olivLaw · US equity research
Comcast Corporation CMCSA
Cable & Other Pay Television Services · SIC 4841 · Vertical: Cable & Other Pay Television Services (SIC 4841)
Comcast is a global media and technology group that combines connectivity (broadband, wireless, cable television and Sky) with content (NBCUniversal, Peacock, Studios and Universal parks). In the first nine months of 2026 revenue stayed nearly flat, while the group prepares the separation of NBCUniversal and Sky into a new company, which could change the investment profile. Annual revenue in fiscal 2025 was 123.7 billion USD.
At the close of 04 Nov 2026, Comcast Corporation (CMCSA) stock was 24.85 USD (+4.99% on the day), with market capitalisation 51.3 bn USD, P/E 7.9 on diluted EPS of 3.16 USD over the last 12 months, dividend yield 5.31%, beta 0.45, 52-week range 20.66–32.48 USD. Latest reported quarter (Q3 2026): revenue of 29.3 bn USD (−6.1% YoY), net income of 3.4 bn USD (+3.5% YoY), diluted EPS 0.97 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 68.6
- strong (55–70)
- Bollinger (20, 2)
- 20.01 – 24.33
- above the upper band · %B 1.12 · band width 19.5%
- SMA 50 / 200
- 23.23 / 26.02
- mixed trend
- MACD (12, 26, 9)
- 0.30 / -0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +15.2% | −1.1% | +16.3 pp | — |
| 3 months | +0.4% | −0.5% | +0.9 pp | — |
| 6 months | −6.0% | +4.4% | −10.4 pp | — |
| Year to date | −11.3% | +12.3% | −23.6 pp | — |
| 1 year | −3.4% | +13.5% | −16.9 pp | −16.0% |
| 3 years | −38.6% | +76.4% | −115.0 pp | −32.1% |
| 5 years | −50.8% | +63.7% | −114.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 31.9 bn | 29.9 bn | 30.3 bn | 31.2 bn | 32.3 bn | 31.5 bn | 29.9 bn | 29.3 bn |
| Operating income | 5.0 bn | 5.7 bn | 6.0 bn | 5.5 bn | 3.5 bn | 4.1 bn | 5.2 bn | 5.3 bn |
| Depreciation & amortisation | 3.8 bn | 3.8 bn | 4.2 bn ≈ | 4.0 bn ≈ | 4.2 bn | 3.9 bn | 3.7 bn ≈ | 3.7 bn ≈ |
| Interest expense | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 962.0 m |
| Pre-tax income | 3.6 bn | 4.5 bn | 14.6 bn | 4.5 bn | 2.2 bn | 2.7 bn | 4.6 bn | 4.4 bn |
| Income tax | -1.1 bn | 1.2 bn | 3.6 bn | 1.2 bn | 89.0 m | 706.0 m | 1.2 bn | 1.1 bn |
| Net income | 4.8 bn | 3.4 bn | 11.1 bn | 3.3 bn | 2.2 bn | 2.2 bn | 3.5 bn | 3.4 bn |
| Diluted EPS | 1.24 ≈ | 0.89 | 2.98 | 0.90 | 0.60 ≈ | 0.60 | 0.99 | 0.97 |
| Operating cash flow | 8.1 bn | 8.3 bn | 7.8 bn ≈ | 8.7 bn ≈ | 8.8 bn | 6.9 bn | 8.1 bn ≈ | 7.9 bn ≈ |
| Capex | 3.9 bn | 2.3 bn | 2.7 bn ≈ | 3.1 bn ≈ | 3.7 bn | 2.4 bn | 2.9 bn ≈ | 3.1 bn ≈ |
| Dividends paid | 1.2 bn | 1.2 bn | 1.2 bn ≈ | 1.2 bn ≈ | 1.2 bn | 1.2 bn | 1.2 bn ≈ | 1.2 bn ≈ |
| Share repurchases | 2.2 bn | 2.2 bn | 1.8 bn ≈ | 1.6 bn ≈ | 1.5 bn | 1.5 bn | 1.0 bn ≈ | 10.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 20 percentile of its own 44-quarter history (min 4.9, median 12.7, max 27.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 94.5 bn | 108.9 bn | 103.6 bn | 116.4 bn | 121.4 bn | 121.6 bn | 123.7 bn | 123.7 bn |
