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Company file · CMCSA

Comcast

Comcast's revenue was flat in 2025, while net income rose

Revenue was $123.7B, about the same as a year earlier. Net income rose 23.5% to $20.0B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 3, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 22, 2026) · Data pulled Oct 25, 2026

Key facts

Comcast (Nasdaq: CMCSA) closed fiscal 2025 on Dec 31, 2025 with revenue of $123.7B, roughly unchanged from a year before; net income to Comcast came to $20.0B, up 23.5%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $29.3B, down 6.1% on the same stretch of the prior year, and net income of $3.4B. Broken down by segment (before eliminations), Residential Connectivity & Platforms led with 55% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 3, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 22, 2026).

Revenue$123.7BFY2025 · −0.0% vs FY2024
Net income to Comcast$20.0BFY2025 · +23.5% vs FY2024
Operating cash flow$33.6BFY2025 · +21.6% vs FY2024
Cash & equivalents$7.6Bat Sep 30, 2026 · −19.9% vs FY2025 end
Total debt$87.4Bat Sep 30, 2026 · −11.7% vs FY2025 end
Diluted shares3.71BFY2025 avg · −5.1% vs FY2024
Revenue and net income to Comcast, three fiscal yearsBy fiscal year, $bn
RevenueNet income to Comcast
Revenue and net income to Comcast by fiscal yearRevenue FY2023: $121.6B121.6Net income to Comcast FY2023: $15.4B15.4FY2023Revenue FY2024: $123.7B123.7Net income to Comcast FY2024: $16.2B16.2FY2024Revenue FY2025: $123.7B123.7Net income to Comcast FY2025: $20.0B20.0FY2025

Source: 10-K FY2025, filed Feb 3, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly revenue, fiscal 2026 vs 2025FY2025 Q1: $29.9B29.9FY2026 Q1: $31.5B31.5Q1FY2025 Q2: $30.3B30.3FY2026 Q2: $29.9B29.9Q2FY2025 Q3: $31.2B31.2FY2026 Q3: $29.3B29.3Q3

Source: 10-Q filed Apr 23, 2026 · 10-Q filed Jul 23, 2026 · 10-Q filed Oct 22, 2026

How it makes money

FY2025 total by categoryResidential Connectivity & Platforms: $70.7B (55%)Business Services Connectivity: $10.2B (8%)Media: $27.1B (21%)Studios: $11.3B (9%)Theme Parks: $9.8B (8%)$129.2BFY2025 total

By segment (before eliminations), FY2025

  • LineAmountSharevs FY2024
  • Residential Connectivity & Platforms$70.7B55%−1.2%
  • Business Services Connectivity$10.2B8%+5.5%
  • Media$27.1B21%−3.8%
  • Studios$11.3B9%+1.7%
  • Theme Parks$9.8B8%+14.1%

Source: 10-K FY2025, XBRL breakdown

Residential Connectivity & Platforms was 55% of 2025 segment revenue, Media 21%, Studios 9%, Business Services Connectivity 8% and Theme Parks 8%.

By segment (before eliminations): three-year mixShare of the total each fiscal year
Residential Connectivity & PlatformsBusiness Services ConnectivityMediaStudiosTheme Parks

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue
$29.3B Q3 2026
$31.2B Q3 2025
6.1% decrease
Net income
$3.4B Q3 2026
$3.3B Q3 2025
3.5% increase

Source: Comcast 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026

By segment

Residential Connectivity & Platforms
$17.0B Q3 2026
$17.6B Q3 2025
3.5% decrease
Media
$5.4B Q3 2026
$4.7B Q3 2025
13.0% increase
Studios
$3.0B Q3 2026
$3.0B Q3 2025
1.1% decrease
Business Services Connectivity
$2.6B Q3 2026
$2.6B Q3 2025
2.7% increase
Theme Parks
$2.6B Q3 2026
$2.7B Q3 2025
4.4% decrease

Source: Comcast 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026

  • Cash & equivalents $7.6B at Sep 30, 2026, vs $9.5B at FY2025 end.
  • Total debt $87.4B at Sep 30, 2026, vs $98.9B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $22.9B vs $24.8B a year earlier.

The bull case and the bear case

The bull case

  • Net income rose 23.5% in 2025 to $20.0B, and operating cash flow rose 21.6% to $33.6B. 10-K, FY2025
  • Theme Parks revenue grew 14.1% in 2025 and Business Services Connectivity 5.5%. 10-K, FY2025
  • Diluted shares fell 5.1% in 2025. 10-K, FY2025

The bear case

  • Residential Connectivity & Platforms revenue fell 1.2% in 2025 and Media 3.8%. 10-K, FY2025
  • Revenue in the quarter ended Sep 30, 2026 was $29.3B, down 6.1% on a year earlier. 10-Q, quarter ended Sep 30, 2026
  • Total debt was $98.9B at the end of 2025. 10-K, FY2025
  • The 10-K lists competition in broadband and video, changes in how people watch TV, content costs, the economy and cyberattacks among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Comcast runs Xfinity broadband, wireless and video services in the US and Sky in Europe, along with NBCUniversal's TV networks, Peacock, film studios and theme parks.

