Comcast (CMCSA)
Market Price (10/24/2026): $22.72 | Market Cap: $80.7 BilInvestor Relations Sector: Communication Services | Industry: Cable & Satellite
Comcast (CMCSA)
Market Price (10/24/2026): $22.72Market Cap: $80.7 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 20%, Dividend Yield is 6.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 15%, FCF Yield is 21% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 32 Bil, FCF LTM is 17 Bil Stock buyback supportStock Buyback 3Y Total is 22 Bil Low stock price volatilityVol 12M is 32% 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 -67%, 3Y Excs Rtn is -115% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 99% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.6%, Rev Chg QQuarterly Revenue Change % is -6.1% 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. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 20%, Dividend Yield is 6.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 15%, FCF Yield is 21% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 32 Bil, FCF LTM is 17 Bil |
| Stock buyback supportStock Buyback 3Y Total is 22 Bil |
| Low stock price volatilityVol 12M is 32% |
| 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 -67%, 3Y Excs Rtn is -115% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 99% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.6%, Rev Chg QQuarterly Revenue Change % is -6.1% |
| 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. |
Qualitative Assessment
AI Analysis | Feedback
Comcast (CMCSA) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Decline in Domestic Broadband Customers and Revenue. Comcast's core Connectivity & Platforms business faced significant headwinds in fiscal Q3 2026, with a loss of 144,000 residential broadband subscribers, an increase from the 91,000 lost in fiscal Q3 2025. This competitive pressure, driven by fixed wireless access and aggressive fiber pricing, led to a 4.7% dip in domestic broadband revenues to $6.55 billion.
2. Operational Transformation and Suspension of Share Repurchases. The company announced a strategic separation of its NBCUniversal and Sky businesses from its broadband and technology operations, expected by mid-2027. This restructuring includes a projected charge exceeding $1 billion in fiscal Q4 2026. Concurrently, Comcast suspended its share repurchase program in fiscal Q3 2026, with the pause expected to continue through the separation, impacting capital allocation and shareholder returns.
Show more
Comcast (CMCSA) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Decline in Domestic Broadband Customers and Revenue. Comcast's core Connectivity & Platforms business faced significant headwinds in fiscal Q3 2026, with a loss of 144,000 residential broadband subscribers, an increase from the 91,000 lost in fiscal Q3 2025. This competitive pressure, driven by fixed wireless access and aggressive fiber pricing, led to a 4.7% dip in domestic broadband revenues to $6.55 billion.
2. Operational Transformation and Suspension of Share Repurchases. The company announced a strategic separation of its NBCUniversal and Sky businesses from its broadband and technology operations, expected by mid-2027. This restructuring includes a projected charge exceeding $1 billion in fiscal Q4 2026. Concurrently, Comcast suspended its share repurchase program in fiscal Q3 2026, with the pause expected to continue through the separation, impacting capital allocation and shareholder returns.
3. Consolidated Revenue Contraction and Adjusted EBITDA Pressure. Comcast reported a 6.1% year-over-year decrease in consolidated revenue to $29.3 billion in fiscal Q3 2026. While adjusted on a pro forma basis (excluding the Versant separation and Sky Germany sale), revenue showed a modest 0.5% year-over-year increase, and Adjusted EBITDA only grew by 0.8% pro forma, reflecting ongoing challenges in achieving robust top-line growth and profitability across its diversified businesses.
Show less
Stock Movement Drivers
Fundamental Drivers
The -4.9% change in CMCSA stock from 6/30/2026 to 10/23/2026 was primarily driven by a -38.7% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.85 | 22.69 | -4.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 125,278 | 123,005 | -1.8% |
| Net Income Margin (%) | 15.0% | 9.2% | -38.7% |
| P/E Multiple | 4.6 | 7.1 | 56.1% |
| Shares Outstanding (Mil) | 3,597 | 3,554 | 1.2% |
| Cumulative Contribution | -4.9% |
Market Drivers
6/30/2026 to 10/23/2026| Return | Correlation | |
|---|---|---|
| CMCSA | -4.9% | |
| Market (SPY) | 1.8% | 3.1% |
| Sector (XLC) | -1.5% | 51.3% |
Fundamental Drivers
The -17.7% change in CMCSA stock from 3/31/2026 to 10/23/2026 was primarily driven by a -43.1% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.57 | 22.69 | -17.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 123,708 | 123,005 | -0.6% |
| Net Income Margin (%) | 16.2% | 9.2% | -43.1% |
| P/E Multiple | 5.0 | 7.1 | 42.4% |
| Shares Outstanding (Mil) | 3,630 | 3,554 | 2.1% |
| Cumulative Contribution | -17.7% |
Market Drivers
3/31/2026 to 10/23/2026| Return | Correlation | |
|---|---|---|
| CMCSA | -17.7% | |
| Market (SPY) | 17.2% | 0.9% |
| Sector (XLC) | -4.6% | 46.8% |
Fundamental Drivers
The -18.1% change in CMCSA stock from 9/30/2025 to 10/23/2026 was primarily driven by a -50.1% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.70 | 22.69 | -18.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 124,184 | 123,005 | -0.9% |
| Net Income Margin (%) | 18.4% | 9.2% | -50.1% |
| P/E Multiple | 4.5 | 7.1 | 58.4% |
| Shares Outstanding (Mil) | 3,720 | 3,554 | 4.7% |
| Cumulative Contribution | -18.1% |
Market Drivers
9/30/2025 to 10/23/2026| Return | Correlation | |
|---|---|---|
| CMCSA | -18.1% | |
| Market (SPY) | 15.0% | 4.1% |
| Sector (XLC) | -10.1% | 43.1% |
Fundamental Drivers
The -38.2% change in CMCSA stock from 9/30/2023 to 10/23/2026 was primarily driven by a -69.7% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.72 | 22.69 | -38.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 120,606 | 123,005 | 2.0% |
