# Comcast Corporation (CMCSA)

> Source: Nexqual · https://nexqual.com/CMCSA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Comcast Corporation (CMCSA), nexqual.com/CMCSA" · informational, not investment advice.

**Price:** USD 22.84 (+3.44% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 22.08 · day 22–23.29 · 52w 20.48–32.86 · market cap $81.1B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $125B, net income $11.2B (9.0% margin), free cash flow $20.4B (SEC filings).
- Valuation: P/E 7.2x (avg 8.3x at the last 3 fiscal year-ends), EV/EBITDA 5.3x, net debt $82.7B.
- 15 of 80 tracked superinvestors hold CMCSA (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 1 new, 7 added, 4 reduced, 3 unchanged.
- Analysts: Hold (mean 2.81 on a 1–5 scale) (27 analysts), mean target USD 28.38 (range 17–42).
- Total return with dividends: 1Y -12.4% vs S&P 500 +14.9%; 5Y -46.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 0.62, revenue estimate $29.9B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $116B | $121B | $122B | $124B | $124B | $125B |
| Operating income | $20.8B | $14.0B | $23.3B | $23.3B | $20.7B | $18.3B |
| Net income | $14.2B | $5.37B | $15.4B | $16.2B | $20.0B | $11.2B |
| EPS (diluted) | $2.85 | $1.13 | $3.71 | $4.14 | $5.39 | — |
| Free cash flow | $20.0B | $15.8B | $16.3B | $15.5B | $21.9B | $20.4B |
| Operating margin | 17.9% | 11.6% | 19.2% | 18.8% | 16.7% | 14.7% |
| Net margin | 12.2% | 4.4% | 12.7% | 13.1% | 16.2% | 9.0% |
| Revenue growth | +12.4% | +4.3% | +0.1% | +1.8% | +0.0% | — |
| Cash + short-term investments | $9.08B | $5.15B | $6.53B | $7.34B | $9.49B | — |
| Total debt | $94.8B | $94.8B | $97.1B | $99.1B | $98.9B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 7.2x · P/S 0.7x · EV/EBITDA 5.3x · EV/Sales 1.3x · P/FCF 4.0x · P/B 0.9x · FCF yield 25.22% · Earnings yield 13.82% · Dividend yield (paid, TTM) 6.00% · Buyback yield (TTM) 6.90% · Net debt $82.7B · EV $164B
P/E at fiscal year-ends: Dec 2025 5.2x, Dec 2024 8.5x, Dec 2023 11.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
15 of 80 tracked investors hold CMCSA (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Torray Funds |  | 2.86% | $21.2M | Added +55.5% | Q2 2026 |
| First Pacific Advisors |  | 2.67% | $213M | Added +1.0% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 1.82% | $22.1M | Added +2.6% | Q3 2026 |
| Hillman Capital | Hillman Capital Management | 1.79% | $2.5M | Added +5.9% | Q2 2026 |
| First Eagle Investment | First Eagle Investment Management | 1.56% | $937M | Added +1.0% | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | 1.49% | $2.85B | Added +2.5% | Q2 2026 |
| David Einhorn | Greenlight Capital | 0.85% | $33.0M | New position | Q2 2026 |
| Thomas Russo | Gardner Russo & Quinn | 0.60% | $53.9M | Reduced -2.6% | Q2 2026 |
| Yacktman Asset Management |  | 0.36% | $28.7M | Added +0.3% | Q2 2026 |
| Bill Nygren | Oakmark Funds | 0.23% | $176M | Reduced -72.9% | Q2 2026 |
| Thomas Gayner | Markel Group | 0.15% | $19.7M | Reduced -16.6% | Q2 2026 |
| Wallace Weitz | Weitz Investment Management | 0.08% | $1.2M | Unchanged | Q2 2026 |
| Tweedy Browne |  | 0.06% | $769K | Reduced -0.5% | Q2 2026 |
| Kahn Brothers | Kahn Brothers Group | 0.04% | $206K | Unchanged | Q2 2026 |
| Glenn Greenberg | Brave Warrior Advisors | 0.02% | $763K | Unchanged | Q2 2026 |

