Comcast (CMCSA)
Market Price (9/12/2026): $25.21 | Market Cap: $89.8 BilInvestor Relations Sector: Communication Services | Industry: Cable & Satellite
Comcast (CMCSA)
Market Price (9/12/2026): $25.21Market Cap: $89.8 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 18%, Dividend Yield is 5.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14%, FCF Yield is 20% 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 33 Bil, FCF LTM is 18 Bil Stock buyback supportStock Buyback 3Y Total is 26 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 -68%, 3Y Excs Rtn is -105% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 92% Weak revenue growthRev Chg QQuarterly Revenue Change % is -1.2% 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 18%, Dividend Yield is 5.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14%, FCF Yield is 20% |
| 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 33 Bil, FCF LTM is 18 Bil |
| Stock buyback supportStock Buyback 3Y Total is 26 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 -68%, 3Y Excs Rtn is -105% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 92% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -1.2% |
| 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
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Comcast (CMCSA) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Performance and Outlook.
Comcast reported mixed results for fiscal Q2 2026, which ended June 30, 2026, leading to a balancing act of investor sentiment. While adjusted earnings per share (EPS) of $1.04 beat consensus estimates by 7.2%, and revenue of $29.94 billion surpassed expectations despite a 1.2% year-over-year decrease, adjusted EBITDA declined by 13.4% year-over-year (or 5.3% on a pro forma basis). Positives included Peacock achieving profitability for the first time, with an EBITDA of $189 million, and a record 448,000 domestic wireless net additions. However, domestic residential broadband customer net losses totaled 167,000, and the stock experienced a 6.80% drop on July 23, 2026, the day the earnings were released, indicating investor focus on the declines and broadband challenges. The overall mixed bag of results contributed to a period of limited directional movement as investors digested both strengths and weaknesses.
2. Strategic Business Separation and Pause in Share Repurchases.
Comcast confirmed its intention to separate its connectivity and technology businesses from NBCUniversal and Sky into two independent publicly traded companies, an announcement made three weeks prior to its fiscal Q2 2026 earnings call. This significant company-specific strategic shift typically introduces a "wait and see" approach among investors, creating uncertainty but also potential for long-term value creation. Concurrently, Comcast paused its share repurchase program on June 29, 2026, as it works through this separation. This removed a key mechanism for returning capital to shareholders and supporting the stock price, with $900 million in share repurchases having been executed in fiscal Q2 2026 before the pause. The combination of strategic uncertainty and the cessation of buybacks likely dampened upward momentum and contributed to the stock remaining largely range-bound for a significant portion of the specified period.
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Comcast (CMCSA) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Performance and Outlook.
Comcast reported mixed results for fiscal Q2 2026, which ended June 30, 2026, leading to a balancing act of investor sentiment. While adjusted earnings per share (EPS) of $1.04 beat consensus estimates by 7.2%, and revenue of $29.94 billion surpassed expectations despite a 1.2% year-over-year decrease, adjusted EBITDA declined by 13.4% year-over-year (or 5.3% on a pro forma basis). Positives included Peacock achieving profitability for the first time, with an EBITDA of $189 million, and a record 448,000 domestic wireless net additions. However, domestic residential broadband customer net losses totaled 167,000, and the stock experienced a 6.80% drop on July 23, 2026, the day the earnings were released, indicating investor focus on the declines and broadband challenges. The overall mixed bag of results contributed to a period of limited directional movement as investors digested both strengths and weaknesses.
2. Strategic Business Separation and Pause in Share Repurchases.
Comcast confirmed its intention to separate its connectivity and technology businesses from NBCUniversal and Sky into two independent publicly traded companies, an announcement made three weeks prior to its fiscal Q2 2026 earnings call. This significant company-specific strategic shift typically introduces a "wait and see" approach among investors, creating uncertainty but also potential for long-term value creation. Concurrently, Comcast paused its share repurchase program on June 29, 2026, as it works through this separation. This removed a key mechanism for returning capital to shareholders and supporting the stock price, with $900 million in share repurchases having been executed in fiscal Q2 2026 before the pause. The combination of strategic uncertainty and the cessation of buybacks likely dampened upward momentum and contributed to the stock remaining largely range-bound for a significant portion of the specified period.
