Comcast
CMCSA Nasdaq Cable & Satellite Financials FY2016–FY2025
Comcast's revenue was flat at $123.7 billion in fiscal 2025. Its operating margin was 16.7%, down from 18.8% a year earlier. Free cash flow was $21.9 billion, up 41.3%. It paid out $12.0 billion in dividends and buybacks, 55% of free cash flow. The diluted share count fell 5.1%.
What Comcast does
Comcast sells home internet, mobile phone, cable TV and phone service under the Xfinity, Comcast Business, Sky and NOW names in the United States, the United Kingdom and Italy. It also owns NBC, Telemundo, the Peacock streaming service, Sky's TV channels and Universal's film studios, and runs Universal theme parks in the United States and Asia.
Comcast has two main businesses, reported in five segments. Its Connectivity & Platforms business, the larger by revenue, earns monthly fees for internet, wireless, video and voice service from homes and from businesses; it had 31.3 million US broadband customers at the end of 2025, and its mobile service runs on Verizon's network. Its Content & Experiences business has three segments: Media, which earns from advertising, fees that TV distributors pay to carry its channels, and Peacock, which had 44 million paid subscribers; Studios, which makes and licenses films and shows; and Theme Parks, which opened its Epic Universe park in Orlando in May 2025. Comcast says its internet business competes with phone companies building fiber networks, such as AT&T and Verizon, and with wireless and satellite internet providers.
Comcast had about 179,000 employees, counting part-time workers as fractions of full-time ones. On January 2, 2026, it spun off Versant, a new public company holding cable channels such as CNBC, USA Network and MS NOW, formerly MSNBC.
- Legal name
- COMCAST CORPORATION
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 3, 2026
- Accession · CIK
- 0001628280-26-004994
0001166691
Revenue and margins
Comcast had $123.7B of revenue in fiscal 2025, down 0.0% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 13.1% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $21.9B in fiscal 2025, 17.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Comcast returned $12.0B to shareholders in fiscal 2025, 55% of free cash flow. The diluted share count fell 5.1%.
Value Comcast yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$83.5B and divides by 3,709.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 7.2x · peers 7.1x · sector 17.3x.
Balance sheet
Cash, debt and the ratios that show how comfortably Comcast can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $9.1B | $5.2B | $6.5B | $7.3B | $9.5B |
| Debt incl. finance leases | $94.8B | $94.8B | $97.1B | $94.2B | $93.0B |
| Net debt / EBITDA | 2.5x | 3.2x | 2.4x | 2.3x | 2.3x |
| Debt / equity | 1.0x | 1.2x | 1.2x | 1.1x | 1.0x |
| Interest coverage | 4.9x | 3.6x | 5.7x | 5.6x | 4.7x |
| Current ratio | 0.9x | 0.8x | 0.6x | 0.7x | 0.9x |
| Quick ratio | 0.9x | 0.8x | 0.6x | 0.7x | 0.9x |
| Total assets | $275.9B | $257.3B | $264.8B | $266.2B | $272.6B |
| Total liabilities | $178.4B | $175.6B | $181.6B | $180.2B | $175.5B |
