Comcast (CMCSA)
Market Price (12/24/2025): $29.36 | Market Cap: $109.2 BilSector: Communication Services | Industry: Cable & Satellite
Comcast (CMCSA)
Market Price (12/24/2025): $29.36Market Cap: $109.2 BilSector: Communication ServicesIndustry: Cable & Satellite
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 25%, Dividend Yield is 4.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 21%, FCF Yield is 15% | Weak multi-year price returns2Y Excs Rtn is -75%, 3Y Excs Rtn is -86% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 31 Bil, FCF LTM is 17 Bil | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.7% | |
| Low stock price volatilityVol 12M is 27% | Key risksCMCSA key risks include [1] losing broadband subscribers to fiber and 5G competition and [2] the accelerating decline of its video subscriber base due to cord-cutting. | |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Digital Content & Streaming, 5G & Advanced Connectivity, Digital Advertising, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 25%, Dividend Yield is 4.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 21%, FCF Yield is 15% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 31 Bil, FCF LTM is 17 Bil |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Digital Content & Streaming, 5G & Advanced Connectivity, Digital Advertising, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -75%, 3Y Excs Rtn is -86% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.7% |
| Key risksCMCSA key risks include [1] losing broadband subscribers to fiber and 5G competition and [2] the accelerating decline of its video subscriber base due to cord-cutting. |
Why The Stock Moved
Qualitative Assessment
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The requested time period from August 31, 2025, to today (December 24, 2025) is in the future. Therefore, I cannot provide an analysis of Comcast's stock movement for this specific period. However, based on recent news and performance up to December 24, 2025, here are some key points that have influenced Comcast's stock:1. Activist investor buzz and spinoff speculation. There have been reports of significant trading activity in Comcast's swaps and over-the-counter options, often associated with activist investors building a stake. The upcoming spinoff of the company's cable networks into a new entity, Versant, in early January 2026, has also supported sentiment.
2. Strong financial performance and strategic moves. Comcast declared the redemption of $2.75 billion in notes, highlighting its financial robustness. The company is also expanding high-speed internet access with recent network growth in Connecticut, reaching 22,000 additional homes.
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Stock Movement Drivers
Fundamental Drivers
The -6.1% change in CMCSA stock from 9/23/2025 to 12/23/2025 was primarily driven by a -6.1% change in the company's P/E Multiple.| 9232025 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 31.29 | 29.38 | -6.10% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 124184.00 | 124184.00 | 0.00% |
| Net Income Margin (%) | 18.44% | 18.44% | 0.00% |
| P/E Multiple | 5.08 | 4.77 | -6.10% |
| Shares Outstanding (Mil) | 3720.00 | 3720.00 | 0.00% |
| Cumulative Contribution | -6.10% |
Market Drivers
9/23/2025 to 12/23/2025| Return | Correlation | |
|---|---|---|
| CMCSA | -6.1% | |
| Market (SPY) | 3.7% | 13.3% |
| Sector (XLC) | -0.9% | 41.0% |
Fundamental Drivers
The -14.9% change in CMCSA stock from 6/24/2025 to 12/23/2025 was primarily driven by a -42.4% change in the company's P/E Multiple.| 6242025 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 34.52 | 29.38 | -14.90% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 123559.00 | 124184.00 | 0.51% |
| Net Income Margin (%) | 12.71% | 18.44% | 45.06% |
| P/E Multiple | 8.28 | 4.77 | -42.37% |
| Shares Outstanding (Mil) | 3768.00 | 3720.00 | 1.27% |
| Cumulative Contribution | -14.91% |
Market Drivers
6/24/2025 to 12/23/2025| Return | Correlation | |
|---|---|---|
| CMCSA | -14.9% | |
| Market (SPY) | 13.7% | 14.7% |
| Sector (XLC) | 11.9% | 41.6% |
Fundamental Drivers