3. Intensifying Broadband Market Headwinds.
Persistent and accelerating competition in the broadband market has created significant headwinds for Comcast. During fiscal Q2 2026, broadband average revenue per user (ARPU) declined by 3.8% due to a strategic pivot in pricing. Further pressure was highlighted on September 9, 2026, when Comcast's CFO, Jason Armstrong, stated at the Goldman Sachs Communacopia + Technology Conference that fiscal Q3 2026 broadband subscriber losses were likely to be worse year-over-year. He attributed this to "irrational pricing" from fiber providers offering gigabit speeds for $30-$40 per month, and an acceleration of fiber overbuild in Comcast's markets from 2%-3% historically to 4%-5% annually. This commentary led to an approximate 8% drop in Comcast's stock on September 9, 2026, marking a significant downturn within the specified period due to intensifying competitive and macroeconomic factors.
4. Significant Insider Selling.
Co-CEO Michael J. Cavanagh executed a discretionary sale of Comcast shares totaling $25.2 million on September 1, 2026. Such a substantial insider transaction, particularly from a high-ranking executive, can be perceived negatively by the market, potentially signaling a lack of confidence in the company's near-term growth prospects or valuation. This insider selling added another layer of downward pressure or prevented sustained upward movement during the period.
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Stock Movement Drivers
Fundamental Drivers
The 2.7% change in CMCSA stock from 5/31/2026 to 9/11/2026 was primarily driven by a 70.8% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9112026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.54 | 25.20 | 2.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 125,278 | 124,905 | -0.3% |
| Net Income Margin (%) | 15.0% | 9.0% | -40.2% |
| P/E Multiple | 4.7 | 8.0 | 70.8% |
| Shares Outstanding (Mil) | 3,597 | 3,564 | 0.9% |
| Cumulative Contribution | 2.7% |
Market Drivers
5/31/2026 to 9/11/2026| Return | Correlation | |
|---|---|---|
| CMCSA | 2.7% | |
| Market (SPY) | 1.0% | 10.2% |
| Sector (XLC) | -2.7% | 59.6% |
Fundamental Drivers
The -16.5% change in CMCSA stock from 2/28/2026 to 9/11/2026 was primarily driven by a -44.5% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9112026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.19 | 25.20 | -16.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 123,708 | 124,905 | 1.0% |
| Net Income Margin (%) | 16.2% | 9.0% | -44.5% |
| P/E Multiple | 5.5 | 8.0 | 46.3% |
| Shares Outstanding (Mil) | 3,630 | 3,564 | 1.9% |
| Cumulative Contribution | -16.5% |
Market Drivers
2/28/2026 to 9/11/2026| Return | Correlation | |
|---|---|---|
| CMCSA | -16.5% | |
| Market (SPY) | 11.7% | 5.7% |
| Sector (XLC) | -4.3% | 49.6% |
Fundamental Drivers
The -17.2% change in CMCSA stock from 8/31/2025 to 9/11/2026 was primarily driven by a -51.4% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9112026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.42 | 25.20 | -17.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 124,184 | 124,905 | 0.6% |
| Net Income Margin (%) | 18.4% | 9.0% | -51.4% |
| P/E Multiple | 4.9 | 8.0 | 62.3% |
| Shares Outstanding (Mil) | 3,720 | 3,564 | 4.4% |
| Cumulative Contribution | -17.2% |
Market Drivers
8/31/2025 to 9/11/2026| Return | Correlation | |
|---|---|---|
| CMCSA | -17.2% | |
| Market (SPY) | 19.5% | 5.4% |
| Sector (XLC) | 2.1% | 44.1% |
Fundamental Drivers
The -35.9% change in CMCSA stock from 8/31/2023 to 9/11/2026 was primarily driven by a -68.1% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9112026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.33 | 25.20 | -35.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 120,606 | 124,905 | 3.6% |
| Net Income Margin (%) | 5.4% | 9.0% | 66.2% |
| P/E Multiple | 25.2 | 8.0 | -68.1% |
| Shares Outstanding (Mil) | 4,165 | 3,564 | 16.9% |
| Cumulative Contribution | -35.9% |
Market Drivers
8/31/2023 to 9/11/2026| Return | Correlation | |
|---|---|---|
| CMCSA | -35.9% | |
| Market (SPY) | 75.7% | 28.9% |
| Sector (XLC) | 71.5% | 46.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CMCSA Return | -2% | -29% | 29% | -12% | -17% | -7% | -39% |
| Peers Return | -9% | -17% | 7% | 22% | -4% | -3% | -9% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| CMCSA Win Rate | 58% | 33% | 67% | 50% | 50% | 33% | |
| Peers Win Rate | 45% | 43% | 57% | 62% | 50% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| CMCSA Max Drawdown | -22% | -43% | -16% | -20% | -29% | -31% | |
| Peers Max Drawdown | -26% | -35% | -25% | -19% | -28% | -28% | |
| 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 9/11/2026 (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.
