Comcast Corporation is a global media and technology company providing connectivity and platform services, including broadband, wireless, video, and voice, under brands like Xfinity and Sky. It also produces and distributes entertainment, sports, and news content through NBC, Universal, and Peacock, and operates Universal theme parks.
Business segments
10-K
Residential Connectivity & PlatformsBusiness Services ConnectivityMediaStudiosTheme Parks
Marci Ryvicker (Executive Vice President of Investor Relations), Brian L. Roberts (Chief Executive Officer, President, Director), Michael J. Cavanagh (President), Jason Armstrong (Chief Financial Officer)
Key metrics
Specific quarterly revenue, EPS, and margin metrics were not the focus of this strategic call; instead, key numeric guidance related to the transaction structure and ownership.[2][4] Comcast expects to complete the separation via a tax-free spin-off, subject to customary conditions, within roughly one year.[4] The company plans to retain up to a 19
Forward guidance
Comcast announced its intention to separate into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and Sky, with completion targeted for approximately one year, subject to board approval, tax opinions, regulatory approvals, and financing arrangements.[4] NBCUniversal will retain the same dual-class share structur
Notable Q&A
Analysts asked about the rationale for separating media and technology operations, and Brian Roberts and Michael Cavanagh responded that the spin-off would allow each business to sharpen its strategic focus, pursue tailored capital allocation policies, and be more appropriately valued by investors,
Surprise items
The decision to separate Comcast’s media assets (NBCUniversal and Sky) from its technology and connectivity businesses into two separate public companies was itself a major strategic surprise and immediately framed by market commentators as a potential value-unlocking move.[2][4][5] The plan to reta
Wall Street consensus — sourced weekly via public disclosures
Analyst coverage data sourced from public filings. Xavier analyst thesis summary available after weekly Perplexity scan completes.
Financial summary — Gemini analysis
Signal
Revenue
$123,707 million USD
-0.02% YoY
Operating margin
16.7%
Net income
$19,998 million USD
Free cash flow
$21,893 million USD
Dividend / share
$1.32
Total debt
$98.9 billion USD
Cash: $9,481 million USD
Earnings quality:HIGH
Cash conversion:1.7x
Non-recurring items: Pre-tax gain of $9.4 billion from the sale of interest in Hulu, Tax benefit in 2024 of $1.9 billion from an internal corporate reorganization capital loss carryback, Transaction and transaction-related costs of $501 million associated with the Versant Separation in 2025
CMCSA trades at a deeply depressed ~4.6x TTM P/E and ~30% below its analyst consensus target, offering apparent deep value, but the market is not mispricing this — it is correctly discounting a structurally deteriorating broadband subscriber base, earnings forecasted to decline ~14-20% per year, and 90%+ net debt-to-equity. With Q2 2026 earnings due July 23 (just outside the 5-day window), the stock is in a pre-earnings holding pattern where negative broadband data could deliver another sharp leg down similar to the 13% post-Q1 drop despite a beat. The bull case is real but requires multiple things going right simultaneously; for a 5-day horizon specifically, risk/reward is balanced with a downside skew.
Strongest bull case
Extreme valuation compression (~4.6x TTM earnings, ~5.6% dividend yield, 30%+ discount to analyst targets) combined with Peacock nearing streaming profitability and broadband losses narrowing year-over-year in Q1 2026 create a coiled-spring setup where even modest Q2 improvement could trigger sharp mean-reversion buying ahead of the July 23 earnings call.
Strongest bear case
Earnings are forecast to decline 14-20% annually for the foreseeable future, FWA competition from T-Mobile and Verizon is accelerating broadband subscriber losses and ARPU erosion, Morgan Stanley just cut its price target from $33 to $30, and the stock has already demonstrated it can sell off sharply even on a beat — the market will punish any miss or soft broadband guidance ahead of the July 23 print.
What the market may be missing
The dividend yield anomaly: with the $0.33 quarterly dividend (annualized $1.32) at a current price of $23.57, the yield exceeds ~5.6% and is covered at only a 26% earnings payout ratio. This creates a near-term technical floor as income-oriented institutions rebalance into the stock post the July 22 ex-dividend date, potentially providing a modest short-term support bid that the bearish narrative overlooks.
