Earnings summaries and quarterly performance for COMCAST.
Executive leadership at COMCAST.
Board of directors at COMCAST.
AN
Asuka Nakahara
Detailed
Director
DC
David C. Novak
Detailed
Director
ED
Edward D. Breen
Detailed
Lead Independent Director
JA
Jeffrey A. Honickman
Detailed
Director
KJ
Kenneth J. Bacon
Detailed
Director
LF
Louise F. Brady
Detailed
Director
MS
Madeline S. Bell
Detailed
Director
TJ
Thomas J. Baltimore, Jr.
Detailed
Director
WY
Wonya Y. Lucas
Detailed
Director
Research analysts who have asked questions during COMCAST earnings calls.
Benjamin Swinburne
Morgan Stanley
7 questions for CMCSA
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Craig Moffett
MoffettNathanson
7 questions for CMCSA
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JH
John Hodulik
UBS Group AG
7 questions for CMCSA
Also covers: AMCX, CHTR, DIS +7 more
MN
Michael Ng
Goldman Sachs
7 questions for CMCSA
Also covers: AAPL, ANET, AXON +20 more
MR
Michael Rollins
Citigroup
5 questions for CMCSA
Also covers: AMT, ATUS, CCI +16 more
JR
Jessica Reif Ehrlich
Bank of America Securities
3 questions for CMCSA
Also covers: CHTR, DIS, FOXA +6 more
JC
Jonathan Chaplin
New Street Research
3 questions for CMCSA
Also covers: ATEX, ATUS, CCI +6 more
JR
Jessica Reif
Bank of America
2 questions for CMCSA
Jessica Reif Cohen
Bank of America Merrill Lynch
2 questions for CMCSA
Also covers: ATUS, FOXA, IHRT +4 more
Kutgun Maral
Evercore ISI
2 questions for CMCSA
Also covers: ATUS, CHTR, DIS +11 more
Steven Cahall
Wells Fargo & Company
2 questions for CMCSA
Also covers: AMCX, ATUS, CABO +17 more
Recent press releases and 8-K filings for CMCSA.
Comcast designates Class A Equivalent Preferred Stock for planned spin-off
CMCSA
Convertible Preferred Issuance
- On December 15, 2025, Comcast filed amended and restated articles and an Articles of Amendment to designate a new series of Class A Equivalent Preferred Stock to facilitate its planned spin-off of Versant Media Group, Inc. (“SpinCo”).
- The Board fixed the series at 872,792 shares, and Comcast issued 872,791.0278 Preferred Shares to its wholly-owned subsidiaries in exchange for Class A common stock at a ratio of 0.001 Preferred Shares per common share, preventing the subsidiaries from receiving SpinCo common stock in the distribution.
- Each Preferred Share is convertible into Class A common stock at an initial 1,000:1 conversion rate (prorated for fractions and adjustable for stock dividends or splits) and is redeemable—optionally prior to the spin-off record date and mandatorily after the spin-off—at the prevailing conversion rate plus an adjustment tied to SpinCo distribution metrics.
- Holders of Class A Equivalent Preferred Stock vote alongside Class A and Class B common stock as a single class on all matters, with votes determined by the then-applicable conversion rate, and have no separate special voting rights.
8 days ago
Comcast outlines growth strategy at UBS Global Media and Communications Conference 2025
CMCSA
Management Change
Dividends
- Comcast completed the spin of NBCUniversal’s linear media assets into Versant, leaving core broadcast (NBC/Telemundo) and Bravo to support its domestic streaming strategy with a $40 billion media segment heading into 2026.
- Peacock has reached 41 million premium subscribers and improved EBITDA by $900 million over the trailing 12 months, with further EBITDA loss reduction expected in 2026 driven by sports rights and recent price increases.
- Connectivity will see Steve Crone assume the CEO role in January, alongside a new tiered broadband pricing model (no H1 2026 price hikes) and continued bundling of a free wireless line to boost retention and ARPU.
- Comcast will maintain capital allocation towards its six growth segments (studios, parks, media, connectivity, wireless, business services), uphold a strong balance sheet, and deliver its 18th consecutive dividend increase upon closing the Versant spin.
