Short answer
Comcast (CMCSA) filed its fiscal 2025 10-K annual report with the SEC on Feb 3, 2026. It reported revenue of $123.7B (−0.0% year over year) and net income of $20.0B.
- Top risk flagged: Intense competition from streaming services and telecom providers impacting subscriber growth
FY2025 key financial metrics · XBRL
- Revenue
- $123.7B
- −0.0% YoY
- Net income
- $20.0B
- +23.5% YoY
- Operating margin
- 16.7%
- −2.1 pp YoY
- EPS (diluted)
- $5.39
- +30.2% YoY
- ROE
- 20.6%
- +1.7 pp YoY
- Operating cash flow
- $33.6B
- +21.6% YoY
Source: XBRL data from the Comcast (CMCSA) FY2025 10-K on SEC EDGAR. USD.
Comcast FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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