Here are 1-2 brief analogies for Comcast:

• It's like AT&T (as an internet and TV provider) if they also owned Universal Studios theme parks and the NBC TV network.
• Imagine Disney (with its theme parks, movie studios, and TV channels) that also happens to be a massive internet and cable TV provider like Verizon.

• Broadband Internet Services: Provides high-speed internet connectivity to residential and business customers across its Xfinity and Sky brands.
• Video Entertainment Distribution: Delivers subscription television services, including traditional cable and satellite TV, and streaming platforms like Peacock, to residential customers.
• Media & Content Creation: Produces and distributes a wide range of entertainment content, including television shows, films through Universal Pictures, and news via NBCUniversal and Sky Studios.
• Voice & Mobile Communication Services: Offers traditional landline telephone services and wireless mobile phone services to consumers.
• Theme Parks & Resorts: Operates global entertainment destinations featuring rides, shows, and themed experiences under the Universal Studios brand.
• Home Security & Automation: Provides smart home security systems and automation solutions for residential customers under the Xfinity Home brand.

Comcast (CMCSA) primarily sells its services and content to individuals and households, although it also has a significant business-to-business segment (Comcast Business) and sells advertising to other companies.

Based on its primary sales to individuals, here are three categories of customers that Comcast serves:

• Residential Subscribers for Connectivity Services: This category includes individual households that subscribe to Comcast's core connectivity services under brands like Xfinity (in the U.S.) and Sky (in Europe). These services encompass high-speed internet, cable television, landline phone service, and mobile phone service. Millions of households pay monthly subscriptions for these essential communication and entertainment utilities.

• Entertainment and Media Consumers: This category primarily relates to Comcast's NBCUniversal division. It includes individuals who consume content through various channels, such as viewers of its linear television networks (e.g., NBC, Bravo, USA, MSNBC, CNBC), subscribers to its streaming services (e.g., Peacock), and audiences for its film productions (Universal Pictures). These customers engage with Comcast's media offerings through subscriptions, ad views, and content purchases.

• Theme Park Visitors: Also part of the NBCUniversal segment, this category consists of individuals who visit Comcast's theme parks worldwide. These include Universal Studios Hollywood, Universal Orlando Resort, Universal Studios Japan, and Universal Beijing Resort. These customers pay for admission tickets, experiences, merchandise, food, and beverages within the parks.

Comcast (CMCSA) has several major suppliers crucial to its operations, particularly in its telecommunications and media infrastructure.

• CommScope (COMM)
• Cisco Systems (CSCO)
• Corning (GLW)
• CSG Systems International (CSGS)

Brian L. Roberts, Chairman & Chief Executive Officer

Brian L. Roberts is the Chairman and CEO of Comcast Corporation. The son of Comcast founder Ralph J. Roberts, he began his career at Comcast after graduating from Wharton in 1981, becoming President in 1990 and CEO in 2002. Under his leadership, Comcast has grown significantly through strategic acquisitions, including AT&T Broadband in 2002, NBCUniversal in 2011, and Sky in 2018. He has spent his entire career at Comcast.

Michael J. Cavanagh, President (and incoming Co-Chief Executive Officer effective January 2026)

Michael J. Cavanagh serves as President of Comcast Corporation, a role he was promoted to in 2022, and will become Co-Chief Executive Officer in January 2026. He joined Comcast in 2015 as Chief Financial Officer. Before Comcast, he spent over two decades in financial services, including serving as Co-CEO of JPMorgan Chase's Corporate & Investment Bank from 2012 to 2014, and as CFO of JPMorgan Chase for six years, where he helped the company navigate the financial crisis. Immediately prior to joining Comcast, he briefly served as Co-President and Co-Chief Operating Officer of The Carlyle Group, a leading global alternative asset manager.

Jason S. Armstrong, Chief Financial Officer

Jason S. Armstrong was appointed Chief Financial Officer for Comcast Corporation in 2023. He has held various financial leadership positions at Comcast since joining in 2014, including Deputy Chief Financial Officer, Treasurer, Chief Financial Officer at Sky (a Comcast subsidiary), and Senior Vice President of Investor Relations. Prior to his tenure at Comcast, Armstrong spent 13 years at Goldman Sachs, where he most recently served as Managing Director and leader of the firm's Technology, Media, and Telecommunications Research Group.