| Net Income Margin (%) | 5.4% | 9.2% | 70.5% |
| P/E Multiple | 23.5 | 7.1 | -69.7% |
| Shares Outstanding (Mil) | 4,165 | 3,554 | 17.2% |
| Cumulative Contribution | -38.2% |
Market Drivers
9/30/2023 to 10/23/2026| Return | Correlation | |
|---|---|---|
| CMCSA | -38.2% | |
| Market (SPY) | 83.9% | 27.5% |
| Sector (XLC) | 66.0% | 45.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CMCSA Return | -2% | -29% | 29% | -12% | -17% | -14% | -44% |
| Peers Return | -9% | -17% | 7% | 22% | -4% | -11% | -16% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| CMCSA Win Rate | 58% | 33% | 67% | 50% | 50% | 40% | |
| Peers Win Rate | 45% | 43% | 57% | 62% | 50% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CMCSA Max Drawdown | -22% | -43% | -16% | -20% | -29% | -34% | |
| Peers Max Drawdown | -26% | -35% | -25% | -19% | -28% | -32% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 10/23/2026 (YTD)
How Low Can It Go
| Event | CMCSA | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -29.0% | -33.7% |
| % Gain to Breakeven | 40.9% | 50.9% |
| Time to Breakeven | 167 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -10.9% | -12.2% |
| % Gain to Breakeven | 12.2% | 13.9% |
| Time to Breakeven | 44 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -20.4% | -17.9% |
| % Gain to Breakeven | 25.6% | 21.8% |
| Time to Breakeven | 77 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -12.1% | -15.4% |
| % Gain to Breakeven | 13.8% | 18.2% |
| Time to Breakeven | 50 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -38.6% | -53.4% |
| % Gain to Breakeven | 62.9% | 114.4% |
| Time to Breakeven | 379 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -12.3% | -8.6% |
| % Gain to Breakeven | 14.0% | 9.5% |
| Time to Breakeven | 1318 days | 47 days |
In The Past
Comcast's stock fell -9.2% during the 2025 US Tariff Shock. Such a loss loss requires a 10.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | CMCSA | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -29.0% | -33.7% |
| % Gain to Breakeven | 40.9% | 50.9% |
| Time to Breakeven | 167 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -20.4% | -17.9% |
| % Gain to Breakeven | 25.6% | 21.8% |
| Time to Breakeven | 77 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -38.6% | -53.4% |
| % Gain to Breakeven | 62.9% | 114.4% |
| Time to Breakeven | 379 days | 1085 days |
In The Past
Comcast's stock fell -9.2% during the 2025 US Tariff Shock. Such a loss loss requires a 10.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Comcast (CMCSA)
Comcast Corporation (CMCSA) operates as a major global media and technology company. Its primary business, through its Cable Communications segment branded as Xfinity, delivers essential connectivity services including high-speed broadband internet, video, voice, and wireless phone services to a vast customer base of residential and business clients. This segment also includes advertising services, making Comcast a key provider of telecommunications infrastructure and media solutions.
Beyond connectivity, Comcast is a significant force in the entertainment industry via its NBCUniversal division. This includes its Media segment, which operates an extensive portfolio of television and streaming platforms such as national broadcast networks (NBC, Telemundo), regional and international cable networks, and the streaming service Peacock, catering to a broad audience and advertisers. The Studios segment further contributes by producing and distributing films and television content globally. Additionally, Comcast owns and operates popular Universal Theme Parks in multiple locations worldwide, attracting tourists and entertainment seekers.
Comcast extends its reach internationally through its Sky segment, offering direct-to-consumer video, broadband, voice, and wireless phone services, alongside a comprehensive content business featuring entertainment, news, and sports networks, primarily serving European markets. The company also diversifies its assets with ownership of the Philadelphia Flyers NHL team and the Wells Fargo Center arena in Philadelphia, further embedding it into the sports and entertainment landscape.
AI Analysis | Feedback
- An **AT&T** that owns **Disney**.
- A **Charter Communications (Spectrum)** that owns **Paramount Global**.
AI Analysis | Feedback
- Broadband Internet Services: Provides high-speed internet access to residential and business customers under the Xfinity and Sky brands.
- Video & TV Services: Offers traditional cable television, broadcast networks (NBC, Telemundo, Sky), and streaming content via platforms like Xfinity and Peacock.
- Voice & Wireless Services: Delivers landline phone and mobile wireless services to consumers and businesses.
- Content Production & Distribution: Creates and distributes films and television programming through its NBCUniversal studios.
- Theme Parks: Operates the global chain of Universal theme parks, offering immersive entertainment experiences.
- Advertising: Provides advertising solutions across its television, streaming, and digital platforms.
- Sports & Venue Operations: Owns a professional sports team (Philadelphia Flyers) and manages the Wells Fargo Center arena.
AI Analysis | Feedback
Comcast (CMCSA) primarily sells its services directly to individuals.
The major categories of customers it serves include:
- Residential Subscribers: Individuals who subscribe to Comcast's communication and entertainment services, including broadband internet, video, voice, and wireless services under brands like Xfinity and Sky, as well as streaming services like Peacock.
- Theme Park Visitors: Individuals and families who visit Universal theme parks located in Orlando, Hollywood, Osaka, and Beijing.
- Sports & Event Attendees: Individuals who attend events at the Wells Fargo Center, including games of the Philadelphia Flyers.