| Revenue YoY | +11.1% | +15.3% | −4.9% | +12.4% | +4.3% | +0.1% | +1.8% | −0.0% |
| Net income | 11.7 bn | 13.1 bn | 10.5 bn | 14.2 bn | 5.4 bn | 15.4 bn | 16.2 bn | 20.0 bn |
| Net income YoY | −48.4% | +11.3% | −19.3% | +34.4% | −62.1% | +186.6% | +5.2% | +23.5% |
| Diluted EPS | 2.53 | 2.83 | 2.28 | 3.04 | 1.21 | 3.71 | 4.14 | 5.39 |
| Diluted EPS YoY | −46.7% | +11.9% | −19.4% | +33.3% | −60.2% | +206.6% | +11.6% | +30.2% |
| net % | 12.4% | 12.0% | 10.2% | 12.2% | 4.4% | 12.7% | 13.1% | 16.2% |
| Free cash flow | 14.5 bn | 15.7 bn | 15.6 bn | 20.0 bn | 15.8 bn | 16.3 bn | 15.5 bn | 21.9 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.5 bn USD
- Financial debt
- 6.0 bn USD
- Net debt
- -3.5 bn USD
- Equity
- 97.2 bn USD
- Total assets
- 272.6 bn USD
- Debt / equity
- 0.06x
- Current ratio
- 0.88x
- ROE
- 21.8%
- ROA
- 7.4%
- FCF margin
- 17.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 103.6 bn | 116.4 bn | 121.4 bn | 121.6 bn | 123.7 bn | 123.7 bn | SEC (XBRL)· 03 Feb 2026verified |
| Operating income | 17.5 bn | 20.8 bn | 14.0 bn | 23.3 bn | 23.3 bn | 20.7 bn | SEC (XBRL)· 03 Feb 2026verified |
| Depreciation & amortisation | 13.1 bn | 13.8 bn | 13.8 bn | 14.3 bn | 14.8 bn | 16.2 bn | SEC (XBRL)· 03 Feb 2026verified |
| EBITDA | 30.6 bn ≈ | 34.6 bn ≈ | 27.9 bn ≈ | 37.7 bn ≈ | 38.1 bn ≈ | 36.9 bn ≈ | SEC (XBRL)· 03 Feb 2026derived |
| Interest expense | 4.6 bn | 4.3 bn | 3.9 bn | 4.1 bn | 4.1 bn | 4.4 bn | SEC (XBRL)· 03 Feb 2026verified |
| Pre-tax income | 14.1 bn | 19.1 bn | 9.3 bn | 20.5 bn | 18.7 bn | 25.8 bn | SEC (XBRL)· 03 Feb 2026verified |
| Income tax | 3.4 bn | 5.3 bn | 4.4 bn | 5.4 bn | 2.8 bn | 6.1 bn | SEC (XBRL)· 03 Feb 2026verified |
| Net income | 10.5 bn | 14.2 bn | 5.4 bn | 15.4 bn | 16.2 bn | 20.0 bn | SEC (XBRL)· 03 Feb 2026verified |
| Diluted EPS | 2.28 | 3.04 | 1.21 | 3.71 | 4.14 | 5.39 | SEC (XBRL)· 03 Feb 2026verified |
| Weighted average diluted shares | 4.6 bn | 4.7 bn | 4.4 bn | 4.1 bn | 3.9 bn | 3.7 bn | SEC (XBRL)· 03 Feb 2026verified |
| Dividend per share | 0.92 | 1.00 | 1.08 | 1.16 | 1.24 | 1.32 | SEC (XBRL)· 03 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 11.7 bn | 8.7 bn | 4.7 bn | 6.2 bn | 7.3 bn | 9.5 bn | SEC (XBRL)· 03 Feb 2026verified |
| Receivables | 11.5 bn | 12.0 bn | 12.7 bn | 13.8 bn | 13.7 bn | 13.9 bn | SEC (XBRL)· 03 Feb 2026verified |
| Current assets | 26.7 bn | 24.8 bn | 21.8 bn | 24.0 bn | 26.8 bn | 29.6 bn | SEC (XBRL)· 03 Feb 2026verified |
| Property, plant & equipment, net | 52.0 bn | 54.0 bn | 55.5 bn | 59.7 bn | 62.5 bn | 65.7 bn | SEC (XBRL)· 03 Feb 2026verified |
| Goodwill | 70.7 bn | 70.2 bn | 58.5 bn | 59.3 bn | 58.2 bn | 61.5 bn | SEC (XBRL)· 03 Feb 2026verified |
| Total assets | 273.9 bn | 275.9 bn | 257.3 bn | 264.8 bn | 266.2 bn | 272.6 bn | SEC (XBRL)· 03 Feb 2026verified |
| Accounts payable | 11.4 bn | 12.5 bn | 12.5 bn | 12.4 bn | 11.3 bn | 11.1 bn | SEC (XBRL)· 03 Feb 2026verified |
| Short-term debt | 3.1 bn | 2.1 bn | 1.7 bn | 2.1 bn | 4.9 bn | 6.0 bn | SEC (XBRL)· 03 Feb 2026verified |
