# COMCAST CORP (CMCSA)

Informational only - not investment advice.

CIK: 0001166691
SIC: 4841 Cable & Other Pay Television Services
SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Communications](/major-group/48/) > [SIC 4841 Cable & Other Pay Television Services](/industry/4841/)
Latest 10-K filed: 2026-02-03
SEC page: https://www.sec.gov/edgar/browse/?CIK=1166691
Filing source: https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/cmcsa-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-03 · accession 0001628280-26-004994 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001166691.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 123,707,000,000 USD | 2025 | verified |
| Net income | 19,998,000,000 USD | 2025 | verified |
| Assets | 272,631,000,000 USD | 2025 | verified |
| Free cash flow | 21,893,000,000 USD | 2025 | computed |
| Net margin | 16.17% | 2025 | computed |
| Operating margin | 16.71% | 2025 | computed |
| Revenue YoY | -0.02% | 2025 | computed |
| ROE | 20.64% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CMCSA | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 16.2% | 1.9% | 75 | 13 |
| Operating margin | 16.7% | 2.0% | 75 | 13 |
| Revenue growth | -0.0% | -0.0% | 50 | 13 |
| FCF margin | 17.7% | 10.1% | 75 | 13 |
| ROE | 20.6% | 2.0% | 80 | 11 |
| ROA | 7.3% | 0.7% | 83 | 13 |
| Liabilities / equity | 1.81 | 1.75 | 60 | 11 |
| Current ratio | 0.88 | 1.08 | 33 | 13 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4841 Cable & Other Pay Television Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 123707000000 | USD | 2025 | 2026-02-03 |
| Net income | 19998000000 | USD | 2025 | 2026-02-03 |
| Assets | 272631000000 | USD | 2025 | 2026-02-03 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-03. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001166691.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  |  |  | 121,427,000,000 | 121,572,000,000 | 123,731,000,000 | 123,707,000,000 |
| Net income | 8,678,000,000 | 22,735,000,000 | 11,731,000,000 | 13,057,000,000 | 10,534,000,000 | 14,159,000,000 | 5,370,000,000 | 15,388,000,000 | 16,192,000,000 | 19,998,000,000 |
| Operating income | 16,831,000,000 | 18,018,000,000 | 19,009,000,000 | 21,125,000,000 | 17,493,000,000 | 20,817,000,000 | 14,041,000,000 | 23,314,000,000 | 23,297,000,000 | 20,672,000,000 |
| Diluted EPS | 1.78 | 4.75 | 2.53 | 2.83 | 2.28 | 3.04 | 1.21 | 3.71 | 4.14 | 5.39 |
| Operating cash flow | 19,691,000,000 | 21,261,000,000 | 24,297,000,000 | 25,697,000,000 | 24,737,000,000 | 29,146,000,000 | 26,413,000,000 | 28,501,000,000 | 27,673,000,000 | 33,643,000,000 |
| Capital expenditures | 9,135,000,000 | 9,550,000,000 | 9,774,000,000 | 9,953,000,000 | 9,179,000,000 | 9,174,000,000 | 10,626,000,000 | 12,242,000,000 | 12,181,000,000 | 11,750,000,000 |
| Dividends paid | 2,601,000,000 | 2,883,000,000 | 3,352,000,000 | 3,735,000,000 | 4,140,000,000 | 4,532,000,000 | 4,741,000,000 | 4,766,000,000 | 4,814,000,000 | 4,894,000,000 |
| Share buybacks | 5,352,000,000 | 5,435,000,000 | 5,320,000,000 | 504,000,000 | 534,000,000 | 4,672,000,000 | 13,328,000,000 | 11,291,000,000 | 9,103,000,000 | 7,155,000,000 |
| Assets | 180,500,000,000 | 187,462,000,000 | 251,684,000,000 | 263,414,000,000 | 273,869,000,000 | 275,905,000,000 | 257,275,000,000 | 264,811,000,000 | 266,211,000,000 | 272,631,000,000 |
| Stockholders' equity | 53,943,000,000 | 68,616,000,000 | 71,613,000,000 | 82,726,000,000 | 90,323,000,000 | 96,092,000,000 | 80,943,000,000 | 82,703,000,000 | 85,560,000,000 | 96,903,000,000 |
| Cash and cash equivalents | 3,301,000,000 | 3,428,000,000 | 3,814,000,000 | 5,500,000,000 | 11,740,000,000 | 8,711,000,000 | 4,749,000,000 | 6,215,000,000 | 7,322,000,000 | 9,481,000,000 |
| Free cash flow | 10,556,000,000 | 11,711,000,000 | 14,523,000,000 | 15,744,000,000 | 15,558,000,000 | 19,972,000,000 | 15,787,000,000 | 16,259,000,000 | 15,492,000,000 | 21,893,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  |  | 4.42% | 12.66% | 13.09% | 16.17% |
| Operating margin |  |  |  |  |  |  | 11.56% | 19.18% | 18.83% | 16.71% |
| Return on equity | 16.09% | 33.13% | 16.38% | 15.78% | 11.66% | 14.73% | 6.63% | 18.61% | 18.92% | 20.64% |
| Return on assets | 4.81% | 12.13% | 4.66% | 4.96% | 3.85% | 5.13% | 2.09% | 5.81% | 6.08% | 7.34% |
| Liabilities / equity | 2.35 | 1.73 | 2.51 | 2.18 | 2.03 | 1.87 | 2.18 | 2.20 | 2.11 | 1.81 |
| Current ratio | 0.76 | 0.74 | 0.79 | 0.84 | 0.93 | 0.85 | 0.78 | 0.60 | 0.68 | 0.88 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/CMCSA/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001166691.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -1.05 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.91 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.02 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 |  | 4,046,000,000 | 0.98 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 |  | 3,260,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 30,058,000,000 | 3,857,000,000 | 0.97 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 29,688,000,000 | 3,929,000,000 | 1.00 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 32,070,000,000 | 3,629,000,000 | 0.94 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 31,914,000,000 | 4,777,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 29,887,000,000 | 3,375,000,000 | 0.89 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 30,313,000,000 | 11,123,000,000 | 2.98 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 31,198,000,000 | 3,332,000,000 | 0.90 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 32,310,000,000 | 2,168,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 31,457,000,000 | 2,174,000,000 | 0.60 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 29,940,000,000 | 3,526,000,000 | 0.99 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CMCSA's latest 10-K: [/company/CMCSA/business/](/company/CMCSA/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CMCSA's latest 10-K: [/company/CMCSA/risk-factors/](/company/CMCSA/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1166691/000162828026049360/cmcsa-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-23
Report date: 2026-06-30

ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion is provided as a supplement to, and should be read in conjunction with, the condensed consolidated financial statements and related notes (“Notes”) included in this Quarterly Report on Form 10-Q and our 2025 Annual Report on Form 10-K.

Overview

We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. We present the operations of (1) our Connectivity & Platforms business in two segments: Residential Connectivity & Platforms and Business Services Connectivity; and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks. Refer to Note 2 for information on our segments, including a description of the segment composition change implemented in the first quarter of 2026. All amounts are presented under the updated segment structure.

The Versant Separation occurred on January 2, 2026. The results of Versant are included in our consolidated results of operations for the three and six months ended June 30, 2025 and are excluded from our segment operating results (see Note 2). The sale of our Sky operations in Germany was completed on May 31, 2026; its results are included in our consolidated results of operations through the date of sale (see Note 6) and are excluded from our segment operating results.

In June 2026, we announced our intention to separate into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and Sky. The NBCUniversal Spin-off is expected to be completed in mid-2027, subject to the satisfaction of customary conditions. There can be no assurance that a separation transaction will occur, or, if one does occur, of its terms or timing. The discussion and analysis that follows includes the results of the businesses proposed to be included in the NBCUniversal Spin-off and does not reflect or give effect to what our results of operations and financial condition may be following the NBCUniversal Spin-off, if consummated.

