S&P 500 7,757.17 +0.58%
Nasdaq 26,702.86 +1.05%
S&P/TSX 36,324.99 +0.60%
Apple 343.99 +1.32%
Nvidia 221.97 +2.54%
Microsoft 532.95 +0.20%
Shopify 244.93 +0.38%
Royal Bank 283.62 +1.23%
CAD/USD 0.7118 +0.12%
AFTER HRS · 19:05 ET
Market ClerkRecap
Wed Oct 21 · after hours2 signals today106 insider buys this week · $305.5MCIRO short report next: Oct 31The week ahead

CMCSA

COMCAST CORP
NASDAQ · COMMUNICATION SERVICES · CABLE & OTHER PAY TELEVISION SERVICES
22.08
−0.28 −1.25%
USD · close Oct 21
WatchTime Machine

A free account adds a watchlist, alerts when insiders, Congress or short sellers move on your tickers, and a morning brief. Sign up

Work order
27
FLAG · shorts 27
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 1
buys / sells · latest disclosed Aug 10
Big money
4 / 15
tracked funds hold it
Calls on record
0
nobody we score has called it yet
MKT CAP $45.6BP/E 7.1DIV YIELD 5.98%FCF YIELD 44.88%REV TTM $124.9B +0.6%NET INCOME $11.2B −51.1%NET DEBT $76.6B52W 20.66 – 32.48SEC XBRL · TTM TO Invalid Date

How CMCSA rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
40%
of sentences unchanged
Added
426
new sentences
Dropped
398
sentences removed
Length
+1,555
words, now 37,898