| Shareholders' equity | $96.1B | $80.9B | $82.7B | $85.6B | $96.9B |
| Net debt (− = net cash) | $85.7B | $89.6B | $90.6B | $86.8B | $83.5B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$2.3M
3 insiders
Of sales under plans
0%
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | 6 / 8 | 7 / 8 | 7 / 8 |
| Accruals ratio | −5.0% | −4.3% | −5.1% |
| Altman Z'' | 1.32 | 1.47 | 1.79 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Comcast CMCSA | $80.8B | −0.0% | 16.7% | 17.7% | 8.9% | 7.2x | 7 | |
| Charter Communications CHTR | $13.2B | −0.6% | 23.6% | 8.1% | 8.7% | 2.8x | 6 | Compare → |
| Versant Media Group VSNT | $4.4B | −5.3% | 19.0% | 27.7% | 8.7% | — | — | Compare → |
| Liberty Global LBTYA | $2.7B | 12.4% | −0.5% | −2.7% | −0.1% | — | 5 | Compare → |
| AT&T T | $143.2B | 2.7% | 19.2% | 15.5% | 8.7% | 11.3x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $80.7B | $85.0B | $94.5B | $108.9B | $103.6B | $116.4B | $121.4B | $121.6B | $123.7B | $123.7B |
| Operating income | $16.8B | $18.0B | $19.0B | $21.1B | $17.5B | $20.8B | $14.0B | $23.3B | $23.3B | $20.7B |
| Interest expense | $2.9B | $3.1B | $3.5B | $4.6B | $4.6B | $4.3B | $3.9B | $4.1B | $4.1B | $4.4B |
| Pretax income | $14.3B | $15.4B | $15.2B | $17.0B | $14.1B | $19.1B | $9.3B | $20.5B | $18.7B | $25.8B |
| Income tax | $5.3B | −$7.6B | $3.4B | $3.7B | $3.4B | $5.3B | $4.4B | $5.4B | $2.8B | $6.1B |
| Net income | $8.7B | $22.7B | $11.7B | $13.1B | $10.5B | $14.2B | $5.4B | $15.4B | $16.2B | $20.0B |
| Diluted EPS | $1.78 | $4.75 | $2.53 | $2.83 | $2.28 | $3.04 | $1.21 | $3.71 | $4.14 | $5.39 |
| Diluted shares | 4.88B | 4.79B | 4.64B | 4.61B | 4.62B | 4.65B | 4.43B | 4.15B | 3.91B | 3.71B |
| Cash flow | ||||||||||
| Cash from operations | $19.7B | $21.3B | $24.3B | $25.7B | $24.7B | $29.1B | $26.4B | $28.5B | $27.7B | $33.6B |
| Capital expenditure | $9.1B | $9.6B | $9.8B | $10.0B | $9.2B | $9.2B | $10.6B | $12.2B | $12.2B | $11.8B |
| Free cash flow | $10.6B | $11.7B | $14.5B | $15.7B | $15.6B | $20.0B | $15.8B | $16.3B | $15.5B | $21.9B |
| Depreciation and amortization | $9.4B | $10.1B | $11.0B | $13.0B | $13.1B | $13.8B | $13.8B | $14.3B | $14.8B | $16.2B |
| Stock-based compensation | $640M | $751M | $826M | $1.0B | $1.2B | $1.3B | $1.3B | $1.2B | $1.3B | $1.3B |
| Acquisitions | $3.9B | $532M | $38.2B | $370M | $233M | $1.4B | $12.0M | $0.0M | $119M | $1.3B |
| Share buybacks | $5.4B | $5.4B | $5.3B | $504M | $534M | $4.7B | $13.3B | $11.3B | $9.1B | $7.2B |
| Dividends paid | $2.6B | $2.9B | $3.4B | $3.7B | $4.1B | $4.5B | $4.7B | $4.8B | $4.8B | $4.9B |
| Dividends and buybacks | $8.0B | $8.3B | $8.7B | $4.2B | $4.7B | $9.2B | $18.1B | $16.1B | $13.9B | $12.0B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $3.4B | $3.4B | $3.9B | $7.2B | $12.0B | $9.1B | $5.2B | $6.5B | $7.3B | $9.5B |
| Total debt | $58.3B | — | $107.3B | $97.8B | $103.8B | $94.8B | $94.8B | $97.1B | $94.2B | $93.0B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $16.4B | $16.3B | $21.8B | $25.4B | $26.7B | $24.8B | $21.8B | $24.0B | $26.8B | $29.6B |