The -19.7% change in CMCSA stock from 12/23/2024 to 12/23/2025 was primarily driven by a -50.4% change in the company's P/E Multiple.| 12232024 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 36.60 | 29.38 | -19.72% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 123069.00 | 124184.00 | 0.91% |
| Net Income Margin (%) | 11.92% | 18.44% | 54.67% |
| P/E Multiple | 9.63 | 4.77 | -50.44% |
| Shares Outstanding (Mil) | 3861.00 | 3720.00 | 3.65% |
| Cumulative Contribution | -19.83% |
Market Drivers
12/23/2024 to 12/23/2025| Return | Correlation | |
|---|---|---|
| CMCSA | -19.7% | |
| Market (SPY) | 16.7% | 42.6% |
| Sector (XLC) | 20.6% | 51.8% |
Fundamental Drivers
The -8.0% change in CMCSA stock from 12/24/2022 to 12/23/2025 was primarily driven by a -81.6% change in the company's P/E Multiple.| 12242022 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 31.93 | 29.38 | -8.00% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 121211.00 | 124184.00 | 2.45% |
| Net Income Margin (%) | 4.46% | 18.44% | 313.69% |
| P/E Multiple | 25.87 | 4.77 | -81.55% |
| Shares Outstanding (Mil) | 4377.00 | 3720.00 | 15.01% |
| Cumulative Contribution | -10.07% |
Market Drivers
12/24/2023 to 12/23/2025| Return | Correlation | |
|---|---|---|
| CMCSA | -28.6% | |
| Market (SPY) | 48.4% | 36.2% |
| Sector (XLC) | 64.9% | 45.2% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CMCSA Return | 19% | -2% | -29% | 29% | -12% | -19% | -24% |
| Peers Return | 23% | -9% | -17% | 7% | 22% | -6% | 13% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 114% |
Monthly Win Rates [3] | |||||||
| CMCSA Win Rate | 58% | 58% | 33% | 67% | 50% | 50% | |
| Peers Win Rate | 55% | 45% | 43% | 57% | 62% | 50% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| CMCSA Max Drawdown | -27% | -7% | -42% | 0% | -15% | -27% | |
| Peers Max Drawdown | -24% | -16% | -31% | -13% | -8% | -18% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: CHTR, T, VZ, DIS, TMUS. See CMCSA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/23/2025 (YTD)
How Low Can It Go
| Event | CMCSA | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -53.6% | -25.4% |
| % Gain to Breakeven | 115.3% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -31.7% | -33.9% |
| % Gain to Breakeven | 46.5% | 51.3% |
| Time to Breakeven | 223 days | 148 days |
| 2018 Correction | ||
| % Loss | -28.8% | -19.8% |
| % Gain to Breakeven | 40.5% | 24.7% |
| Time to Breakeven | 353 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -62.7% | -56.8% |
| % Gain to Breakeven | 168.0% | 131.3% |
| Time to Breakeven | 1,113 days | 1,480 days |
Compare to WBD, CHTR, ROKU
In The Past
Comcast's stock fell -53.6% during the 2022 Inflation Shock from a high on 9/2/2021. A -53.6% loss requires a 115.3% gain to breakeven.
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Comcast Corporation operates as a media and technology company worldwide. It operates through Cable Communications, Media, Studios, Theme Parks, and Sky segments. The Cable Communications segment offers broadband, video, voice, wireless, and other services to residential and business customers under the Xfinity brand; and advertising services. The Media segment operates NBCUniversal's television and streaming platforms, including national, regional, and international cable networks, the NBC and Telemundo broadcast, and Peacock networks. The Studios segment operates NBCUniversal's film and television studio production and distribution operations. The Theme Parks segment operates Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China. The Sky segment offers direct-to-consumer services, such as video, broadband, voice and wireless phone services, and content business operates entertainment networks, the Sky News broadcast network, and Sky Sports networks. The company also owns the Philadelphia Flyers, as well as the Wells Fargo Center arena in Philadelphia, Pennsylvania; and provides streaming service, such as Peacock. Comcast Corporation was founded in 1963 and is headquartered in Philadelphia, Pennsylvania.
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Comcast (CMCSA) Analogies
- It's like Disney (for its media empire, Universal Studios, and theme parks) combined with a major internet and cable provider like AT&T.
