# Comcast Corporation (CMCSA) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CMCSA/thesis · /stocks/CMCSA/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CMCSA/fundamental

## Navigation

- Overview: /stocks/CMCSA
- Financials (this page): /stocks/CMCSA/financials
- Thesis: /stocks/CMCSA/thesis
- Investment Memo: /stocks/CMCSA/memo
- Coverage universe: /stocks