AI Analysis | Feedback
- Verizon (VZ)
- CommScope (COMM)
- Cisco (CSCO)
- Broadcom (AVGO)
AI Analysis | Feedback
Brian L. Roberts, Chairman & Co-Chief Executive Officer
Brian L. Roberts is the son of Comcast founder Ralph J. Roberts. He was named President of Comcast in 1990 and became CEO in 2002. Under his leadership, Comcast significantly expanded through strategic acquisitions, including AT&T Broadband for $72 billion in 2001, NBCUniversal in 2011, and Sky in 2018. He began his career at Comcast in 1981 and also serves as Chairman of Comcast's Board of Directors.
Michael J. Cavanagh, Co-Chief Executive Officer
Michael J. Cavanagh joined Comcast in 2015 as Chief Financial Officer, was promoted to President in 2022, and became Co-CEO in January 2026. Prior to joining Comcast, he spent over two decades in financial services. He served as Co-CEO of JPMorgan Chase's Corporate & Investment Bank from 2012 to 2014 and was JPMorgan Chase's CFO for six years, where he helped the company navigate the financial crisis. Immediately before Comcast, he briefly served as Co-President and Co-Chief Operating Officer of The Carlyle Group, a global alternative asset manager.
Jason S. Armstrong, Chief Financial Officer
Jason S. Armstrong was promoted to Chief Financial Officer in January 2023. He joined Comcast in 2014 and has held various financial leadership positions within the company, including Deputy CFO, Treasurer, CFO at Sky (a Comcast company), and head of Investor Relations and Finance. Before his tenure at Comcast, he spent 13 years at Goldman Sachs, where he served as Managing Director and leader of the firm's Cable and Telecommunications Research Group.
Jennifer Khoury, Chief Communications Officer
Jennifer Khoury serves as Chief Communications Officer for Comcast Corporation, overseeing the company's communications strategy. She is also the Senior Vice President of Corporate and Digital Communications.
Thomas J. Reid, Chief Legal Officer & Secretary
Thomas J. Reid serves as Chief Legal Officer and Secretary for Comcast Corporation, responsible for the company's legal affairs, corporate governance, and regulatory compliance. Before joining Comcast, Mr. Reid was a managing partner at Davis Polk & Wardwell LLP, an international law firm.
AI Analysis | Feedback
The key risks to Comcast's business (CMCSA) are primarily driven by shifts in consumer behavior and intense market competition across its core segments.
- Declining Traditional Pay-TV and Intensified Broadband Competition: Comcast faces significant and ongoing declines in its traditional video subscriber base due to the widespread trend of "cord-cutting," where consumers opt for streaming services over conventional cable television. This directly impacts revenue streams in its Cable Communications and Sky segments. Additionally, the company's once-resilient broadband business is experiencing increased competition from fiber providers and fixed wireless access (FWA), leading to subscriber losses and pressure on average revenue per user (ARPU).
- Escalating Content Costs and Fierce Streaming Competition: The competitive media landscape, particularly the "streaming wars," continues to drive up the cost of acquiring and producing premium content for Comcast's Media, Studios, and Sky segments. This upward pressure on programming and production expenses impacts profitability, especially for its streaming service, Peacock, which has consistently reported substantial financial losses amid a crowded market.
- Economic Sensitivity of Advertising and Theme Park Revenues: Comcast's Media segment is highly dependent on advertising revenue, which is cyclical and vulnerable to economic downturns and shifts in advertiser spending towards digital platforms. Similarly, the Theme Parks segment, while a growing part of the business, relies heavily on consumer discretionary spending and travel. This makes it susceptible to economic slowdowns, inflation, and unforeseen events that impact leisure activities.
AI Analysis | Feedback
Fixed Wireless Access (FWA)
AI Analysis | Feedback
Addressable Markets for Comcast's Main Products and Services
-
Broadband:
- The U.S. broadband services market is projected to reach approximately USD 137.10 billion in 2026.
- The European broadband market was valued at USD 148.45 billion in 2024, estimated to be worth USD 162.49 billion in 2025, and is projected to reach USD 334.87 billion by 2033.
-
Video Services (Pay TV & Streaming):
- The United States pay TV market was valued at USD 69.37 billion in 2024.
- The Europe Pay TV market size was valued at USD 35.85 billion in 2023.
- The global video streaming market size was estimated at USD 129.26 billion in 2024 and is projected to reach USD 416.8 billion by 2030.
-
Wireless Services:
- The U.S. wireless connectivity market reached USD 33.5 billion in 2024 and is expected to reach USD 118.0 billion by 2033.
- The Europe Mobile Virtual Network Operator (MVNO) market, which includes wireless phone services, is expected to grow from USD 35.97 billion in 2025 to USD 51.27 billion by 2031.
-
Advertising Services (Digital Advertising):
- The U.S. digital advertising market was valued at USD 315.3 billion in 2024 and is expected to increase to USD 974.5 billion by 2032.
-
Film and Television Production and Distribution (Studios):
- The global film and video production market was valued at USD 278.93 billion in 2025 and is expected to grow to USD 383.23 billion in 2030.
-
Theme Parks:
- The global theme park market size was valued at USD 60.75 billion in 2025 and is projected to grow to USD 150.61 billion by 2034.
- The U.S. theme park market is projected to reach USD 14.33 billion by 2026.
AI Analysis | Feedback
Expected Drivers of Future Revenue Growth for Comcast (CMCSA)
Over the next 2-3 years, Comcast (CMCSA) is expected to drive revenue growth through several key initiatives across its diverse business segments:
- Wireless Business Expansion: Comcast's wireless segment is a significant growth engine, demonstrated by the addition of approximately 1.5 million net lines in 2025, bringing the total to over 9 million lines. This growth is reinforced by a convergence strategy aimed at strengthening customer relationships and lifetime value across its connectivity portfolio, with plans to convert free wireless lines to paid relationships and expand business mobile services.