- Essentially a blend of Warner Bros. Discovery (as a global media and entertainment conglomerate) and Charter Communications (as a vast internet and cable service provider).
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- Xfinity Internet: Provides high-speed internet services to residential and business customers.
- Xfinity TV: Offers cable television programming and video-on-demand services.
- Xfinity Mobile & Voice: Delivers mobile phone services (as an MVNO) and traditional landline telephone services.
- NBCUniversal Television & Streaming: Operates broadcast and cable television networks, produces original content, and offers the Peacock streaming service.
- Universal Filmed Entertainment: Produces, acquires, and distributes feature films globally under various studio labels.
- Universal Destinations & Experiences: Manages and operates theme parks and resorts worldwide, including Universal Studios properties.
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Comcast (CMCSA) primarily sells its services and products to individual consumers, although it also serves business clients.
Its major customer categories include:
- Residential Subscribers: Individuals and households who subscribe to Comcast's Xfinity and Sky services. This encompasses customers paying for broadband internet, video (cable television), mobile phone services, and voice (landline phone) services across the United States and Europe.
- Theme Park Guests: Individuals and families who visit and purchase tickets, merchandise, food, and experiences at Universal Parks & Resorts locations worldwide.
- Business Customers: Small and medium-sized businesses that subscribe to internet, voice, and television services through Comcast's Xfinity Business and Sky Business segments.
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- The Walt Disney Company (DIS)
- Warner Bros. Discovery, Inc. (WBD)
- Paramount Global (PARA)
- FOX Corporation (FOXA)
- CommScope Holding Company, Inc. (COMM)
- Cisco Systems, Inc. (CSCO)
- Nokia Corporation (NOK)
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Brian L. Roberts, Chairman & Chief Executive Officer
Brian L. Roberts is the Chairman and CEO of Comcast Corporation. He is the son of Comcast founder Ralph J. Roberts and has spent his entire career with the company, starting as an intern and working his way up. He was named president in 1990 and succeeded his father as CEO in 2002. Under his leadership, Comcast has grown significantly, orchestrating transformative acquisitions such as AT&T Broadband in 2002, NBCUniversal in 2011, and the European media giant Sky in 2018. His career has been dedicated to building Comcast into a global media and technology powerhouse, and he has not founded or managed other companies, sold companies, or managed private equity-backed companies outside of Comcast and its subsidiaries.
Jason S. Armstrong, Chief Financial Officer
Jason S. Armstrong serves as Chief Financial Officer for Comcast Corporation, a role he assumed in 2023. Prior to this, he held various positions within Comcast, including Deputy Chief Financial Officer, Treasurer, Chief Financial Officer at Sky (a Comcast subsidiary), and Senior Vice President of Investor Relations. Before joining Comcast in 2014, Mr. Armstrong spent 13 years at Goldman Sachs, where he was most recently a Managing Director and leader of the firm's Technology, Media, and Telecommunications Research Group. There is no information indicating he founded or managed other companies, sold companies, or managed private equity-backed companies prior to his tenure at Comcast and Goldman Sachs.
Michael J. Cavanagh, President
Michael J. Cavanagh was promoted to President of Comcast Corporation in 2022, after joining the company in 2015 as its Chief Financial Officer. Before his time at Comcast, Mr. Cavanagh spent over 20 years in the financial services industry. He served as Co-CEO of JPMorgan Chase's Corporate & Investment Bank from 2012 to 2014 and was the CFO of JPMorgan Chase for six years, guiding the company through the financial crisis. Immediately prior to joining Comcast, he briefly held the position of Co-President and Co-Chief Operating Officer of The Carlyle Group, a leading global alternative asset manager, indicating experience with companies backed by private equity firms.
Thomas J. Reid, Senior Executive Vice President, General Counsel & Secretary
Thomas J. Reid joined Comcast in April 2019 as Senior Executive Vice President, General Counsel, and Secretary. In this role, he oversees Comcast's legal, corporate governance, strategic intellectual property, government and regulatory affairs, and political affairs functions. Prior to Comcast, Mr. Reid had a distinguished career at Davis Polk & Wardwell LLP, where he was Chairman and Managing Partner since 2011. He also served as a Managing Director in the Investment Banking Division of Morgan Stanley from 2000 to 2003 before rejoining Davis Polk. He was Davis Polk's lead partner for Comcast for nearly four years, playing a crucial role in significant transactions, including the Sky acquisition.
