Comcast Corporation is a global media and technology company that operates through two primary business segments: Connectivity & Platforms and Content & Experiences. The company provides broadband, wireless, video, and voice services under brands such as Xfinity, Comcast Business, and Sky, and produces and distributes entertainment, sports, and news through brands like NBC, Telemundo, Universal, Peacock, and Sky . Additionally, Comcast operates Universal theme parks, contributing significantly to its revenue .
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Connectivity & Platforms - Offers broadband, wireless, video, and voice services primarily under the Xfinity, Comcast Business, and Sky brands. Includes Residential Connectivity & Platforms and Business Services Connectivity, with Sky-branded entertainment television networks in the UK and Italy.
- Residential Connectivity & Platforms - Provides broadband and wireless services, showing significant growth in domestic broadband and wireless.
- Business Services Connectivity - Delivers high-margin connectivity services to businesses, contributing significantly to annual revenue.
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Content & Experiences - Encompasses Media, Studios, and Theme Parks, producing and distributing entertainment, sports, and news.
- Media - Includes brands like NBC, Telemundo, and Sky, offering a wide range of entertainment and news content.
- Studios - Produces films and television content under the Universal brand.
- Theme Parks - Operates Universal theme parks, which have seen substantial revenue growth.
- Streaming - Provides streaming services through the Peacock brand.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brian L. Roberts ExecutiveBoard | Chairman and CEO | None | Brian L. Roberts has been Chairman and CEO since 1986. He is the son of Comcast's founder and holds sole voting power over 33 1/3% of Comcast's voting stock. | View Report → |
Daniel C. Murdock Executive | EVP, Chief Accounting Officer | None | Daniel C. Murdock joined Comcast in 2015 and became Chief Accounting Officer in 2017. He previously worked at the SEC as Deputy Chief Accountant. | |
Jason S. Armstrong Executive | Chief Financial Officer (CFO) | None | Jason S. Armstrong joined Comcast in 2014 and became CFO in January 2023. He previously held roles such as Treasurer and Deputy CFO. | |
Jennifer Khoury Executive | Chief Communications Officer | None | Jennifer Khoury joined Comcast in 1999 and has held various leadership roles in corporate and digital communications. | |
Michael J. Cavanagh Executive | President | None | Michael J. Cavanagh joined Comcast in 2015 as CFO and became President in October 2022. He previously held senior roles at JPMorgan Chase. | |
Thomas J. Reid Executive | Chief Legal Officer and Secretary | None | Thomas J. Reid joined Comcast in April 2019. He was previously Chairman and Managing Partner at Davis Polk & Wardwell LLP. | |
Asuka Nakahara Board | Director | Partner at Triton Atlantic Partners; Co-Founder of Incompass Labs; Associate Director at Wharton School; Trustee at Rice University. | Asuka Nakahara has been a Director since 2017. He has expertise in real estate, finance, and education. | |
David C. Novak Board | Director | Founder of David Novak Leadership, Inc.; Board Member at Lift-a-Life Novak Family Foundation. | David C. Novak has been a Director since 2016. He is a leadership expert and author of several books on management. | |
Edward D. Breen Board | Lead Independent Director | CEO and Executive Chairman of DuPont; Trustee at Grove City College, Lebanon Valley College, and The Hun School of Princeton. | Edward D. Breen has been Lead Independent Director since 2014. He brings extensive experience in executive leadership and governance. | |
Jeffrey A. Honickman Board | Director | CEO of Pepsi-Cola and National Brand Beverages; Board Member at American Beverage Association and Barnes Foundation. | Jeffrey A. Honickman has been a Director since 2005. He chairs Comcast's Audit Committee and is recognized as an Audit Committee Financial Expert. | |
Kenneth J. Bacon Board | Director | CEO of RailField Partners; Board Member at Ally Financial, Arbor Realty Trust, and Welltower Inc.. | Kenneth J. Bacon has been a Director since 2002. He has expertise in finance, housing, and risk management. | |
Louise F. Brady Board | Director | Co-Founder of Piedmont Capital Partners; President of Blue Current, Inc.; Board Member at Travel + Leisure Co.. | Louise F. Brady joined Comcast's Board in October 2023. She has expertise in venture capital and technology. | |
Madeline S. Bell Board | Director | CEO of The Children’s Hospital of Philadelphia; Board Member at Leonard Davis Institute of Health Economics and Solutions for Patient Safety. | Madeline S. Bell has been a Director since 2016. She is a leader in healthcare and governance. | |
Thomas J. Baltimore Board | Director | CEO of Park Hotels & Resorts; Director at American Express; Board Member at UVA Investment Management Co., Real Estate Roundtable, and UVA McIntire School of Commerce Foundation. | Thomas J. Baltimore joined Comcast's Board in March 2023. He has extensive experience in hospitality and real estate. | |
Wonya Y. Lucas Board | Director | Director at Atlanta Braves Holdings; Former CEO of Hallmark Media Networks. | Wonya Y. Lucas joined Comcast's Board in April 2024. She has extensive leadership experience in media and broadcasting. |