- Theme Parks Segment Performance: The Universal theme parks, particularly with the successful opening and performance of Epic Universe in Orlando, are contributing significantly to revenue and EBITDA growth. This segment reported a 22% increase in revenue and a 24% increase in EBITDA in Q4 2025, surpassing $1 billion in EBITDA for the first time. The Theme Parks segment is anticipated to sustain its strong performance.
- Peacock Streaming Service Growth: Peacock, Comcast's streaming service, saw its revenue grow by more than 20% in Q4 2025, reaching a record $1.6 billion, driven by an increase in paid subscribers (8 million year-over-year) and strong content, including the debut of the NBA. Although it remains an area of investment, Comcast expects continued improvement in Peacock's EBITDA losses, positioning it as a future growth driver.
- Broadband Strategy and ARPU Growth: Despite recent broadband subscriber losses, Comcast is implementing strategic changes to its packaging and pricing, along with significant investments in customer experience. These efforts are designed to stabilize its customer base and aim for a return to revenue growth within the broadband category. Average Revenue Per User (ARPU) for residential broadband grew by 1.1% in Q4 2025, with anticipated recovery in 2026 due to new pricing strategies.
- Business Services Expansion: The Business Services segment continues to exhibit strong performance, with revenue growing 6% and EBITDA increasing 3% in Q4 2025. This growth is primarily fueled by enterprise solutions, highlighting its importance as a consistent revenue driver within the Connectivity & Platforms division.
AI Analysis | Feedback
Share Repurchases
- Comcast authorized a new $15 billion share repurchase program, effective January 31, 2025, which does not have an expiration date.
- The company repurchased $7.155 billion in 2025, $9.103 billion in 2024, and $11.291 billion in 2023.
- Comcast previously increased its share repurchase program authorization to a total of $20.0 billion, effective September 13, 2022, and repurchased $9.0 billion in 2022.
Outbound Investments
- Comcast acquired Nitel, a network services provider, in December 2024.
- In June 2022, Comcast acquired Levl for $50 million.
- Comcast entered into a "capital-light" Mobile Virtual Network Operator (MVNO) partnership with T-Mobile in 2026 to launch enterprise 5G wireless services.
Capital Expenditures
- Comcast's capital expenditures averaged $11.509 billion annually from 2021 to 2025, with a peak of $12.379 billion in 2023 and total capital spending of $14.4 billion in 2025.
- The company's capital expenditures forecast for 2026 is approximately $11.639 billion, with a primary focus on broadband investments, network upgrades, and expansion, including rural fiber deployment.
- In 2025, Connectivity & Platforms' capital expenditures increased to $8.7 billion, primarily for support capital, customer premise equipment, and scalable infrastructure, while Content & Experiences' capital expenditures decreased with the opening of Epic Universe in May 2025.
Peer Outperformance in Cable & Satellite
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Wireless Telecommunication Services | 3 | -18.2% | 9.3% | 31.9% | ECHO 269% · TMUS 32% |
| Publishing | 5 | 23.6% | 12.4% | 23.0% | NYT 34% · NWSA 33% |
| Integrated Telecommunication Services | 21 | -12.9% | -3.5% | -21.9% | GSAT 250% · AD 133% · TDS 111% |
| Movies & Entertainment | 24 | 7.7% | 41.4% | -29.6% | IMAX 144% · MSGS 124% · CNK 98% |
| Advertising | 18 | -28.3% | -5.8% | -68.5% | APP 176% · OMC 39% · STGW 0% |
| Alternative Carriers | 4 | -27.0% | 14.3% | -69.4% | IRDM 17% · LUMN -60% |
| Broadcasting | 14 | -18.8% | -18.0% | -70.9% | FOXA 67% · NXST 30% · SIRI -50% |
| Interactive Media & Services | 32 | -38.0% | -27.4% | -72.0% | GOOGL 135% · META 100% · CARG -7% |
| Interactive Home Entertainment | 8 | -41.5% | -16.7% | -73.5% | TTWO 13% · RBLX -37% · PINS -62% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| null | 09/24/2026 | |
| What Owning Comcast Stock Really Means In A Downturn | 09/23/2026 | |
| Comcast Stock Delivers Strong Cash Yield - Upside Ahead? | 09/15/2026 | |
| Cash Machine Trading Cheap - Comcast Stock Set to Run? | 07/07/2026 | |
| Years of Rewards: $24 Bil From Comcast Stock | 06/19/2026 | |
| Comcast Stock: Join the Rally at a 28% Discount | 01/08/2026 | |
| How Does Comcast Stock Stack Up Against Its Peers? | 01/06/2026 | |
| Comcast Stock: Join the Rally at a 24% Discount | 12/27/2025 | |
| Comcast Earnings Notes | 12/26/2025 | |
| ARTICLES | ||
| Comcast Earnings Ahead: What Past Reactions Say About The Stock | 10/21/2026 | |
| Should You Buy Comcast Stock At Under Seven Times Earnings? | 10/15/2026 | |
| Is There A Risk Hiding In Comcast Stock’s Latest Results? | 10/14/2026 | |
| The One Number Comcast Stock Investors Should Watch | 10/13/2026 | |
| Is Comcast Broken, Or Just Paying To Defend Its Broadband? | 09/24/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 76.63 |