Loren Hudson, Senior Vice President and Chief Diversity Officer, Comcast Cable
Loren Hudson serves as Senior Vice President and Chief Diversity Officer for Comcast Cable, a role in which she leads the Diversity, Equity, and Inclusion (DE&I) human capital strategy. She is the first Chief Diversity Officer for Comcast Cable and has over 20 years of human resources experience, all within Comcast. Her previous roles at Comcast include Human Resources Director and Vice President of Human Resources for Comcast's Beltway and Keystone Units. Her career has primarily focused on human resources and DE&I initiatives within Comcast.
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Comcast (CMCSA) faces several significant risks to its business operations, primarily stemming from intense market competition, evolving regulatory landscapes, and persistent cybersecurity threats.Key Risks to Comcast (CMCSA)
- Intense Competition and Cord-Cutting: Comcast's core broadband and traditional video segments are under significant pressure from fierce competition and the accelerating trend of cord-cutting. The company is losing broadband subscribers to fiber-optic providers like AT&T and Verizon, as well as to emerging 5G home internet services. The shift of consumers from traditional cable television to streaming services continues to impact Comcast's video subscriber base, leading to declining revenue and profit margins in its cable segment. This competitive environment is not expected to change anytime soon, leading to ongoing challenges in maintaining market share and profitability.
- Regulatory Scrutiny and Compliance: Comcast operates in a highly regulated industry, exposing it to risks associated with regulatory changes, compliance requirements, and potential legal liabilities. Recent actions, such as FCC penalties tied to vendor data breaches, highlight a heightened regulatory focus on data stewardship and vendor oversight within the telecommunications sector. Any changes to the legal and regulatory framework applicable to Comcast's services or businesses could adversely affect its operations and financial results.
- Cybersecurity Risks: As a technology-driven company handling vast amounts of sensitive customer data, Comcast is highly vulnerable to cybersecurity threats, including data breaches and sophisticated cyberattacks. The company's own 2025 Cybersecurity Threat Report underscores the dramatic increase in stealthy, AI-driven threats that exploit both human behavior and technological vulnerabilities. Such incidents can lead to significant financial losses, operational disruptions, and reputational damage.
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- Fixed Wireless Access (FWA): Emerging as a direct, lower-cost alternative to traditional cable broadband, providers like T-Mobile and Verizon are rapidly expanding their 5G home internet services and gaining market share, directly competing with Comcast's core internet business.
- Aggressive Fiber-to-the-Home (FTTH) Overbuilds: Competitors, including incumbent telcos like AT&T and Frontier, as well as new fiber builders, are accelerating the expansion of fiber optic networks directly into Comcast's established service territories. These networks often offer superior, symmetrical broadband speeds and increased reliability, posing a significant infrastructure-level threat to Comcast's cable broadband dominance.
- Intensifying Direct-to-Consumer (DTC) Streaming Competition and Profitability Pressures: The highly fragmented and competitive streaming market continues to evolve, with increasing subscriber churn, unsustainable content spending, and growing investor pressure for profitability. This dynamic poses a significant challenge to Comcast's streaming platform (Peacock) and its broader media segment, impacting subscriber acquisition, retention, and the long-term financial viability of its entertainment properties.
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Comcast Corporation (CMCSA) operates across various segments, including broadband, video, voice, business services, streaming, theme parks, and film and television production. The addressable markets for these main products and services are sized as follows:
-
Broadband Internet (Xfinity, Comcast Business, Sky Broadband):
- The global broadband services market size was valued at approximately USD 497.47 billion in 2024 and is projected to reach USD 1062.73 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 8.8% from 2025 to 2033.
- In the U.S., the Internet Service Providers (ISP) market was valued at USD 139.8 billion in 2023.
- North America holds the largest share of the global broadband market.