Mr. Brian L. Roberts (CEO) · Comcast Investor Relations (virtual)
Brian L. Roberts and Mike Cavanagh discussed Comcast's first quarter 2026 results, highlighting early signs that the company's strategic pivot is taking hold. They emphasized 2026 as a key year of execution with tangible progress in their business tr
““2026 is an important year of execution, and we're seeing tangible early signs our pivot is taking hold," said Brian L. Roberts and Mike Cavanagh, co-CEOs of Comcast.”
CEO letter to shareholders
Signal
No shareholder letter on file for CMCSA
Some companies file their annual report without a separate CEO letter.
When available, Xavier extracts strategic themes, tone analysis, and
forward-looking statements to help you read between the lines.
Variable · LIBOR | EURIBOR | TIBOR | CDOR | Base Rate (Prime Rate, NYFRB Rate, Adjusted LIBO Rate)
Unsecured. The agreement restricts the incurrence of Liens on property, assets, or revenues, with specific exceptions. A Letter of Credit Cash Collateral Account is required for certain Letter of Credit Usage scenarios.
9 additional agreements on file
Financial covenants
Maximum Consolidated Leverage Ratio
≤ 5.75x
Leverage Ratio
CREDIT AGREEMENT
Maximum Consolidated Leverage Ratio
≤ 5.75 to 1.00
Consolidated Total Indebtedness (minus up to $1,000,000,000 of unrestricted cash and cash equivalents) to Annualized EBITDA
CREDIT AGREEMENT (as amended by Amendment No. 1, d
Maximum Secured Indebtedness (Sale-Leaseback Transactions)
≤ $1,500,000,000
Aggregate outstanding principal amount of Indebtedness secured by Liens under Sale-Leaseback Transactions
Credit Agreement (as amended by Amendment No. 1, d
Maximum Secured Indebtedness (Asset Securitization Transactions)
≤ $2,000,000,000
Aggregate outstanding principal amount of obligations secured by Liens arising in connection with asset securitization transactions
Credit Agreement (as amended by Amendment No. 1, d
Maximum Other Secured Indebtedness
≤ (15% of Consolidated Net Worth - amount of unsecured Indebtedness of Non-Guarantor Subsidiaries secured pursuant to Section 7.01(j))
Aggregate outstanding principal amount of Indebtedness for borrowed money (including Guaranty Obligations) secured by other Liens
Credit Agreement (as amended by Amendment No. 1, d
Maximum Non-Guarantor Subsidiary Indebtedness
≤ (15% of Consolidated Net Worth - amount of secured Indebtedness of any Loan Party secured pursuant to Section 7.01(j))
Aggregate principal amount of Indebtedness of Restricted Subsidiaries that are not Guarantors
Credit Agreement (as amended by Amendment No. 1, d
Maximum Leverage Ratio
≤ 5.75x
Leverage Ratio (Consolidated Total Indebtedness minus unrestricted cash and cash equivalents to Annualized EBITDA)
Credit Agreement
Maximum Leverage Ratio
≤ 5.75 to 1.00
Consolidated Total Indebtedness (minus up to $1,000,000,000 of unrestricted cash and cash equivalents) to Annualized EBITDA
Credit Agreement
CUSIP identifiers (4 on file)
20030PAM820030PAN6U63763AB962875UAD7
Cross-default risk
9 agreements contain cross-default provisions — a covenant breach on one facility may trigger default on others.
Xavier risk radar
Pro
Covenant headroom
Moderate leverage — no covenants on file
Earnings quality
High quality (cash conversion 1.7x)
Risk trend
Risk increasing — Intense competition across all business segments in highly competitive and dynam
Mgmt narrative
Management tone: Cautiously optimistic
Analyst drift
Consensus Hold — watch for drift
Insider sentiment
Pattern detection — 90 days needed
Signal history
Signal
Date
Direction
Conf.
Agree.
Thesis
Price
Type
Jul 12, 2026
NEUTRAL
5.6/10
100%
CMCSA trades at a deeply depressed ~4.6x TTM P/E and ~30% below its analyst consensus target, offeri...
$23.57
Sched.
Jul 11, 2026
NEUTRAL
6.0/10
75%
CMCSA screens optically cheap at ~4.6x trailing earnings and trades much closer to its 52-week low t...
$23.57
Sched.
Jun 07, 2026
NEUTRAL
6.6/10
50%
CMCSA is trading near its 52-week low at a deeply distressed valuation (~4.7x TTM P/E, ~6.3x forward...
