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Comcast (CMCSA) stock

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NYSE: CMCSA NYSE Cable & Satellite Next results ~January 28, 2027

B+ Fundamentals grade

Comcast describes itself as a global media and technology company. Through its Connectivity & Platforms arm it supplies broadband, wireless, video and wireline voice services, marketed mainly under the Xfinity, Comcast Business, Sky and NOW brands, using its US hybrid fibre-coaxial network and third-party networks abroad. Through Content & Experiences it produces and distributes entertainment, sports and news via brands including NBC, Telemundo, Universal, Peacock and Sky, and owns Universal theme parks.

Customers include residential and business subscribers, viewers and park guests. Money comes from service subscriptions and bundles, wireless device sales and financing, advertising, fees for distributing television networks to pay-TV providers, Peacock subscriptions, worldwide licensing of films and television content, cinema releases, and theme-park admissions.

The group reports five segments: Residential Connectivity & Platforms and Business Services Connectivity under Connectivity & Platforms, and Media, Studios and Theme Parks under Content & Experiences. Connectivity operates in the United States, United Kingdom and Italy, with theme parks in the United States and Asia. Its film library holds more than 6,500 movies; Epic Universe opened in May 2025, and the Versant spin-off completed on 2 January 2026.

Based on Comcast's 10-K filed February 3, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$53

Cash-flow model

Base case. Range ~$34–$78 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 122% above it.

Price used: $23.87, November 2, 2026

Comcast valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Comcast files

10-Q filed October 22: Comcast

Revenue for the twelve months to September 2026 reached $123.0bn, down 0.2% on a year earlier. That decline was milder than the 0.6% recorded a quarter earlier, though it still places Comcast 837th of the 934 companies we cover for growth. Margins softened over the period. Free cash flow fell to 16.0% from 17.0%, while the operating margin narrowed to 14.7% from 18.0%. Working in shareholders' favour, the diluted share count is down 4.4% on a year earlier, lifting the claim attached to each remaining share. Our model value sits little changed at $65.72 a share, well above the current price of $22.84. The rating stays Buy.

Source: 10-Q filed October 22, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Comcast stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $124.9bn, up 0.6% on a year earlier, slower than 1.4% a quarter earlier. That puts it 809 of 931 for growth among all the companies we cover. Free-cash-flow margin held at 16.4%. Operating margin narrowed to 14.7% from 18.1%. The diluted share count is down 4.7% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 0 of our 2 financial-health checks. Our cash-flow model value is $82.03 a share, against a share price of $22.09.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Comcast's trailing-twelve-month revenue fell 0.2% year on year, with a free-cash-flow margin of 13.9%. Where it stands out: net margin of 9.2% ranks 1 of 5 cable & satellite companies we cover.

Our discounted-cash-flow model values the business at ~$53 per share in the base case (~$34–$78 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 5.8% while net income fell 49.9%: a 44pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $23.87 is 122% below our value per share of $53.
  • Shrinking share count. Diluted shares fell 4.4% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Revenue shrinking. Revenue fell 0.2% over the last 12 months.
  • Margins narrowing. Operating margin is down 3.3 points on a year ago.

Latest results: FY2026 Q3

Filed October 22, 2026
Earnings per share
$1.07 against an average estimate of $0.99: beat by 8.5%
Revenue
$29.30bn, down 6.1% on a year earlier
Share reaction
+2.8% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Next report
October 22, 2026; average EPS estimate $0.61

Comcast's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.8%
  • 1 week+8.3%
  • 1 month+12.4%
  • This year-10.2%
  • 1 year-3.6%
  • 5 years-42.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$123B
Operating margin
14.7%
Net margin
9.2%
EPS (TTM, diluted)
$3.15

Growth

Revenue growth
−0.2%
Change in growth rate
−0.8 pts
Share count change
−4.4%

Cash

Free cash flow (TTM)
$17.1B
FCF margin
13.9%
Stock pay % of revenue
1.1%

Earnings

Last results
October 22, 2026
Next results (est.)
January 28, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results

    Comcast reports third-quarter results

    Comcast said it issued a press release on October 22, 2026, detailing its financial performance for the three and nine months ended September 30, 2026. The company also provided an explanation of the non-GAAP financial measures used in the report. Daniel C. Murdock signed the filing as the principal accounting officer.