Dec 8, 2025, 2:45 PM
Comcast details NBCUniversal spin and strategic priorities at UBS 2025
CMCSA
M&A
New Projects/Investments
- Comcast is “at the precipice” of spinning off its news assets into the Versant vehicle, leaving NBCUniversal’s media segment focused on broadcast (NBC, Telemundo) and Bravo to support its broader Peacock and studio strategy.
- Peacock now has 41 million high-RPU subscribers and has improved trailing-12-month EBITDA by $900 million, with management expecting a further reduction in losses in 2026 versus 2025 and profit growth in the overall media segment once NBA costs are lapped.
- The company is doubling down on content and sports, leveraging its studios’ film slate (e.g., Minions, Super Mario, upcoming Nolan/Spielberg projects) and live events (NFL playoffs, NBA All-Star, Winter Olympics) to drive Peacock acquisition and engagement, alongside major creative deals like Taylor Sheridan.
- A revamped connectivity go-to-market launches tiered speed plans with one- and five-year price locks, no broadband price increases in H1 2026, and a free wireless line trial to drive mobile attach and reduce churn, aiming to migrate most customers to the new pricing structure by late 2026.
- Capital allocation will continue prioritizing growth segments (studios, parks, streaming, connectivity), maintaining a strong balance sheet, and returning capital via dividends (18th consecutive annual increase); the network is 95% fiber-capable, with ongoing investments in multi-gigabit DOCSIS 4.0 upgrades.
Dec 8, 2025, 2:45 PM
Comcast outlines strategic update at UBS Global Media and Communications Conference
CMCSA
M&A
Dividends
- Comcast is preparing the spin-off of Versant—the combined cable networks and NBC News digital businesses—while retaining its core linear assets (NBC, Telemundo, Bravo) to support Peacock and its broader media strategy.
- The company explored a bid for Warner Bros., proposing a mix of cash and Comcast equity to form a combined entertainment subsidiary, but ultimately did not pursue the transaction.
- Streaming arm Peacock achieved a $900 million EBITDA improvement over the trailing 12 months to reach 41 million high-RPU subscribers, benefiting from sports rights (NFL, NBA, Olympics) and recent price increases, and is on track for continued profitability gains in 2026.
- Connectivity segment is shifting to a simplified tiered pricing model with everyday rates, has frozen broadband price increases for H1 2026, and is using a free wireless line promotion to drive retention—Xfinity Mobile has turned profitable and boosts broadband churn reduction.
- Capital allocation priorities remain funding high-growth units (studios, parks, streaming, networks, connectivity) under disciplined leverage, and the combined Comcast and Versant dividend framework will deliver roughly a 5% dividend increase, marking an 18th consecutive annual raise.
Dec 8, 2025, 2:45 PM
Versant Media outlines growth strategy at Investor Day 2025
CMCSA
New Projects/Investments
Guidance Update
Share Buyback
- Versant will spin off from Comcast and begin regular-way trading on Nasdaq on January 5, 2026, distributing 1 Versant share for every 25 Comcast shares in a tax-free transaction.
- Management highlighted a 62% live content mix (sports and news) as core to its premium programming strategy, alongside investments in brands like the Premier League, NASCAR, and MS NOW.
- The company plans to scale digital platforms, notably GolfNow and Fandango, and develop new offerings (e.g., AVOD, subscriptions) to drive audience growth and monetization.
- Financially, Versant expects 2025 standalone revenues down ~6%, EBITDA down ~10%, and free cash flow of $1.4 billion, with 2026 revenues projected to decline 3–7% and free cash flow of $1.0–1.2 billion as it launches new products.
- The capital allocation framework targets 20% of free cash flow for dividends, up to $1 billion in share repurchases, and maintaining a ~1.25x net leverage ratio to balance growth investments and shareholder returns.
Dec 4, 2025, 6:00 PM
Versant Media outlines spin-off strategy and 2026 outlook
CMCSA
Guidance Update
M&A
Share Buyback
- Versant launches with a live-centric portfolio where news and sports comprise 62% of viewing, aiming to diversify from pay-TV (83% of 2024 revenue) towards digital and non-pay-TV channels (17% in 2024).