## Analysts
Consensus Hold (mean 2.81 on a 1–5 scale), 27 analysts; mean target USD 28.38 (low 17, high 42).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Rosenblatt | Maintained | Buy | $31 |
| 2026-10-02 | Scotiabank | Target lowered | Sector Perform | $29 → $27.5 |
| 2026-09-29 | Barclays | Target lowered | Equal-Weight | $26 → $24 |
| 2026-09-28 | Morgan Stanley | Target lowered | Equal-Weight | $29 → $27 |
| 2026-09-25 | Keybanc | Downgrade | Sector Weight → Underweight | $18 |
| 2026-09-24 | Citigroup | Target lowered | Buy | $30 → $27.5 |
| 2026-09-16 | B of A Securities | Target lowered | Buy | $37 → $35 |
| 2026-09-15 | UBS | Target lowered | Neutral | $32 → $27 |
| 2026-07-24 | Wells Fargo | Target lowered | Underweight | $28 → $23 |
| 2026-07-24 | RBC Capital | Target lowered | Sector Perform | $27 → $26 |
| 2026-07-24 | Barclays | Target lowered | Equal-Weight | $28 → $26 |
| 2026-07-24 | Rosenblatt | Maintained | Buy | $31 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -12.4% | -46.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -12.4% | -11.7% |
| Volatility (annualized) | 32.9% | 25.9% |
| Max drawdown | -33.8% (Feb 2026→Oct 2026) | -51.6% (Oct 2021→Oct 2026) |

## Peers (Telecom Services)
AMX (America Movil, S.A.B. de C.V.) USD 24.98 +2.84% · T (AT&T Inc.) USD 22.74 +3.79% · TMUS (T-Mobile US, Inc.) USD 158.79 +3.28% · CHT (Chunghwa Telecom Co., Ltd.) USD 48.72 +2.57% · VOD (Vodafone Group Plc) USD 16.12 +1.70% · VZ (Verizon Communications Inc.) USD 45.2 +3.76%

## More
Full page: https://nexqual.com/CMCSA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CMCSA's own 10-K filed 2026-02-03 (https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/cmcsa-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Sky | "These services have an operating system similar to Sky Q and are offered to customers through Sky Stream, which leverages a streaming device and Wi-Fi, or to customers that purchase our Sky Glass smart televisions." |
| Customer | T-Mobile (TMUS) | "Our domestic wireless services are offered to business customers over Verizon's wireless network and beginning in 2026, we will also use T-Mobile's wireless network." |
| Customer | Verizon (VZ) | "Our domestic wireless services are offered over Verizon's wireless network and our existing network of secure residential, outdoor and business Wi-Fi hotspots, and are offered initially only as part of our bundled servic…" |
| Partner | Versant Media Group, Inc. (VSNT) | "Additionally, in October 2025, in anticipation of the Separation of Versant, Versant entered into a credit agreement with respect to a $1.0 billion senior secured term A loan facility due January 2031 (the "Term A Loan F…" |

Other companies that name CMCSA in their own reports (relationship from CMCSA's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | COMTECH TELECOMMUNICATIONS CORP /DE/ (CMTL) | 10-K 2026-10-14 | "•Leading telecommunications companies, including AT&T Inc., Bell Mobility, Inc., Comcast Corp., Nokia Corp., Rogers Communications Canada Inc., TELUS Communications Inc., Verizon Communications Inc. a…" |
| customer | SCANSOURCE, INC. (SCSC) | 10-K 2026-08-20 | "We provide products and services from approximately 500 suppliers, including key suppliers AT&T, Avaya, Axis, Cisco, Comcast Business, Dell, Elo, Extreme, Five9, Fortinet, Hanwha, Honeywell, HP Poly, …" |
| competitor | QVC Group, Inc. (QVCG) | 10-K 2026-04-15 | "We believe our long-term relationships with major U.S. television distributors, including cable operators (e.g., Comcast, Charter Communications and Cox), satellite television providers (e.g., DIRECTV…" |
| competitor | OOMA INC (OOMA) | 10-K 2026-04-03 | "We face continued competition from established communications providers, such as Comcast Corporation, Verizon Communications Inc., AT&T Inc., Charter Communications Inc. and Rogers Communications Inc.…" |
| competitor | Elauwit Connection, Inc. (ELWT) | 10-K 2026-03-31 | "Our competitors, many of whom are also our partners, include a variety of telecom operators, network operators, and tower companies, including AT&T, Spectrum, Comcast, Pavlov Media, Single Digits, Whi…" |
| supplier | Kartoon Studios, Inc. (TOON) | 10-K 2026-03-31 | "of customers includes companies such as Comcast, Netflix, Sony, YouTube, Mattel, Target, Penguin Publishing, Manhattan Toys, Roku, Apple" |
| competitor | BOSTON OMAHA Corp (BOC) | 10-K 2026-03-30 | "In the future, leading cable operators, such as Comcast, Charter Communications and Optimum, and other competitors, as well as other corporations providing competitive services, such as AT&T, T-Mobile…" |
| supplier | Mountain Lake Acquisition Corp. II (MLAA) | 10-K 2026-03-20 | "has invested in and advised on venture exits to a large number of sophisticated acquirers including sales to Adobe, Amazon, Apple, Comcast," |
| competitor | ATN International, Inc. (ATNI) | 10-K 2026-03-16 | "In the western US, we experience competitive pressures from Incumbent Local Exchange Carrier ("ILEC") providers such as AT&T, Comcast, Windstream, Lumen and Frontier along with their channel partners …" |
| competitor | KALTURA INC (KLTR) | 10-K 2026-03-16 | "•Cloud TV Software: We compete with vendors offering content management, streaming, personalization, analytics, and monetization platforms for over-the-top ("OTT") and cloud television services, such …" |
| supplier | UNIVERSAL ELECTRONICS INC (UEIC) | 10-K 2026-03-12 | "Comcast-Charter's Xumo TV, Tivo Stream, and Sky Glass are examples of current customer offerings of these types of services." |
| partner | CuriosityStream Inc. (CURI) | 10-K 2026-03-12 | "•"Partner Direct" means, collectively, MVPDs that include Comcast and Cox, and vMVPDs and digital distributors that include Amazon Prime Video Channels, Roku Channels, Sling TV and YouTube TV." |
| competitor | WEBTOON Entertainment Inc. (WBTN) | 10-K 2026-03-05 | "•over-the-top platforms, such as Comcast, Disney and ViacomCBS;" |
| partner | Versant Media Group, Inc. (VSNT) | 10-K 2026-03-03 | "For example, our use of the CNBC brand is subject to a trademark license agreement with Comcast that provides an initial term of five years, which may be extended." |
| competitor | ADT Inc. (ADT) | 10-K 2026-03-02 | "•Residential (Pro-installation): SimpliSafe Home Security Systems, Xfinity Home Security (a division of Comcast Corporation), Vivint Smart Home, Inc (a subsidiary of NRG), Brinks Home Security (operat…" |

