Comcast provides broadband, wireless, video and business connectivity through Xfinity, Comcast Business and Sky, and operates television networks, Peacock, film and television studios, and Universal theme parks. Its completed Versant separation and Sky Germany sale changed its reporting perimeter in 2026; a larger NBCUniversal and Sky separation remains proposed.
Loading the company summary…
A snapshot of what COMCAST CORP owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
Browse original filingsSee the original statement for its reporting period, currency, and unit.
3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001166691-24-000011 | Jan 31, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001166691-25-000011 | Jan 31, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001628280-26-004994 | Feb 3, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Comcast remains a substantial cash generator, but headline earnings obscure pressure on its operating businesses. In 2025, essentially flat revenue accompanied lower operating income; a Hulu disposal gain lifted net income, while unusually low cash taxes boosted operating cash flow. The carryback refund should not be assumed to recur, but Comcast expects enacted deductions to significantly reduce cash-tax payments over several years, with annual variability; those expected savings are not guaranteed. Through September 2026, broadband customer losses and lower average rates continued, and wireless growth did not fully offset them. Peacock delivered two positive Adjusted EBITDA quarters, but parks faced promotional pressure and higher operating costs. Completed disposals explain part of the reported contraction: third-quarter revenue and Adjusted EBITDA were approximately flat on the company's transaction-adjusted comparison. Debt declined and buybacks were suspended. The proposed NBCUniversal/Sky separation could substantially change the business again, but its financing, final allocation of obligations and completion remain uncertain.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30 · EX-99.1 · 2026-10-22 · EX-99.1 · 2026-07-23
Comcast earns recurring subscription revenue from connectivity and video, alongside advertising, content licensing, theatrical distribution and theme-park spending. Residential Connectivity & Platforms is its largest earnings contributor; Business Services Connectivity adds enterprise and small-business services. Media includes Peacock and television networks, Studios produces and licenses content, and Theme Parks operates Universal destinations. Domestic broadband primarily uses Comcast's network, while wireless and international broadband depend substantially on third-party access. Internal content and distribution transactions are eliminated in consolidation: Peacock revenue cannot be added to Media revenue, nor can segment sales simply be summed.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30
For 2025, revenue was $123.707 billion, essentially unchanged, while GAAP operating income fell 11.3% to $20.672 billion and consolidated non-GAAP Adjusted EBITDA declined 1.8% to $37.384 billion. Parent-attributable net income nevertheless rose to $19.998 billion, principally because the completed Hulu sale produced a $9.4 billion pretax gain. Repurchases further amplified diluted EPS growth by reducing the share denominator. Residential and Studios earnings weakened, while business connectivity, Media and parks provided offsets. Epic Universe's May opening increased park revenue but also operating costs, depreciation and previously capitalized interest expense.
Sources: 10-K · 2025-12-31
The October 22, 2026 filings report third-quarter revenue of $29.298 billion and Adjusted EBITDA of $9.106 billion, down 6.1% and 5.8%. However, the company's non-GAAP pro forma comparison, excluding Versant and Sky Germany, shows increases of 0.5% and 0.8%. Nine-month pro forma revenue grew 5.3%, but EBITDA still fell 4.3%. These adjustments concern completed transactions, not the proposed NBCUniversal/Sky spin-off. Historical annual results include Versant, while 2026 comparative segment tables also reflect reorganizations and expense reallocations; they should not be spliced into one unchanged segment series.
Underlying trends remain mixed. Third-quarter domestic broadband revenue fell 4.7% because both rates and customer counts declined; wireless service growth of 14.7% did not prevent combined broadband and wireless-service revenue from falling. Peacock reported $261 million of Adjusted EBITDA after $189 million in the second quarter, but these are not standalone GAAP profits. Theme Parks EBITDA fell 17.1% in the third quarter as admissions revenue weakened, including promotional effects, and domestic costs rose. Studios benefited from theatrical releases and expense timing despite lower total revenue.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-10-22 · EX-99.1 · 2026-03-16 · EX-99.1 · 2026-07-23
Operating cash flow reached $33.643 billion in 2025, helped by cash taxes falling to $755 million from $7.096 billion. The decline reflected prior-year Hulu-related payments, a capital-loss carryback refund and new tax deductions; it was not comparable recurring profit growth. The refund should not be assumed to recur, but Comcast expected the enacted deductions to significantly reduce cash-tax payments over the next several years, with annual variability, primarily through additional depreciation deductions and reinstated immediate domestic R&D deductions. The legislation reduced income taxes payable by $1.4 billion with a corresponding increase in the net deferred tax liability, without materially affecting income tax expense or the effective tax rate. These expected future payment reductions are not guaranteed savings. The latest 10-Q reiterated expected multiyear reductions, primarily from additional depreciation deductions. In the first nine months of 2026, operating cash flow fell to $22.886 billion. Capital expenditures consumed $8.311 billion and intangible purchases another $1.859 billion. Company-defined free cash flow was $12.716 billion, but excludes mandatory debt repayments and certain separately classified capital payments. It is neither profit nor unrestricted cash available for distribution.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30 · EX-99.1 · 2026-10-22 · EX-99.2 · 2026-10-22
At September 30, 2026, cash and equivalents were $7.596 billion and debt carrying value was approximately $87.4 billion. The separate $11.8 billion revolving-credit availability is borrowing capacity, not cash. Comcast reported covenant compliance, without disclosing a tested ratio or numerical headroom. Nine-month debt repayments and repurchases were $10.405 billion; Versant debt deconsolidation was a separate, noncash balance-sheet effect. The latest 10-Q specifically reports an actual early purchase of $4.1 billion of senior notes maturing January 2027 through June 2029, matching the accepted tender's maturity perimeter, and $427 million of other senior notes. This establishes later rounded actual purchases beyond June acceptance, without establishing exact final tender delivery, guaranteed-delivery completion, settlement date, consideration, accrued interest, fees or event-specific accounting. Program buybacks stopped at the beginning of the third quarter, while dividends continued. Comcast, NBCUniversal and Comcast Cable mutually guarantee each other's debt securities; NBCUniversal and Comcast Cable also guarantee other Comcast borrowings, including the revolving facility. Guarantor obligations are structurally subordinated to indebtedness and other liabilities of non-guarantor subsidiaries. Specified guarantees by NBCUniversal or Comcast Cable of Comcast debt securities, and by NBCUniversal of Comcast Cable debt securities, terminate upon disposition of the relevant guarantor or all or substantially all its assets. The proposed NBCUniversal/Sky separation targets mid-2027, subject to board approval, tax opinions, regulatory approvals and financing; neither completion nor a final debt allocation is established, and no termination of these guarantees from the proposed separation is established.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-10-22 · EX-99.1 · 2026-06-29
USD 123.707 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 123.707 bn | 0.0% |
| 2024 | USD 123.731 bn | 1.8% |
| 2023 | USD 121.572 bn | — |
GAAP consolidated revenue after intersegment eliminations; includes Versant.
Sources: 10-K · 2025-12-31
USD 19.998 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 19.998 bn | 23.5% |
| 2024 | USD 16.192 bn | 5.2% |
| 2023 | USD 15.388 bn | — |
GAAP net income attributable to the parent after allocation to noncontrolling interests.
Sources: 10-K · 2025-12-31
USD 33.643 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 33.643 bn | 21.6% |
| 2024 | USD 27.673 bn | -2.9% |
| 2023 | USD 28.501 bn | — |
GAAP consolidated operating cash flow, including cash tax payments and refunds.
Sources: 10-K · 2025-12-31
Reading times are estimates for the English text. Financial tables and charts may take additional time.