17

Table of Contents

Consolidated Operating Results

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","Change","","Six Months Ended June 30,","Change"],["(in millions, except per share data)","2026","2025","%","","2026","2025","%"],["Revenue","$","29,940","","$","30,313","","(1.2)","%","","$","61,396","","$","60,199","","2.0","%"],["Costs and Expenses:"],["Programming and production","8,389","","7,576","","10.7","","","19,273","","15,991","","20.5"],["Marketing and promotion","2,258","","2,168","","4.1","","","4,422","","4,239","","4.3"],["Other operating and administrative","10,445","","10,422","","0.2","","","20,853","","20,314","","2.7"],["Depreciation","2,391","","2,349","","1.8","","","4,724","","4,580","","3.1"],["Amortization","1,297","","1,805","","(28.2)","","","2,829","","3,423","","(17.3)"],["Total costs and expenses","24,780","","24,320","","1.9","","","52,101","","48,548","","7.3"],["Operating income","5,160","","5,992","","(13.9)","","","9,296","","11,650","","(20.2)"],["Interest expense","(1,052)","","(1,105)","","(4.8)","","","(2,146)","","(2,155)","","(0.4)"],["Investment and other income (loss), net","503","","9,760","","(94.8)","","195","","9,644","","(98.0)"],["Income before income taxes","4,612","","14,647","","(68.5)","","","7,345","","19,139","","(61.6)"],["Income tax expense","(1,194)","","(3,603)","","(66.9)","","(1,899)","","(4,799)","","(60.4)"],["Net income","3,419","","11,044","","(69.0)","","5,445","","14,340","","(62.0)"],["Less: Net income (loss) attributable to noncontrolling interests","(107)","","(79)","","34.8","","(254)","","(158)","","60.6"],["Net income attributable to Comcast Corporation","$","3,526","","$","11,123","","(68.3)","%","","$","5,699","","$","14,498","","(60.7)","%"],["Basic earnings per common share attributable to Comcast Corporation shareholders","$","0.99","","$","2.99","","(66.9)","%","","$","1.59","","$","3.87","","(58.9)","%"],["Diluted earnings per common share attributable to Comcast Corporation shareholders","$","0.99","","$","2.98","","(66.9)","%","","$","1.59","","$","3.86","","(58.9)","%"],["Weighted-average number of common shares outstanding \u2013 basic","3,564","","3,720","","(4.2)","%","","3,580","","3,744","","(4.4)","%"],["Weighted-average number of common shares outstanding \u2013 diluted","3,570","","3,727","","(4.2)","%","","3,593","","3,756","","(4.3)","%"],["Adjusted EBITDA(a)","$","8,902","","$","10,283","","(13.4)","%","","$","16,831","","$","19,815","","(15.1)","%"]]
[[/GREPCENT_TABLE]]

(a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 29 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.

Consolidated revenue decreased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to the Versant Separation and a decrease in the Connectivity & Platforms business, partially offset by an increase in the Content & Experiences business.

Consolidated revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in the Content & Experiences business, partially offset by a decrease due to the Versant Separation and a decrease in the Connectivity & Platforms business. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”

Consolidated costs and expenses, excluding depreciation and amortization expense, increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in the Content & Experiences business, partially offset by a decrease due to the Versant Separation and a decrease in the Connectivity & Platforms business.

Consolidated costs and expenses, excluding depreciation and amortization expense, increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in the Content & Experiences business, partially offset by a decrease due to the Versant Separation. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”

Consolidated depreciation and amortization expense decreased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to lower amortization of customer relationships and other agreements and rights due to the Versant Separation and an impairment of certain long-lived assets in the prior year period.

18

Table of Contents

Consolidated depreciation and amortization expense decreased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to lower amortization of customer relationships and other agreements and rights due to the Versant Separation, partially offset by increased depreciation due to the opening of Epic Universe in May 2025 and increased impairments of certain long-lived assets in the current year period compared to the prior year period.

Amortization expense from acquisition-related intangible assets totaled $525 million and $1.1 billion for the three and six months ended June 30, 2026, respectively, and $810 million and $1.6 billion for the three and six months ended June 30, 2025, respectively. Amounts primarily relate to intangible assets, including customer relationships and other agreements and rights, recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.

Consolidated interest expense decreased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to a decrease in average debt outstanding. Consolidated interest expense was consistent for the six months ended June 30, 2026 compared to the same period in 2025.