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Asset Allocation
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| 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.
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- An **AT&T** that owns **Disney**.
- A **Charter Communications (Spectrum)** that owns **Paramount Global**.
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- 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.
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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.
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- Verizon (VZ)
- CommScope (COMM)
- Cisco (CSCO)
- Broadcom (AVGO)
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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.
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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.
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Fixed Wireless Access (FWA)
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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.
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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.
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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 | -12.2% | 36.9% | 46.6% | ECHO 266% · TMUS 47% · SHEN -58% |
| Publishing | 5 | 20.2% | -6.4% | 20.4% | NWSA 41% · NYT 40% · SCHL 20% |
| Integrated Telecommunication Services | 21 | -12.4% | 9.5% | -13.8% | IQST 1420% · AD 166% · TDS 122% |
| Movies & Entertainment | 23 | -2.2% | 70.0% | -20.9% | IMAX 239% · MSGS 135% · CNK 113% |
| Alternative Carriers | 4 | 27.8% | 20.8% | -36.2% | IRDM 7% · UNIT -36% · LUMN -37% |
| Advertising | 18 | -15.4% | -13.0% | -58.7% | APP 319% · EVC 57% · OMC 32% |
| Broadcasting | 15 | -8.6% | -17.7% | -68.6% | FOXA 95% · NXST 41% · WBD 7% |
| Interactive Media & Services | 30 | -24.2% | -36.5% | -72.8% | GOOGL 143% · META 73% · EVER 11% |
| Interactive Home Entertainment | 8 | -45.5% | -53.9% | -87.4% | TTWO 40% · RBLX -48% · PINS -65% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 78.58 |
| Mkt Cap | 183.0 |
| Rev LTM | 111,883 |
| Op Inc LTM | 18,422 |
| FCF LTM | 16,945 |
| FCF 3Y Avg | 14,259 |
| CFO LTM | 30,675 |
| CFO 3Y Avg | 27,582 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.0% |
| Rev Chg 3Y Avg | 1.4% |
| Rev Chg Q | 0.8% |
| QoQ Delta Rev Chg LTM | 0.2% |
| Op Inc Chg LTM | -3.8% |
| Op Inc Chg 3Y Avg | 2.1% |
| Op Mgn LTM | 20.3% |
| Op Mgn 3Y Avg | 20.6% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 29.1% |
| CFO/Rev 3Y Avg | 27.8% |
| FCF/Rev LTM | 14.1% |
| FCF/Rev 3Y Avg | 12.7% |
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 | $25.20 | |
| Market Cap ($ Bil) | 89.8 | |
| First Trading Date | 07/07/1988 | |
| Distance from 52W High | -20.4% | |
| 50 Days | 200 Days | |
| DMA Price | $24.96 | $26.45 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 1.0% | -4.7% |
| 3M | 1YR | |
| Volatility | 36.1% | 31.8% |
| Downside Capture | 73.54 | 25.41 |
| Upside Capture | 83.18 | 0.53 |
| Correlation (SPY) | 15.2% | 5.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.63 | 0.27 | 0.22 | 0.12 | 0.11 | 0.52 |
| Up Beta | 0.96 | -1.06 | -0.41 | -0.24 | -0.08 | 0.58 |
| Down Beta | 0.14 | 1.03 | -0.17 | 0.25 | 0.43 | 0.66 |
| Up Capture | 120% | 99% | 76% | 4% | -2% | 8% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 13 | 26 | 36 | 66 | 129 | 371 |
| Down Capture | -82% | 13% | 44% | 45% | 20% | 77% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 7 | 15 | 26 | 58 | 119 | 368 |