    SEC 8-KRead source ↗
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Comcast valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 7.8% a year for five years.That is slower than the 1.1% a year revenue growth Comcast has delivered.

  • Priced in-7.8%
  • Last 12 months-0.2%
  • 3 years a year0.6%
  • 5 years a year1.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($23.48, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$53
Price used
$23.48close November 3, 2026
Implied change
▲ +126%
Uncertainty
High

How we got here: a discounted-cash-flow model of Comcast's free cash flow after stock-based pay with after-tax interest added back ($17.5B, FY2026 Q3 TTM), growing -2.6% and 0.3% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$34–~$78 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Comcast's free cash flow after stock-based pay ( $17.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Comcast as an operating company, with every model that fits that kind of business. Cost of equity 7.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.54 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$53 ~$34–$78 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$68 ~$47–$100 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$76 ~$62–$99 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$62 ~$53–$76 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Comcast with Cable & Satellite in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −33%
  • Revenue growth 5 points higher ▲ +43%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▼ −6%
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $48$74$107$151$209$284
8.5% $32$50$74$106$147$200
10% $22$36$55$79$110$150

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$19.81$24.76$29.08$25.39$34.03$40.54$39.64$28.27$36.49$32.17$26.59$23.87
Market value$99.7bn$120.7bn$139.2bn$117.8bn$156.9bn$187.4bn$184.5bn$125.2bn$151.4bn$125.7bn$98.6bn$85.8bn
+ Net debt (− = net cash)$50.3bn$57.7bn$61.1bn$107.9bn$96.7bn$92.0bn$86.1bn$90.1bn$90.9bn$91.8bn$89.5bn$79.8bn
Enterprise value$150.1bn$178.4bn$200.3bn$225.7bn$253.6bn$279.5bn$270.6bn$215.3bn$242.2bn$217.5bn$188.1bn$165.6bn
Multiples
Price / sales 1.3x1.5x1.6x1.2x1.4x1.8x1.6x1.0x1.2x1.0x0.8x0.7x
Price / earnings 12.2x13.9x6.1x10.0x12.0x17.8x13.0x23.3x9.8x7.8x4.9x7.6x
Price / free cash flow 9.1x11.4x11.9x8.1x10.0x12.0x9.2x7.9x9.3x8.1x4.5x4.4x
EV / EBITDA 6.1x6.8x7.1x7.5x7.4x9.1x7.8x7.7x6.4x5.7x5.1x5.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

67 /100

Moderate moat

How hard Comcast's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Net income has been a median 5.3% of total assets over 10 years.

  • Durability 15 / 20

    Operating margin has been a median 18.3%; its worst year was 11.8%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 12.8% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 22.9% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (72 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.50 −19% $119.8bn −3%
Next $3.54 +1% $116.5bn −3%

Next year's EPS estimate has moved −2.4% in 90 days, across 21 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.1% on 90 days ago. In the last 30 days, 1 analyst raised Comcast's forecast and 14 cut it.

Consensus EPS forecast Comcast, last 90 days
$3.45 $3.50 $3.55 $3.60 $3.65 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.50 Current fiscal year, 60 days ago: $3.51 Current fiscal year, 30 days ago: $3.49 Current fiscal year, 7 days ago: $3.48 Current fiscal year, Now: $3.50 $3.50 Next fiscal year, 90 days ago: $3.62 Next fiscal year, 60 days ago: $3.62 Next fiscal year, 30 days ago: $3.58 Next fiscal year, 7 days ago: $3.58 Next fiscal year, Now: $3.54 $3.54

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.50$3.62
60 days ago $3.51$3.62
30 days ago $3.49$3.58
7 days ago $3.48$3.58
Now $3.50$3.54

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.99 $1.07 +8.5%
Jun 2026 $0.97 $1.04 +7.6%
Mar 2026 $0.73 $0.79 +8.3%
Dec 2025 $0.76 $0.84 +10.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026

No numeric guidance in Comcast's latest earnings release (filed October 22, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Comcast's revenue by -2.6% next year and +0.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-4.6%, weight 70%) and the company's own record (+2.0%, weight 30%) . How the weights are set.