-
Video (Xfinity Cable TV, Sky, NBCUniversal networks):
- The U.S. pay TV market size was valued at USD 69.37 billion in 2024 and is expected to reach USD 57.83 billion by 2033, with a CAGR of -2.0% during the forecast period (2025-2033).
- Globally, the pay TV market size was valued at USD 190.21 billion in 2024 and is estimated to reach USD 208.12 billion by 2033, exhibiting a CAGR of 1.00% from 2025-2033.
- North America dominated the global pay TV market with a 41% market share in 2024.
- The global broadcasting and cable TV market size was estimated at USD 356.45 billion in 2024 and is projected to reach USD 449.91 billion by 2030, growing at a CAGR of 4.0% from 2025 to 2030.
-
Voice (Xfinity Voice, Comcast Business Voice):
- The U.S. Voice over Internet Protocol (VoIP) industry revenue is estimated to reach approximately USD 11.1 billion in 2025.
- The global Voice over Internet Protocol (VoIP) market size was valued at USD 132.47 billion in 2023 and is projected to grow to USD 326.27 billion by 2032, exhibiting a CAGR of 10.8% during the forecast period.
- The U.S. accounts for the largest market share in the North American VoIP market.
-
Business Services (Comcast Business):
- The global Small and Medium Business (SMB) Telecom Voice and Data Services Market was valued at USD 822.92 million in 2024 and is expected to increase to USD 1,648.77 million by 2031, growing at a CAGR of 10.4%.
- The overall U.S. telecom services market (which includes business services) was estimated at USD 468.08 billion in 2023 and is expected to grow to USD 725.68 billion by 2030, with a CAGR of 6.6% from 2024 to 2030.
-
Streaming Services (Peacock):
- The global Subscription Video On Demand (SVOD) market size was valued at USD 128.74 billion in 2025 and is projected to reach USD 242.02 billion by 2033, exhibiting a CAGR of 8.21%.
- North America accounted for a significant share of over 44% in the global SVOD market in 2024. The U.S. SVOD industry dominated with a share of over 67% in 2024.
-
Theme Parks (Universal Parks & Resorts):
- The global theme park market size was estimated at USD 64.50 billion in 2024 and is projected to reach USD 110.60 billion by 2033, growing at a CAGR of 6.3% from 2025 to 2033.
- North America dominated the global theme park market with the largest revenue share of 36.9% in 2024.
-
Film and Television Production (NBCUniversal, Universal Pictures):
- The global movie production and distribution market size is estimated at USD 82.53 billion in 2024 and is projected to increase to USD 182.92 billion by 2034, expanding at a CAGR of 8.2%.
- North America was the largest region in the film and video market, accounting for 37.93% or USD 109.17 billion of the total in 2023.
- The global television broadcasting service market size is estimated at USD 548.35 billion in 2025 and is expected to reach USD 737.28 billion by 2030, at a CAGR of 6.10%.
- The television broadcasting service market in North America is projected to reach USD 320.54 billion in 2024.
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Comcast (CMCSA) is anticipated to drive future revenue growth over the next two to three years through a combination of strategic initiatives across its diversified portfolio. Here are 3-5 expected drivers of future revenue growth:- Growth and Monetization of Wireless Services: Comcast expects significant growth from its wireless segment, particularly as free wireless lines are converted to paid relationships in the second half of 2026, providing a "significant tailwind to convergence revenue growth". The company reported a record addition of 414,000 wireless lines in Q3 2025 and is committed to ongoing investment in wireless to fuel long-term growth, with domestic wireless revenue increasing by 14%.
- Expansion of Theme Parks with Epic Universe: The Theme Parks segment is a strong driver, with revenue surging 18.7% and EBITDA up 13.1% in Q3 2025, largely attributed to the successful opening of Epic Universe. This new Universal Orlando theme park is expected to significantly boost attendance, traffic, and profits within the Parks and Experiences division, positioning it as a high-margin growth engine for Comcast.
