Comcast Corporation
Telecommunications & MediaFounded 1963- Updated June 2026
Reviewed by Swet Parvadiya
Last reviewed: June 2026
CorpDigest
Comcast Corporation
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$123.7B
Market Cap
$148.0B
Net Income
$15.4B
Employees
186,000
Comcast's revenue has barely moved: $121.4 billion in 2022, $121.6 billion in 2023, $123.7 billion in 2024. That flatness reflects two opposing forces — broadband ARPU growing toward and past $85 per month while video subscribers decline, and NBCUniversal generating stable but not growing entertainment revenue as linear TV advertising faces secular pressure. Net income of $15.4 billion on $123.7 billion in revenue is a 12.4% net margin that understates the cash generation of the core cable infrastructure business. Broadband is the engine. Each residential broadband subscriber contributes $85+ per month in revenue against marginal costs that are low relative to the capital already sunk in the network. The physical plant — the coaxial cable running to 60 million homes — was paid for over decades. New broadband revenue rides that infrastructure with high incremental margins. Peacock's $2.8 billion operating loss in 2024 is the most visible financial drag. Thirty-six million paid subscribers sounds impressive until you price it against the investment required to generate them. Comcast is willing to sustain those losses because Peacock provides a streaming component to the Xfinity bundle that reduces cord-cutting velocity — each subscriber who adds Peacock is slightly less likely to cancel the cable package. The $148 billion market cap at roughly 10x net income reflects both the defensive infrastructure quality and the secular headwinds in linear television. Investors are paying for durable broadband cash flows while discounting the media assets and the Epic Universe capital commitment.
Revenue Trend Analysis
YoY Change
+1.8%
4-Year CAGR
+4.5%
Peak Year
2024
Trend
Consistent Growth
Comcast Corporation has reported revenue across 5 fiscal years, compounding at +4.5% annually over 4 years. The most recent year saw a 1.8% increase versus the prior year. Revenue peaked in 2024 at $123.7B. Out of 4 reported periods, 4 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $123.7B | $15.4B | +1.8% |
| FY2023 | $121.6B | — | +0.1% |
| FY2022 | $121.4B | — | +4.3% |
| FY2021 | $116.4B | — | +12.4% |
| FY2020 | $103.6B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Comcast's $15.4 billion 2024 net income on $123.7 billion revenue represents 12.4% net margin, supported by high-margin broadband operations (50%+ EBITDA margins) offsetting lower-margin content production, streaming losses, and theme park investment requirements. Operating cash flow generation of approximately $28 billion supports substantial dividend payments ($4.8 billion at $0.31 quarterly), share buybacks averaging $5-7 billion annually, debt service on $94 billion in total debt, and continued capital investment supporting network upgrades and content production. The dividend has increased 16 consecutive years supporting income-oriented investor positioning, though continued growth investment limits aggressive distribution increases. Capital expenditure of approximately $11 billion annually supports network upgrades (DOCSIS 4.0 broadband technology deployment), content production for NBCUniversal and Peacock, and theme park expansion including Epic Universe completion. Future profitability depends on broadband growth versus video declines.
Comcast accumulated $94 billion in long-term debt primarily through transformational acquisitions including AT&T Broadband (2002, ~$50 billion debt assumption), NBCUniversal (2011-2013, ~$25 billion debt and assumed obligations), and Sky (2018, ~$30 billion all-cash transaction substantially debt-financed) creating leverage that management has gradually reduced through operating cash flow generation. Despite high absolute debt levels, leverage ratios (Net Debt / EBITDA) of approximately 2.4x remain manageable supporting investment-grade credit ratings (A3/A-) and continued capital markets access. Interest expense of approximately $4 billion annually represents significant operational cost but is well-covered by $28 billion operating cash flow. Strategic capital structure decisions balance debt reduction with shareholder returns (dividends, buybacks) and continued growth investment — Comcast typically returns 70-80% of free cash flow to shareholders while gradually reducing leverage. Future capital structure depends on growth investment needs and strategic positioning.
Comcast allocates approximately $28 billion in annual operating cash flow across capital expenditures ($11B for network upgrades, content production, theme park expansion), debt service and reduction ($4B interest plus debt paydown), dividends ($4.8B at increasing rates), share buybacks ($5-7B during favorable conditions), and selective M&A activity. The capital allocation framework balances infrastructure investment supporting long-term competitive positioning, shareholder returns reflecting mature cable economics, and strategic flexibility for various opportunities. Recent capital allocation has emphasised buybacks during stock price weakness (Comcast traded as low as $30 in 2022 from $60+ peak), with continued shareholder return commitment despite challenging linear TV trajectory. The planned 2025 Versant cable spinoff will restructure capital allocation across two separated entities with different growth and return profiles. Future capital allocation depends on broadband investment requirements, streaming losses trajectory, and various strategic positioning decisions.
Comcast Corporation faces significant programming cost inflation pressures as major sports rights (NBA, NFL, college football conferences), entertainment content (movie production budgets, original streaming content), and various other programming categories see sustained cost increases that strain video and streaming operational economics. Sports rights particularly create programming cost challenges — NBA's new media rights deal totaling $76 billion over 11 years (starting 2025-26 season, NBC included) plus Comcast's NFL Sunday Night Football, Premier League soccer, and various other sports represent substantial fixed cost commitments. Programming cost inflation runs 5-8% annually versus video subscriber declines of 5-10%, creating margin compression requiring continued cost discipline and operational efficiency. Strategic responses include selective sports rights bidding, internal content production through NBCUniversal Studios, and various other approaches to programming cost management.