NYSE:CCZ
COMCAST CORP
A diversified media and telecom giant delivering high-speed internet, premium TV content, and advertising platforms to millions of US households.
Key Metrics
Investment Thesis
Bull Case
Investors may favor CCZ due to its dominant market position in US broadband with high switching costs and a diversified portfolio that includes profitable cable operations and growing direct-to-consumer streaming assets. Strong free cash flow generation allows consistent dividend payments and buybacks, while the NBCUniversal content library provides durable long-term value independent of traditional cable decline.
Bear Case
Concerns arise from heavy debt obligations with total liabilities exceeding $175B and significant capital expenditure needs that could strain liquidity if growth slows. The shift away from traditional video revenue creates uncertainty around future profitability as streaming margins are lower and competition intensifies from tech giants entering the market.
About COMCAST CORP
Comcast Corporation is a global media and technology leader providing internet, cable television, and direct-to-home services across North America. The company serves millions of households through its primary segments of Cable Communications, NBCUniversal Entertainment (television production, film, streaming), and Spectrum Business solutions. With substantial capital expenditures in infrastructure and strong operating cash flow, the firm continues to invest in content creation and fiber network expansion.
Analysis
Management Discussion
Recent financial performance shows robust revenue growth to $123.71B in 2025 compared to prior years, driven by resilient broadband subscriptions and successful streaming initiatives. Operating cash flow of $33.64B supports aggressive shareholder returns via dividends and buybacks while funding over $11B in annual capital expenditures for network modernization. Net income improved significantly to $19.66B, reflecting improved operational efficiency despite non-cash adjustments and tax expenses.
Industry Overview
The media and telecommunications industry is undergoing a structural transformation as consumers migrate from linear TV to on-demand streaming, forcing legacy players to pivot towards hybrid models. Consolidation trends favor large incumbents with scale but pressure pricing power due to cord-cutting acceleration and rising content acquisition costs.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $121.43B | $121.57B | $123.73B | $123.71B |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $121.43B | $121.57B | $123.73B | $123.71B |
| Operating Expenses | $107.39B | $98.26B | $100.43B | $103.03B |
| Operating Income | $14.04B | $23.31B | $23.30B | $20.67B |
| Stock-Based Comp | $1.34B | $1.24B | $1.29B | $1.29B |
| D&A | $13.82B | $14.34B | $14.80B | $16.21B |
| Depreciation | $8.72B | $8.85B | $8.73B | $9.33B |
| Amortization | $5.10B | $5.48B | $6.07B | $6.88B |
| Non-Operating Income | $-4.76B | $-2.84B | $-4.62B | $5.09B |
| Interest Expense | $3.90B | $4.09B | — | — |
| Pre-Tax Income | $9.28B | $20.48B | $18.67B | $25.77B |
| Income Tax | $4.36B | $5.37B | $2.80B | $6.11B |
| Continuing Ops | $4.92B | $15.11B | $15.88B | $19.66B |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $4.92B | $15.11B | $15.88B | $19.66B |
| Minority Interest | $-445.0M | $-282.0M | $-315.0M | $-338.0M |
| Net to Common | $5.37B | $15.39B | $16.19B | $20.00B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $21.83B | $23.99B | $26.80B | $29.57B |
| Cash & Equivalents | $4.75B | $6.21B | $7.32B | $9.48B |
| Marketable Securities | $402.0M | $310.0M | $21.0M | $14.0M |
| Accounts Receivable | $12.67B | $13.81B | $13.66B | $13.87B |
| Other Current Assets | $4.00B | $3.65B | $5.80B | $6.20B |
| Long-Term Assets | $235.45B | $240.82B | $239.41B | $243.06B |
| PP&E (Net) | $55.48B | $59.69B | $62.55B | $65.68B |
| Goodwill | $58.49B | $59.27B | $58.21B | $61.50B |
| Operating Leases | $6.00B | $5.79B | $5.52B | $5.29B |
| LT Investments | $7.25B | $9.38B | $8.65B | $7.95B |
| Other LT Assets | $102.80B | $99.08B | $97.23B | $95.97B |
| Total Assets | $257.27B | $264.81B | $266.21B | $272.63B |
| Current Liabilities | $27.89B | $40.20B | $39.58B | $33.52B |
| Accounts Payable | $12.54B | $12.44B | $11.32B | $11.06B |
| Current Leases | $675.0M | $748.0M | $751.0M | $686.0M |
| Other Current Liab | $5.22B | $15.40B | $16.83B | $9.37B |
| Long-Term Liabilities | $147.76B | $141.39B | $140.59B | $141.96B |
| LT Operating Leases | $6.11B | $5.84B | $5.57B | $5.41B |
| Other LT Liab | $141.65B | $135.55B | $135.02B | $136.55B |
| Total Liabilities | $175.65B | $181.59B | $180.17B | $175.48B |
| Shareholders' Equity | $81.63B | $83.23B | $86.04B | $97.15B |
| Paid-In Capital | $39.41B | $38.53B | $38.10B | $37.71B |
| Retained Earnings | $51.61B | $52.89B | $56.97B | $66.67B |
| AOCI | $-2.61B | $-1.25B | $-2.04B | $-8.0M |
| Treasury Stock | $7.52B | — | — | — |
| Total L&E | $257.27B | $264.81B | $266.21B | $272.63B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $4.92B | $15.11B | $15.88B | $19.66B |
| Non-Cash Adjustments | $19.37B | $16.70B | $7.94B | $16.00B |
| Working Capital Changes | $2.12B | $-3.30B | $3.85B | $-2.01B |
| Cash from Operations | $26.41B | $28.50B | $27.67B | $33.64B |
| Capital Expenditures | $10.63B | $12.24B | $12.18B | $11.75B |
| Cash from Investing | $-14.14B | $-7.16B | $-15.67B | $-16.16B |
| Debt Issuances | $2.75B | $6.05B | $6.27B | $3.49B |
| Debt Repayments | — | — | $3.57B | $5.74B |
| Share Buybacks | $13.33B | $11.29B | $9.10B | $7.16B |
| Dividends Paid | $4.74B | $4.77B | $4.81B | $4.89B |
| Cash from Financing | $-16.18B | $-19.85B | $-10.88B | $-14.35B |
| FX Effect | $-86.0M | $9.0M | $-26.0M | $42.0M |
| Net Change in Cash | $-4.00B | $1.50B | $1.09B | $3.18B |
| Beginning Cash | $8.78B | $4.78B | $6.28B | $7.38B |
| Ending Cash | $4.78B | $6.28B | $7.38B | $10.56B |
Frequently Asked Questions
How does COMCAST CORP make money?
The company operates primarily through Cable Communications offering broadband, video, and voice services; NBCUniversal Entertainment generating revenue from film/TV production, theme parks, and streaming platforms like Peacock; and Spectrum Business providing managed connectivity solutions for enterprises and municipalities.
What are the main risks for CCZ?
Intense competition from streaming disruptors and cable alternatives threatens traditional video margins; regulatory scrutiny over broadband monopolies and net neutrality could impact pricing power; significant debt levels and capital expenditure requirements pose liquidity risks during high-interest environments; content licensing costs remain volatile and elevated.
What is CCZ's competitive advantage?
Comcast benefits from a massive proprietary fiber-optic network with high bandwidth capacity, exclusive ownership of premium content libraries via NBCUniversal, and a diversified revenue stream that balances cyclicality between advertising and subscription services.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.