Comcast
Comcast's revenue was flat at $123.7 billion in fiscal 2025. Its operating margin was 16.7%, down from 18.8% a year earlier. Free cash flow was $21.9 billion, up 41.3%. It paid out $12.0 billion in dividends and buybacks, 55% of free cash flow. The diluted share count fell 5.1%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What Comcast does
Comcast sells home internet, mobile phone, cable TV and phone service under the Xfinity, Comcast Business, Sky and NOW names in the United States, the United Kingdom and Italy. It also owns NBC, Telemundo, the Peacock streaming service, Sky's TV channels and Universal's film studios, and runs Universal theme parks in the United States and Asia.
Comcast has two main businesses, reported in five segments. Its Connectivity & Platforms business, the larger by revenue, earns monthly fees for internet, wireless, video and voice service from homes and from businesses; it had 31.3 million US broadband customers at the end of 2025, and its mobile service runs on Verizon's network. Its Content & Experiences business has three segments: Media, which earns from advertising, fees that TV distributors pay to carry its channels, and Peacock, which had 44 million paid subscribers; Studios, which makes and licenses films and shows; and Theme Parks, which opened its Epic Universe park in Orlando in May 2025. Comcast says its internet business competes with phone companies building fiber networks, such as AT&T and Verizon, and with wireless and satellite internet providers.
Comcast had about 179,000 employees, counting part-time workers as fractions of full-time ones. On January 2, 2026, it spun off Versant, a new public company holding cable channels such as CNBC, USA Network and MS NOW, formerly MSNBC.
Its biggest risks, as it describes them
- Losing customers to rivals, including phone companies' fiber and wireless internet and streaming services.
- People dropping cable TV and changing how they watch, which hurts its video and TV network businesses.
- Lower spending by advertisers, and audiences turning away from its shows and films.
- Rising costs of the TV channels it carries, and losing or worse terms on deals to carry or distribute programming.
- Laws and federal rules on communications that shape much of its internet and TV business.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
From fiscal 2016 to 2025, earnings per share grew 13.1% a year and net income 9.7% a year, as buybacks cut the share count by 24%.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value Comcast yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Comcast's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
Value per share on three example scenarios, from Comcast's fiscal 2025 free cash flow of $21.9B, net cash of −$83.5B at December 31, 2025 and 3,709 million diluted shares, from its filings. The scenarios are fitted to Comcast: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 0.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Cable & Satellite); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $22.05
- Value on these assumptions, against the last close
- —
- Cash flows in years 1 to 10, valued today
- —
- Everything after year 10, valued today
- —
- Plus net cash
- —
- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
Value per share on three example scenarios, from Comcast's earnings per share of $3.17 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 7×, the middle of Comcast's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $22.05
- Value at this multiple, against the last close
- —
- Comcast's P/E at the last close
- 7.0×
| Company | Last close | Earnings per share | P/E today |
|---|---|---|---|
| AT&TT | $20.85 | $1.85 | 11.3× |
| ComcastCMCSA | $22.05 | $3.17 | 7.0× |
| Charter CommunicationsCHTR | $102.18 | $38.43 | 2.7× |
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 9.1 | 5.2 | 6.5 | 7.3 | 9.5 |
| Debt incl. finance leases | 94.8 | 94.8 | 97.1 | 94.2 | 93.0 |
| Net debt (negative means net cash) | 85.7 | 89.6 | 90.6 | 86.8 | 83.5 |