New in FY2025

  • 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.
  • 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.
  • 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 reconciliat ion 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) Revenue Adjusted EBITDA (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. 2025 Developments Connectivity & Platforms (a) Content & Experiences (a)(b) (a) Revenue and Adjusted EBITDA charts are not presented on the same scale.
  • Residential Connectivity & Platforms Media • Revenue decreased due to decreases in video, other and advertising revenue, partially offset by increases in domestic wireless and international connectivity revenue. • Adjusted 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. • Adjusted EBITDA margin decreased from 38.2% to 37.7%.
  • Business Services Connectivity • Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers. • Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses. • Adjusted EBITDA margin decreased from 56.7% to 55.9%.
  • Customer Metrics • Total customer relationships decreased by 967,000 to 50.8 million. • Domestic broadband customers decreased by 711,000 to 31.3 million. • Domestic wireless lines increased by 1.5 million to 9.3 million. • Domestic video customers decreased by 1.3 million to 11.3 million. • Domestic homes and businesses passed increased by 1.3 million to 65.0 million.
  • Capital Expenditures • Total Connectivity & Platforms capital expenditures increased 5.3% to $8.7 billion, reflecting increased spending on customer premise equipment, scalable infrastructure and support capital. • Revenue 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. • Adjusted EBITDA increased primarily due to a decrease in programming and production costs driven by the Paris Olympics, partially offset by a decrease in revenue. • Peacock 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 • Revenue increased primarily due to an increase in content licensing, partially offset by a decrease in theatrical revenue. • Adjusted 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 • Revenue increased primarily due to an increase in revenue at our theme parks in Orlando, driven by the opening of Epic Universe in May 2025. • Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses. • Capital expenditures continued to reflect significant spending for the development of Epic Universe in Orlando ahead of its opening.
  • 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 Year ended December 31 (in millions, except per share data) 2025 2024 Change 2024 to 2025 Revenue $ 123,707 $ 123,731 — % 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) % Percentage changes that are considered not meaningful are denoted with NM.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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) The change in equity in net income (losses) of investees, net in 2025 compared to 2024 was primarily due to our investments in Atairos and Hulu.
  • The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $(377) million and $(474) million in 2025 and 2024, respectively.
  • The change in realized and unrealized gains (losses) on equity securities, net in 2025 compared to 2024 was primarily due to a gain on the sale of a nonmarketable security in the current year and due to higher net unrealized losses on nonmarketable securities in the prior year.
  • The change in other income (loss), net in 2025 compared to 2024 primarily resulted from a $9.4 billion pre-tax gain from the sale of our interest in Hulu in 2025 (see Note 8).
  • Consolidated Income Tax Expense Our effective income tax rate in 2025 and 2024 was 23.7% and 15.0%, respectively.
  • The increase in income tax expense in 2025 was primarily driven by a tax benefit in the prior year from an internal corporate reorganization completed in 2024 and higher domestic income before income taxes in the current year.
  • Consolidated Net Income (Loss) Attributable to Noncontrolling Interests The changes in net income (loss) attributable to noncontrolling interests in 2025 compared to 2024 were primarily due to our regional sports networks and Universal Beijing Resort.
  • Connectivity & Platforms Overview 2024 to 2025 Year ended December 31 (in millions) 2025 2024 Change Constant Currency Change (b) Revenue Residential Connectivity & Platforms $ 70,704 $ 71,574 (1.2) % (1.9) % Business Services Connectivity 10,237 9,701 5.5 5.5 Total Connectivity & Platforms revenue $ 80,940 $ 81,275 (0.4) % (1.1) % Adjusted EBITDA Residential Connectivity & Platforms $ 26,653 $ 27,338 (2.5) % (2.8) % Business Services Connectivity 5,725 5,500 4.1 4.1 Total Connectivity & Platforms Adjusted EBITDA $ 32,377 $ 32,838 (1.4) % (1.6) % Adjusted EBITDA Margin (a) Residential Connectivity & Platforms 37.7 % 38.2 % (50) bps (30) bps Business Services Connectivity 55.9 56.7 (80) bps (80) bps Total Connectivity & Platforms Adjusted EBITDA margin 40.0 % 40.4 % (40) bps (20) bps (a) Our Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue.
  • Refer to the “Non-GAAP Financial Measures” section on page 46 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.
  • Our customer relationship additions/(losses) continue to be negatively impacted by an increasingly competitive environment.
  • We are focused on increasing our residential connectivity revenue.
  • In 2025, we simplified our broadband pricing structure and began offering a free wireless line for one year to new and existing domestic broadband customers, which we expect will improve customer retention and strengthen our ability to compete for new customers, but will negatively impact average domestic broadband revenue per customer.
  • We also expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses, as well as continued declines in other revenue related to declines in wireline voice revenue.
  • We are also focused on growing our Business Services Connectivity segment revenue by offering competitive services, including enterprise solutions, and driving higher adoption of our advanced solutions.
  • Connectivity & Platforms Customer Metri cs Net Additions / (Losses) (in thousands) 2025 2024 2025 2024 Customer Relationships Domestic Residential Connectivity & Platforms customer relationships (a) 30,439 31,172 (733) (476) International Residential Connectivity & Platforms customer relationships (a) 17,624 17,811 (186) (36) Business Services Connectivity customer relationships (b)(c) 2,702 2,626 (48) (16) Total Connectivity & Platforms customer relationships 50,766 51,609 (967) (527) Domestic Broadband Residential customers 28,719 29,373 (654) (375) Business customers (b)(c) 2,536 2,469 (57) (36) Total domestic broadband customers 31,255 31,842 (711) (411) Domestic Wireless Total domestic wireless lines (d) 9,305 7,826 1,479 1,237 Domestic Video Total domestic video customers 11,270 12,523 (1,253) (1,583) Domestic homes and businesses passed (e) 64,983 63,692 Domestic broadband penetration of homes and businesses passed (f) 47.6 % 49.8 % (a) Residential Connectivity & Platforms customer relationships generally represent the number of residential customer locations that subscribe to at least one of our services.
  • (b) Business Services Connectivity customer metrics are generally counted based on the number of connections receiving services, including connections within our network in the United States, as well as connections outside of our network both in the United States and internationally.

and 386 more.