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Given that your CapEx year-to-date is running below the expected 10% in Connectivity & Platforms, should we anticipate a significant catch-up in Q4, and how will this affect your free cash flow projections?
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With the intensifying competition from fiber providers expanding their footprint, can you discuss the impact on your broadband ARPU and pricing power when new fiber entrants enter your markets, and what strategies you have in place to mitigate potential losses?
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Regarding your potential spin-off of your cable networks into a new company, can you provide more details on the strategic rationale behind this move, and do you view it as an opportunity to create a roll-up vehicle for the industry?
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The Olympics generated a record $1.9 billion in revenue, but could you comment on the profitability of the event and how you plan to sustain or improve profitability in future Olympic Games given past underperformance?
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Considering the significant investment and $150 million in pre-opening costs for Epic Universe, how do you anticipate this will impact your bottom line over the next 3 to 5 years, and what measures are in place to ensure a strong return on this substantial capital investment?
Research analysts who have asked questions during COMCAST earnings calls.
Benjamin Swinburne
Morgan Stanley
5 questions for CMCSA
Craig Moffett
MoffettNathanson
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John Hodulik
UBS Group AG
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Michael Ng
Goldman Sachs
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Jessica Reif Ehrlich
Bank of America Securities
3 questions for CMCSA
Jonathan Chaplin
New Street Research
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Michael Rollins
Citigroup
3 questions for CMCSA
Jessica Reif Cohen
Bank of America Merrill Lynch
2 questions for CMCSA
Kutgun Maral
Evercore ISI
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Steven Cahall
Wells Fargo & Company
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Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Certain wireline telecommunications companies have built and are continuing to build fiber-based wireline network infrastructure further into their networks, enabling them to provide data transmission speeds that exceed those of traditional copper DSL technology, and are offering services with these higher speeds in many of the company's service areas. | |
Certain wireline telecommunications companies have built and are continuing to build fiber-based wireline network infrastructure further into their networks, enabling them to provide data transmission speeds that exceed those of traditional copper DSL technology, and are offering services with these higher speeds in many of the company's service areas. | |
Certain wireline telecommunications companies have built and are continuing to build fiber-based wireline network infrastructure further into their networks, enabling them to provide data transmission speeds that exceed those of traditional copper DSL technology, and are offering services with these higher speeds in many of the company's service areas. | |
Certain wireline telecommunications companies have built and are continuing to build fiber-based wireline network infrastructure further into their networks, enabling them to provide data transmission speeds that exceed those of traditional copper DSL technology, and are offering services with these higher speeds in many of the company's service areas. | |
BT | Certain wireline telecommunications companies in the United Kingdom have built and are continuing to build fiber-based wireline network infrastructure further into their networks, enabling them to provide data transmission speeds that exceed those of traditional copper DSL technology, and are offering services with these higher speeds in many of the company's service areas. |
Virgin Media O2 | Certain wireline telecommunications companies in the United Kingdom have built and are continuing to build fiber-based wireline network infrastructure further into their networks, enabling them to provide data transmission speeds that exceed those of traditional copper DSL technology, and are offering services with these higher speeds in many of the company's service areas. |
The company competes with national and regional wireless service providers in the United States that offer wireless service on both a stand-alone basis and with other services as bundled offerings. | |
Subscription-based services that offer online services enabling internet streaming and downloading of movies, television shows, and other video programming compete with the company's video services. | |
Subscription-based services that offer online services enabling internet streaming and downloading of movies, television shows, and other video programming compete with the company's video services. | |
Hulu + Live TV | Virtual multichannel video providers that offer streamed linear television networks compete with the company's video services. |
YouTube TV | Virtual multichannel video providers that offer streamed linear television networks compete with the company's video services. |
Recent press releases and 8-K filings for CMCSA.
