Comcast vs Disney: Revenue, Profit and Business Model
Comcast reported $123.7B of revenue in FY2025 and $20B of net income. Disney reported $94.4B of revenue in FY2025 and $12.4B of net income.
Latest financial snapshot
Financial summary
Comcast
Comcast's 2025 revenue was $123.7 billion, essentially flat with $123.7 billion in 2024, while net income rose to about $20.0 billion largely because of a $9.4 billion gain on the sale of its Hulu stake. In Q2 2026 revenue fell 1.2% to $29.94 billion because Versant and Sky Germany were no longer consolidated, but pro forma revenue grew 4.7%. Adjusted EBITDA dropped 13.4% to $8.9 billion as Comcast spent more on broadband pricing, NBA rights and the FIFA World Cup. Free cash flow was $4.6 billion for the quarter, and Comcast paused buybacks on June 29, 2026 while it prepares the NBCUniversal-Sky separation.
Disney
Disney's fiscal 2025 (ended September 27, 2025) revenue rose 3% to $94.4 billion, net income was $12.4 billion and adjusted EPS increased 19% to $5.93. Total segment operating income rose 12% to $17.6 billion, led by a record $10.0 billion from Experiences. Streaming became a reliable profit contributor after years of losses. In fiscal Q3 2026 (ended June 27, 2026), revenue grew 7% to $25.25 billion, Experiences revenue rose 10% to $9.97 billion, entertainment streaming revenue rose 11% to $5.53 billion, and adjusted EPS climbed to $2.06 from $1.61. Management guided to $9 billion of fiscal 2026 capital spending, about $24 billion of content investment and at least $9 billion of share repurchases.
Revenue and profit by year
Comcast
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $123.7B | $20B | 16.2% | -0.0% | Source |
| FY2024 | $123.7B | — | 0.0% | +1.8% | Source |
| FY2023 | $121.6B | — | 0.0% | +0.1% | Source |
| FY2022 | $121.4B | — | 0.0% | +4.3% | Source |
| FY2021 | $116.4B | — | 0.0% | +12.4% | Source |
| FY2020 | $103.6B | — | 0.0% | — | Source |
Disney
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $94.4B | $12.4B | 13.1% | +3.4% | Source |
| FY2024 | $91.4B | — | 0.0% | +2.8% | Source |
| FY2023 | $88.9B | — | 0.0% | +7.5% | Source |
| FY2022 | $82.7B | — | 0.0% | +22.7% | Source |
| FY2021 | $67.4B | — | 0.0% | +3.1% | Source |
| FY2020 | $65.4B | — | 0.0% | -6.1% | Source |
| FY2019 | $69.6B | — | 0.0% | +17.1% | Source |
| FY2018 | $59.4B | — | 0.0% | +7.8% | Source |
| FY2017 | $55.1B | — | 0.0% | — | Source |
Where the revenue comes from
Comcast
- Residential Connectivity and Platforms
Largest segment
Xfinity broadband, video, voice, wireless, and related residential services sold to U.S. households.
- Business Services Connectivity
Major growth stream
Connectivity, networking, managed services, and communications products for small, medium, and enterprise customers.
- Media, Studios, and Peacock
Major segment
NBCUniversal television, streaming, advertising, film, television production, licensing, and distribution.
- Theme Parks
High-value segment
Universal theme parks, admissions, food and beverage, merchandise, hotel activity, and licensed attractions.
- Sky
International segment
European pay-TV, broadband, mobile, advertising, and entertainment services primarily in the United Kingdom, Ireland, Germany, Austria, and Italy.
Disney
- Entertainment~44%
Disney+, Hulu, theatrical films, content licensing, ABC and cable networks: $42.5B FY2025 revenue.
- Experiences~38%
Theme parks, resorts, Disney Cruise Line and consumer products: $36.2B FY2025 revenue.
- Sports~18%
ESPN affiliate fees, advertising and direct-to-consumer subscriptions: $17.7B FY2025 revenue.
Business model and strategy
Comcast
How it makes money
Comcast runs two businesses under one roof. Connectivity & Platforms sells Xfinity broadband, video and Xfinity Mobile to U.S. homes, Comcast Business connectivity to companies, and Sky broadband and TV in Europe. Xfinity Mobile is an MVNO that runs on Verizon's network, which lets Comcast bundle wireless with broadband without owning towers.
Growth strategy
Comcast's growth plan centers on converged connectivity, pairing broadband with Xfinity Mobile, which reached 10.2 million lines in Q2 2026 with about 7% penetration of its footprint. It is also pushing Comcast Business, which grew connectivity revenue 3.7% to $2.7 billion in Q2 2026 at a 56.7% EBITDA margin.
Competitive advantage
Comcast's main advantage is a hybrid fiber-coaxial network that already passes tens of millions of U.S. homes and businesses, which is expensive and slow for rivals to replicate. It layers wireless, Comcast Business and streaming bundles on top of that footprint.
Disney
How it makes money
Disney reports three segments. Entertainment ($42.5B FY2025 revenue, $4.7B segment operating income) sells Disney+ and Hulu subscriptions and advertising, releases films theatrically, licenses content and runs ABC and cable networks. Sports ($17.7B revenue, $2.9B operating income) is mainly ESPN, which earns affiliate fees from pay-TV distributors, advertising and direct-to-consumer subscriptions.
Growth strategy
Under CEO Josh D'Amaro, Disney's plan centers on a 'One Disney' push to align its divisions around franchises, plus three investment priorities. First, streaming margins: Disney targeted a 10% operating margin for Entertainment DTC in fiscal 2026 through price increases, advertising tiers, password-sharing limits and the integrated Disney+ and Hulu app.
Competitive advantage
Disney owns a franchise library that few rivals can match, including Mickey Mouse, Disney Animation, Pixar, Marvel, Star Wars, Avatar and The Simpsons, and it can monetize the same story through box office, Disney+, parks, cruises and licensing. Its parks are hard to copy because they need decades of land, capital and Imagineering know-how; Walt Disney World alone spans about 25,000 acres.
Questions about Comcast vs Disney
Which company has higher revenue — Comcast Corporation or The Walt Disney Company?
Comcast Corporation reported $123.7B (FY2025), while The Walt Disney Company reported $94.4B (FY2025). By last reported revenue, Comcast Corporation is the larger business, with The Walt Disney Company reporting a smaller revenue base.
What is the market cap of Comcast Corporation vs The Walt Disney Company?
Comcast Corporation's market capitalisation stands at $85.0B, while The Walt Disney Company's is $180.0B. The Walt Disney Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Comcast Corporation.
Which is more financially efficient — Comcast Corporation or The Walt Disney Company?
Comcast Corporation generates $691k / employee in revenue per employee, while The Walt Disney Company generates $409k / employee. Comcast Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Comcast Corporation and The Walt Disney Company make money?
Comcast Corporation and The Walt Disney Company generate revenue in fundamentally different ways. Comcast Corporation: Comcast runs two businesses under one roof. The Walt Disney Company: Disney reports three segments.
Which company is valued higher relative to revenue — Comcast Corporation or The Walt Disney Company?
On a price-to-sales (P/S) basis, Comcast Corporation trades at 0.7x P/S and The Walt Disney Company at 1.9x P/S. The Walt Disney Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Comcast Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Comcast Corporation bigger than The Walt Disney Company?
By last reported revenue, Comcast Corporation ($123.7B (FY2025)) is the larger company compared to The Walt Disney Company ($94.4B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Comcast vs Disney overview