Analyst recommendations

27 analysts, Oct 2026
Buy933%
Hold1452%
Sell415%

Monthly trend

  1. Oct 2026814327
  2. Sep 2026815328
  3. Aug 20262716228
  4. Jul 2026816228

Counts of recommendations published by analysts covering Comcast, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.5%
of tradable shares
Days to cover
2.4
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
0.7%
of shares
Employees
179,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −3.6%

$24.77 on October 31, 2025 to $23.87

ThenNowEffect
Revenue (last 12 months) $124.2bn $124.9bn +0.6%
Net margin 18.4% 9.0% −51.4%
P/E multiple 4.1x 7.7x +87.8%
Share count 3808m 3628m +5.0%

Biggest factor: net margin.

Last 3 years −33.6%

$35.93 on November 3, 2023 to $23.87

ThenNowEffect
Revenue (last 12 months) $120.6bn $124.9bn +3.6%
Net margin 5.4% 9.0% +66.2%
P/E multiple 23.6x 7.7x −67.2%
Share count 4273m 3628m +17.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CMCSA−2%−29%+29%−12%−17%−10%
Industry peers (median)−1%−48%−4%−13%−32%−41%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CMCSA58%33%67%50%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CMCSA−22%−43%−16%−21%−29%−34%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 57% from September 2, 2021 to October 9, 2026. Getting back needed a 134% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$20.66 – $31.19
From 52-week high
−23.5%
vs 50-day average
+3.3%
vs 200-day average
−6.0%
Volatility (1 year)
33%
Beta vs S&P 500
-0.06