- Strategic Initiatives in Broadband and Advanced Connectivity: While broadband ARPU (Average Revenue Per User) growth is expected to slow in the near term due to strategic pricing investments, Comcast is implementing a new go-to-market strategy for its connectivity business. This includes simplified pricing, enhanced customer experience, integrated product offerings, and investments in AI and network technology, aimed at positioning the business for sustained future growth. The company anticipates broadband growth of approximately 20% for 2025 by expanding its footprint to an additional 1.2 million homes.
- Growth in Business Services: Comcast's Business Services segment continues to show robust performance, with revenue increasing by 6.2% year-over-year due to strong growth in enterprise solutions and advanced services. The company is actively focusing on the small and medium-sized business (SME) market and plans to add 3.5 million business passings, driving ARPU higher through increased adoption of advanced services such as cybersecurity and cloud solutions.
- Peacock's Path to Profitability and Subscriber Growth: Comcast's streaming service, Peacock, is gaining considerable traction, having surpassed 40 million paid subscribers, and is targeting profitability by 2026. Peacock's revenue has shown strong growth, increasing at a mid-teens rate, indicating its potential to contribute positively to overall revenue in the coming years.
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Share Repurchases
- Comcast authorized a new share repurchase program of $15.0 billion, effective January 31, 2025.
- The company repurchased approximately $9.103 billion in 2024, $11.291 billion in 2023, and $13.328 billion in 2022.
- In the first three quarters of 2025, Comcast repurchased $2.0 billion in Q1, $1.7 billion in Q2, and $1.5 billion in Q3.
Outbound Investments
- Comcast acquired Blueface for VoIP services in January 2020.
- Comcast acquired XUMO, a streaming video platform, in February 2020 for an undisclosed amount.
- In December 2024, Comcast acquired Nitel, a network services provider.
Capital Expenditures
- Comcast's annual capital expenditures were $15.13 billion in 2024, $15.54 billion in 2023, and $13.767 billion in 2022.
- For 2025, Comcast's CFO stated it is an "investment year" prioritizing broadband and wireless expansion, with significant capital directed towards scalable infrastructure, line extensions, and wireless gateways in the Connectivity & Platforms business.
- Significant capital was also invested in Universal theme parks, notably for the Epic Universe theme park which opened in Orlando in May 2025.
Latest Trefis Analyses
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Trade Ideas
Select ideas related to CMCSA. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | PINS | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.4% | -0.4% | -1.4% | |
| 11212025 | TMUS | T-Mobile US | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -5.2% | -5.2% | -6.4% |
| 11212025 | Z | Zillow | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -3.4% | -3.4% | -5.1% |
| 11072025 | IRDM | Iridium Communications | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 5.7% | 5.7% | -5.6% |
| 10032025 | TTD | Trade Desk | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -27.4% | -27.4% | -29.8% |
| 07312025 | CMCSA | Comcast | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -10.6% | -10.6% | -19.5% |
| 01312025 | CMCSA | Comcast | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.6% | -10.2% | -19.1% |
| 10312022 | CMCSA | Comcast | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 33.2% | 33.9% | -4.3% |
