Companies · CMCSA
Comcast
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Latest analysis
Updated Oct 22, 2026
Comcast announces NBCUniversal spin-off; connectivity segments face fixed wireless and fiber pressure.
Comcast reported flat year-over-year revenue in Q3 2026 as it navigated a strategic pivot toward a tax-free separation of NBCUniversal and Sky into independent public companies. The separation risk is material: failure to satisfy tax-free structuring, regulatory, or financing conditions could delay or prevent the spin-off entirely, and the resulting smaller entities will face higher standalone costs and reduced market resilience. Connectivity operations—cable broadband, fixed wireless, and wireless—remain pressured by competitive fixed-wireless-access encroachment and fiber overbuild in key markets, though the company is emphasizing convergence strategies and network modernization to defend share.
Tone: cautiousRevenue
$123.7B
CMCSA 10-K · FY 2025
Revenue FY2024
$123.7B
Founded
1963
Headquarters
Philadelphia, PA
Profile
CMCSA 10-K Item 1 · Feb 3, 2026Comcast Corporation is a global media and technology company operating across cable communications, broadcast and cable television, filmed entertainment, theme parks, and international media. Its principal businesses include connectivity and platforms serving residential and business customers, content production and distribution through NBCUniversal, and the Peacock streaming service. The company also operates Sky-branded services in select international markets.
Read filing description ↓ Collapse description ↑
Comcast operates through five reportable segments: Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios, and Theme Parks. Residential Connectivity & Platforms provides broadband, wireless, video, voice and home security services to residential customers under the Xfinity brand. Business Services Connectivity delivers broadband, ethernet, and managed network services to small, mid-size, and enterprise business customers. The Media segment encompasses NBCUniversal's broadcast and cable television networks, including NBC, MSNBC, CNBC, USA Network, Bravo, and others, as well as the Peacock direct-to-consumer streaming service. Studios encompasses film production under Universal Pictures and DreamWorks Animation, as well as television content production. Theme Parks operates Universal theme park destinations. The company also holds interests in Sky-branded video and television network operations in Germany, Comcast Spectacor (owner of the Philadelphia Flyers), and Xumo, a joint-venture consolidated streaming platform with Charter Communications. Comcast competes in intensely competitive, consumer-driven, and rapidly evolving markets across all of its segments, facing competition from wireline and wireless telecoms, satellite broadband, DTC streaming providers, social platforms, and other entertainment companies.
Primary products
- Broadband internet services (Xfinity)
- Wireless services (Xfinity Mobile)
- Video services
- Voice services
- Home security services
- Business broadband and ethernet services
Business segments
End markets
Geographies
Named customers
Named competitors
“Competitors with significant resources, greater efficiencies of scale, fewer regulatory burdens and more competitive pricing and packaging continue to increasingly compete with our businesses in all forms.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total consolidated revenue was essentially flat year-over-year, declining marginally from $123.7 billion in 2024 to $123.7 billion in 2025, with segment mix shifts partially offsetting declines in Residential Connectivity & Platforms and Media.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.