Comcast (CMCSA) Analogies

• It's like Disney (for its media empire, Universal Studios, and theme parks) combined with a major internet and cable provider like AT&T.
• Essentially a blend of Warner Bros. Discovery (as a global media and entertainment conglomerate) and Charter Communications (as a vast internet and cable service provider).

• Xfinity Internet: Provides high-speed internet services to residential and business customers.
• Xfinity TV: Offers cable television programming and video-on-demand services.
• Xfinity Mobile & Voice: Delivers mobile phone services (as an MVNO) and traditional landline telephone services.
• NBCUniversal Television & Streaming: Operates broadcast and cable television networks, produces original content, and offers the Peacock streaming service.
• Universal Filmed Entertainment: Produces, acquires, and distributes feature films globally under various studio labels.
• Universal Destinations & Experiences: Manages and operates theme parks and resorts worldwide, including Universal Studios properties.

Comcast (CMCSA) primarily sells its services and products to individual consumers, although it also serves business clients.

Its major customer categories include:

• Residential Subscribers: Individuals and households who subscribe to Comcast's Xfinity and Sky services. This encompasses customers paying for broadband internet, video (cable television), mobile phone services, and voice (landline phone) services across the United States and Europe.
• Theme Park Guests: Individuals and families who visit and purchase tickets, merchandise, food, and experiences at Universal Parks & Resorts locations worldwide.
• Business Customers: Small and medium-sized businesses that subscribe to internet, voice, and television services through Comcast's Xfinity Business and Sky Business segments.

• The Walt Disney Company (DIS)
• Warner Bros. Discovery, Inc. (WBD)
• Paramount Global (PARA)
• FOX Corporation (FOXA)
• CommScope Holding Company, Inc. (COMM)
• Cisco Systems, Inc. (CSCO)
• Nokia Corporation (NOK)

Brian L. Roberts, Chairman & Chief Executive Officer

Brian L. Roberts is the Chairman and CEO of Comcast Corporation. He is the son of Comcast founder Ralph J. Roberts and has spent his entire career with the company, starting as an intern and working his way up. He was named president in 1990 and succeeded his father as CEO in 2002. Under his leadership, Comcast has grown significantly, orchestrating transformative acquisitions such as AT&T Broadband in 2002, NBCUniversal in 2011, and the European media giant Sky in 2018. His career has been dedicated to building Comcast into a global media and technology powerhouse, and he has not founded or managed other companies, sold companies, or managed private equity-backed companies outside of Comcast and its subsidiaries.

Jason S. Armstrong, Chief Financial Officer

Jason S. Armstrong serves as Chief Financial Officer for Comcast Corporation, a role he assumed in 2023. Prior to this, he held various positions within Comcast, including Deputy Chief Financial Officer, Treasurer, Chief Financial Officer at Sky (a Comcast subsidiary), and Senior Vice President of Investor Relations. Before joining Comcast in 2014, Mr. Armstrong spent 13 years at Goldman Sachs, where he was most recently a Managing Director and leader of the firm's Technology, Media, and Telecommunications Research Group. There is no information indicating he founded or managed other companies, sold companies, or managed private equity-backed companies prior to his tenure at Comcast and Goldman Sachs.

Michael J. Cavanagh, President

Michael J. Cavanagh was promoted to President of Comcast Corporation in 2022, after joining the company in 2015 as its Chief Financial Officer. Before his time at Comcast, Mr. Cavanagh spent over 20 years in the financial services industry. He served as Co-CEO of JPMorgan Chase's Corporate & Investment Bank from 2012 to 2014 and was the CFO of JPMorgan Chase for six years, guiding the company through the financial crisis. Immediately prior to joining Comcast, he briefly held the position of Co-President and Co-Chief Operating Officer of The Carlyle Group, a leading global alternative asset manager, indicating experience with companies backed by private equity firms.