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±4.1%
After a week
6 up, 6 down
typical move ±4.5%
After a month
6 up, 5 down
typical move ±5.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 +2.8% −1.7% +0.9% —
July 23, 2026 −5.2% −1.1% +0.6% +14.2%
April 23, 2026 −6.2% +0.4% −7.9% −14.2%
January 29, 2026 +4.7% −0.5% +8.6% +8.5%
October 30, 2025 −2.4% −0.8% −4.3% −6.8%
July 31, 2025 +0.1% −2.0% −2.6% +4.5%
April 24, 2025 −1.7% +2.8% −1.9% +0.1%
January 30, 2025 −9.9% 0.0% −7.7% −3.7%
October 31, 2024 +3.1% −1.5% +4.6% +2.5%
July 23, 2024 −3.6% −2.4% +3.2% +1.0%
April 25, 2024 −4.1% +0.6% −4.6% −4.2%
January 25, 2024 +5.6% +0.4% +6.7% −3.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Comcast’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.26× the last 60 days’ realised volatility , richer than 66% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: High uncertainty.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Comcast in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Comcast
$120B $122B $124B $126B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $121.6B Revenue (TTM), FY24 Q1: $121.9B Revenue (TTM), FY24 Q2: $121.1B Revenue (TTM), FY24 Q3: $123.1B Revenue (TTM), FY24 Q4: $123.7B Revenue (TTM), FY25 Q1: $123.6B Revenue (TTM), FY25 Q2: $124.2B Revenue (TTM), FY25 Q3: $123.3B Revenue (TTM), FY25 Q4: $123.7B Revenue (TTM), FY26 Q1: $125.3B Revenue (TTM), FY26 Q2: $124.9B Revenue (TTM), FY26 Q3: $123B $123B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $121.6B
FY24 Q1 $121.9B
FY24 Q2 $121.1B
FY24 Q3 $123.1B
FY24 Q4 $123.7B
FY25 Q1 $123.6B
FY25 Q2 $124.2B
FY25 Q3 $123.3B
FY25 Q4 $123.7B
FY26 Q1 $125.3B
FY26 Q2 $124.9B
FY26 Q3 $123B
Revenue growth, TTM YoY Comcast
-1% 0% 1% 2% 3% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 0.1% Revenue growth, TTM YoY, FY24 Q1: 1.5% Revenue growth, TTM YoY, FY24 Q2: 0.4% Revenue growth, TTM YoY, FY24 Q3: 1.8% Revenue growth, TTM YoY, FY24 Q4: 1.8% Revenue growth, TTM YoY, FY25 Q1: 1.3% Revenue growth, TTM YoY, FY25 Q2: 2.5% Revenue growth, TTM YoY, FY25 Q3: 0.2% Revenue growth, TTM YoY, FY25 Q4: -0.0% Revenue growth, TTM YoY, FY26 Q1: 1.4% Revenue growth, TTM YoY, FY26 Q2: 0.6% Revenue growth, TTM YoY, FY26 Q3: -0.2% -0.2%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 0.1%
FY24 Q1 1.5%
FY24 Q2 0.4%
FY24 Q3 1.8%
FY24 Q4 1.8%
FY25 Q1 1.3%
FY25 Q2 2.5%
FY25 Q3 0.2%
FY25 Q4 -0.0%
FY26 Q1 1.4%
FY26 Q2 0.6%
FY26 Q3 -0.2%
Operating margin (TTM) Comcast
14% 16% 18% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 19.2% Operating margin (TTM), FY24 Q1: 19.3% Operating margin (TTM), FY24 Q2: 19.3% Operating margin (TTM), FY24 Q3: 18.5% Operating margin (TTM), FY24 Q4: 18.8% Operating margin (TTM), FY25 Q1: 18.7% Operating margin (TTM), FY25 Q2: 18.1% Operating margin (TTM), FY25 Q3: 18.0% Operating margin (TTM), FY25 Q4: 16.7% Operating margin (TTM), FY26 Q1: 15.3% Operating margin (TTM), FY26 Q2: 14.7% Operating margin (TTM), FY26 Q3: 14.7% 14.7%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 19.2%
FY24 Q1 19.3%
FY24 Q2 19.3%
FY24 Q3 18.5%
FY24 Q4 18.8%
FY25 Q1 18.7%
FY25 Q2 18.1%
FY25 Q3 18.0%
FY25 Q4 16.7%
FY26 Q1 15.3%
FY26 Q2 14.7%
FY26 Q3 14.7%
FCF margin (TTM) Comcast
8% 10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 10.7% FCF margin (TTM), FY24 Q1: 11.2% FCF margin (TTM), FY24 Q2: 9.6% FCF margin (TTM), FY24 Q3: 8.9% FCF margin (TTM), FY24 Q4: 10.1% FCF margin (TTM), FY25 Q1: 10.9% FCF margin (TTM), FY25 Q2: 13.4% FCF margin (TTM), FY25 Q3: 14.7% FCF margin (TTM), FY25 Q4: 15.5% FCF margin (TTM), FY26 Q1: 14.1% FCF margin (TTM), FY26 Q2: 14.3% FCF margin (TTM), FY26 Q3: 13.9% 13.9%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 10.7%
FY24 Q1 11.2%
FY24 Q2 9.6%
FY24 Q3 8.9%
FY24 Q4 10.1%
FY25 Q1 10.9%
FY25 Q2 13.4%
FY25 Q3 14.7%
FY25 Q4 15.5%
FY26 Q1 14.1%
FY26 Q2 14.3%
FY26 Q3 13.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Comcast took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $124B
  2. Other income $5.4B · 4.4%
  3. Other operating costs $103B · 83.3%
  4. Operating income $20.7B · 16.7%
  5. Income tax $6.1B · 4.9%
  6. Net income $20B · 16.2%