Consolidated investment and other income (loss), net decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025.

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["(in millions)","2026","","2025","","2026","","2025"],["Equity in net income (losses) of investees, net","$","285","","","$","(29)","","","$","(106)","","","$","(222)"],["Realized and unrealized gains (losses) on equity securities, net","(13)","","","136","","","(18)","","","112"],["Other income (loss), net","232","","","9,652","","","319","","","9,754"],["Total investment and other income (loss), net","$","503","","","$","9,760","","","$","195","","","$","9,644"]]
[[/GREPCENT_TABLE]]

The changes in equity in net income (losses) of investees, net for the three and six months ended June 30, 2026 compared to the same periods in 2025 were primarily due to our investment in Atairos. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $341 million and $7 million for the three and six months ended June 30, 2026, respectively, and $(26) million and $(194) million for the three and six months ended June 30, 2025, respectively.

The changes in realized and unrealized gains (losses) on equity securities, net for the three and six months ended June 30, 2026 were primarily due to a gain on the sale of a nonmarketable security in the prior year periods.

The changes in other income (loss), net for the three and six months ended June 30, 2026 primarily resulted from a $9.4 billion gain from the sale of our interest in Hulu in the prior year periods.

Consolidated income tax expense for the three and six months ended June 30, 2026 and 2025 reflects an effective income tax rate that differs from the federal statutory rate due to state and foreign income taxes and adjustments associated with uncertain tax positions. The decreases in income tax expense for the three and six months ended June 30, 2026 compared to the same periods in 2025 were primarily driven by lower domestic income before income taxes.

Consolidated net income (loss) attributable to noncontrolling interests changed for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to Universal Beijing Resort. Consolidated net income (loss) attributable to noncontrolling interests changed for the six months ended June 30, 2026 primarily due to our regional sports networks and Universal Beijing Resort.

19

Table of Contents

Segment Operating Results

Our segment operating results are presented based on how we assess operating performance and internally report financial information. See Note 2 for additional information on our segments.

Connectivity & Platforms Results of Operations

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/cmcsa-20251231.htm
Complete FY 2025 MD&A: /company/CMCSA/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-03
Report date: 2025-12-31

Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s discussion and analysis of financial condition and results of operations is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and related notes (“Notes”) to enhance the understanding of our operations and our present business environment. For more information about our company’s operations and the risks facing our businesses, see Item 1: Business and Item 1A: Risk Factors, respectively. Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K for management’s discussion and analysis of our financial condition and results of operations for fiscal year 2024, including comparison to fiscal year 2023.

Overview

We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. We present the operations of (1) our Connectivity & Platforms business in two segments: Residential Connectivity & Platforms and Business Services Connectivity; and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks.

The discussion and analysis that follows includes the results of the cable television networks and complementary digital platforms included in Versant as the Separation did not occur until 2026. Refer to Note 16 for additional information.

[[GREPCENT_TABLE]]
[["Consolidated Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA(a)"],["(in billions)"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","Revenue","","Net Income Attributable to Comcast Corporation","","Adjusted EBITDA"]]
[[/GREPCENT_TABLE]]

(a)Adjusted EBITDA is a financial measure that is not defined by generally accepted accounting principles in the United States (“GAAP”). Refer to the “Non-GAAP Financial Measures” section on page 46 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA. Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA charts are not presented on the same scale.

2025 Revenue and Adjusted EBITDA Segment Contribution(a)

[[GREPCENT_TABLE]]
[["","","Revenue","","Adjusted EBITDA"]]
[[/GREPCENT_TABLE]]

(a)Charts exclude the results of Content & Experiences Headquarters and Other, Corporate and Other, and eliminations. Refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information.

[[GREPCENT_TABLE]]
[["Comcast 2025 Annual Report on Form 10-K","32"]]
[[/GREPCENT_TABLE]]

Table of Contents

2025 Developments

[[GREPCENT_TABLE]]
[["Connectivity & Platforms(a)","Content & Experiences(a)(b)"]]
[[/GREPCENT_TABLE]]

(a) Revenue and Adjusted EBITDA charts are not presented on the same scale.