$23.82
Sched.
May 31, 2026
NEUTRAL
6.2/10
75%
CMCSA trades at a deeply depressed ~5x TTM P/E near its 52-week low, pricing in a worst-case broadba...
$24.87
Sched.
May 24, 2026
NEUTRAL
5.8/10
100%
CMCSA screens as optically cheap on trailing earnings and trades near its 52-week low, but that low ...
$25.21
Sched.
May 17, 2026
NEUTRAL
6.1/10
75%
CMCSA trades at a deeply discounted 4.85x TTM P/E near its 52-week low (~$24.76 vs. $24.13 low), wit...
$24.76
Sched.
May 10, 2026
NEUTRAL
6.5/10
67%
CMCSA screens optically cheap at ~5x trailing earnings and trades near its 52-week low, but that low...
$25.40
Sched.
May 03, 2026
BULLISH
7.0/10
75%
CMCSA trades at a deeply discounted ~5.3x TTM P/E with ~21% upside to the consensus analyst price ta...
$27.19
Sched.
Apr 24, 2026
NEUTRAL
6.7/10
50%
CMCSA delivered a genuine Q1 2026 earnings beat (EPS $0.79 vs. $0.73 est; revenue $31.46B vs. $30.44...
$31.64
Event
Apr 12, 2026
NEUTRAL
5.9/10
50%
Comcast trades at a compelling 5.2x TTM P/E near 52-week lows, and the completed Versant spin-off ha...
$27.93
Sched.
Showing last 10 signals
CMCSAComcast Corporation
Signal
FY2026 annual report (10-K filed 2026-02-03)
INCOME STATEMENT
?Revenue
$123,707 million USD-0.02% YoY
Total sales from advertising, subscriptions, wireless service, streaming, and content. Down 0.02% from last year.
?Operating income
$20,672 million USD
What remains after subtracting all operating costs — salaries, materials, rent, R&D — from revenue. This is the profit from actually running the business, before interest and taxes. Operating margin is 16.7%, meaning 17 cents of every dollar of revenue becomes operating profit.
?Net income
$19,998 million USD
The bottom line — what the company actually earned after all expenses, interest, and taxes. This is the number that gets divided by shares outstanding to calculate earnings per share (EPS), which directly affects the stock price. Net margin is 6.9%. Note: results include non-recurring items (pre-tax gain of $9.4 billion from the sale of interest in hulu, tax benefit in 2024 of $1.9 billion from an internal corporate reorganization capital loss carryback) that may not repeat.
?Free cash flow
$21,893 million USD
Operating cash flow minus capital expenditure. This is the money available for dividends, share buybacks, debt repayment, or acquisitions. Free cash flow is what many professional investors consider the truest measure of financial health.
?EPS (diluted)
$0.60
Earnings per share — net income divided by total shares outstanding (including stock options and convertible bonds that could become shares). This is the single number most investors watch because it directly connects company profits to your ownership stake.
?Dividend per share
$1.32
Cash paid to shareholders each year for every share they own. Telecom companies pay steady dividends from subscription revenue; media/tech companies vary based on growth strategy.
BALANCE SHEET
?Total assets
$260.0B
Everything the company owns — cash, factories, equipment, patents, inventory, investments. Includes wireless spectrum, content libraries, subscriber bases, and network infrastructure.
?Cash & equivalents
$9,481 million USD
Money available right now — bank accounts, money market funds, short-term government bonds. This is the company's financial cushion. More cash means more flexibility to invest, acquire, or survive a downturn without borrowing.
?Total debt
$98.9 billion USD
All money the company owes — bonds, bank loans, credit facilities. Compare this to cash to understand the net debt position. The company holds $9,481 million USD in cash against this debt.
?Shares outstanding
3,709 million
Total number of shares that exist — owned by all investors, insiders, and institutions combined. When the company reports EPS, this is the denominator. Share buybacks reduce this number, which increases EPS even without earnings growth.
CASH FLOW
?Operating cash flow
$6.9B
Actual cash generated from running the business — not accounting profits, real money coming in the door. This is more trustworthy than net income because it's harder to manipulate. A company can report profits but still run out of cash.
?Capital expenditure
$2.4B
Money spent on long-term assets — cell towers, fiber networks, content production, and data centers. This is the cost of maintaining and growing the business.