Shares of revenue. Source: Comcast's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 35.8 37.9 55.8 62.6 64.7 68.8 74.5 80.7 85.0 94.5 108.9 103.6 116.4 121.4 121.6 123.7 123.7 123.0
EBITDA 13.7 14.6 18.4 20.0 21.4 22.9 24.7 26.3 28.1 30.0 34.1 30.6 34.6 27.9 37.7 38.1 36.9 30.9
Operating income 7.2 8.0 10.7 12.2 13.6 14.9 16.0 16.8 18.0 19.0 21.1 17.5 20.8 14.0 23.3 23.3 20.7 18.1
Net income 3.6 3.6 4.2 6.2 6.8 8.4 8.2 8.7 22.7 11.7 13.1 10.5 14.2 5.4 15.4 16.2 20.0 11.3
Diluted EPS $0.63 $0.65 $0.75 $1.14 $1.28 $1.60 $1.62 $1.78 $4.75 $2.53 $2.83 $2.28 $3.04 $1.21 $3.71 $4.14 $5.39 $3.15
Growth (year on year)
Revenue +3.9% +6.1% +47.2% +12.0% +3.3% +6.4% +8.3% +8.4% +5.3% +11.1% +15.3% −4.9% +12.4% +4.3% +0.1% +1.8% −0.0% −0.2%
EBITDA +4.4% +6.4% +25.8% +8.8% +7.3% +6.9% +7.7% +6.4% +7.2% +6.7% +13.5% −10.2% +13.2% −19.5% +35.1% +1.2% −3.2% −10.5%
Operating income +7.2% +10.6% +34.3% +13.6% +11.4% +9.9% +7.3% +5.2% +7.1% +5.5% +11.1% −17.2% +19.0% −32.6% +66.0% −0.1% −11.3% −18.4%
Net income +42.8% −0.1% +14.4% +49.1% +9.9% +22.9% −2.6% +6.3% +162.0% −48.4% +11.3% −19.3% +34.4% −62.1% +186.6% +5.2% +23.5% −49.9%
Diluted EPS +46.5% +2.4% +16.3% +52.0% +12.3% +25.0% +1.3% +9.9% +166.9% −46.7% +11.9% −19.4% +33.3% −60.2% +206.6% +11.6% +30.2% −47.7%
Margins
EBITDA margin 38.4% 38.5% 32.9% 31.9% 33.2% 33.3% 33.1% 32.5% 33.1% 31.8% 31.3% 29.5% 29.7% 22.9% 31.0% 30.8% 29.8% 25.1%
Operating margin 20.2% 21.0% 19.2% 19.5% 21.0% 21.7% 21.5% 20.8% 21.2% 20.1% 19.4% 16.9% 17.9% 11.6% 19.2% 18.8% 16.7% 14.7%
Net margin 10.2% 9.6% 7.4% 9.9% 10.5% 12.2% 11.0% 10.7% 26.7% 12.4% 12.0% 10.2% 12.2% 4.4% 12.7% 13.1% 16.2% 9.2%
Free-cash-flow margin 14.4% 16.4% 16.2% 14.6% 11.7% 13.8% 14.7% 13.1% 13.8% 15.4% 14.5% 15.0% 17.2% 13.0% 13.4% 12.5% 17.7% 16.0%
Cash flow
Cash from operations 10.3 11.2 14.3 14.9 14.2 16.9 19.5 19.7 21.3 24.3 25.7 24.7 29.1 26.4 28.5 27.7 33.6 31.7
Capital spending 5.1 5.0 5.3 5.7 6.6 7.4 8.5 9.1 9.6 9.8 10.0 9.2 9.2 10.6 12.2 12.2 11.8 12.1
Free cash flow 5.2 6.2 9.0 9.1 7.6 9.5 11.0 10.6 11.7 14.5 15.7 15.6 20.0 15.8 16.3 15.5 21.9 19.7
Stock-based pay 0.3 0.3 0.3 0.4 0.4 0.5 0.6 0.6 0.8 0.8 1.0 1.2 1.3 1.3 1.2 1.3 1.3 1.3
Free cash flow after stock pay 4.9 5.9 8.7 8.8 7.1 9.0 10.4 9.9 11.0 13.7 14.7 14.4 18.7 14.5 15.0 14.2 20.6 18.3
Balance sheet
Cash 0.7 6.0 1.6 11.0 1.7 3.9 2.3 3.3 3.4 3.8 5.5 11.7 8.7 4.7 6.2 7.3 9.5 7.6
Total debt 29.1 31.4 39.3 40.5 47.8 48.1 52.6 61.0 64.6 111.7 102.2 103.8 94.9 94.8 97.1 99.1 98.9 87.4
Net debt (negative = net cash) 28.4 25.4 37.7 29.5 46.1 44.2 50.3 57.7 61.1 107.9 96.7 92.0 86.1 90.1 90.9 91.8 89.5 79.8
Diluted shares 5,770m 5,640m 5,556m 5,434m 5,330m 5,240m 5,035m 4,875m 4,786m 4,640m 4,610m 4,624m 4,654m 4,430m 4,148m 3,908m 3,709m 3,596m
Returned to shareholders
Dividends 0.8 1.1 1.2 1.6 2.0 2.3 2.4 2.6 2.9 3.4 3.7 4.1 4.5 4.7 4.8 4.8 4.9 4.8
Buybacks 0.8 1.2 2.1 3.0 2.0 4.3 7.2 5.4 5.4 5.3 0.5 0.5 4.7 13.3 11.3 9.1 7.2 4.1
Total returned 1.5 2.3 3.3 4.6 4.0 6.5 9.6 8.0 8.3 8.7 4.2 4.7 9.2 18.1 16.1 13.9 12.0 8.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · September 30, 2026
What it owns · $257.8bn
Short-term assets $25.2bnLonger-term assets $232.5bn
What it owes, and who funded it · $123.2bn
Short-term liabilities $30.7bnShareholders' equity $92.5bn
  • Short-term assets cover short-term liabilities $25.2bn of assets due within a year against $30.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $7.6bn of cash against $87.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 94% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 98% to 94% over five years.
  • A year's operating cash flow covers at least 20% of debt $31.7bn of operating cash flow against $87.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $18.1bn against $4.2bn of interest.

