COMCAST CORP

Comcast Corporation is a global media and technology company that operates in the connectivity and platforms services industry and the content and experiences industry, delivering broadband, wireless, video and voice services primarily under the Xfinity, Comcast Business, Sky and NOW brands; producing, distributing and streaming entertainment, sports and news through brands including NBC, Telemundo, Universal, Peacock and Sky; and owning and operating Universal theme parks.

The company operates two primary businesses: Connectivity & Platforms, which contains its broadband, wireless, video and wireline voice businesses in the United States, United Kingdom and Italy, and Content & Experiences, which contains its media and entertainment businesses that produce and distribute content and own and operate theme parks in the United States and Asia. The company's Residential Connectivity & Platforms segment competes with wireline telecommunications companies such as AT&T, Lumen and Verizon in the United States and BT and Virgin Media O2 in the United Kingdom, as well as wireless companies such as AT&T, T-Mobile and Verizon offering internet services using 5G fixed wireless networks and 4G and 5G wireless broadband services. The company's Media segment competes for viewers' attention and audience share with all forms of programming provided to viewers, including DTC streaming service providers, television networks, local broadcast television stations, and online activities such as social networking and viewing user-generated content.

The company generates revenue through a mix of recurring subscription-based income from residential and business customers for broadband, wireless, video and voice services, transactional income from advertising sales, content licensing, theatrical releases, and theme park guest spending, and income from the distribution of television programming and streaming services. The company offers services to customers individually and as bundled services at a discounted rate.

The Residential Connectivity & Platforms segment primarily includes residential broadband and wireless services, residential and business video services, advertising, residential voice services, and Sky-branded entertainment television networks. For the year ended December 31, 2025, this segment generated revenue of $70.704 billion ¹ and Adjusted EBITDA of $26.653 billion ². The Business Services Connectivity segment consists primarily of offerings under the Comcast Business brand, including domestic service offerings for small businesses and domestic and international enterprise solutions offerings, and generated revenue of $10.237 billion ³ and Adjusted EBITDA of $5.725 billion ⁴ in 2025.

The Media segment operates as a combined television and streaming business, primarily including NBCUniversal's national and regional cable networks, NBC and Telemundo broadcast networks and owned local broadcast television stations, the Peacock DTC streaming service, and international television networks including Sky Sports networks. For 2025, the Media segment generated revenue of $27.090 billion ⁵ and Adjusted EBITDA of $3.196 billion ⁶. The Studios segment primarily includes NBCUniversal and Sky film and television studio production and distribution operations, generating revenue of $11.286 billion ⁷ and Adjusted EBITDA of $1.099 billion ⁸ in 2025. The Theme Parks segment primarily includes the operations of Universal theme parks, including Universal Orlando Resort, Universal Studios Hollywood, Universal Studios Japan, and Universal Beijing Resort, and generated revenue of $9.836 billion ⁹ and Adjusted EBITDA of $3.080 billion ¹⁰ in 2025.

In June 2025, the company sold its interest in Hulu, recognizing a pre-tax gain of $9.4 billion ¹¹. In 2025, the company repurchased a total of 205 million ¹² shares of its Class A common stock for $6.8 billion ¹³ and paid $4.9 billion ¹⁴ of dividends. On January 2, 2026, the company completed the separation of Versant Media Group, Inc. into an independent, publicly traded company, distributing 100% of the shares of Versant common stock to Comcast shareholders, with each Comcast shareholder receiving 1 share of Versant common stock for every 25 shares of Comcast common stock owned as of the close of business on December 16, 2025 ¹⁵.

For the year ended December 31, 2025, consolidated revenue was $123.707 billion ¹⁶, compared to $123.731 billion ¹⁷ in 2024. Net income attributable to Comcast Corporation was $19.998 billion ¹⁸ in 2025, compared to $16.192 billion ¹⁹ in 2024. Diluted earnings per common share attributable to Comcast Corporation shareholders was $5.39 ²⁰ in 2025, compared to $4.14 ²¹ in 2024. Adjusted EBITDA was $37.384 billion ²² in 2025, compared to $38.069 billion ²³ in 2024.

The company expects to continue to pay quarterly dividends, although each dividend is subject to approval by the Board of Directors. In January 2026, the Board of Directors approved a dividend consistent with the prior year of $1.32 per share on an annualized basis ²⁴ and approved the first quarter dividend of $0.33 per share ²⁵, to be paid in April 2026.

