Comcast Corporation

CMCSA
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$31.5B
Q1 FY2026 · +5.3% YoY
TTM ROIC
11.2%
FY2024 · NOPAT / Invested Capital (Total Debt + Equity - Cash) · WACC ~7.5% · Moat spread +3pp

Financial Snapshot

ticker: CMCSA step: 04 generated: 2026-05-13 source: quick-research

Comcast Corporation (CMCSA) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $121.4B $121.6B $123.7B +1.8%
Adj. EBITDA ~$35B ~$36B ~$37B ~+3%
Net Income ~$5.4B ~$15B* ~$15B flat
Adj. EPS ~$3.61 $3.98 ~$4.20 ~+5.5%

FY2023 net income benefited from gains on asset transactions. Adj. EPS is the more meaningful recurring metric.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$22B
Free Cash Flow ~$13B
Capital Expenditures ~$10B
Cash & Equivalents ~$7B
Total Debt ~$95B

Comcast returned $16B+ to shareholders in FY2023 (buybacks + dividends). FCF generation is among the strongest of any US media company.

Key Ratios (approximate)

  • P/E: ~9x (adj. FY2024) | EV/EBITDA: ~7x | FCF Yield: ~9%
  • Revenue Growth: ~2% annually | Adj. EPS Growth: ~5–7% annually

Growth Profile

Comcast is a cash flow machine: $13B+ annual FCF with a ~9% FCF yield at current prices — deeply discounted vs. media peers. Revenue growth is modest (~2%) as broadband subscriber losses (1M+ net lost in 2025) and legacy cable TV decline offset broadband ARPU increases and theme park/Peacock growth. The Epic Universe theme park opening (May 2025) drove park revenue +19% in Q2 2025. Peacock losses are narrowing toward profitability. The Versant spin (cable networks) will free Comcast to focus capital on broadband and high-growth assets.

Forward Estimates

  • FY2025/2026: Adj. EPS growth ~5–7%; FCF $13B+
  • Broadband: ARPU growth offsetting subscriber losses; DOCSIS 4.0 competitive advantage vs. fiber
  • Peacock: 41M paid subs; NBA deal (Oct 2025) drives engagement; path to profitability in FY2026
  • Theme parks: Epic Universe driving significant FY2026 uplift; ~19% park revenue growth in Q2 2025
  • Versant SpinCo: Separation expected within 12 months of Nov 2024 announcement
  • Xfinity Mobile: 378K new wireless customers per quarter (Q2 2025); growing ARPU contributor

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $CMCSA.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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