Thomas J. Reid, Senior Executive Vice President, General Counsel & Secretary

Thomas J. Reid joined Comcast in April 2019 as Senior Executive Vice President, General Counsel, and Secretary. In this role, he oversees Comcast's legal, corporate governance, strategic intellectual property, government and regulatory affairs, and political affairs functions. Prior to Comcast, Mr. Reid had a distinguished career at Davis Polk & Wardwell LLP, where he was Chairman and Managing Partner since 2011. He also served as a Managing Director in the Investment Banking Division of Morgan Stanley from 2000 to 2003 before rejoining Davis Polk. He was Davis Polk's lead partner for Comcast for nearly four years, playing a crucial role in significant transactions, including the Sky acquisition.

Loren Hudson, Senior Vice President and Chief Diversity Officer, Comcast Cable

Loren Hudson serves as Senior Vice President and Chief Diversity Officer for Comcast Cable, a role in which she leads the Diversity, Equity, and Inclusion (DE&I) human capital strategy. She is the first Chief Diversity Officer for Comcast Cable and has over 20 years of human resources experience, all within Comcast. Her previous roles at Comcast include Human Resources Director and Vice President of Human Resources for Comcast's Beltway and Keystone Units. Her career has primarily focused on human resources and DE&I initiatives within Comcast.

Comcast Corporation (CMCSA) operates across various segments, including broadband, video, voice, business services, streaming, theme parks, and film and television production. The addressable markets for these main products and services are sized as follows:

• Broadband Internet (Xfinity, Comcast Business, Sky Broadband):
  • The global broadband services market size was valued at approximately USD 497.47 billion in 2024 and is projected to reach USD 1062.73 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 8.8% from 2025 to 2033.
  • In the U.S., the Internet Service Providers (ISP) market was valued at USD 139.8 billion in 2023.
  • North America holds the largest share of the global broadband market.
• Video (Xfinity Cable TV, Sky, NBCUniversal networks):
  • The U.S. pay TV market size was valued at USD 69.37 billion in 2024 and is expected to reach USD 57.83 billion by 2033, with a CAGR of -2.0% during the forecast period (2025-2033).
  • Globally, the pay TV market size was valued at USD 190.21 billion in 2024 and is estimated to reach USD 208.12 billion by 2033, exhibiting a CAGR of 1.00% from 2025-2033.
  • North America dominated the global pay TV market with a 41% market share in 2024.
  • The global broadcasting and cable TV market size was estimated at USD 356.45 billion in 2024 and is projected to reach USD 449.91 billion by 2030, growing at a CAGR of 4.0% from 2025 to 2030.
• Voice (Xfinity Voice, Comcast Business Voice):
  • The U.S. Voice over Internet Protocol (VoIP) industry revenue is estimated to reach approximately USD 11.1 billion in 2025.
  • The global Voice over Internet Protocol (VoIP) market size was valued at USD 132.47 billion in 2023 and is projected to grow to USD 326.27 billion by 2032, exhibiting a CAGR of 10.8% during the forecast period.
  • The U.S. accounts for the largest market share in the North American VoIP market.
• Business Services (Comcast Business):
  • The global Small and Medium Business (SMB) Telecom Voice and Data Services Market was valued at USD 822.92 million in 2024 and is expected to increase to USD 1,648.77 million by 2031, growing at a CAGR of 10.4%.
  • The overall U.S. telecom services market (which includes business services) was estimated at USD 468.08 billion in 2023 and is expected to grow to USD 725.68 billion by 2030, with a CAGR of 6.6% from 2024 to 2030.
• Streaming Services (Peacock):
  • The global Subscription Video On Demand (SVOD) market size was valued at USD 128.74 billion in 2025 and is projected to reach USD 242.02 billion by 2033, exhibiting a CAGR of 8.21%.
  • North America accounted for a significant share of over 44% in the global SVOD market in 2024. The U.S. SVOD industry dominated with a share of over 67% in 2024.
• Theme Parks (Universal Parks & Resorts):
  • The global theme park market size was estimated at USD 64.50 billion in 2024 and is projected to reach USD 110.60 billion by 2033, growing at a CAGR of 6.3% from 2025 to 2033.
  • North America dominated the global theme park market with the largest revenue share of 36.9% in 2024.
• Film and Television Production (NBCUniversal, Universal Pictures):
  • The global movie production and distribution market size is estimated at USD 82.53 billion in 2024 and is projected to increase to USD 182.92 billion by 2034, expanding at a CAGR of 8.2%.
  • North America was the largest region in the film and video market, accounting for 37.93% or USD 109.17 billion of the total in 2023.
  • The global television broadcasting service market size is estimated at USD 548.35 billion in 2025 and is expected to reach USD 737.28 billion by 2030, at a CAGR of 6.10%.
  • The television broadcasting service market in North America is projected to reach USD 320.54 billion in 2024.

