Comcast Corporation (CMCSA)

Comcast reported third-quarter 2026 revenue of $29.3 billion on 22 October, down 6.1 percent from a year earlier, while net income attributable to the company rose 3.5 percent to $3.4 billion 1. Most of the drop came from businesses no longer inside it: Versant, the cable-channel group spun off on 2 January 2026, and Sky's German operations, sold on 31 May 2026 1. Counted as if both had left before 2024, revenue rose 0.5 percent 1.

At home the core business is shrinking: Comcast lost 144,000 domestic broadband residential customers in the quarter, while it added 368,000 mobile lines to reach 10.6 million 1. The co-chief executives said the results "reflect the investments we're making", chiefly simpler broadband prices and a free mobile line for a year, which began in 2025 12.

Peacock, the streaming service, earned $261 million of adjusted EBITDA, its profit before interest, taxes, depreciation and amortization, on $1.8 billion of revenue, its second profitable quarter in a row 1. Universal's film The Odyssey became the studio's highest-grossing film of all time, with nearly $1.8 billion at the worldwide box office 1.

The open question is the split: on 29 June 2026 Comcast said it intends to spin off NBCUniversal and Sky as a separate listed company, which the quarterly report says is expected in mid-2027 42. Michael Angelakis, a former Comcast finance chief, is named to run the remaining Comcast, and Mike Cavanagh to run NBCUniversal 4.

Comcast began in cable television: the company says it and its predecessors have run cable systems since 1963 5. Through deals in 2011 and 2013 it acquired NBCUniversal, which brought the NBC network, cable channels, Universal's film studio and its theme parks 53. In 2002 it had already bought AT&T Corp.'s cable business 3.

In the fourth quarter of 2018 Comcast bought Sky, the European pay-TV group, for £30.2 billion in cash, about $39.4 billion 5. Revenue rose 11.1 percent that year to $94.5 billion, with Sky adding $4.6 billion in under three months 5.

Revenue reached $108.9 billion in 2019, then fell 4.9 percent to $103.6 billion in 2020, when COVID-19 closed the theme parks and postponed the sports Sky shows 6. Theme park revenue dropped 68.9 percent, while the cable business grew 3.4 percent to $60.1 billion as people worked and learned from home 6.

Revenue recovered to $116.4 billion in 2021 and $121.4 billion in 2022 7. In 2022 Comcast took an $8.1 billion goodwill impairment on Sky, an accounting charge saying Sky was worth less than its book figure, after higher discount rates and weaker expected cash flows 7. Net income attributable to Comcast fell that year to $5.4 billion from $14.2 billion 7.

Since then revenue has barely moved: $121.6 billion in 2023, $123.7 billion in 2024 and $123.7 billion again in 2025 83. Domestic broadband customers fell by 411,000 in 2024 and by 711,000 in 2025, as AT&T, Lumen and Verizon pushed fiber and wireless carriers sold 5G fixed wireless internet 83.

Mobile and the parks carried the growth: domestic wireless lines rose 1.5 million in 2025 to 9.3 million 3. Theme Parks revenue rose 14.2 percent to $9.8 billion after Epic Universe opened in Orlando in May 2025 3. Peacock grew to 44 million paid subscribers by the end of 2025 3.

Comcast also reshaped itself: it sold its stake in Hulu in June 2025 for a $9.4 billion pre-tax gain, which lifted 2025 net income attributable to Comcast to $20.0 billion 3. It handed shareholders one Versant share for every 25 Comcast shares on 2 January 2026, and finished selling Sky's German operations on 31 May 2026 2.

Throughout, Comcast spent heavily on buying back its own shares: 212 million shares for $8.6 billion in 2024 and 205 million for $6.8 billion in 2025 3. The diluted share count fell from 3,908 million to 3,709 million over those two years 3.

Broadband, mobile and TV at home

The largest segment, Residential Connectivity & Platforms, sells home internet, mobile, TV and phone service as Xfinity in the U.S. and as Sky in the United Kingdom and Italy 3. It brought in $17.0 billion of third-quarter revenue, down 3.5 percent, at an adjusted EBITDA margin of 35.9 percent 1.

Domestic broadband revenue fell 4.7 percent to $6.2 billion on lower average rates and fewer customers, and Comcast ended September with 28.3 million domestic broadband residential customers 1. Nearly 45 percent of them are on gig-speed tiers or faster 1.

Xfinity Mobile runs on Verizon's network under a wholesale deal, known as an MVNO, and is sold only to Comcast broadband customers 3. Domestic wireless service revenue rose 14.7 percent to $1.05 billion, and mobile lines now reach nearly 18 percent of Comcast's home broadband customers 1.