| Mkt Cap | 151.0 |
| Rev LTM | 110,933 |
| Op Inc LTM | 18,316 |
| FCF LTM | 16,660 |
| FCF 3Y Avg | 14,289 |
| CFO LTM | 30,280 |
| CFO 3Y Avg | 27,540 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.4% |
| Rev Chg 3Y Avg | 1.4% |
| Rev Chg Q | 2.3% |
| QoQ Delta Rev Chg LTM | 0.5% |
| Op Inc Chg LTM | -3.8% |
| Op Inc Chg 3Y Avg | 2.9% |
| Op Mgn LTM | 20.3% |
| Op Mgn 3Y Avg | 20.7% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 29.1% |
| CFO/Rev 3Y Avg | 27.8% |
| FCF/Rev LTM | 13.9% |
| FCF/Rev 3Y Avg | 12.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Residential Connectivity & Platforms | 70,704 | 71,574 | 71,946 | 72,386 | 72,694 |
| Media | 27,090 | 28,148 | 25,355 | 26,719 | 27,406 |
| Studios | 11,286 | 11,092 | 11,625 | 12,257 | 10,077 |
| Business Services Connectivity | 10,237 | 9,701 | 9,255 | 8,819 | 8,056 |
| Theme Parks | 9,836 | 8,617 | 8,947 | 7,541 | 5,051 |
| Other revenue | 3,090 | 2,982 | 2,827 | -9,032 | |
| Eliminations | -8,535 | -8,383 | -8,383 | 2,737 | -9,831 |
| Corporate and Other | 2,844 | ||||
| Media, Studios and Theme Parks headquarters and other | 87 | ||||
| Total | 123,708 | 123,731 | 121,572 | 121,427 | 116,384 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Residential Connectivity & Platforms | 26,653 | 27,338 | 26,948 | 26,111 | 25,188 |
| Business Services Connectivity | 5,725 | 5,500 | 5,291 | 5,060 | 4,682 |
| Media | 3,196 | 3,130 | 2,955 | 3,598 | 5,133 |
| Theme Parks | 3,080 | 2,949 | 3,345 | 2,683 | 1,267 |
| Studios | 1,099 | 1,404 | 1,269 | 961 | 879 |
| Eliminations | 200 | -47 | 105 | -66 | -270 |
| Media, Studios and Theme Parks headquarters and other | -1,095 | -831 | -946 | -881 | -840 |
| Corporate and Other | -1,975 | -1,346 | -1,318 | -1,021 | -1,331 |
| Amortization | -6,884 | -6,072 | -5,482 | -5,097 | -5,176 |
| Depreciation | -9,327 | -8,729 | -8,854 | -8,724 | -8,628 |
| Adjustments | -87 | ||||
| Goodwill and long-lived asset impairments | 0 | ||||
| Total | 20,672 | 23,296 | 23,313 | 22,624 | 20,817 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Cable Communications | 149,267 | 140,616 | 132,082 | 127,044 | 120,729 |
| Cable Networks | 28,093 | 28,582 | 29,413 | 29,674 | 29,578 |
| Theme Parks | 14,027 | 7,017 | 6,608 | 6,266 | 6,197 |
| Broadcast Television | 7,871 | 6,806 | 6,723 | 6,376 | 6,213 |
| Headquarters and Other | 6,898 | 6,479 | 6,002 | 8,938 | 5,443 |
| Corporate and Other | 4,783 | 5,338 | -25,008 | ||
| Filmed Entertainment | 4,255 | 4,185 | 3,549 | 3,769 | 3,891 |
| NBCUniversal Eliminations | -454 | -452 | |||
| Eliminations | -48,166 | -39,232 | -556 | -561 | -538 |
| Corporate & other | -16,535 | -13,695 | |||
| Total | 166,574 | 159,339 | 158,813 | 164,971 | 157,818 |
Price Behavior
| Market Price | $22.69 | |
| Market Cap ($ Bil) | 80.6 | |
| First Trading Date | 07/07/1988 | |
| Distance from 52W High | -27.3% | |
| 50 Days | 200 Days | |
| DMA Price | $23.52 | $25.53 |
| DMA Trend | down | down |
| Distance from DMA | -3.5% | -11.1% |
| 3M | 1YR | |
| Volatility | 31.9% | 32.3% |
| Downside Capture | 43.43 | 29.02 |
| Upside Capture | 54.21 | 7.46 |
| Correlation (S&P 500) | -4.7% | 1.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.30 | 0.58 | 0.34 | 0.13 | 0.15 | 0.52 |
| Up Beta | -0.99 | 0.17 | -1.20 | -0.35 | -0.17 | 0.56 |
| Down Beta | -1.50 | -0.31 | 0.25 | -0.26 | 0.33 | 0.64 |
| Up Capture | -39% | 43% | 55% | 4% | 1% | 7% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 6 | 19 | 32 | 63 | 128 | 368 |
| Down Capture | 286% | 148% | 127% | 92% | 47% | 81% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 16 | 22 | 31 | 61 | 121 | 373 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CMCSA | |
|---|---|---|---|---|
| CMCSA | -13.4% | 32.3% | -0.42 | - |
| Sector ETF (XLC) | -8.0% | 16.2% | -0.70 | 42.6% |
| Equity (SPY) | 14.8% | 12.7% | 0.80 | 2.1% |
| Gold (GLD) | -2.8% | 28.5% | -0.11 | -6.3% |
| Commodities (DBC) | 52.1% | 20.7% | 1.91 | -9.6% |
| Real Estate (VNQ) | 4.3% | 13.9% | 0.06 | 28.1% |
| Bitcoin (BTCUSD) | -24.8% | 43.5% | -0.54 | -0.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CMCSA | |
|---|---|---|---|---|
| CMCSA | -11.9% | 27.5% | -0.46 | - |
| Sector ETF (XLC) | 6.7% | 21.0% | 0.23 | 52.0% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 39.9% |
| Gold (GLD) | 17.3% | 18.9% | 0.73 | -0.7% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | 4.9% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 37.7% |
| Bitcoin (BTCUSD) | 5.7% | 51.7% | 0.29 | 16.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CMCSA | |
|---|---|---|---|---|
| CMCSA | -0.3% | 27.0% | 0.02 | - |
| Sector ETF (XLC) | 8.6% | 22.1% | 0.42 | 59.4% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 52.8% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | -0.9% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 14.0% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 45.0% |
| Bitcoin (BTCUSD) | 62.4% | 66.2% | 1.02 | 12.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/22/2026 | 3.4% | ||