• Growth and Monetization of Wireless Services: Comcast expects significant growth from its wireless segment, particularly as free wireless lines are converted to paid relationships in the second half of 2026, providing a "significant tailwind to convergence revenue growth". The company reported a record addition of 414,000 wireless lines in Q3 2025 and is committed to ongoing investment in wireless to fuel long-term growth, with domestic wireless revenue increasing by 14%.
• Expansion of Theme Parks with Epic Universe: The Theme Parks segment is a strong driver, with revenue surging 18.7% and EBITDA up 13.1% in Q3 2025, largely attributed to the successful opening of Epic Universe. This new Universal Orlando theme park is expected to significantly boost attendance, traffic, and profits within the Parks and Experiences division, positioning it as a high-margin growth engine for Comcast.
• Strategic Initiatives in Broadband and Advanced Connectivity: While broadband ARPU (Average Revenue Per User) growth is expected to slow in the near term due to strategic pricing investments, Comcast is implementing a new go-to-market strategy for its connectivity business. This includes simplified pricing, enhanced customer experience, integrated product offerings, and investments in AI and network technology, aimed at positioning the business for sustained future growth. The company anticipates broadband growth of approximately 20% for 2025 by expanding its footprint to an additional 1.2 million homes.
• Growth in Business Services: Comcast's Business Services segment continues to show robust performance, with revenue increasing by 6.2% year-over-year due to strong growth in enterprise solutions and advanced services. The company is actively focusing on the small and medium-sized business (SME) market and plans to add 3.5 million business passings, driving ARPU higher through increased adoption of advanced services such as cybersecurity and cloud solutions.
• Peacock's Path to Profitability and Subscriber Growth: Comcast's streaming service, Peacock, is gaining considerable traction, having surpassed 40 million paid subscribers, and is targeting profitability by 2026. Peacock's revenue has shown strong growth, increasing at a mid-teens rate, indicating its potential to contribute positively to overall revenue in the coming years.

Share Repurchases

• Comcast authorized a new share repurchase program of $15.0 billion, effective January 31, 2025.
• The company repurchased approximately $9.103 billion in 2024, $11.291 billion in 2023, and $13.328 billion in 2022.
• In the first three quarters of 2025, Comcast repurchased $2.0 billion in Q1, $1.7 billion in Q2, and $1.5 billion in Q3.

Outbound Investments

• Comcast acquired Blueface for VoIP services in January 2020.
• Comcast acquired XUMO, a streaming video platform, in February 2020 for an undisclosed amount.
• In December 2024, Comcast acquired Nitel, a network services provider.

Capital Expenditures

• Comcast's annual capital expenditures were $15.13 billion in 2024, $15.54 billion in 2023, and $13.767 billion in 2022.
• For 2025, Comcast's CFO stated it is an "investment year" prioritizing broadband and wireless expansion, with significant capital directed towards scalable infrastructure, line extensions, and wireless gateways in the Connectivity & Platforms business.
• Significant capital was also invested in Universal theme parks, notably for the Epic Universe theme park which opened in Orlando in May 2025.