TV is the fastest-shrinking line: video revenue fell 8.7 percent to $5.9 billion as Comcast lost 274,000 domestic video customers in the quarter 1. Fewer TV customers also cut what Comcast pays channel owners, and programming costs fell 8.3 percent 1.

In the American Customer Satisfaction Index's 2026 study, Xfinity Fiber scored 77, behind Verizon 5G Home Internet and AT&T Fiber at 79, ISE magazine reported 14.

Comcast Business

Business Services Connectivity sells internet, voice, mobile and networking to small firms and large enterprises as Comcast Business, and as Sky Business in the United Kingdom 3. Its third-quarter revenue rose 2.7 percent to $2.6 billion at a 55.9 percent margin, led by enterprise sales 1. From 2026 its business mobile service also runs on T-Mobile's network 3.

Media: NBC, Telemundo and Peacock

The Media segment holds the NBC and Telemundo broadcast networks, the cable channels Comcast kept, Peacock and the Sky Sports channels 3. NBC reaches viewers through more than 200 affiliated stations, 11 of them owned by Comcast 3.

Media revenue rose 13.0 percent to $5.4 billion in the third quarter, or 8.3 percent without $224 million from the FIFA World Cup 1. Its largest sports contracts include the NBA through the 2035-36 season, the NFL through 2033-34 and the Olympics through 2036 3.

Peacock had 48 million paid subscribers at the end of September, up 17 percent in a year 1. On 18 August 2026 it raised its monthly prices to $8.99 for Select, $12.99 for Premium and $19.99 for the mostly ad-free Premium Plus, 9to5Mac reported 12.

Studios: Universal, DreamWorks and Sky Studios

The Studios segment makes and licenses films and shows under names including Universal Pictures, Illumination, DreamWorks Animation, Focus Features and Sky Studios, with a library of more than 6,500 films 3. Theatrical revenue rose 76.6 percent to $1.1 billion in the third quarter, led by The Odyssey and Minions & Monsters, while licensing revenue fell 23.7 percent 1.

Comcast said Universal became the first studio to pass $5 billion at the global box office in 2026 1.

Theme Parks: Universal Destinations & Experiences

Comcast owns Universal Orlando Resort, whose three parks include Epic Universe, as well as Universal Studios Hollywood and Universal Studios Japan, and runs Universal Beijing Resort with Chinese state-owned partners 3. Third-quarter park revenue fell 4.4 percent to $2.6 billion and adjusted EBITDA fell 17.1 percent, which Comcast put down to fewer admissions and more discounting 1.

Universal Kids Resort, a smaller park for young families in Frisco, Texas, was set to open on 1 July 2026, with one-day tickets from $55 to $80, Theme Park Insider reported 13.

Network, buildings and people

Comcast's U.S. network is mostly hybrid fiber and coaxial cable, and it passed 59.7 million homes at the end of September 32. Its headquarters is One Comcast Center in Philadelphia, NBCUniversal's is 30 Rockefeller Plaza in New York, and Sky's is in Middlesex, England 3.

It employed about 179,000 people at the end of 2025, about 30 percent of them outside the United States 3.

Brian L Roberts, son of founder Ralph J Roberts, is chairman and co-chief executive, and Mike Cavanagh, once JPMorgan Chase's finance chief, became co-chief executive in January 2026 3. Jason Armstrong is chief financial officer 3.

At the 10 June 2026 annual meeting the advisory vote on executive pay passed with 217.2 million votes for and 154.5 million against 9. A shareholder proposal for an independent chair failed, with 97.9 million votes for and 272.9 million against 9.

Rivals and problems

In home internet Comcast competes with the fiber of AT&T, Lumen and Verizon, with 5G fixed wireless from the wireless carriers and with satellite services 3. Peacock competes with Netflix, Disney+ and other streamers, and the parks with other resort operators 3.

Total debt fell to $87.4 billion at the end of September from $98.9 billion at the end of 2025 2. In June, bondholders tendered $6.2 billion of notes into Comcast's offer to buy them back early 10. The quarterly report names no lawsuit it expects to matter materially, but adds risk factors for the split itself 2.

The umbrella, in words

The main brands are Xfinity, Comcast Business, Sky and NOW for connectivity, and NBC, Telemundo, Universal, Peacock and Sky for content 3. The annual report's subsidiaries exhibit lists, among many entities, Comcast Cable Communications, NBCUniversal Media, Sky Limited, Sky Italia and Universal City Studios 19.

Comcast owns 30 percent of Universal Beijing Resort and consolidates it because it directs the resort's main activities 3. It is the only outside investor in Atairos, an investment company controlled by firms its former finance chief leads, and owns Comcast Spectacor, owner of the Philadelphia Flyers and the Xfinity Mobile Arena 32.