Gone since FY2024

  • Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2023 Annual Report on Form 10-K for management’s discussion and analysis of our financial condition and results of operations for fiscal year 2022, including comparison to fiscal year 2023.
  • The discussion and analysis that follows includes the results of the cable television networks and complementary digital assets proposed to be included in the Spin-off and does not reflect or give effect to what our results of operations and financial condition may be following the Spin-off, if consummated.
  • Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliat ion 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. 2024 Revenue and Adjusted EBITDA Segment Contribution (a) Revenue Adjusted EBITDA (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. 2024 Developments Connectivity & Platforms (a) Content & Experiences (a)(b) (a) Revenue and Adjusted EBITDA charts are not presented on the same scale.
  • Residential Connectivity & Platforms Media • Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue. • Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent. • Adjusted EBITDA margin increased from 37.5% to 38.2%.
  • Business Services Connectivity • Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers. • Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses. • Adjusted EBITDA margin decreased from 57.2% to 56.7%.
  • Customer Metrics • Total customer relationships decreased by 527,000 to 51.6 million. • Domestic broadband customers decreased by 411,000 to 31.8 million. • Domestic wireless lines increased by 1.2 million to 7.8 million. • Domestic video customers decreased by 1.6 million to 12.5 million. • Domestic homes and businesses passed increased by 1.2 million to 63.7 million.
  • Capital Expenditures • Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure. • Revenue increased 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 domestic distribution and international networks revenue. • Adjusted EBITDA increased primarily due to an increase in revenue, partially offset by an increase in programming and production costs driven by the Paris Olympics. • Peacock generated revenue and costs and expenses of $4.9 billion and $6.7 billion in 2024 , respectively, including the Paris Olympics, compared to $3.4 billion and $6.1 billion in 2023, respectively.
  • Paid subscribers increased by 5 million to 36 million in 2024 .
  • Studios • Revenue decreased primarily due to decreases in theatrical and content licensing revenue. 2023 included the impact of the Writers Guild and SAG work stoppages. • Adjusted EBITDA increased due to a decrease in costs and expenses driven by programming and production, partially offset by a decrease in revenue.
  • Theme Parks • Revenue decreased due to decreases in revenue at our domestic theme parks, as well as the negative impact of foreign currency at our international theme parks. • Adjusted EBITDA decreased due to a decrease in revenue and an increase in costs and expenses. • Capital expenditures continues to reflect significant spending for the development of Epic Universe in Orlando.
  • Other • Repurchased a total of 212 million shares of our Class A common stock for $8.6 billion in 2024 compared to a total of 262 million shares of our Class A common stock for $11.0 billion in 2023.
  • Raised our dividend by $0.08 to $1.24 per share on an annualized basis in January 2024 and paid $4.8 billion of dividends in 2024. • In the fourth quarter of 2023, we exercised our put right requiring Disney to purchase our interest in Hulu and received $8.6 billion, representing $9.2 billion for our share of Hulu’s minimum equity value presented as an advance on the sale of our investment in our consolidated balance sheet, less $557 million for our share of prior capital calls.
  • We expect to receive additional proceeds for the sale of our interest in Hulu following the final determination of Hulu’s fair value pursuant to a third-party appraisal process, at which time we will recognize the sale of our interest.
  • See Note 7. • In November 2024, we announced our intention to create SpinCo, a new independent publicly traded company through a tax-free spin-off.
  • We are targeting to complete the Spin-off by the end of 2025, 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.