?Free cash flow
$4.5B
Operating cash flow minus capital expenditure. This is the money available for dividends, share buybacks, debt repayment, or acquisitions. Free cash flow is what many professional investors consider the truest measure of a company's financial health.
?Depreciation & amortization
$3.9B
A non-cash expense that spreads the cost of network infrastructure, content libraries, and wireless spectrum over their useful life. This reduces reported income but no cash actually leaves the company — that's why it gets added back to calculate EBITDA and operating cash flow.
EARNINGS QUALITY
?Accrual quality
HIGH
Measures how well reported earnings match actual cash generation. HIGH means earnings are backed by real cash. LOW means the company may be using accounting techniques to inflate reported numbers. Professional investors check this before trusting EPS.
?Cash conversion
1.7x
Operating cash flow divided by net income. Above 1.0x means the company generates more cash than it reports in profits — a sign of high-quality earnings. At 1.7x, the company is generating significantly more cash than reported profits — very healthy.
?Non-recurring items
3 identified
One-time items that affect the bottom line but won't repeat: pre-tax gain of $9.4 billion from the sale of interest in hulu, tax benefit in 2024 of $1.9 billion from an internal corporate reorganization capital loss carryback, transaction and transaction-related costs of $501 million associated with the versant separation in 2025. When evaluating the company's true earning power, investors strip these out to see what the business earns on a normal basis.
?Management tone
Cautious Optimistic
How management sounds in their SEC filings — are they confident, cautious, or defensive? This is analyzed from the actual language used in the 10-K annual report. A shift in tone from prior years can signal changing conditions before the numbers reflect it.
?Top risk factor
Increasing
Intense competition across all business segments in highly competitive and dynamic industries. Risk trend: increasing. This is the single biggest threat to the company's future earnings as identified in their SEC filing.
Click any row to expand the plain-English explanation. Source: SEC EDGAR XBRL filings.
Capital intelligence
Signal
Weighted Average Cost of Capital · Return on Invested Capital · Economic Value Added
ROIC
8.57%
WACC
4.19%
🟢 VALUE CREATOR — EVA Spread: 4.38%
?WACC
4.19%
Weighted Average Cost of Capital — the minimum return Comcast Corporation must earn on its investments to satisfy both debt holders and shareholders. Computed from a 45.58% equity / 54.42% debt capital structure. If the company earns less than 4.19% on its invested capital, it is destroying shareholder value.
?Cost of equity
7.85%
The return shareholders demand for holding CMCSA stock instead of a risk-free Treasury bond. Computed using the Capital Asset Pricing Model: Risk-Free Rate (4.25%) + Beta (0.66) × Equity Risk Premium (5.50%). A beta of 0.66 means CMCSA is less volatile than the overall market.
?Cost of debt (after-tax)
1.13%
What Comcast Corporation effectively pays on its borrowed money after the tax deduction on interest. Interest is tax-deductible, so the true cost is lower than the stated rate. Effective tax rate used: 20.45%.
?Capital structure
E: 45.58% / D: 54.42%
How Comcast Corporation finances its operations — the split between equity (stock market value: $82.8B) and debt (total borrowings: $98.9B). More debt means more leverage — higher potential returns but higher risk.
?ROIC
8.57%
Return on Invested Capital — how efficiently Comcast Corporation turns its total invested capital into after-tax operating profit. NOPAT ($15.2B) ÷ Invested Capital ($177.7B). This exceeds WACC, meaning the company creates value for shareholders.
?EVA
$7.8B
Economic Value Added — the dollar amount of value Comcast Corporation created (or destroyed) above its cost of capital. NOPAT ($15.2B) minus the capital charge (Invested Capital × WACC = $7.5B). Positive EVA means every dollar of capital is earning more than it costs.
?NOPAT
$15.2B
Net Operating Profit After Tax — operating income adjusted for taxes, ignoring how the company is financed. Operating Income ($19.1B) × (1 - Tax Rate 20.45%). This isolates the company's core business profitability from its financing decisions.
Xavier consensus signals are intelligence outputs, not investment advice. All signals are generated by a multi-model AI system and reflect public information at time of generation. Past signal accuracy does not guarantee future performance. Wall Street analyst consensus sourced from public disclosures, summarized weekly. Financial data sourced from SEC EDGAR and yfinance. Insider transactions sourced from SEC EDGAR Form 4 filings. Updated Jul 12, 2026.