven by Epic Universe opening; Adjusted EBITDA $3,080M
“Revenue$9,836 $8,617 14.2 %... driven by the opening of Epic Universe in May 2025, partially offset by lower revenue at our theme park in Hollywood.”
Sale of Hulu interest
Sold Hulu interest in June 2025, recognizing a pre-tax gain of $9.4 billion
“In June 2025, we sold our interest in Hulu, at which time we recognized the sale of our interest with a pre-tax gain of $9.4 billion”
Connectivity & Platforms capital expenditures 2025
C&P capex increased 5.3% to $8.7B in 2025 on customer premise equipment, scalable infrastructure and support capital
“Total Connectivity & Platforms capital expenditures increased 5.3% to $8.7 billion, reflecting increased spending on customer premise equipment, scalable infrastructure and support capital.”
Versant spin-off completed January 2, 2026
Separation of Versant Media Group completed Jan 2, 2026; 1 Versant share per 25 Comcast shares; cable networks incl. MS NOW, CNBC, USA Network, Golf Channel, E!, SYFY, Oxygen
“On January 2, 2026, we completed the previously announced separation of Versant Media Group, Inc. (“Versant”) into an independent, publicly traded company with its Class A common stock listed on The Nasdaq Stock Market under the ticker symbol “VSNT””
Residential Connectivity & Platforms and Business Services 2025 results
Residential revenue down (video/ads) with margin 38.2%→37.7%; Business Services revenue up (enterprise, small business) with margin 56.7%→55.9%
“Adjusted EBITDA margin decreased from 38.2% to 37.7%... Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers.”
2025 Media segment results vs Paris Olympics comparison
Media revenue down on Paris Olympics lap; ex-$1.9B Olympics revenue, revenue increased; EBITDA up on lower Olympics costs
“Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in international networks, domestic distribution and other revenue, partially offset by a decrease in domestic advertising revenue.”
Peacock 2025 performance
Peacock: $5.4B revenue and $6.5B costs in 2025 (vs $4.9B/$6.7B in 2024); paid subscribers +8M to 44M
“Peacock generated revenue and costs and expenses of $5.4 billion and $6.5 billion in 2025, respectively... Paid subscribers increased by 8 million to 44 million in 2025.”
Auditor
Deloitte & Touche LLP audited FY2025 financials; critical audit matter on bundled-service revenue IT systems
“The effectiveness of internal control over financial reporting has been audited by Deloitte & Touche LLP, an independent registered public accounting firm”
2025 capital returns
Repurchased 205M shares for $6.8B in 2025; dividend raised to $1.32/share annualized; $4.9B dividends paid
“Repurchased a total of 205 million shares of our Class A common stock for $6.8 billion in 2025... Raised our dividend by $0.08 to $1.32 per share on an annualized basis in January 2025 and paid $4.9 billion of dividends in 2025.”
Regulatory exposure and subsidy constraints
Federal/state broadband subsidy programs may constrain how Comcast conducts business within its footprint
“in cases where we receive subsidies, may impose constraints on how we conduct our businesses.”
Comcast's domestic wireless service operates as an MVNO over Verizon's wireless network, making Verizon a key network supplier for the wireless product.
“Our domestic wireless services are offered over Verizon’s wireless network and our existing network of secure residential, outdoor and business Wi-Fi hotspots”
Broadband faces intensifying competition from wireline telcos deploying fiber, 5G fixed wireless, municipal/power company networks and satellite providers, pressuring pricing and packaging.
“wireline telecommunications companies, including many that are increasing deployment of fiber-based networks; wireless telecommunications companies offering internet services (using a variety of wireless technologies, including 5G fixed wireless networks...)”
Theme park revenue depends on the overall travel and tourism environment, including consumer spending on leisure and recreational activities; macro conditions and currency shifts can redirect consumer preferences.
“Revenue for our theme parks generally depends on the overall environment for travel and tourism, including consumer spending on leisure and other recreational activities.”
Wireless growth (domestic lines up 1.5 million to 9.3 million in 2025) depends on MVNO rights over host networks plus Comcast's Wi-Fi hotspot network.
“We offer wireless services for wireless handsets, tablets and smart watches (“wireless devices”) to residential customers in the United States and the United Kingdom using mobile virtual network operator (“MVNO”) rights.”
Business Services Connectivity revenue growth in 2025 was driven by enterprise solutions offerings and small business customers; competes with wireline telcos and WAN managed service providers.
“Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers.”
Studios and content businesses must compete to obtain creative, performing and technical talent and popular content including sports programming, with DTC rivals commissioning high-cost programming and live sports rights.
“They must compete to obtain talent, popular content (including sports programming), advertising and other resources required to successfully operate their businesses.”
Federal and state broadband-deployment funding may enable subsidized competitor networks within Comcast's footprint and impose constraints where Comcast receives subsidies.
“Domestic broadband-deployment funding initiatives at the federal and state level may result in other service providers deploying new subsidized internet access networks within our footprint”
Macroeconomic conditions and currency exchange rate changes may shift consumer preferences away from theme parks toward other destinations and experiences.
“Macroeconomic conditions and other factors, including changes in currency exchange rates, may also result in shifting consumer preferences toward other types of destinations, experiences and products.”
The periodic Olympic broadcast cycle creates large year-over-year revenue/cost swings; 2025 Media revenue declined against the Paris Olympics in 2024 ($1.9 billion incremental revenue).
“Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in international networks, domestic distribution and other revenue”
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