  • Consolidated Operating Results Year ended December 31 (in millions, except per share data) 2024 2023 Change 2023 to 2024 Revenue $ 123,731 $ 121,572 1.8 % Costs and Expenses: Programming and production 37,026 36,762 0.7 Marketing and promotion 8,073 7,971 1.3 Other operating and administrative 40,533 39,190 3.4 Depreciation 8,729 8,854 (1.4) Amortization 6,072 5,482 10.8 Total costs and expenses 100,434 98,258 2.2 Operating income 23,297 23,314 (0.1) Interest expense (4,134) (4,087) 1.2 Investment and other income (loss), net (490) 1,252 NM Income before income taxes 18,673 20,478 (8.8) Income tax expense (2,796) (5,371) (48.0) Net income 15,877 15,107 5.1 Less: Net income (loss) attributable to noncontrolling interests (315) (282) 12.0 Net income attributable to Comcast Corporation $ 16,192 $ 15,388 5.2 % Basic earnings per common share attributable to Comcast Corporation shareholders $ 4.17 $ 3.73 11.7 % Diluted earnings per common share attributable to Comcast Corporation shareholders $ 4.14 $ 3.71 11.7 % Weighted-average number of common shares outstanding - basic 3,885 4,122 (5.8) % Weighted average number of common shares outstanding - diluted 3,908 4,148 (5.8) % Adjusted EBITDA (a) $ 38,069 $ 37,633 1.2 % Percentage changes that are considered not meaningful are denoted with NM.
  • Refer to the “Non-GAAP Financial Measures” section on page 44 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.
  • 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 2024 compared to 2023 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business, partially offset by a decrease in depreciation of our international property and equipment and a decrease in the amortization of software.
  • Amortization expense from acquisition-related intangible assets totaled $2.7 billion and $2.3 billion in 2024 and 2023, respectively.
  • Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.
  • Consolidated interest expense increased in 2024 compared to 2023 primarily due to an increase in average debt outstanding and higher weighted-average interest rates in the current year, partially offset by interest expense in the prior year associated with a collateralized obligation that was repaid in the fourth quarter of 2023.
  • Consolidated investment and other income (loss), net increased in 2024 compared to 2023 .
  • Year ended December 31 (in millions) 2024 2023 Equity in net income (losses) of investees, net $ (680) $ 789 Realized and unrealized gains (losses) on equity securities, net (313) (130) Other income (loss), net 502 592 Total investment and other income (loss), net $ (490) $ 1,252 The change in equity in net income (losses) of investees, net in 2024 compared to 2023 was 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 $(474) million and $1.1 billion in 2024 and 2023, respectively.
  • The change in realized and unrealized gains (losses) on equity securities, net in 2024 compared to 2023 was primarily due to higher losses on nonmarketable securities in the current year.
  • The change in other income (loss), net in 2024 compared to 2023 primarily resulted from foreign exchange remeasurement.
  • Consolidated Income Tax Expense Our effective income tax rate in 2024 and 2023 was 15.0% and 26.2%, respectively.
  • The decrease in income tax expense in 2024 was primarily driven by a tax benefit from an internal corporate reorganization completed in 2024, as well as lower domestic income before income taxes.
  • Consolidated Net Income (Loss) Attributable to Noncontrolling Interests The changes in net income (loss) attributable to noncontrolling interests in 2024 compared to 2023 was primarily due to our regional sports networks.
  • Connectivity & Platforms Overview 2023 to 2024 Year ended December 31 (in millions) 2024 2023 Change Constant Currency Change (b) Revenue Residential Connectivity & Platforms $ 71,574 $ 71,946 (0.5) % (1.0) % Business Services Connectivity 9,701 9,255 4.8 4.8 Total Connectivity & Platforms revenue $ 81,275 $ 81,201 0.1 % (0.3) % Adjusted EBITDA Residential Connectivity & Platforms $ 27,338 $ 26,948 1.4 % 1.2 % Business Services Connectivity 5,500 5,291 3.9 4.0 Total Connectivity & Platforms Adjusted EBITDA $ 32,838 $ 32,239 1.9 % 1.7 % Adjusted EBITDA Margin (a) Residential Connectivity & Platforms 38.2 % 37.5 % 70 bps 80 bps Business Services Connectivity 56.7 57.2 (50) bps (50) bps Total Connectivity & Platforms Adjusted EBITDA margin 40.4 % 39.7 % 70 bps 80 bps (a) Our Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue.
  • Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.
  • A competitive environment, which has increased in recent years, has had negative impacts on our customer relationships additions/(losses).
  • In addition, government funding for the Affordable Connectivity Program, which provided a monthly discount towards broadband service for eligible low-income households, expired during the second quarter of 2024, which had a negative impact on our residential domestic broadband customer relationships.
  • We believe our residential connectivity revenue will increase as a result of growth in average domestic broadband revenue per customer, as well as increases in domestic wireless and international connectivity revenue.
  • At the same time, we expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses.
  • We also expect continued declines in other revenue related to declines in wireline voice revenue.

and 358 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

Watch CMCSA. Know when insiders buy.
One email the day a filing lands. Free.