| Current liabilities | 28.8 bn | 29.3 bn | 27.9 bn | 40.2 bn | 39.6 bn | 33.5 bn | SEC (XBRL)· 03 Feb 2026verified |
| Equity | 91.7 bn | 97.5 bn | 81.6 bn | 83.2 bn | 86.0 bn | 97.2 bn | SEC (XBRL)· 03 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 24.7 bn | 29.1 bn | 26.4 bn | 28.5 bn | 27.7 bn | 33.6 bn | SEC (XBRL)· 03 Feb 2026verified |
| Capex | 9.2 bn | 9.2 bn | 10.6 bn | 12.2 bn | 12.2 bn | 11.8 bn | SEC (XBRL)· 03 Feb 2026verified |
| Free cash flow | 15.6 bn ≈ | 20.0 bn ≈ | 15.8 bn ≈ | 16.3 bn ≈ | 15.5 bn ≈ | 21.9 bn ≈ | SEC (XBRL)· 03 Feb 2026derived |
| Investing cash flow | -12.0 bn | -13.4 bn | -14.1 bn | -7.2 bn | -15.7 bn | -16.2 bn | SEC (XBRL)· 03 Feb 2026verified |
| Financing cash flow | -6.5 bn | -18.6 bn | -16.2 bn | -19.9 bn | -10.9 bn | -14.3 bn | SEC (XBRL)· 03 Feb 2026verified |
| Dividends paid | 4.1 bn | 4.5 bn | 4.7 bn | 4.8 bn | 4.8 bn | 4.9 bn | SEC (XBRL)· 03 Feb 2026verified |
| Share repurchases | 534.0 m | 4.7 bn | 13.3 bn | 11.3 bn | 9.1 bn | 7.2 bn | SEC (XBRL)· 03 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 74 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 51.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation86
- Balance sheet60
- Quality77
- Growth53
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.85 – 498.46 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)140.85 – 216.62 (Mid 170.06)WACC 9.0% · starting FCFF 23.0 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA97.22 – 498.46 (Mid 280.32)4 companies used · median multiple 17.1x · quartiles 5.9x – 30.5xCABO, CHTR, PAAI, WBD
- Peers: P/E13.85 – 55.03 (Mid 33.71)4 companies used · median multiple 10.7x · quartiles 4.4x – 17.4xADEA, CCZ, CHTR, PAAI
- Dividend discount (DDM)17.35 – 23.33 (Mid 19.90)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 74/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.5% | 72 (vs peers) | 10% |
| Net margin · Quality | 9.2% | 63 (vs peers) | 6% |
| FCF conversion · Quality | 173.8% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 0.6% | 5 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 64.5% | 100 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | -0.1x | 94 (vs peers) | 10% |
| Interest coverage · Balance sheet | 4.3x | 43 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 0.8x | 2 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 7.9x | 60 (vs peers) | 10% |
| EV/EBITDA · Valuation | 1.4x | 100 (on a fixed band) | 10% |
| FCF yield · Valuation | 38.4% | 100 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 17.3% | 100 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 24.5% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet60/100 · 3/3 factors with a value
- Growth53/100 · 2/2 factors with a value
- Quality77/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation86/100 · 3/3 factors with a value
Memo
COMCAST CORPORATION (CMCSA). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 123.7 bn USD in 2025; YoY growth -0.0%; net margin 9.2%; ROE 11.9%; net debt/EBITDA -0.1x.