- Comcast appoints Steve Croney as CEO of its Connectivity & Platforms division effective January 1, 2026, succeeding Dave Watson, who will transition to Vice Chairman to advise on strategic initiatives.
- Croney, formerly COO, led a five-year price lock and updated broadband plans to stabilize subscriber losses and enhance customer experience.
- The leadership change aligns with broader corporate restructuring—including planned layoffs and the 2025 spin-off of most cable networks—as Comcast focuses on network convergence and sports investments.
- Despite a slight dip in division EBITDA, Comcast maintains a strong financial position and continues deploying AI and data analytics to drive operational performance.
- Steve Crone will become CEO of Comcast’s Connectivity & Platforms segment and Dave Watson will shift to Vice Chairman, effective early 2026, marking a key leadership change in the business unit.
- Total company revenue declined ~3% YoY (driven by tough Paris Olympics comps) but was up nearly 3% ex-Olympics; free cash flow rose 45% to $4.9 billion, and Comcast returned $2.8 billion to shareholders via $1.5 billion in buybacks and $1.2 billion in dividends.
- Connectivity & Platforms EBITDA fell 3.7% as Comcast invests in simplified pricing, product enhancements, and customer experience; broadband net losses were 104,000 subscribers, while wireless net adds hit a record 414,000 lines, pushing wireless penetration above 14% of the broadband base.
- Theme parks revenue grew 19% with EBITDA up 13%, buoyed by Epic Universe, and studios saw strong box office from Jurassic World Rebirth; media revenue ex-Olympics rose 4%, Peacock revenue grew mid-teens, and media EBITDA jumped 28% as Peacock losses narrowed to just over $200 million.
- Capital expenditures totaled $3.1 billion focusing on network expansion and gateway deployment; Comcast ended the quarter at 2.3× net leverage, maintained a $1.5 billion quarterly buyback pace, and reiterated its disciplined capital allocation strategy.
- Consolidated revenue of $31.2 billion, down 2.7% year-over-year; net income of $3.3 billion (EPS $0.90) and Adjusted EBITDA of $9.7 billion.
- Generated $4.9 billion of free cash flow in Q3 and $14.9 billion year-to-date; returned $2.8 billion to shareholders via $1.2 billion in dividends and $1.5 billion in share repurchases (reducing shares by 5%).
- Connectivity & Platforms revenue of $20.2 billion, essentially flat; record 414,000 domestic wireless net additions, totaling 8.9 million lines.
- Theme Parks revenue grew 19% on Epic Universe’s opening, and Media Adjusted EBITDA rose 28%, driven by Peacock performance.
- Comcast reported Q3 2025 adjusted EPS of $1.12 and adjusted EBITDA of $9.7 B, flat y/y from Q3 2024.
- Connectivity & Platforms segment delivered 2.4% revenue growth and a 37.2% EBITDA margin, with Residential Connectivity revenue up 3% and Xfinity Mobile adding 414 K lines.
- Content & Experiences saw Theme Parks revenue up 18.7% to $2.717 B, Studios revenue up 6.1% to $3.0 B, and Media revenue down 19.9% (ex-Olympics +4.2%).