From Comcast's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$4.1B
Dividends (TTM)
$4.8B
Returned to shareholders
52%
of free cash flow
Buybacks, last 3 fiscal years
$27.5B
Diluted share count
−4.4%
year over year
Total shareholder yield
10.4%
dividends 5.7% + buybacks 4.8% of market value
Dividend payout ratio
43%
of net income paid out
Days sales outstanding
40 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in cable & satellite
Last 12 months unless stated CMCSA CHTR OPTU LBTYK CABO Median
Revenue, last 12 months $123.0bn $54.4bn $8.4bn $4.9bn $1.4bn $8.4bn
Revenue growth, last 12 months −0.2% −1.5% −4.4% 5.4% −6.5% −1.5%
Revenue growth, 3-year average 0.6% −0.1% −3.7% 5.8% −5.3% −0.1%
Revenue growth, latest quarter −6.1% −1.7% −5.8% −7.7% −8.4% −6.1%
Gross margin — — 69.9% 67.2% — 68.5%
Operating margin 14.7% 23.3% −35.3% −1.8% −17.5% −1.8%
Operating margin, 3-year average 17.1% 23.5% −0.1% −2.1% 0.3% 0.3%
Net margin 9.2% 9.1% −58.1% −62.1% −72.8% −58.1%
Cash from operations / revenue 25.8% 30.3% 12.3% 26.0% 37.5% 26.0%
Free-cash-flow margin 13.9% 8.0% −2.5% −5.2% 17.5% 8.0%
Free-cash-flow margin, 3-year average 12.5% 7.3% 0.4% 10.3% 19.3% 10.3%
Stock pay / revenue 1.1% 1.2% 0.6% 3.4% 2.4% 1.2%
Change in share count −4.4% −11.0% 0.1% −4.5% 6.0% −4.4%

Median of all 5 companies we cover in cable & satellite. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

5 cable & satellite companies
Measure Company Peer median Rank
Revenue growth Growth -0.2% -1.5% 2 of 5
Change in growth rate Growth -0.8pp -0.8pp 3 of 5
Operating margin Profitability 14.7% -1.8% 2 of 5
Net margin Profitability 9.2% -58.1% 1 of 5
Free-cash-flow margin Cash generation 13.9% 8.0% 2 of 5
Stock pay as % of revenue Cash generation 1.1% 1.2% 2 of 5
Long-term debt as % of assets Balance sheet 32.5% 59.7% 1 of 5
Change in share count Balance sheet -4.4% -4.4% 3 of 5