The company is focused on increasing residential connectivity revenue, having simplified its broadband pricing structure in 2025 and begun offering a free wireless line for one year to new and existing domestic broadband customers, which management expects will improve customer retention and strengthen the ability to compete for new customers, but will negatively impact average domestic broadband revenue per customer. The company is also focused on growing its Business Services Connectivity segment revenue by offering competitive services, including enterprise solutions, and driving higher adoption of advanced solutions.

The company expects continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses. The company expects that the number of subscribers and audience ratings at its remaining linear television networks will continue to decline as a result of the competitive environment and shifting video consumption patterns, which it aims to mitigate over time by growth in both paid subscribers and advertising revenue at Peacock. The company expects to continue to incur significant costs related to content and marketing at Peacock.

The company continues to invest significantly in existing and new theme park attractions, hotels and infrastructure, including Epic Universe in Orlando, which opened in May 2025, as well as in new destinations and experiences, including a Universal theme park and resort in the United Kingdom with a projected opening date in 2031 ²⁶, subject to various approvals. The company expects lower revenue and costs and expenses for the Media segment in 2026 as a result of the Separation of Versant.

The company expects its capital expenditures in 2026 will continue to be focused on investments in the Connectivity & Platforms business in scalable infrastructure as it increases capacity and continues to execute plans to upgrade its network to deliver multigigabit symmetrical speeds, in the continued deployment of next generation wireless gateways, and in line extensions for the expansion of homes and businesses passed. In addition, the company expects to continue investment in existing and new attractions at its Universal theme parks.

In January 2025, the Board of Directors terminated the existing share repurchase program and approved a new share repurchase authorization of $15.0 billion ²⁷, effective as of January 31, 2025, which has no expiration date. As of December 31, 2025, the company had $8.9 billion ²⁸ remaining under the authorization. The company expects to repurchase additional shares of its Class A common stock under this authorization in the open market or in private transactions, subject to market and other conditions.

The company expects programming expenses for its video services to continue to be the largest single expense item for its Residential Connectivity & Platforms business and to continue to increase on a per subscriber basis. The company expects to continue to be subject to demands for payment and other concessions from local broadcast television stations for retransmission consent.

Legislation signed into law in 2025 in the United States is expected to significantly reduce the company's payments of income taxes over the next several years, with variability across the years, primarily due to additional depreciation deductions and the reinstatement of the immediate deduction of domestic research and development expenses.

The company's businesses operate in highly competitive and dynamic industries, and its businesses and results of operations could be adversely affected if it does not compete effectively, particularly as Connectivity & Platforms' broadband services compete against wireline telecommunications companies increasing deployment of fiber-based networks, wireless telecommunications companies offering internet services using 5G fixed wireless networks, and municipalities and power companies owning their own broadband networks. Changes in consumer behavior continue to adversely affect the company's businesses and challenge existing business models, as the number of entertainment choices available to consumers, including DTC streaming service providers and aggregators, continues to increase, intensifying audience fragmentation and causing accelerated net customer losses in video services. Programming expenses for the company's video services are increasing on a per subscriber basis, and the company expects these expenses to continue to be the largest single expense item for its Residential Connectivity & Platforms business and to continue to increase on a per subscriber basis. The company is subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on its businesses, and any future legislative, judicial, regulatory or administrative actions may increase its costs or impose additional restrictions. The company's Class B common stock has a non-dilutable 33 1/3% ²⁹ of the combined voting power of its Class A and Class B common stock, and Brian L. Roberts, the company's chairman and Co-CEO, beneficially owns all of the outstanding shares of Class B common stock, giving him considerable influence over the company.

Management's message emphasizes that the company is a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. The strategic priorities emphasized for the period ahead include focusing on growing higher-margin connectivity businesses while managing overall operating costs, continuing to invest in the network to support higher-speed broadband offerings and expand the number of homes and businesses passed, and simplifying the broadband pricing structure while offering a free wireless line for one year to new and existing domestic broadband customers to improve customer retention and strengthen the ability to compete for new customers. Management also highlights the completion of the Separation of Versant on January 2, 2026, and the expectation that the number of subscribers and audience ratings at the remaining linear television networks will continue to decline, which the company aims to mitigate over time by growth in both paid subscribers and advertising revenue at Peacock.