[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 | -16.0% | 31.7% | -0.52 | - |
| Sector ETF (XLC) | -0.8% | 15.3% | -0.26 | 44.8% |
| Equity (SPY) | 18.3% | 12.8% | 1.03 | 5.5% |
| Gold (GLD) | 19.0% | 29.2% | 0.59 | -6.2% |
| Commodities (DBC) | 50.4% | 20.6% | 1.88 | -10.9% |
| Real Estate (VNQ) | 7.6% | 13.6% | 0.29 | 27.3% |
| Bitcoin (BTCUSD) | -32.6% | 43.8% | -0.78 | 0.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CMCSA | |
|---|---|---|---|---|
| CMCSA | -12.6% | 27.7% | -0.48 | - |
| Sector ETF (XLC) | 6.7% | 20.9% | 0.24 | 52.6% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 41.0% |
| Gold (GLD) | 18.7% | 18.8% | 0.81 | -0.2% |
| Commodities (DBC) | 11.7% | 19.5% | 0.47 | 5.1% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 37.7% |
| Bitcoin (BTCUSD) | 9.3% | 52.6% | 0.36 | 16.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CMCSA | |
|---|---|---|---|---|
| CMCSA | 0.7% | 26.9% | 0.05 | - |
| Sector ETF (XLC) | 9.3% | 22.1% | 0.47 | 59.8% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 53.4% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | -0.5% |
| Commodities (DBC) | 8.9% | 18.1% | 0.40 | 14.0% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 45.1% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 12.9% |
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Returns Analyses
Earnings Returns History
Updated 8/25/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 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 |
| 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 | 13 | 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 |
|---|---|---|
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 09/30/2019 | 10/24/2019 | 10-Q |
Investor Activity (13F)
Updated Sep 12, 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
Conviction is constructive, not high, because the company's strategic pivot is in a critical phase. While record wireless growth is a strong positive indicator, the core broadband business remains under pressure. The upcoming quarterly report on October 28, 2026, is a key checkpoint for evidence that this investment is beginning to stabilize the company's primary profit engine.
STOCK ARCHETYPE
Converged Utility & Media ConglomerateNumber of residential and business connectivity subscribers multiplied by average revenue per subscriber, supplemented by advertising sales, content licensing fees, and theme park attendance. Maintaining and growing the high-margin residential broadband subscriber base, as this is the company's primary profit engine.
INVESTMENT THESIS
Evidence suggests the strategy is gaining traction, with wireless additions accelerating to record levels.
- Domestic wireless lines hit a record with 448,000 net additions in Q2 2026.
- Wireless penetration is only 17% of its domestic residential broadband customer base.
- Peer Charter reports converged customers churn nearly 40% less.
- The mobile market represents a $200 billion addressable market opportunity.
- Peacock streaming service reached profitability for the first time in Q2 2026.
PRIMARY RISK
Aggressive fiber and fixed wireless competition is causing subscriber losses and forcing price investments, evidenced by a 3.8% decline in Q2 broadband average revenue per user.
- Broadband average revenue per user (ARPU) declined 3.8% in the second quarter.
- Trailing-twelve-month operating margin compressed by 3.4 percentage points.
- Competitor AT&T reported its best ever second quarter for fiber net additions.
- Latest-quarter revenue declined 1.2% year-over-year.
