Comcast Corporation Revenue in 2024

Comcast Corporation reported $123.7B in revenue for fiscal year 2024. This represents a growth of 1.8% compared to the 2023 figure of $121.6B.

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.