| 7/23/2026 | -6.8% | 4.6% | 12.3% |
| 4/23/2026 | 7.7% | -8.9% | -14.6% |
| 1/29/2026 | 2.9% | 7.4% | 9.0% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 13 |
| # Negative | 11 | 12 | 11 |
| Median Positive | 3.4% | 4.5% | 6.0% |
| Median Negative | -5.8% | -2.1% | -4.0% |
| Max Positive | 10.3% | 12.0% | 23.3% |
| Max Negative | -11.0% | -11.3% | -14.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/22/2026 | 3.4% | ||
| 7/23/2026 | -6.8% | 4.6% | 12.3% |
| 4/23/2026 | 7.7% | -8.9% | -14.6% |
| 1/29/2026 | 2.9% | 7.4% | 9.0% |
| 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% |
| 10/26/2023 | -8.4% | -2.2% | -0.4% |
| 7/27/2023 | 5.7% | 5.1% | 5.4% |
| 4/27/2023 | 10.3% | 12.0% | 7.0% |
| 1/26/2023 | 0.8% | -0.3% | -7.7% |
| 10/27/2022 | 1.5% | -1.9% | 13.2% |
| 7/28/2022 | -9.1% | -11.3% | -13.3% |
| 4/28/2022 | -6.2% | -6.4% | -0.7% |
| 1/27/2022 | -0.9% | 3.2% | -2.9% |
| 10/28/2021 | -1.0% | 1.0% | -2.6% |
| 7/29/2021 | 0.2% | -0.0% | 1.8% |
| 4/29/2021 | 4.3% | 4.3% | 6.0% |
| 1/28/2021 | 6.6% | 4.2% | 8.9% |
| 10/29/2020 | 2.6% | 4.1% | 23.3% |
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 13 |
| # Negative | 11 | 12 | 11 |
| Median Positive | 3.4% | 4.5% | 6.0% |
| Median Negative | -5.8% | -2.1% | -4.0% |
| Max Positive | 10.3% | 12.0% | 23.3% |
| Max Negative | -11.0% | -11.3% | -14.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/22/2026 | 10-Q |
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/03/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 01/31/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 01/31/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/22/2026 | 10-Q |
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/03/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 01/31/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 01/31/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/02/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/04/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 01/30/2020 | 10-K |
Investor Activity (13F)
Updated Oct 24, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Goldentree Asset Management LP | $187.0 Mil | 11.1% | 29 | TRIM -16.7% | 13F |
| Metropolis Capital Ltd | $217.9 Mil | 7.4% | 16 | TRIM -5.2% | 13F |
| Ranmore Fund Management Ltd | $51.2 Mil | 6.8% | 20 | ADD +9.9% | 13F |
| Kiltearn Partners LLP | $23.0 Mil | 6.2% | 25 | TRIM -17.4% | 13F |
| Harbor Island Capital LLC | $13.8 Mil | 5.1% | 16 | Hold | 13F |
| Rothschild & Co Wealth Management UK Ltd | $330.0 Mil | 5.1% | 25 | Hold | 13F |
| Colrain Capital LLC | $9.5 Mil | 3.7% | 26 | ADD +44.4% | 13F |
| SRB Corp | $31.5 Mil | 1.9% | 44 | Hold | 13F |
| Kopernik Global Investors, LLC | $18.6 Mil | 1.3% | 27 | Hold | 13F |
| SRS Investment Management, LLC | $27.9 Mil | 0.3% | 29 | Hold | 13F |
| Loews Corp | $9.2 Mil | 0.1% | 25 | TRIM -27.3% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Palestra Capital Management LLC | $103.9 Mil | 3.7% | 28 | Exited | Dec 31, 2025 | 13F |
| Investment Management Associates Inc /Adv | $16.7 Mil | 4.7% | 26 | Exited | Dec 31, 2025 | 13F |
| Compass Rose Asset Management, LP | $15.4 Mil | 5.0% | 17 | Exited | Dec 31, 2025 | 13F |
| Benchstone Capital Management LP | $11.0 Mil | 1.2% | 43 | Exited | Dec 31, 2025 | 13F |
| Hi-Line Capital Management, LLC | $7.8 Mil | 2.6% | 37 | Exited | Dec 31, 2025 | 13F |
| Loews Corp | $9.2 Mil | 0.1% | 25 | TRIM -27.3% | Mar 31, 2026 | 13F |
| Kiltearn Partners LLP | $23.0 Mil | 6.2% | 25 | TRIM -17.4% | Mar 31, 2026 | 13F |
| Goldentree Asset Management LP | $187.0 Mil | 11.1% | 29 | TRIM -16.7% | Mar 31, 2026 | 13F |
| Metropolis Capital Ltd | $217.9 Mil | 7.4% | 16 | TRIM -5.2% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Rothschild & Co Wealth Management UK Ltd | $330.0 Mil | 5.1% | 25 | Hold | 13F |
| Metropolis Capital Ltd | $217.9 Mil | 7.4% | 16 | TRIM -5.2% | 13F |
| Goldentree Asset Management LP | $187.0 Mil | 11.1% | 29 | TRIM -16.7% | 13F |
| Ranmore Fund Management Ltd | $51.2 Mil | 6.8% | 20 | ADD +9.9% | 13F |
| SRB Corp | $31.5 Mil | 1.9% | 44 | Hold | 13F |
| SRS Investment Management, LLC | $27.9 Mil | 0.3% | 29 | Hold | 13F |
| Kiltearn Partners LLP | $23.0 Mil | 6.2% | 25 | TRIM -17.4% | 13F |
| Kopernik Global Investors, LLC | $18.6 Mil | 1.3% | 27 | Hold | 13F |
| Harbor Island Capital LLC | $13.8 Mil | 5.1% | 16 | Hold | 13F |
| Colrain Capital LLC | $9.5 Mil | 3.7% | 26 | ADD +44.4% | 13F |
| Loews Corp | $9.2 Mil | 0.1% | 25 | TRIM -27.3% | 13F |
CMCSA Trade Sentinel
Constructive
CONVICTION RATIONALE
Early signs of stabilization in the core broadband business, with subscriber losses improving sequentially, support the case for a successful turnaround. A major transformation plan is underway, funded by strong free cash flow that also supports significant shareholder returns. However, intense competition and decelerating wireless growth temper conviction pending further execution proof.