- Theme park attendance in the Orlando market softened in June and July 2026.
| KPI | Status | Rationale |
|---|---|---|
| Domestic Residential Broadband Customer Net Additions | Turning around | Broadband subscriber trends show an improving year-over-year trajectory but remain negative and have worsened sequentially. Management frames this as part of a 'deliberate broadband pivot' to compete in an 'intensely competitive' environment against fiber and fixed wireless. The focus is on stabilizing the base long-term, even at the cost of near-term losses. |
| Domestic Wireless Line Net Additions | +448,000 in Q2 2026 - Accelerating | Wireless net additions are a key bright spot and central to the company's convergence strategy. Management called the latest quarter its 'best quarter ever,' driven by stronger gross additions and improved churn. This growth is being fueled by promotional activity, including offering a free line for one year. |
| Domestic Broadband Residential Customers | (as of 6/30/2026) | The health of the core connectivity business and its largest profit center. Net additions or losses indicate competitive positioning against fiber and fixed wireless. |
| Domestic Wireless Lines | (as of 6/30/2026) | The success of the company's convergence strategy. Strong net additions are a key growth engine and are believed to reduce churn in the broadband base. |
| Peacock Paid Subscribers | 48 million (as of 6/30/2026) | The scale and growth of the company's primary direct-to-consumer streaming service, which is critical for the future of the Media segment. |
Wireless Growth vs. Broadband Decline
BULL VIEW
Bulls believe record wireless net additions (448,000 in Q2) are a leading indicator of future broadband stability, as bundled customers are far less likely to leave.
CORE TENSION
Can accelerating wireless growth offset the financial drag from the core broadband business, which prompted a -5.0% stock reaction after the last earnings report?
PREVAILING SENTIMENT
The latest evidence favors the bulls' forward-looking case, as wireless momentum is accelerating while management has guided for broadband trends to begin improving next quarter.
BEAR VIEW
Bears argue the 3.8% decline in broadband ARPU and continued subscriber losses show the wireless strategy is too costly and failing to offset structural competitive pressures.
| Timeline | Event & Metric To Watch |
|---|---|
10/20/2026 | Increased Peer Competitive Pressure Watch: Peers' reported broadband/fixed wireless net additions and commentary on promotional intensity in their Q3 earnings calls. |
10/21/2026 | Peer Earnings Report Watch: Peer T-Mobile US is scheduled to report earnings. |
10/28/2026 | Worsening Broadband Subscriber Losses Watch: Third quarter domestic broadband net additions versus the second quarter loss of 172,000 and management's guidance for improvement. |
10/28/2026 | Persistent Theme Park Softness Watch: Q3 Theme Parks segment revenue and management commentary on attendance trends, particularly in Orlando. |
10/28/2026 | Company Earnings Report Watch: Comcast is scheduled to report its next quarterly earnings. |
10/29/2026 | Peer Earnings Report Watch: Peer Charter Communications is scheduled to report earnings. |
No set date | Failure to Monetize Wireless Watch: Management commentary on early conversion rates of free wireless lines in the Q3 earnings report on 10/28/2026. |
Friday, October 16 | New iPhone Pre-Orders Watch: Pre-orders for the iPhone Duo begin. |
Friday, October 23 | New iPhone Availability Watch: The iPhone Duo becomes available. |
| Date | Event | Stock Impact |
|---|---|---|
2026-09-09 | Stock Declines Amid Sector Concerns Details: On September 9, 2026, Comcast stock fell 8% amid concerns of a potential broadband repricing across the sector. (REWIND-1). | -4.4% $26.33 -> $25.17 |
2026-07-23 | Company Reports Q2 Results Details: Comcast reported Q2 2026 results that beat expectations, highlighted by the first quarterly profit for its streaming service Peacock. (REWIND-1, T-1). | -5.2% $23.52 -> $22.30 |
2026-06-29 | NBCUniversal and Sky Spin-off Announced Details: The company announced its intention to separate its connectivity operations from its media assets, NBCUniversal and Sky, into two independent publicly traded companies via a tax-free spin-off. (REWIND-1). | +6.0% $22.86 -> $24.22 |
2026-04-23 | Company Reports Q1 Results Details: Comcast reported Q1 2026 results, noting that "Broadband subscriber losses improved by more than 100,000 year-over-year" and the company achieved record wireless net additions. (REWIND-1, T-2). | -6.2% $28.98 -> $27.19 |
Analyst Notes Highlight Opportunity Details: Analyst notes in May rated the stock a strong buy, citing deep undervaluation, a 14% shareholder yield, and early positive results from the company's strategic pivot. (REWIND-1). | - |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: CMCSA trades at roughly 32% annualized options-implied volatility versus about 13% for the S&P 500 (2.4x the market), around the 79th percentile of its own trailing year. A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
T - AT&T
Pure-Play Fiber GrowthAT&T offers more direct exposure to the growth of superior fiber optic networks, which provide faster symmetrical speeds. The company is investing more heavily in this infrastructure, with capital expenditure at 17.5% of revenue.