The estimated value range is 57.28–135.83 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 101.88 USD, the price of 24.85 USD leaves a potential of 310.0% (value / price − 1) and a margin of safety of 75.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 74/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.5%
- FCF conversion: 173.8%
- EPS CAGR 3Y: 64.5%
- Net debt / EBITDA: -0.1x
- EV/EBITDA: 1.4x
- FCF yield: 38.4%
- Shareholder yield (distributions): 17.3%
- Payout ratio (FCF): 24.5%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: 0.6%
- Current ratio: 0.8x
- The valuation methods diverge
Versus the vertical median
Cable & Other Pay Television Services (SIC 4841) · same industry (4-digit SIC) · compared with 12 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WBDWarner Bros. Discovery, Inc. | 77.7 bn | — | -9.2% | -8.8% | −5.1% | unavailable / unavailable |
| CHTRCharter Communications, Inc. | 32.6 bn | 3.1 | 29.7% | 9.1% | −0.6% | −40% / −70% |
| ROKURoku, Inc. | 24.1 bn | 48.2 | 18.2% | 9.3% | +15.2% | +68% / +56% |
| ADEAAdeia Inc. | 1.9 bn | 16.6 | 25.9% | 25.0% | +17.9% | +37% / +84% |
| OPTUOptimum Communications, Inc. | 188.1 m | — | — | -58.1% | −4.1% | −64% / −70% |
| PAAIThe Arena Group Holdings, Inc. | 43.8 m | 4.8 | — | 9.3% | +698.2% | −78% / −60% |
| CABOCable One, Inc. | 29.8 m | — | -126.2% | -72.8% | −4.9% | −96% / −99% |
| GLIBALiberty Capital Corp | — | — | -21.0% | -32.5% | +3.0% | −31% / unavailable |
| LBTYALiberty Global Ltd. | — | — | -22.3% | -44.4% | +12.4% | −16% / +16% |
| CCZComcast Corporation | — | 20.1 | 11.9% | 9.2% | −0.0% | +1% / +17% |
| RCIRogers Communications Inc. | — | — | 49.0% | 31.8% | +5.4% | −12% / −20% |
| AMCXAMC Global Media Inc. | — | — | -2.1% | -0.9% | −4.5% | −5% / −44% |
1- and 3-year price returns: for CMCSA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 24.53 Total return 6% · Per year 6% | 43.46 Total return 84% · Per year 84% | 65.57 Total return 175% · Per year 175% |
| 3 years | 21.99 Total return 8% · Per year 3% | 44.00 Total return 105% · Per year 27% | 73.15 Total return 230% · Per year 49% |
| 5 years | 19.71 Total return 11% · Per year 2% | 44.55 Total return 126% · Per year 18% | 81.61 Total return 291% · Per year 31% |
- Exit P/E± 11.00
- Net margin± 7.70
- Annual revenue growth± 6.56
- Annual dilution± 0.65
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Comcast is a global media and technology group that combines connectivity (broadband, wireless, cable television and Sky) with content (NBCUniversal, Peacock, Studios and Universal parks). In the first nine months of 2026 revenue stayed nearly flat, while the group prepares the separation of NBCUniversal and Sky into a new company, which could change the investment profile 12. Annual revenue in fiscal 2025 was 123.7 billion USD 1.
SWOT
Strengths
- The group has a broad connectivity customer base and an extensive HFC network, which gives it an advantage in distribution. Mobile lines and premium services keep growing, and Business Services Connectivity sustains high margins.
- The content portfolio includes NBC, Universal, Peacock and Sky, allowing integration of production, distribution and theme parks. The success of Universal films and the growth of Peacock are concrete examples.