STOCK ARCHETYPE
Diversified Recurring & Transactional(# of Connectivity Subscribers × ARPU) + (Media Viewership × Ad Rates/Sub Fees) + (Content Licensing Volume × Price) + (Park Attendance × Per-Capita Spend) Operating leverage on the high fixed-cost network and content assets, driven by subscriber scale and pricing power in the core connectivity business.
INVESTMENT THESIS
Evidence suggests a pivot is taking hold, with broadband losses improving sequentially and a clear strategy to use wireless to reduce churn, unlocking value ahead of a planned 2027 media business spin-off.
- Broadband losses improved to -144,000 from -167,000 in the prior quarter.
- Wireless penetration is just 7% of addressable lines in its footprint, indicating a long runway.
- The Peacock streaming service grew to 48 million paid subscribers.
- Share count has been reduced by 13.5% over the last three years through buybacks.
- The company is converting 70% of its free wireless lines into paying relationships.
PRIMARY RISK
The core broadband business is losing subscribers (-144,000 in Q3) and cutting rates to compete with fiber and fixed wireless. This erosion of the primary profit engine may outpace growth from a decelerating wireless business, leading to sustained margin and revenue declines.
- The company lost 144,000 domestic broadband subscribers in the latest quarter.
- Latest-quarter revenue declined -6.1% year-over-year, accelerating from a -1.2% decline previously.
- Trailing-twelve-month operating margin fell to 14.7% from 18% a year earlier.
- Competitor AT&T added 416,000 high-value fiber subscribers in the same quarter.
- Management states fixed wireless 'continues to take share' in its markets.
| KPI | Status | Rationale |
|---|---|---|
| Domestic Broadband Subscriber Net Additions/Losses | A loss of 144,000 domestic broadband residential customers in Q3 2026. - Decelerating | The year-over-year subscriber trend worsened due to what management describes as an intensely competitive environment with aggressive fiber promotions. However, the sequential improvement suggests that the company's new pricing and retention strategies are beginning to stabilize the losses. |
| Domestic Wireless Net Line Additions | 368,000 net additions in Q3 2026. - Decelerating | Growth in the wireless business, a key part of the company's convergence strategy, is slowing. Management attributes this to higher churn linked to pricing transitions in the legacy broadband customer base. |
| Domestic Broadband Residential Customers | (As of 9/30/2026) | The health and scale of the company's core, high-margin connectivity business, which is currently facing subscriber losses. |
| Domestic Wireless Lines | (As of 9/30/2026) | The success of the company's convergence strategy to bundle mobile with broadband, which is intended to reduce churn and increase customer lifetime value. |
| Peacock Paid Subscribers | 48 million (As of 9/30/2026) | The growth and scale of the company's direct-to-consumer streaming business, a key growth driver for the Media segment. |
Broadband Stabilization vs. Wireless Deceleration
BULL VIEW
Bulls focus on the slowing of broadband losses from -167,000 and management's transformation plan as proof that the core business is being successfully defended, providing a stable base for future growth.
CORE TENSION
Can sequentially improving broadband trends offset decelerating wireless growth, which the market recently rewarded despite a -6.1% quarterly revenue decline?
PREVAILING SENTIMENT
The latest evidence favors the bulls. The market reacted positively to the sequential improvement and transformation plan, suggesting investors are prioritizing leading indicators of a turnaround over weak trailing results.
BEAR VIEW
Bears see decelerating wireless net adds (down from 448,000) and ongoing broadband losses as signs the convergence strategy is insufficient to counter intense competition from fiber and fixed wireless, which continue to take share.