| Current liabilities | $21.5B | $22.0B | $27.6B | $30.3B | $28.8B | $29.3B | $27.9B | $40.2B | $39.6B | $33.5B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $36.3B | $38.5B | $44.4B | $48.3B | $52.0B | $54.0B | $55.5B | $59.7B | $62.5B | $65.7B |
| Total assets | $180.5B | $187.5B | $251.7B | $263.4B | $273.9B | $275.9B | $257.3B | $264.8B | $266.2B | $272.6B |
| Total liabilities | $124.3B | $118.0B | $179.2B | $179.5B | $182.1B | $178.4B | $175.6B | $181.6B | $180.2B | $175.5B |
| Shareholders' equity | $53.9B | $68.6B | $71.6B | $82.7B | $90.3B | $96.1B | $80.9B | $82.7B | $85.6B | $96.9B |
| Margins | ||||||||||
| Operating margin | 20.9% | 21.2% | 20.1% | 19.4% | 16.9% | 17.9% | 11.6% | 19.2% | 18.8% | 16.7% |
| EBITDA margin | 32.5% | 33.1% | 31.8% | 31.3% | 29.5% | 29.8% | 23.0% | 31.0% | 30.8% | 29.8% |
| Net margin | 10.8% | 26.7% | 12.4% | 12.0% | 10.2% | 12.2% | 4.4% | 12.7% | 13.1% | 16.2% |
| FCF margin | 13.1% | 13.8% | 15.4% | 14.5% | 15.0% | 17.2% | 13.0% | 13.4% | 12.5% | 17.7% |
| Returns | ||||||||||
| Return on capital | 10.0% | — | — | 9.5% | 7.4% | 8.2% | 4.2% | 10.0% | 11.4% | 8.9% |
| Return on capital employed | 11.0% | 11.1% | 9.8% | 9.2% | 7.3% | 8.5% | 5.9% | 10.3% | 10.3% | 8.9% |
| Return on equity | 16.3% | 37.1% | 16.7% | 16.9% | 12.2% | 15.2% | 6.1% | 18.8% | 19.3% | 21.9% |
| Return on assets | 5.0% | 12.4% | 5.3% | 5.1% | 3.9% | 5.2% | 2.0% | 5.9% | 6.1% | 7.4% |
| Growth | ||||||||||
| Revenue growth | 8.4% | 5.3% | 11.2% | 15.3% | −4.9% | 12.4% | 4.3% | 0.1% | 1.8% | −0.0% |
| Net income growth | 6.3% | 162.0% | −48.4% | 11.3% | −19.3% | 34.4% | −62.1% | 186.6% | 5.2% | 23.5% |
| EPS growth | 9.9% | 166.9% | −46.7% | 11.9% | −19.4% | 33.3% | −60.2% | 206.6% | 11.6% | 30.2% |
| FCF growth | −3.9% | 10.9% | 24.0% | 8.4% | −1.2% | 28.4% | −21.0% | 3.0% | −4.7% | 41.3% |
| Share count change | −3.2% | −1.8% | −3.1% | −0.7% | 0.3% | 0.7% | −4.8% | −6.4% | −5.8% | −5.1% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.1x | — | 3.4x | 2.7x | 3.0x | 2.5x | 3.2x | 2.4x | 2.3x | 2.3x |
| Debt / equity | 1.1x | — | 1.5x | 1.2x | 1.2x | 1.0x | 1.2x | 1.2x | 1.1x | 1.0x |
| Interest coverage | 5.7x | 5.8x | 5.4x | 4.6x | 3.8x | 4.9x | 3.6x | 5.7x | 5.6x | 4.7x |
| Current ratio | 0.8x | 0.7x | 0.8x | 0.8x | 0.9x | 0.9x | 0.8x | 0.6x | 0.7x | 0.9x |
| Quick ratio | 0.8x | 0.7x | 0.8x | 0.8x | 0.9x | 0.9x | 0.8x | 0.6x | 0.7x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 11.3% | 11.2% | 10.3% | 9.1% | 8.9% | 7.9% | 8.8% | 10.1% | 9.8% | 9.5% |
| Stock comp / revenue | 0.8% | 0.9% | 0.9% | 0.9% | 1.2% | 1.1% | 1.1% | 1.0% | 1.0% | 1.0% |
| Payouts / FCF | 75.3% | 71.0% | 59.7% | 26.9% | 30.0% | 46.1% | 114.5% | 98.8% | 89.8% | 55.0% |
| Quality scores | ||||||||||
| Piotroski F-score | 7.0 | — | — | 6.0 | 4.0 | 6.0 | 5.0 | 6.0 | 7.0 | 7.0 |
| Altman Z'' | 1.3 | 1.7 | 1.3 | 1.5 | 1.6 | 1.7 | 1.4 | 1.3 | 1.5 | 1.8 |
| Accruals ratio | −6.4% | 0.8% | −5.7% | −4.9% | −5.3% | −5.5% | −7.9% | −5.0% | −4.3% | −5.1% |
Source: SEC EDGAR XBRL filings (CIK 0001166691). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.