- The group generates strong free cash flow and has kept its investment capacity even in periods of volatility.
Weaknesses
- The number of broadband and television customers is falling, and video revenue is in continuous decline, which weakens the subscription model.
- Programming costs remain the largest expense of the residential segment, and the ability to offset them through pricing is limited.
- Theme parks and the content segment are sensitive to economic cycles, which can cause fluctuations in revenue and EBITDA.
Opportunities
- Enterprise offerings and cybersecurity solutions could increase revenue in Business Services, where margins are high.
- Extending fiber and premium mobile plans could generate additional revenue per customer.
- Separating NBCUniversal and Sky could let each company follow its own growth strategy with more financial flexibility.
Threats
- Competition from streaming providers and social platforms could reduce audiences and advertising on linear channels.
- Fiber-based wireline operators and satellite internet providers could slow the growth of the broadband customer base.
- Negotiating sports rights and programming contracts can reach high costs, with no guarantee that revenue will cover them.
Risks
- Loss of television and broadband customershigh
Continued decline in customers could reduce subscription revenue and affect the profitability of the residential segment.
- Pressure from programming costshigh
Content and retransmission costs are rising per subscriber, and if they cannot be offset through rates, margins could narrow.
- Risks tied to the separation of companiesmedium
The separation of NBCUniversal and Sky could bring transition costs and timing uncertainty, and it is not certain to take place.
- Lower demand for parks and advertisingmedium
Theme parks and advertising are sensitive to economic cycles, which could reduce revenue in difficult periods.
- Regulation and public fundinglow
Broadband subsidy programs and regulation can impose operational constraints and bring new competitors into served areas.
Investment thesis
What would need to be true (bull case)
- If Peacock and Studios sustain their growth, the group could offset the decline in linear television with streaming and production revenue.
- Growth in mobile lines and premium plans could support residential revenue over the medium term.
- The Business Services segment, with high margins and steady growth, could become an important driver of profitability.
What would break the thesis
- If losses of broadband and video customers continue, residential revenue could fall more than expected.
- High costs for sports rights and content could compress margins, especially if revenue does not grow at the same pace.
- The separation of the companies could create additional costs and could unsettle investors in the short term.
What to watch
- Trend in broadband and video customer numbers in the residential segmentQ4 2026
- Progress of the NBCUniversal and Sky separation and any changes to its timetable2027
- Development of Peacock EBITDA and paid subscriber numbersQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Comcast organizes its activity into two primary businesses: Connectivity & Platforms, covering broadband, wireless, video and voice services in the United States, United Kingdom and Italy, and Content & Experiences, covering production and distribution of entertainment, sports and news, as well as theme parks 1. In fiscal 2025 Connectivity & Platforms had revenue of 80.9 billion USD, and total Adjusted EBITDA was 37.4 billion USD 1. On January 2, 2026 the separation of Versant, an independent company that took over several cable networks, was completed 1.
The reporting structure shows growing reliance on content segments: Peacock reached positive EBITDA of 261 million USD in the third quarter of 2026, and Universal passed 5 billion USD in global box office in 2026 3. To check the accounting detail, readers could compare these figures with later quarterly reports, since the group's situation changed with the sale of Sky operations in Germany 2.
Market context
The US connectivity market is increasingly competitive, with wireline operators extending fiber, wireless operators offering fixed wireless internet and satellite providers entering 1. In content, competition comes from direct-to-consumer streaming services, social platforms and tools that produce content automatically 1. In advertising, spending is shifting toward digital channels, which could reduce linear television revenue 1.
The number of US broadband customers fell to 28.3 million at the end of the third quarter of 2026, while wireless lines rose to 10.6 million 3. If the migration from cable television to streaming continues, demand for traditional packages could keep falling 1.
Trends
- Competitive pressure on pricingmixed
Competitors offer aggressive packages and bundles, and Comcast simplified broadband pricing and offered free wireless lines for one year, which lowered average revenue per customer 1. In the short term this could weigh on margins.
- Separation of NBCUniversal and Skymixed
In June 2026 the group announced its intention to separate NBCUniversal and Sky through a spin-off, with completion expected in mid-2027 2. If the separation goes ahead, the two companies could pursue independent strategies.