- Generated $4.9 B of free cash flow, returned $2.8 B to shareholders in Q3 (including $1.5 B buybacks and $1.2 B dividends), and reduced net leverage to 2.3x.
- Comcast’s Q3 2025 revenue was $31.2 B (–2.7% YoY), adjusted EBITDA $9.7 B (–0.7%), adjusted EPS $1.12, and free cash flow $4.9 B (+45%).
- Connectivity & Platforms revenue totaled $20.2 B (–0.6%), with a record 414 k net wireless line additions, bringing total wireless lines to 8.9 M.
- Content & Experiences revenue was $11.7 B (–6.8%); Theme Parks revenue grew 18.7% to $2.7 B and EBITDA rose 13.1% to $958 M.
- Returned $2.8 B to shareholders via $1.2 B in dividends and $1.5 B in share repurchases, reducing shares outstanding by 5% YoY.
- Espresso AI launched an LLM-driven optimization platform for Databricks, transforming it into an agentic lakehouse that can reduce costs by 50% with no manual effort.
- The solution comprises three core agents—Autoscaling, Scheduling, and Query—which predict workload spikes, optimize machine utilization, and enhance SQL performance before queries hit the lakehouse.
- Founded by ex-Googlers from Google DeepMind, Espresso AI has raised $11 Million in seed funding and completed a six-month beta with hundreds of enterprises, including Booz Allen Hamilton and Comcast.
- Databricks’s revenue run rate exceeds $4 billion, growing ~50% year-over-year, with a valuation over $100 billion, over $1 billion in AI product run rate, and positive free cash flow.
- On October 9, 2025, Comcast completed the exchange and cash offers for its 4.150% Notes due 2028 and 4.550% Notes due 2029, issuing $480,046,000 in new 5.168% Notes due January 15, 2037.
- The new Notes bear 5.168% annual interest, payable semi-annually on January 15 and July 15, beginning January 15, 2026.
- The Notes were issued under the Indenture dated September 18, 2013 (as supplemented) and are guaranteed on an unsecured, unsubordinated basis by Comcast Cable Communications, LLC and NBCUniversal.
- Comcast and the guarantors entered into a registration rights agreement to file a registration statement for a registered exchange offer, aiming to become effective within 330 days of the Issue Date.
- According to James Altucher, Starlink bypasses legacy network infrastructure by delivering internet from space, removing reliance on towers and cables.
- Consumers are paying nearly $200/month for slower service, while providers like Comcast raise prices four times the rate of inflation.
- Starlink is now operational globally, serving over 2.6 million households and used on cruise ships, planes, and in the Ukraine conflict.
- Altucher positions this disruption as a historic opportunity, suggesting legacy providers may lose their entrenched market power.
- Comcast accepted $375.527 million of its 4.150% notes due 2028 and $99.744 million of its 4.550% notes due 2029 in the Amended Pool 2 Exchange Offers; it plans to issue approximately $480 million of 5.168% notes due 2037, bringing total outstanding to about $1.17 billion.
- The Amended Pool 2 Cash Offers resulted in the purchase of $378.596 million of 4.150% notes due 2028 and $67.614 million of 4.550% notes due 2029; all related conditions were satisfied.
- Settlement for both the exchange and cash offers is expected to occur on October 9, 2025.
- Comcast received $384.7 M of 4.150% 2028 notes (CUSIP 20030N CT6) and $101.3 M of 4.550% 2029 notes (CUSIP 20030N ED9) tendered in its Amended Pool 2 Exchange Offers, with $13.6 M and $1.6 M subject to guaranteed delivery respectively.
- In its Amended Pool 2 Cash Offers, Comcast received $378.6 M of 4.150% 2028 notes and $67.6 M of 4.550% 2029 notes validly tendered.
- Since tenders for each series were below maximum, Comcast expects to accept all valid tenders and issue approximately $491 M aggregate principal of New 2037 Notes on settlement.
- The offers cover two series of outstanding debt—4.150% due 2028 and 4.550% due 2029—with acceptance and settlement subject to customary conditions.