| Net debt to EBITDA | 2.5x | 3.2x | 2.4x | 2.3x | 2.3x |
| Debt to equity | 1.0x | 1.2x | 1.2x | 1.1x | 1.0x |
| Interest coverage | 4.9x | 3.6x | 5.7x | 5.6x | 4.7x |
| Current ratio | 0.8x | 0.8x | 0.6x | 0.7x | 0.9x |
| Quick ratio | 0.8x | 0.8x | 0.6x | 0.7x | 0.9x |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Comcast shares on the open market, and 3 insiders sold $2.3 million.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Mar 5, 2026 | Jason ArmstrongCFO | Sold | 4,494 | $31.74 | $142,640 | Form 4 |
| Feb 11, 2026 | Michael J CavanaghCo-CEO, Director | Sold | 57,947 | $32.66 | $1.9 million | Form 4 |
| Feb 3, 2026 | Asuka NakaharaDirector | Sold | 8,275 | $29.70 | $245,768 | Form 4 |
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Pass | Pass | Pass |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | Fail | Pass | Pass |
| Current ratio rose | Fail | Pass | Pass |
| Share count didn't rise | Pass | Pass | Pass |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | Pass | Fail | Fail |
| F-score | 6 of 8 | 7 of 8 | 7 of 8 |
| Accruals ratio | −5.0% | −4.3% | −5.1% |
Compare
Put Comcast side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Comcast | FY25 | −0.0% | 16.7% | 17.7% | 8.9% | 2.3x | 7 | |
| Charter Communications | FY25 | −0.6% | 23.6% | 8.1% | 8.7% | 4.4x | 6 | Compare |
| Versant Media Group | FY25 | −5.3% | 19.0% | 27.7% | 8.7% | 0.4x | — | Compare |
| Liberty Global | FY25 | 12.4% | −0.5% | −2.7% | −0.1% | 6.3x | 5 | Compare |
| AT&T | FY25 | 2.7% | 19.2% | 15.5% | 8.7% | 2.6x | 7 | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 80.7 | 85.0 | 94.5 | 108.9 | 103.6 | 116.4 | 121.4 | 121.6 | 123.7 | 123.7 |
| Revenue growth | 8.4% | 5.3% | 11.2% | 15.3% | −4.9% | 12.4% | 4.3% | 0.1% | 1.8% | −0.0% |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | 16.8 | 18.0 | 19.0 | 21.1 | 17.5 | 20.8 | 14.0 | 23.3 | 23.3 | 20.7 |
| Net income | 8.7 | 22.7 | 11.7 | 13.1 | 10.5 | 14.2 | 5.4 | 15.4 | 16.2 | 20.0 |
| Diluted EPS (US$) | 1.78 | 4.75 | 2.53 | 2.83 | 2.28 | 3.04 | 1.21 | 3.71 | 4.14 | 5.39 |
| Diluted shares (millions) | 4,875 | 4,786 | 4,640 | 4,610 | 4,624 | 4,654 | 4,430 | 4,148 | 3,908 | 3,709 |
| Cash flow | ||||||||||
| Cash from operations | 19.7 | 21.3 | 24.3 | 25.7 | 24.7 | 29.1 | 26.4 | 28.5 | 27.7 | 33.6 |
| Capital expenditure | 9.1 | 9.6 | 9.8 | 10.0 | 9.2 | 9.2 | 10.6 | 12.2 | 12.2 | 11.8 |
| Free cash flow | 10.6 | 11.7 | 14.5 | 15.7 | 15.6 | 20.0 | 15.8 | 16.3 | 15.5 | 21.9 |
| Dividends paid | 2.6 | 2.9 | 3.4 | 3.7 | 4.1 | 4.5 | 4.7 | 4.8 | 4.8 | 4.9 |
| Share buybacks | 5.4 | 5.4 | 5.3 | 0.5 | 0.5 | 4.7 | 13.3 | 11.3 | 9.1 | 7.2 |
| Acquisitions | 3.9 | 0.5 | 38.2 | 0.4 | 0.2 | 1.4 | 0.0 | 0.0 | 0.1 | 1.3 |
| Stock-based compensation | 0.6 | 0.8 | 0.8 | 1.0 | 1.2 | 1.3 | 1.3 | 1.2 | 1.3 | 1.3 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 3.4 | 3.4 | 3.9 | 7.2 | 12.0 | 9.1 | 5.2 | 6.5 | 7.3 | 9.5 |
| Debt incl. finance leases | 58.3 | — | 107.3 | 97.8 | 103.8 | 94.8 | 94.8 | 97.1 | 94.2 | 93.0 |
| Total assets | 180.5 | 187.5 | 251.7 | 263.4 | 273.9 | 275.9 | 257.3 | 264.8 | 266.2 | 272.6 |
| Total liabilities | 124.3 | 118.0 | 179.2 | 179.5 | 182.1 | 178.4 | 175.6 | 181.6 | 180.2 | 175.5 |
| Shareholders' equity | 53.9 | 68.6 | 71.6 | 82.7 | 90.3 | 96.1 | 80.9 | 82.7 | 85.6 | 96.9 |
| Margins and ratios | ||||||||||
| Gross margin | — | — | — | — | — | — | — | — | — | — |
| Operating margin | 20.9% | 21.2% | 20.1% | 19.4% | 16.9% | 17.9% | 11.6% | 19.2% | 18.8% | 16.7% |
| Net margin | 10.8% | 26.7% | 12.4% | 12.0% | 10.2% | 12.2% | 4.4% | 12.7% | 13.1% | 16.2% |
| Free cash flow margin | 13.1% | 13.8% | 15.4% | 14.4% | 15.0% | 17.2% | 13.0% | 13.4% | 12.5% | 17.7% |
| Return on capital | 10.0% | — | — | 9.4% | 7.4% | 8.2% | 4.2% | 10.0% | 11.4% | 8.9% |
| Return on equity | 16.3% | 37.1% | 16.7% | 16.9% | 12.2% | 15.2% | 6.1% | 18.8% | 19.2% | 21.9% |
| Return on assets | 5.0% | 12.4% | 5.3% | 5.1% | 3.9% | 5.2% | 2.0% | 5.9% | 6.1% | 7.4% |
| Net debt to EBITDA | 2.1x | — | 3.4x | 2.7x | 3.0x | 2.5x | 3.2x | 2.4x | 2.3x | 2.3x |