(b) Segment details in the charts exclude the results of Content & Experiences Headquarters and Other and Eliminations and therefore the amounts do not equal the total.

[[GREPCENT_TABLE]]
[["Residential Connectivity & Platforms","","Media"],["\u2022Revenue decreased due to decreases in video, other and advertising revenue, partially offset by increases in domestic wireless and international connectivity revenue.\u2022Adjusted EBITDA decreased primarily due to a decrease in revenue and an increase in other costs and expenses, partially offset by a decrease in programming expenses. \u2022Adjusted EBITDA margin decreased from 38.2% to 37.7%. Business Services Connectivity\u2022Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers.\u2022Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses.\u2022Adjusted EBITDA margin decreased from 56.7% to 55.9%. Customer Metrics\u2022Total customer relationships decreased by 967,000 to 50.8 million.\u2022Domestic broadband customers decreased by 711,000 to 31.3 million.\u2022Domestic wireless lines increased by 1.5 million to 9.3 million.\u2022Domestic video customers decreased by 1.3 million to 11.3 million.\u2022Domestic homes and businesses passed increased by 1.3 million to 65.0 million. Capital Expenditures\u2022Total Connectivity & Platforms capital expenditures increased 5.3% to $8.7 billion, reflecting increased spending on customer premise equipment, scalable infrastructure and support capital.","","\u2022Revenue decreased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in international networks, domestic distribution and other revenue, partially offset by a decrease in domestic advertising revenue.\u2022Adjusted EBITDA increased primarily due to a decrease in programming and production costs driven by the Paris Olympics, partially offset by a decrease in revenue.\u2022Peacock generated revenue and costs and expenses of $5.4 billion and $6.5 billion in 2025, respectively, compared to $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics. Paid subscribers increased by 8 million to 44 million in 2025. Studios\u2022Revenue increased primarily due to an increase in content licensing, partially offset by a decrease in theatrical revenue.\u2022Adjusted EBITDA decreased due to an increase in costs and expenses driven by marketing and promotion and programming and production, partially offset by an increase in revenue. Theme Parks\u2022Revenue increased primarily due to an increase in revenue at our theme parks in Orlando, driven by the opening of Epic Universe in May 2025.\u2022Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses.\u2022Capital expenditures continued to reflect significant spending for the development of Epic Universe in Orlando ahead of its opening."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","33","Comcast 2025 Annual Report on Form 10-K"]]
[[/GREPCENT_TABLE]]

Table of Contents

Other

•Repurchased a total of 205 million shares of our Class A common stock for $6.8 billion in 2025 compared to a total of 212 million shares of our Class A common stock for $8.6 billion in 2024. Raised our dividend by $0.08 to $1.32 per share on an annualized basis in January 2025 and paid $4.9 billion of dividends in 2025.

•In June 2025, we sold our interest in Hulu, at which time we recognized the sale of our interest with a pre-tax gain of $9.4 billion (see Note 8).

•On January 2, 2026, we completed the Separation of Versant into an independent, publicly traded company and we made a pro rata distribution of 100% of the shares of Versant common stock to Comcast shareholders in which each Comcast shareholder received 1 share of Versant common stock for every 25 shares of Comcast common stock owned as of the close of business on December 16, 2025 (see Note 16).

Consolidated Operating Results

[[GREPCENT_TABLE]]
[["Year ended December 31 (in millions, except per share data)","2025","2024","","Change 2024 to 2025"],["Revenue","$","123,707","","$","123,731","","","\u2014","%"],["Costs and Expenses:"],["Programming and production","34,951","","37,026","","","(5.6)"],["Marketing and promotion","8,862","","8,073","","","9.8"],["Other operating and administrative","43,013","","40,533","","","6.1"],["Depreciation","9,327","","8,729","","","6.8"],["Amortization","6,884","","6,072","","","13.4"],["Total costs and expenses","103,035","","100,434","","","2.6"],["Operating income","20,672","","23,297","","","(11.3)"],["Interest expense","(4,409)","","(4,134)","","","6.6"],["Investment and other income (loss), net","9,503","","(490)","","","NM"],["Income before income taxes","25,766","","18,673","","","38.0"],["Income tax expense","(6,106)","","(2,796)","","","118.4"],["Net income","19,660","","15,877","","","23.8"],["Less: Net income (loss) attributable to noncontrolling interests","(338)","","(315)","","","7.3"],["Net income attributable to Comcast Corporation","$","19,998","","$","16,192","","","23.5","%"],["Basic earnings per common share attributable to Comcast Corporation shareholders","$","5.41","","$","4.17","","","29.7","%"],["Diluted earnings per common share attributable to Comcast Corporation shareholders","$","5.39","","$","4.14","","","30.1","%"],["Weighted-average number of common shares outstanding - basic","3,699","","3,885","","(4.8)","%"],["Weighted average number of common shares outstanding - diluted","3,709","","3,908","","(5.1)","%"],["Adjusted EBITDA(a)","$","37,384","","$","38,069","","","(1.8)","%"]]
[[/GREPCENT_TABLE]]