| 04302022 | CMCSA | Comcast | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -18.4% | 7.3% | -26.7% |
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Peer Comparisons for Comcast
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 76.57 |
| Mkt Cap | 171.9 |
| Rev LTM | 109,304 |
| Op Inc LTM | 20,956 |
| FCF LTM | 15,198 |
| FCF 3Y Avg | 11,686 |
| CFO LTM | 29,028 |
| CFO 3Y Avg | 25,266 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.5% |
| Rev Chg 3Y Avg | 1.2% |
| Rev Chg Q | 1.6% |
| QoQ Delta Rev Chg LTM | 0.4% |
| Op Mgn LTM | 21.0% |
| Op Mgn 3Y Avg | 20.1% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 27.7% |
| CFO/Rev 3Y Avg | 27.0% |
| FCF/Rev LTM | 14.2% |
| FCF/Rev 3Y Avg | 11.4% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Residential Connectivity & Platforms | 71,946 | 72,386 | |||
| Media | 25,355 | 26,719 | |||
| Studios | 11,625 | 12,257 | |||
| Business Services Connectivity | 9,255 | 8,819 | |||
| Theme Parks | 8,947 | 7,541 | |||
| Other revenue | 2,827 | ||||
| Eliminations | -8,383 | -9,032 | -3,008 | -2,540 | -2,659 |
| Corporate and Other | 2,662 | 461 | 248 | 333 | |
| Media, Studios and Theme Parks headquarters and other | 75 | ||||
| Cable Communications | 64,328 | 60,051 | 58,082 | ||
| NBCUniversal (National Broadcasting Company Universal)-Eliminations | -3,048 | -2,006 | -316 | ||
| NBCUniversal (National Broadcasting Company Universal)-Headquarters and Other | 87 | 53 | 83 | ||
| NBCUniversal (National Broadcasting Company Universal)-Media | 22,780 | 18,936 | |||
| NBCUniversal (National Broadcasting Company Universal)-Studios | 9,449 | 8,134 | |||
| NBCUniversal (National Broadcasting Company Universal)-Theme Parks | 5,051 | 2,094 | 5,933 | ||
| Sky | 20,285 | 18,594 | 19,219 | ||
| NBCUniversal (National Broadcasting Company Universal)-Broadcast Television | 10,261 | ||||
| NBCUniversal (National Broadcasting Company Universal)-Cable Networks | 11,513 | ||||
| NBCUniversal (National Broadcasting Company Universal)-Filmed Entertainment | 6,493 | ||||
| Total | 121,572 | 121,427 | 116,385 | 103,564 | 108,942 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Residential Connectivity & Platforms | 26,948 | 26,111 | |||
| Business Services Connectivity | 5,291 | 5,060 | |||
| Theme Parks | 3,345 | 2,683 | |||
| Media | 2,955 | 3,598 | |||
| Studios | 1,269 | 961 | |||
| Eliminations | 105 | -66 | -65 | 32 | 1 |
| Media, Studios and Theme Parks headquarters and other | -946 | -881 | |||
| Corporate and Other | -1,318 | -1,008 | -1,505 | -1,791 | -1,011 |
| Amortization | -5,482 | -5,097 | |||
| Depreciation | -8,854 | -8,724 | |||
| Adjustments | -13 | -87 | -233 | ||
| Goodwill and long-lived asset impairments | -8,583 | ||||
| Cable Communications | 20,286 | 17,517 | 15,272 | ||
| NBCUniversal (National Broadcasting Company Universal)-Eliminations | -205 | -220 | -1 | ||
| NBCUniversal (National Broadcasting Company Universal)-Headquarters and Other | -1,318 | -1,038 | -1,151 | ||
| NBCUniversal (National Broadcasting Company Universal)-Media | 3,539 | 4,581 | |||
| NBCUniversal (National Broadcasting Company Universal)-Studios | 831 | 974 | |||
| NBCUniversal (National Broadcasting Company Universal)-Theme Parks | 361 | -1,249 | 1,759 | ||
| Sky | -1,020 | -1,080 | 400 | ||
| Adjustment for Sky transaction-related costs | -180 | ||||
| NBCUniversal (National Broadcasting Company Universal)-Broadcast Television | 1,573 | ||||
| NBCUniversal (National Broadcasting Company Universal)-Cable Networks | 3,709 | ||||
| NBCUniversal (National Broadcasting Company Universal)-Filmed Entertainment | 754 | ||||
| Total | 23,313 | 14,041 | 20,817 | 17,493 | 21,125 |
Price Behavior
Price Behavior
| Market Price | $29.38 | |
| Market Cap ($ Bil) | 108.1 | |