TMUS - T-Mobile US
Wireless-First ChallengerT-Mobile attacks the market from a position of wireless strength, using its 5G network to offer a low-price fixed wireless alternative that pressures incumbent broadband providers. It has superior revenue growth of 9.7%.
Comcast is a connectivity-first company navigating a strategic pivot to defend its core broadband business through wireless bundling, while managing a portfolio of valuable but more volatile media and entertainment assets.
The company is in a deliberate investment phase in its core Connectivity & Platforms business, sacrificing near-term profitability and ARPU to stabilize its broadband subscriber base against intense competition from fiber and fixed wireless. The key to this strategy is driving adoption of its wireless service to create a 'converged' customer with higher loyalty. Meanwhile, its Content & Experiences segments provide growth opportunities (Theme Parks, Studios) and cyclical cash flow (Media), but also face their own challenges, such as the shift to streaming and near-term softness in park attendance.
Improving trends in broadband net subscriber losses, continued record net additions in wireless, and successful conversion of 'free line' wireless customers to paying plans.
Continued or accelerating broadband subscriber losses despite the new pricing strategy, a slowdown in wireless net additions, or a significant increase in wireless churn as promotional offers expire.
Quarter-to-quarter volatility in the Studios segment based on film release schedules.
Repricing Catalyst
The planned separation of NBCUniversal and Sky in mid-2027, which would create a more focused connectivity company and a stand-alone media entity, allowing the market to value each business independently.
Residential Connectivity & Platforms
$88.0B TTM (58% of Total) · 38% MarginWhat It Is
Sells broadband, wireless (Xfinity Mobile), video (Xfinity), and wireline voice services to residential customers in the U.S., U.K., and Italy. It also includes advertising sales on its platforms and the operations of Sky-branded entertainment networks.
Who Pays & How
Residential households pay a recurring monthly fee for bundled or individual connectivity services. Customers choose these services for internet access, mobile phone service, and video entertainment, often attracted by bundled pricing and integrated platforms like X1.
Competition
Business Services Connectivity
$12.8B TTM (8% of Total) · 56% MarginWhat It Is
Provides broadband, voice, and wireless services to small businesses, and enterprise solutions (ethernet, advanced voice) to medium-sized and large enterprise customers under the Comcast Business and Sky Business brands.
Who Pays & How
Small, medium, and large businesses pay for reliable connectivity and advanced solutions to run their operations. Customers choose these services for a range of speed options, including fiber-based services and bundled solutions.
Competition
Media
$31.3B TTM (21% of Total) · 10% MarginWhat It Is
Operates national and regional cable networks (e.g., Bravo, USA Network), broadcast networks (NBC, Telemundo), the Peacock streaming service, and international networks (Sky Sports). Revenue is generated from advertising, distribution fees, and Peacock subscriptions.
Who Pays & How
Advertisers pay to reach the segment's audience. Multichannel video providers (including Comcast's own residential segment) pay distribution fees to carry the networks. Consumers pay subscription fees for the Peacock streaming service.
Competition
Studios
$14.5B TTM (10% of Total) · 11% MarginWhat It Is
Develops, produces, and distributes film (Universal Pictures, Illumination, DreamWorks Animation) and television content worldwide. It licenses this content to theaters, television networks, and streaming services (including its own Media segment).
Who Pays & How
Movie theaters pay for exhibition rights. Television networks and streaming services pay licensing fees to air the studio's film and TV library. Consumers pay for movie tickets and home entertainment purchases.
Competition
Theme Parks
$11.2B TTM (7% of Total) · 27% MarginWhat It Is
Operates Universal theme parks in the U.S. (Orlando, Hollywood) and Asia (Japan, Beijing), generating revenue from ticket sales and in-park guest spending on food, beverages, and merchandise.
Who Pays & How
Consumers and tourists pay for entertainment experiences, including access to rides, attractions, and themed environments based on intellectual property from its Studios segment and third-party licenses.
Competition
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 |
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