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $95.1B 76.9% ▼ 1.1%
United Kingdom $15.2B 12.3% ▲ 7.0%
Other Geographic Locations $13.4B 10.8% ▲ 0.6%

From Comcast's 10-K filed February 3, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$78.1B
Institutions reporting
1,871
Shares held vs prior quarter
▲ 1.0%
Positions opened / closed
130 / 281

Top buyers and sellers, Q2 2026: 796 institutions bought and 1,147 sold ; the biggest buyer was Arrowstreet Capital, Limited Partnership (+39.9M shares) and the biggest seller Capital World Investors (−77.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $7.7B 313.2M 9.8% ▼ 0.6%
Vanguard Capital Management LLC $5.7B 232.6M 7.3% ▼ 0.2%
State Street Corp $4.8B 195.1M 6.1% ▲ 6.7%
Charles Schwab Investment Management Inc $3.3B 133.1M 4.2% ▲ 9.5%
Invesco Ltd. $3.1B 125.1M 3.9% ▲ 4.4%
Capital Research Global Investors $2.9B 116.1M 3.7% ▲ 29.6%
Dodge & Cox $2.8B 115.9M 3.6% ▲ 2.5%
Capital World Investors $2.6B 104.6M 3.3% ▼ 42.6%
Geode Capital Management, LLC $2.2B 89.5M 2.8% ▲ 1.6%
Vanguard Portfolio Management LLC $2B 80.0M 2.5% ▲ 4.3%
Norges Bank $1.9B 76.5M 2.4% —
First Eagle Investment Management, LLC $1.9B 76.3M 2.4% ▲ 102.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Comcast's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.3M 3 trades by 3 insiders · 0% under pre-set plans
Net ▼ $2.3M net selling
Insider Date Trade Shares Price Value
Armstrong Jason CFO March 5, 2026 Sell 4,494 $31.73 $142,617
Cavanagh Michael J Co-CEO February 11, 2026 Sell 57,947 $32.66 $1.9M
Nakahara Asuka Director February 3, 2026 Sell 8,275 $29.70 $245,768

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 138 trades and filings

In the last 12 months, 4 members of Congress disclosed 2 purchases and 9 sales of Comcast shares.

  • Kevin Hern(R-OK 1):Sale (full), $1,001 - $15,000, traded August 5, 2026, filed August 10, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded July 17, 2026, filed September 4, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded June 16, 2026, filed July 2, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • April 23, 2026
  • January 29, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Comcast was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Comcast in brief

What does Comcast do?
Comcast is a US-listed company in the cable & satellite industry. Its financial year ends in December.
What is Comcast's stock ticker?
Comcast trades under the ticker CMCSA on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Comcast's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Comcast reported revenue of $123B, 0.2% lower than a year earlier, according to its SEC filings.
What is Comcast's free cash flow?
Comcast's free-cash-flow margin is 13.9% of revenue over the trailing twelve months, ranking 2 of the 5 cable & satellite companies we cover.
What is Comcast's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Comcast's free cash flow after stock-based pay gives ~$53 per share in the base case, and ~$34–$78 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Comcast's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Comcast buying back stock, and does it pay a dividend?
Comcast spent $4.1B on share repurchases over the trailing twelve months, and its diluted share count fell 4.4% over the year.
What is Comcast's market cap?
On November 2, 2026, Comcast's market capitalisation was about $85.8B, with a price-to-earnings ratio of 7.6 and net debt of $79.8B. Market figures come from third-party market data and may be delayed.
Does Comcast pay a dividend?
Yes: Comcast paid $4.8B in dividends over the trailing twelve months, a dividend yield of 5.66% and a payout ratio of 42.6%.
How much debt does Comcast have?
Comcast's debt-to-equity ratio is 94.4%, from its latest balance sheet (97.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Comcast's competitors?
In our Cable & Satellite peer group, the companies closest to Comcast are Charter Communications, Optimum Communications, Inc., Liberty Global Ltd. and Cable One, Inc. The side-by-side comparison below sets their revenue, margins and growth against Comcast's.
Are insiders buying or selling Comcast stock?
Over the last 12 months, Comcast's directors and officers reported 0 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is Comcast's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Comcast announces its own schedule.