Competitive position
In broadband, competitors include wireline operators with fiber such as AT&T, Lumen and Verizon, and wireless operators offering fixed wireless internet such as AT&T, T-Mobile and Verizon 1. In video, competition comes from direct-to-consumer streaming providers and aggregators, while in content it comes from social platforms and other producers 1.
Competition is intensifying through cooperation among rivals, who can offer bundled packages, free streaming subscriptions or unlimited data plans 1. Companies with greater scale and lighter regulation could hold pricing advantages 1.
- AT&TT
Wireline and wireless operator extending its fiber network into areas where Comcast offers services.
- VerizonVZ
Wireless operator and fiber provider, and also the MVNO partner for Comcast mobile services.
- T-Mobile USTMUS
Wireless operator offering fixed wireless internet, which from 2026 will provide network access for Comcast business customers.
- Lumen TechnologiesLUMN
Telecommunications company with fiber networks that competes with Comcast Business.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Exclusive-Ambani's Jio explores tech-for-equity talks with Comcast and Charter, sources sayCNA (Channel NewsAsia) · 03 Nov 2026 · EN
- Comcast beats earnings expectations as media revenue offsets weakness in connectivityCNBC — Top News · 22 Oct 2026 · EN
- Comcast broadband losses deepen as competition pressure core businessCNA (Channel NewsAsia) · 22 Oct 2026 · EN
- Comcast and Spotify Earnings Preview : Who Wins the Fight for Your Monthly Subscription ?Surge — GDELT DOC · 21 Oct 2026 · RO
- Comcast's NBCUniversal cuts streaming technology jobsCNA (Channel NewsAsia) · 01 Oct 2026 · EN
- CISO Conversations: Noopur Davis – The Accidental Global CISO at ComcastSecurityWeek · 21 Sept 2026 · EN
- Comcast, Paramount Skydance mull shutting European streaming venture SkyShowtimeCNA (Channel NewsAsia) · 14 Sept 2026 · EN
- Comcast CFO sends stern warning as broadband customers leaveYahoo Finance — News · 12 Sept 2026 · EN
- Comcast Details Split Plan as Broadband, Wireless Competition IntensifiesYahoo Finance — News · 11 Sept 2026 · EN
- Why Comcast Stock Plummeted on WednesdayYahoo Finance — News · 10 Sept 2026 · EN
- Comcast Shares Slide as CFO Sees Irrational Internet PricesBloomberg Markets · 09 Sept 2026 · EN
- Comcast Sinks 8%, Charter Drops 6%, T-Mobile Slips 3%: Is a Broadband Repricing Underway?Yahoo Finance — News · 09 Sept 2026 · EN
- Greenlight Capital Added Comcast (CMCSA) Amid PullbackYahoo Finance — News · 27 Aug 2026 · EN
- Comcast Corporation (CMCSA) vs Charter Communications (CHTR): Two Cable Giants, Two Opposite BetsYahoo Finance — News · 26 Aug 2026 · EN
- Comcast adds new service to internet plans as customers leaveYahoo Finance — News · 22 Aug 2026 · EN
- Here’s what data Comcast says its motion-detecting routers collectThe Verge · 20 Aug 2026 · EN
- Comcast gives its Wi-Fi motion detector a security makeoverThe Register · 19 Aug 2026 · EN
- Comcast turns your Xfinity WiFi into a home motion detectorBleepingComputer · 18 Aug 2026 · EN
- Comcast is turning millions of its routers into motion detectorsThe Verge · 18 Aug 2026 · EN
- Comcast is breaking up with NBCU. Why did it ever buy it in the first place?The Verge · 09 Jul 2026 · EN
SEC filings
- Quarterly report22 Oct 2026
- Current report22 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report23 Jul 2026
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report29 Jun 2026Other events · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote
- Current report03 Jun 2026Other events · Financial statements and exhibits
- Current report02 Jun 2026Other events · Financial statements and exhibits
- Current report27 May 2026Other events · Financial statements and exhibits
- Proxy statement24 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Comcast Corporation · 03 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Comcast Corporation · 22 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Comcast Corporation · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.