Residential Connectivity & Platforms sells home internet, mobile, video and Sky services. Business Services Connectivity sells connectivity to businesses. Media covers TV networks and Peacock streaming. Studios makes and licenses films and TV shows. Theme Parks runs Universal parks.

Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Comcast's latest 10-K. Read the original for the full list.

  1. CompetitionFiber, wireless and satellite providers compete for broadband customers.
  2. Viewing habitsCustomers are dropping pay TV for streaming.
  3. Content costsSports and programming rights are expensive.
  4. EconomyAdvertising and theme park spending fall in downturns.
  5. DebtIt carries large debt.
  6. CybersecurityAttacks could disrupt networks or expose customer data.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Revenue$121.6B$123.7B$123.7B
Net income to Comcast$15.4B$16.2B$20.0B
Operating cash flow$28.5B$27.7B$33.6B
Cash & equivalents (year end)$6.2B$7.3B$9.5B
Total debt (year end)$97.1B$99.1B$98.9B
Diluted shares4.15B3.91B3.71B
  • Revenue: Broadband, wireless and video service, business connectivity, TV networks and Peacock, film studios and theme parks.
  • Net income to Comcast: Net income attributable to Comcast, after the share belonging to minority owners.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Current portion plus long-term debt, including finance leases, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment shares are of the five segments' revenue before eliminations and corporate items, so they don't add up exactly to reported revenue.

Recent filings

FormFiledPeriod
10-QOct 22, 2026Sep 30, 2026
10-QJul 23, 2026Jun 30, 2026
DEF 14AApr 24, 2026Jun 10, 2026
10-QApr 23, 2026Mar 31, 2026
10-KFeb 3, 2026Dec 31, 2025

Latest filings

  1. Oct 227:05 AM ET

    8-K

    Comcast files an 8-K on quarterly results

    Comcast filed a Form 8-K on Oct 22, 2026 at 7:05 AM ET under Item 2.02 (Results of Operations and Financial Condition).

  2. Oct 24:14 PM ET

    Form 4

    Comcast director Gordon Smith reports an award of 1,552 shares

    The filing reports 1,552 shares in a grant or award (code A).

  3. Oct 24:12 PM ET

    Form 4

    Comcast director Jeffrey A. Honickman reports an award of 2,011 shares

    The filing reports 2,011 shares in a grant or award (code A).

  4. Oct 24:12 PM ET

    Form 4

    Comcast director Edward D. Breen reports an award of 920 shares

    The filing reports 920 shares in a grant or award (code A).

  5. Oct 24:09 PM ET

    Form 4

    Comcast director Louise F. Brady reports an award of 1,552 shares

    The filing reports 1,552 shares in a grant or award (code A).

All Comcast filings notes →

Common questions about Comcast

How does Comcast make money?

Fiscal 2025 revenue: $123.7B. Residential Connectivity & Platforms was 55% of 2025 segment revenue, Media 21%, Studios 9%, Business Services Connectivity 8% and Theme Parks 8%. Source: 10-K for fiscal 2025, filed Feb 3, 2026.

What was Comcast's revenue in fiscal 2025?

$123.7B, roughly unchanged from fiscal 2024 ($123.7B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $121.6B. Source: 10-K for fiscal 2025, filed Feb 3, 2026.

Is Comcast profitable?

Net income to Comcast was $20.0B in fiscal 2025 (up 23.5%; fiscal 2024 was $16.2B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $3.4B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 3, 2026.

What did Comcast report in its latest quarterly filing?

For the three months to Sep 30, 2026: revenue $29.3B (down 6.1% from $31.2B) and net income $3.4B (up 3.5% from $3.3B). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026.

How much cash and debt does Comcast have?

As of Sep 30, 2026: $7.6B of cash and cash equivalents, $87.4B of total debt. Total debt here is current portion plus long-term debt, including finance leases, at carrying value. Source: 10-Q filed Oct 22, 2026.

What are the main risks Comcast lists?

The risk factors are in Item 1A of the 10-K filed Feb 3, 2026. This page sorts them into 6 groups (Competition; viewing habits; content costs; economy; debt; cybersecurity). The first group in plain English: Fiber, wireless and satellite providers compete for broadband customers. Source: 10-K, Item 1A Risk Factors.

Where do these Comcast numbers come from?

The 10-K filed Feb 3, 2026 (fiscal 2025) and the 10-Q filed Oct 22, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in CMCSA
The editor holds no position in Comcast (CMCSA). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell CMCSA from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold CMCSA, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
ComcastCMCSAFY2025$123.7B−0.0%$20.0B
VerizonVZFY2025$138.2B+2.5%$17.2B
AT&TTFY2025$125.6B+2.7%$22.0B
DisneyDISFY2025$94.4B+3.4%$12.4B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.