| Timeline | Event & Metric To Watch |
|---|---|
in the fourth quarter | Major Transformation Charge Watch: Company expects to incur a significant charge of over $1 billion related to transformation efforts in the fourth quarter. |
early next year | New CEO Strategy Update Watch: Company will provide more context on its transformation and strategy with the incoming CEO early next year. |
1/26/2027 | Peer AT&T Earnings Watch: Peer AT&T (T) is scheduled to report earnings. |
1/27/2027 | Connectivity Segment Underperformance Watch: Broadband subscriber net additions, convergence ARPA trends, and management commentary on competitive intensity from fiber and fixed wireless. |
1/27/2027 | Transformation Costs and Disruption Watch: The final size of the Q4 charge, any revisions to long-term cost savings targets, and early subscriber metrics. |
1/27/2027 | Persistent Theme Parks Weakness Watch: Theme Parks segment revenue and EBITDA growth. Peer Disney's parks results (reporting 2/1/2027) will provide an industry read-through. |
January 27, 2027 | Quarterly Dividend Payment Watch: |
1/27/2027 | Quarterly Earnings Report Watch: Company is scheduled to report its next quarterly earnings. |
1/28/2027 | Peers Verizon and Charter Earnings Watch: Peers Verizon (VZ) and Charter (CHTR) are scheduled to report earnings. |
| Date | Event | Stock Impact |
|---|---|---|
2026-10-22 | Third Quarter Earnings Reported Details: Comcast reported Q3 2026 results, with management highlighting 'decisive steps to strengthen our businesses' and acknowledging 'near-term financial pressure' from investments. The stock reacted positively, rising 3.0%. | +3.4% $22.08 -> $22.84 |
2026-08-18 | Xfinity Shield Product Launched Details: Comcast launched Xfinity Shield, a new AI-powered platform for 'intelligent home protection' that leverages the company's network and gateway technology for cybersecurity and physical protection. | +4.0% $25.18 -> $26.18 |
2026-07-23 | Share Repurchase Program Paused Details: Management announced on the Q2 earnings call that share repurchases were paused as of July 1 and are expected to remain paused through the planned separation of NBCUniversal. | -5.2% $23.16 -> $21.95 |
2026-07-23 | Second Quarter Earnings Reported Details: Company reported Q2 2026 results, beating expectations and highlighting the first quarterly profit for its Peacock streaming service. The stock fell -5.0% in the two days around the report. | -5.2% $23.16 -> $21.95 |
2026-06-29 | NBCUniversal and Sky Spin-Off Announced Details: Company announced its intention to separate its media and technology businesses into two public companies via a tax-free spin-off of NBCUniversal and Sky, expected to be completed in about a year. | +6.0% $22.51 -> $23.85 |
2026-04-23 | First Quarter Earnings Reported Details: Company reported Q1 2026 results, with management noting 'tangible early signs our pivot is taking hold.' The stock reacted negatively, falling -6.0% in the two days around the report. | -6.2% $28.53 -> $26.77 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: CMCSA trades at roughly 32% annualized realized (three-month) volatility versus about 11% for the S&P 500 (3.0x the market). A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
T - AT&T
Fiber & Convergence PeerAT&T offers more direct exposure to the fiber buildout, which is a primary competitive threat to Comcast's cable network. Its 'investment-led strategy' is aggressively targeting high-value connectivity customers.
TMUS - T-Mobile US
Price-Disruptor PlayT-Mobile provides exposure to the fixed wireless access (FWA) threat that is pressuring Comcast's broadband pricing. Its 'aggressive' strategy is winning share among value-conscious customers.
A mature connectivity utility using its substantial cash flow to fund a strategic pivot into higher-growth but more competitive and cyclical markets like wireless, business services, and media.
Comcast's core is its massive, profitable residential broadband business, which is currently defending against intense competition from fiber and fixed wireless. The company's strategy is to protect this base by bundling a capital-light wireless service to reduce churn. Simultaneously, it is investing in its Content & Experiences arm—Peacock, Studios, and Theme Parks—as new growth engines. The central question for investors is whether these growth initiatives can scale profitably and quickly enough to offset the pressures on the legacy profit center.
A return to broadband subscriber growth, sustained acceleration in wireless line additions, continued Peacock profitability, and a strong rebound in theme park attendance.
Persistent broadband subscriber losses, slowing wireless growth, a return to losses for Peacock, or prolonged softness in theme park demand.
Quarter-to-quarter volatility in the film studio's theatrical slate performance, which is inherently lumpy.
Repricing Catalyst
The planned spin-off of NBCUniversal and Sky, expected to be completed in mid-2027, which will separate the connectivity business from the content and experiences businesses, allowing for a clearer valuation of each.
Residential Connectivity & Platforms
$104.9B TTM (58% of Total) · 38% MarginWhat It Is
Sells broadband, wireless, video, and voice services to residential customers in the U.S., U.K., and Italy. It also sells advertising time on its platforms.
Who Pays & How
Residential customers pay monthly subscription fees for connectivity and entertainment services, often bundled at a discount. Customers choose these services for internet access, mobile connectivity, and video entertainment.
Competition
Business Services Connectivity
$15.6B TTM (9% of Total) · 56% MarginWhat It Is
Sells broadband, voice, wireless, and advanced enterprise solutions to small, medium, and large enterprise customers in the U.S. and U.K.
Who Pays & How
Businesses of all sizes pay for reliable connectivity and managed network services to run their operations.
Competition
Media
$35.9B TTM (20% of Total) · 4% MarginWhat It Is
Produces and distributes entertainment, sports, and news content through national broadcast networks (NBC, Telemundo), cable networks, and the Peacock streaming service.
Who Pays & How
Advertisers pay for access to viewers. Multichannel video providers pay distribution fees to carry the networks. Consumers pay subscription fees for the Peacock streaming service.
Competition
Studios
$18.2B TTM (10% of Total) · 11% MarginWhat It Is
Develops, produces, and distributes film and television content worldwide under brands like Universal Pictures, Illumination, and DreamWorks Animation.
Who Pays & How
Movie theaters pay for exhibition rights (theatrical revenue), while television networks and streaming services pay for content licensing. Consumers purchase physical and digital home entertainment products.
Competition
Theme Parks
$14.0B TTM (8% of Total) · 27% MarginWhat It Is
Operates Universal theme parks in the U.S. and Asia, offering attractions, entertainment, and consumer products to guests.
Who Pays & How
Guests (consumers and tourists) pay for admission tickets and in-park spending on food, beverages, and merchandise for entertainment and leisure.
Competition
Comcast — Investor Video Playlist
Industry Resources
| Communication Services Resources |
| Variety |
| The Hollywood Reporter |
| Adweek |
| Cable & Satellite Resources |
| Cablefax |
| Via Satellite |
| Multichannel News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.