David N. Watson, Chief Executive Officer, Connectivity & Platforms

David N. Watson serves as Chief Executive Officer, Connectivity & Platforms, responsible for all business aspects of Comcast's cable operations. He joined Comcast Cable in 1991. Before that, he spent seven years with Comcast Cellular Communications, Inc., where he served as President and led the unit's operations prior to its sale to SBC Communications. He also previously headed sales and marketing efforts at Bell Atlantic Mobile and Metrophone.

Dana Strong, Chief Executive Officer, Sky Group

Dana Strong became Group Chief Executive of Sky in 2021. Previously, she was President of Consumer Services at Comcast Cable. Her career also includes senior executive leadership roles at Liberty Global, where she was President and Chief Operating Officer of Virgin Media, and Senior Vice President and Chief Transformation Officer of Liberty Global. Strong has also served as CEO of UPC Ireland (now Virgin Media Ireland) and COO of Austar United Communications in Australia.

There are two clear emerging threats to Comcast's core broadband business:

• Fixed Wireless Access (FWA) providers: Companies like T-Mobile and Verizon are aggressively expanding their 5G Home Internet services, offering a wireless alternative to traditional cable broadband. These services compete directly for internet subscribers, often at lower price points and with simpler setup, and are rapidly gaining market share across various regions where Comcast operates.

• Accelerated Fiber-to-the-Home (FTTH) expansion: Traditional telecom companies (e.g., AT&T, Frontier) and a growing number of municipal or utility-backed providers are significantly increasing their fiber optic network deployments. Fiber offers superior speeds, lower latency, and higher reliability compared to traditional cable internet, posing a direct and often premium-tier challenge to Comcast's broadband offerings in overlapping markets.

Comcast Corporation (CMCSA) operates in several distinct markets through its various products and services. The addressable market sizes for their main offerings are as follows:

• Residential Broadband Internet (Xfinity): The total addressable market for residential broadband in the U.S. is approximately $80 billion.
• Residential Video/Cable TV (Xfinity): The U.S. broadcasting and cable TV market had total revenues of $146.3 billion in 2023, with TV subscriptions accounting for $80.8 billion.
• Residential Wireless Services (Xfinity Mobile): The total wireless market in the U.S. is approximately $200 billion.
• Business Services (Comcast Business): The total addressable market for business services in the U.S. is $60 billion.
• Theme Parks (Universal Destinations & Experiences): The global theme parks market was valued at $64.6 billion in 2023 and is projected to reach $116.44 billion by 2034.
• Media (NBCUniversal - Broadcast, Cable Networks, Film, Streaming): The global television network market is expected to reach $149.78 billion in 2025, and the global TV market is projected to reach $296.2 billion by 2025.
• Sky Group (Europe - Pay-TV, Broadband, Voice, Wireless): null

Comcast (CMCSA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives across its diverse business segments:

1. Broadband Expansion and Speed Upgrades: Comcast is focusing on expanding its broadband services by rolling out multi-gig symmetrical speeds and continuously extending its network coverage to both residential and business customers. The company aims to add more homes and businesses to its footprint, presenting significant opportunities for growth in these segments.
2. Wireless (Xfinity Mobile) Growth: Xfinity Mobile continues to be a strong growth area, with consistent additions of customer lines. This service, particularly when bundled with broadband, is driving overall customer relationship average revenue per user (ARPU) growth and contributing to lower churn for broadband customers.
3. Business Services Connectivity: Comcast is actively pursuing growth in its Business Services segment by expanding its reach through offerings like Ethernet over cable and focusing on small to medium-sized enterprises (SMEs) and enterprise solutions. The company has plans to significantly increase its business passings.
4. Epic Universe Theme Park Opening: The grand opening of the Epic Universe theme park in May 2025 is a major anticipated revenue driver. This new attraction is expected to transform Universal Orlando into a week-long destination, significantly boosting revenue and attendance for Comcast's Theme Parks segment.
5. Peacock Streaming Service Growth: Peacock, Comcast's streaming service, has demonstrated double-digit percentage growth in both revenue and paid subscribers. The platform is also showing improvement in reducing its EBITDA losses, positioning it as an increasingly important contributor to the company's Media segment.