In July 2026 Sky agreed to buy ITV Media & Entertainment, ITV's channels and its ITVX streaming service, for up to £1.6 billion 211.

Brian L Roberts owns all the Class B shares, which carry a fixed 33 1/3 percent of the votes and a separate veto over mergers and other major deals 3. The largest outside holders in Schedule 13G filings are Vanguard Capital Management, with 7.52 percent of the Class A shares, and State Street, with 5.1 percent 1718.

The quarterly report says the spin-off of NBCUniversal and Sky is expected in mid-2027, subject to final board approval, tax opinions, regulatory approvals and financing 2. Shareholders would then hold shares in both companies, and NBCUniversal would copy Comcast's two-class share structure 4.

Comcast expects to keep up to 19.9 percent of the NBCUniversal companies for up to a year after the split, and intends to sell that stake over time in a tax-efficient way 2. It plans a strong investment-grade balance sheet for each company 4.

Michael Angelakis, now a strategic adviser, is to become chief executive of Comcast after the split, Mike Cavanagh is to lead NBCUniversal, and Brian L Roberts is to stay involved in both 4.

Comcast suspended share buybacks from the start of the third quarter of 2026 and expects the pause to last through the separation, with $6.7 billion of authorization left 12. The board kept the dividend at $1.32 a share a year and declared $0.33 for the third quarter, payable in October 2026 2.

Sky's purchase of ITV Media & Entertainment is expected to close in the second half of 2027, subject to approvals, the quarterly report says 2. Analysts quoted by TV Tech say the combination would control about 70 percent of British TV advertising and faces extensive regulatory review 11. Sky also agreed a five-year, 2.1 billion pound content supply deal with ITV Studios, effective on completion 11.

Universal expects a second Horror Unleashed site, in Chicago, to open in 2027, and plans a theme park and resort in the United Kingdom with a projected opening in 2031, subject to approvals 3.

Comcast agreed in 2023 to sell certain spectrum licenses to T-Mobile for $1.2 billion to $3.3 billion, and expects that sale to close in 2028 3.

The NFL can end its contract with NBC after the 2029-30 season, and the English Premier League rights for the United Kingdom run through the 2028-29 season, the annual report says 3.

Past

Revenue grew from $121 billion in fiscal 2022 to $124 billion in fiscal 2025, up 0.6% a year, and rose in 2 of 3 years. Net income was positive in all 4 of those years. Over the 3 fiscal years to 2025, the diluted share count shrank about 5.7% a year, and dividends and buybacks returned about 47% of operating cash flow over 3 years. The company's filings since 2017 show no warning events: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice. 1

Present

For the fiscal year ended 2025-12-31, Comcast reported revenue of $124 billion and a profit of $20 billion. Return on equity was 21 cents of profit for every dollar of shareholders' money; the company owed about 64 cents per dollar of assets, and the share count shrank 5.1% over the year. Comcast's revenue of $124 billion ranks in the top 3% by size among 18 names in its industry family; a net margin of 16.2% ranks in the top 31%; revenue growth of 0.6% a year over the last 3 filed years ranks in the bottom 47%. 21

The chief executive on the record is Cavanagh, Michael J, filing as Co-CEO since 2026-01-06, 9 months; the 16 officers and directors filing in the last fifteen months have been on the record a median of 9.6 years; 7 officer or director changes were reported on Form 8-K since 2023-10-21, against the 16 people in charge now. 1

Future

A quarterly report (Form 10-Q) for the quarter ending 2026-09-30 is due by 2026-11-09. An annual report (Form 10-K) for the fiscal year ending 2026-12-31 is due by 2027-03-01. 3

Revenue grew 0.6% a year over the last three filed years against 0.6% over all 4, speeding up; the newest year grew 0%; capital spending grew 3.4% a year. Cash from operations less capital spending is 17.7% of revenue. 1

How the company operates

Comcast operates as a subscription business in Cable & Other Pay Television Services. The company reported 5 lines of business in fiscal 2025: Residential Connectivity and Platforms at $71 billion, Media at $27 billion, Studios at $11 billion, and 2 more; 3 of 5 grew in the latest filed year, and the largest line is 55% of revenue. By geography, United States accounts for 77% of revenue, United Kingdom 12%, and Other 11%. 21

New moves

On 2026-09-14, Comcast filed Form 25-NSE: the exchange is removing a class of securities. On 2026-08-07, Comcast filed Form 424B3: a shelf offering document for resale of registered securities. On 2026-07-30, Comcast filed Form S-4: a merger or exchange offer was registered. 3

On 2026-10-01, a federal judge entered a consent decree allowing Paramount to acquire Warner Bros. Discovery for $78.0 billion in cash; Comcast is adjacent to the event as it operates media properties that may be affected by the combined entity's obligations under the decree. 4