Comcast (CMCSA) FY2025 10-K Annual Report
Comcast (CMCSA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 3, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Comcast FY2025 10-K Analysis
Business Overview
- • Core business model: Integrated media and connectivity services through Comcast Technology Center and Content & Experiences segments
- • Strategic shift: Separation of CNBC headquarters ownership to Versant as of January 2, 2026
- • Geographic footprint emphasis: Major operations in Philadelphia, New York, United Kingdom, Miami, Los Angeles, Stamford, and Englewood Cliffs
- • Most notable facility ownership: Owns key assets including Comcast Technology Center and 30 Rockefeller Plaza offices
Management Discussion & Analysis
- • Revenue flat at $123.7B YoY with Connectivity & Platforms down 0.4% and Content & Experiences up 1.0%
- • Operating income $20.7B down 11.3%, adjusted EBITDA $37.4B down 1.8%, Residential Connectivity margin 37.7% vs 38.2%, Business Services margin 55.9% vs 56.7%
- • Best performing segment Theme Parks revenue $9.8B up 14.2%, adjusted EBITDA $3.1B up 4.5%; worst Studios adjusted EBITDA down 21.7% to $1.1B
- • Capital expenditures $8.7B up 5.3% mainly in Connectivity & Platforms; share repurchases $6.8B for 205M shares; dividends paid $4.9B, dividend raised to $1.32 per share
- • Management expects continued competitive pressure on video revenue, growth in broadband/wireless customers, ongoing investment in network, and content costs at Peacock to persist
Risk Factors
- • Intense competition from streaming services and telecom providers impacting subscriber growth
- • Exposure to potential FCC regulation changes affecting broadband pricing and net neutrality enforcement
- • Supply chain disruption risk due to reliance on limited semiconductor suppliers for network equipment
- • Competitive threat from Netflix and Amazon streaming platforms with growing original content investments
- • Leverage risk with long-term debt $70B creating pressure on cash flow amid rising interest rates
Comcast FY2025 Key Financial MetricsXBRL
Revenue
$123.7B
▼ -0.0% YoY
Net Income
$20.0B
▲ +23.5% YoY
Operating Margin
16.7%
▼ -212bp YoY
Net Margin
16.2%
▲ +308bp YoY
ROE
20.6%
▲ +171bp YoY
Total Assets
$272.6B
▲ +2.4% YoY
EPS (Diluted)
$5.39
▲ +30.2% YoY
Operating Cash Flow
$33.6B
▲ +21.6% YoY
Source: XBRL data from Comcast FY2025 10-K filing on SEC EDGAR. All figures in USD.
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