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Residential Connectivity & Platforms | $17.02B | 58.1% | -3.5% |
| Total Media | $5.36B | 18.3% | +13.0% |
| Total Studios | $2.97B | 10.1% | -1.1% |
| Total Business Services Connectivity | $2.65B | 9.0% | +2.7% |
| Total Theme Parks | $2.60B | 8.9% | -4.4% |
| Total revenue | $29.30B | 100% | — |
The lines above cover 104.4% of total revenue.

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Domestic broadband | $6.24B | 21.3% | -4.7% |
| — Domestic distribution (part of Domestic broadband) | $2.07B | 7.1% | +22.4% |
| — International connectivity (part of Domestic broadband) | $1.31B | 4.5% | +3.1% |
| — International networks (part of Domestic broadband) | $1.27B | 4.3% | +2.5% |
| — Other (part of Domestic broadband) | $1.11B | 3.8% | -7.4% |
| — Domestic wireless equipment (part of Domestic broadband) | $475.0M | 1.6% | +43.5% |
| Video | $5.91B | 20.2% | -8.7% |
| Domestic advertising | $1.78B | 6.1% | +14.6% |
| Content licensing | $1.55B | 5.3% | -23.7% |
| Theatrical | $1.13B | 3.9% | +76.7% |
| Domestic wireless service | $1.05B | 3.6% | +14.8% |
| Advertising | $918.0M | 3.1% | +2.8% |
| Total revenue | $29.30B | 100% | — |
The lines above cover 63.4% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $95.14B | 76.9% | -1.1% |
| United Kingdom | $15.18B | 12.3% | +7.0% |
| Other Geographic Locations | $13.38B | 10.8% | +0.6% |
| Total revenue | $123.71B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.62 | $0.70 | -11.7% | $29.87B | 15 |
| Next quarter (ends 2027-03-31) | $0.82 | $0.79 | +3.9% | $29.33B | 7 |
| Current fiscal year (ends 2026-12-31) | $3.49 | $3.50 | -0.4% | $119.85B | 19 |
| Next fiscal year (ends 2027-12-31) | $3.56 | $3.63 | -1.8% | $116.68B | 19 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 49.7% | ±6.0% |
| 2026-11-06 | 14 | 39.6% | ±6.5% |
| 2026-11-13 | 21 | 34.5% | ±6.8% |
| 2026-11-20 | 28 | 40.4% | ±9.2% |
| 2026-11-27 | 35 | 34.9% | ±8.8% |
| 2026-12-04 | 42 | 42.8% | ±13.3% |
| 2026-12-18 | 56 | 35.6% | ±11.3% |
| 2027-01-15 | 84 | 34.7% | ±13.8% |