- Announces strategic acquisitions of Free TV Networks and Indie Cinema, exploring alternatives for SportsEngine, and plans new digital offerings: Fandango at Home AVOD, an MSNBC D2C subscription, a CNBC Pro retail-investor platform, and a Kalshi prediction-market partnership.
- Day-one capital structure includes $3 billion gross debt, $750 million cash, and $1 billion total liquidity, with targets of 1.25× net leverage, allocation of 20% free cash flow to dividends, and $1 billion share repurchase authorization.
- 2026 outlook: revenue down 3–7%, EBITDA down 7–14%, and free cash flow of $1–1.2 billion as investments in new products begin to phase in.
Dec 4, 2025, 6:00 PM
Versant Media outlines strategic vision and growth targets at Investor Day 2025
CMCSA
Guidance Update
New Projects/Investments
- Versant unveiled a diversified portfolio of 11 well-known brands across networks, streaming, digital transactions, and software, organized into four core markets: business news & personal finance, political news & opinion, golf & athletics participation, and sports & entertainment.
- For fiscal 2025, management targets $6.6 billion in revenue, $2.2 billion in EBITDA, and $1.4 billion in free cash flow, underscoring a strong, cash-generating business model.
- The company’s four-pronged strategy emphasizes winning with premium content, expanding audiences beyond pay-TV, scaling digital platforms (e.g., GolfNow, Fandango), and maintaining disciplined capital allocation and operational efficiency.
- Versant plans to launch a direct-to-consumer MS NOW service by next summer to harness election-cycle momentum and expand ad-supported streaming with the Fandango at Home AVOD platform in H2 2026.
Dec 4, 2025, 6:00 PM
Comcast plans Versant Media spin-off
CMCSA
M&A
- Comcast approved the spin-off of its cable television networks and digital platforms into a new independent company, Versant Media Group, effective Jan. 2, 2026.
- Shareholders will receive 1 share of Versant for every 25 shares of Comcast held as of the Dec. 16, 2025 record date, with fractional shares sold for cash proceeds.
- Versant will begin “when-issued” trading under VSNTV around Dec. 15, transitioning to regular-way trading under VSNT on Jan. 5, 2026.
- Goldman Sachs and Morgan Stanley are serving as financial advisors, with Davis Polk & Wardwell as legal counsel; the separation aligns with Comcast’s strategic focus amid its bid for Warner Bros. Discovery’s studio and streaming assets.
Dec 4, 2025, 12:24 AM
Comcast Board approves spin-off of Versant Media Group
CMCSA
M&A
- Board approval: On December 3, 2025, Comcast’s Board approved separating its cable networks and digital platforms into a new public company, Versant Media Group, via a pro rata distribution of shares.
- Distribution mechanics: Shareholders of record as of December 16, 2025 will receive one Versant share for every 25 Comcast shares; any fractional Versant shares will be sold in the market for cash proceeds.
- Timing and trading: The distribution is expected after Nasdaq close on January 2, 2026, with when-issued trading under ticker “VSNTV” starting around December 15, 2025, and regular-way trading under “VSNT” beginning January 5, 2026.
- Post-separation status: After the spin-off, Versant will operate independently and Comcast will hold no ownership, with the separation expected to be tax-free to Comcast and its shareholders (excluding fractional share cash payments).
Dec 3, 2025, 9:22 PM
Comcast renews NBCUniversal-Warner Bros. Discovery merger bid
CMCSA
M&A
- Comcast renewed its offer to merge NBCUniversal with Warner Bros. Discovery, proposing a mix of cash and stock and a potential management role for WBD CEO David Zaslav.
- The deal would combine HBO Max, Peacock, and film and TV assets to drive synergies in streaming, theme parks, and content distribution, while proceeding with planned spin-offs of cable channel divisions.
- Comcast’s strong financial position contrasts with Warner Bros. Discovery’s challenges, including a –4.4% three-year revenue growth rate, 3.73% operating margin, and 1.28% net margin.
- Competing all-cash bids from Paramount and Netflix heighten pressure on Comcast to demonstrate superior long-term value through integration.
Dec 2, 2025, 8:00 PM
Quarterly earnings call transcripts for COMCAST.
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