Percentage changes that are considered not meaningful are denoted with NM.

(a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 46 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.

[[GREPCENT_TABLE]]
[["Comcast 2025 Annual Report on Form 10-K","34"]]
[[/GREPCENT_TABLE]]

Table of Contents

Consolidated Revenue

The following graph illustrates the contributions to the change in consolidated revenue made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including eliminations.

(a) Graph is presented using a truncated scale.

Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”

Consolidated Costs and Expenses

The following graph illustrates the contributions to the change in consolidated costs and expenses, excluding depreciation expense and amortization expense, made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including adjustments and eliminations. The increase in adjustments in the current year is primarily driven by transaction and transaction-related costs associated with the Separation of Versant that are excluded from Adjusted EBITDA and our segment operating results.

(a) Graph is presented using a truncated scale.

Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”

Consolidated depreciation and amortization expense increased in 2025 compared to 2024 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business, increased depreciation due to the opening of Epic Universe in May 2025, impairments of certain long-lived assets in 2025 and the impact of foreign currency.

Amortization expense from acquisition-related intangible assets totaled $3.3 billion and $2.7 billion in 2025 and 2024, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the NBCUniversal transaction in 2011 and the Sky transaction in 2018.

[[GREPCENT_TABLE]]
[["","35","Comcast 2025 Annual Report on Form 10-K"]]
[[/GREPCENT_TABLE]]

Table of Contents

Consolidated interest expense increased in 2025 compared to 2024 primarily due to a decrease in capitalized interest driven by the opening of Epic Universe, as well as higher weighted-average interest rates in the current year.

Consolidated investment and other income (loss), net increased in 2025 compared to 2024.

[[GREPCENT_TABLE]]
[["Year ended December 31 (in millions)","2025","2024"],["Equity in net income (losses) of investees, net","$","(591)","","$","(680)"],["Realized and unrealized gains (losses) on equity securities, net","(20)","","(313)"],["Other income (loss), net","10,114","","502"],["Total investment and other income (loss), net","$","9,503","","$","(490)"]]
[[/GREPCENT_TABLE]]

The change in equity in net income (los

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CMCSA/mda/fy2025/
All MD&A years: /company/CMCSA/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CMCSA/mda/fy2024/): filed 2025-01-31; accession 0001166691-25-000011 (https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/cmcsa-20241231.htm)
- [FY 2023 MD&A](/company/CMCSA/mda/fy2023/): filed 2024-01-31; accession 0001166691-24-000011 (https://www.sec.gov/Archives/edgar/data/1166691/000116669124000011/cmcsa-20231231.htm)
- [FY 2022 MD&A](/company/CMCSA/mda/fy2022/): filed 2023-02-03; accession 0001166691-23-000010 (https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/cmcsa-20221231.htm)
- [FY 2021 MD&A](/company/CMCSA/mda/fy2021/): filed 2022-02-02; accession 0001166691-22-000009 (https://www.sec.gov/Archives/edgar/data/1166691/000116669122000009/cmcsa-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 4841 Cable & Other Pay Television Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [M2SL](/indicator/M2SL/): M2

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CMCSA.md · JSON record: /company/CMCSA.json · verified financials: /company/CMCSA/financials.json / /company/CMCSA/financials.csv · machine TOC for the whole site: /llms.txt