| First Trading Date | 07/07/1988 | |
| Distance from 52W High | -20.9% | |
| 50 Days | 200 Days | |
| DMA Price | $28.07 | $32.16 |
| DMA Trend | down | down |
| Distance from DMA | 4.7% | -8.6% |
| 3M | 1YR | |
| Volatility | 27.7% | 27.3% |
| Downside Capture | 23.76 | 52.54 |
| Upside Capture | -10.34 | 22.86 |
| Correlation (SPY) | 12.6% | 42.4% |
CMCSA Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.04 | 0.40 | 0.29 | 0.50 | 0.62 | 0.69 |
| Up Beta | -1.02 | -0.02 | 0.10 | 0.55 | 0.63 | 0.78 |
| Down Beta | -0.91 | 0.67 | 0.69 | 0.75 | 0.80 | 0.72 |
| Up Capture | 8% | -27% | -46% | -3% | 12% | 21% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 10 | 18 | 26 | 55 | 122 | 369 |
| Down Capture | 48% | 94% | 78% | 88% | 81% | 90% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 9 | 23 | 36 | 69 | 124 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of CMCSA With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| CMCSA | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -19.5% | 21.5% | 18.8% | 72.9% | 9.0% | 3.7% | -11.4% |
| Annualized Volatility | 27.2% | 18.5% | 19.5% | 19.2% | 15.3% | 17.2% | 35.0% |
| Sharpe Ratio | -0.81 | 0.91 | 0.76 | 2.72 | 0.36 | 0.05 | -0.14 |
| Correlation With Other Assets | 51.7% | 42.8% | -5.9% | 12.6% | 41.7% | 12.3% | |
ETFs used for asset classes: Sector ETF = XLC, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of CMCSA With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| CMCSA | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -8.1% | 12.8% | 14.8% | 18.9% | 11.8% | 4.7% | 35.5% |
| Annualized Volatility | 26.0% | 20.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.9% |
| Sharpe Ratio | -0.32 | 0.52 | 0.70 | 0.98 | 0.51 | 0.16 | 0.62 |
| Correlation With Other Assets | 54.6% | 48.2% | 1.4% | 9.7% | 40.4% | 20.1% | |
ETFs used for asset classes: Sector ETF = XLC, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of CMCSA With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| CMCSA | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 2.6% | 13.1% | 14.8% | 15.1% | 6.8% | 5.4% | 69.1% |
| Annualized Volatility | 25.8% | 22.6% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.12 | 0.53 | 0.71 | 0.85 | 0.31 | 0.23 | 0.90 |
| Correlation With Other Assets | 61.5% | 57.6% | -0.5% | 17.8% | 46.9% | 14.6% | |
ETFs used for asset classes: Sector ETF = XLC, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/30/2025 | -4.2% | -2.1% | -6.8% |
| 7/31/2025 | 2.2% | -1.0% | 3.3% |
| 4/24/2025 | -3.7% | -0.8% | 0.3% |
| 1/30/2025 | -11.0% | -9.2% | -4.0% |
| 10/31/2024 | 3.4% | 6.9% | 2.2% |
| 7/23/2024 | -2.6% | 2.9% | 1.3% |
| 4/25/2024 | -5.8% | -5.0% | -3.8% |
| 1/25/2024 | 3.4% | 6.3% | -4.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 13 |
| # Negative | 13 | 14 | 11 |
| Median Positive | 3.4% | 4.3% | 3.3% |
| Median Negative | -3.8% | -2.9% | -3.8% |
| Max Positive | 10.3% | 12.0% | 23.3% |
| Max Negative | -11.0% | -11.3% | -13.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10302025 | 10-Q 9/30/2025 |
| 6302025 | 7312025 | 10-Q 6/30/2025 |
| 3312025 | 4242025 | 10-Q 3/31/2025 |
| 12312024 | 1312025 | 10-K 12/31/2024 |
| 9302024 | 10312024 | 10-Q 9/30/2024 |
| 6302024 | 7232024 | 10-Q 6/30/2024 |
| 3312024 | 4252024 | 10-Q 3/31/2024 |
| 12312023 | 1312024 | 10-K 12/31/2023 |
| 9302023 | 10262023 | 10-Q 9/30/2023 |
| 6302023 | 7272023 | 10-Q 6/30/2023 |
| 3312023 | 4272023 | 10-Q 3/31/2023 |
| 12312022 | 2032023 | 10-K 12/31/2022 |
| 9302022 | 10272022 | 10-Q 9/30/2022 |
| 6302022 | 7282022 | 10-Q 6/30/2022 |
| 3312022 | 4282022 | 10-Q 3/31/2022 |
| 12312021 | 2022022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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