Comcast Corporation — CMCSA

[ ] I    THE BUSINESS     what they sell, how it earns, who pays
[ ] II   THE MOAT         pricing power, and the clock on it
[ ] III  OWNER EARNINGS   what it really earns, and where the cash goes
[ ] IV   INVERT           what kills it — ranked and dated
[ ] V    THE LADDER       the cycle this name is standing on
[ ] VI   THE PRICE        what you pay against what you get

Resume at Chapter I.

IDENTITY

Name        Comcast Corporation
            Sells broadband, wireless and TV subscriptions to homes and
            businesses, and owns NBCUniversal — the NBC and Telemundo
            networks, Peacock, Universal's film studios and theme parks,
            and Sky in Europe.
            Residential Connectivity & Platforms · Business Services
            Connectivity · Media · Studios · Theme Parks
Ticker      CMCSA  (Nasdaq)
Form        C-corp, two classes. Class A trades as CMCSA, 3,539,192,198
            shares; Class B, 9,444,375 shares, does not trade, carries a
            non-dilutable 33⅓% of the combined vote, and is held entirely
            by Brian L. Roberts [^2]
Filed in    Pennsylvania [^1]
HQ          One Comcast Center, Philadelphia, PA 19103-2838 [^1]
Founded     1963            Listed  1972-06-29 at $7.00 on Nasdaq [^3]
Fiscal year Ends December 31 — the fiscal year is the calendar year
            Q1 Jan–Mar · Q2 Apr–Jun · Q3 Jul–Sep · Q4 Oct–Dec
            FY2025 ended 2025-12-31 · last reported Q2 to 2026-06-30
Earnings    2026-10-29 — Q3 2026, July–September
Bought      2002 AT&T Broadband — the largest US cable operator
            2011 NBCUniversal, 51% · 2013 the remaining 49%
            2016 DreamWorks Animation · 2018 Sky, European pay television
Spun off    2026-01-02 Versant Media Group, now Nasdaq: VSNT — CNBC,
            MS NOW, USA Network, Golf Channel, E!, SYFY, Oxygen, plus
            Fandango, Rotten Tomatoes, GolfNow and SportsEngine.
            Shareholders received 1 VSNT for every 25 CMCSA [^4]
Sold        2026-05-31 Sky Germany [^4]
Splitting   Announced June 2026 — a tax-free spin-off of NBCUniversal and
            Sky, taking the Media, Studios and Theme Parks segments plus
            the Sky businesses, and leaving broadband and wireless as
            Comcast. Expected mid-2027; Comcast keeps up to 19.9% of the
            spun company for up to a year afterwards [^4]
Employees   ~179,000 at 2025-12-31, full-time-equivalent basis, counted
            before Versant left [^5]
Industry    Communication Services · cable and pay television [^1]
Runs it     Brian L. Roberts, Chairman & Co-CEO (65, serving 45 years) [^6]
            Michael J. Cavanagh, Co-CEO (60, serving 11 years) [^6]
            Jason S. Armstrong, CFO (?, serving 12 years) [^6]
Ownership   0.7% insiders · 91.6% institutions · 7.7% retail  [F] 2026-08-27

THE NUMBERS

The opening snapshot — all [F] 2026-08-27 unless tagged otherwise.

Scale       revenue $124.91B ttm · 3.549B shares · $93.72B market cap [^7]
Growth      revenue +0.6% y/y ttm — $124.91B against $124.19B [^8]
            EPS  FY2023 $3.71 → FY2024 $4.14 → FY2025 $5.39 → $3.12 ttm [^9]
Margins     gross 69.4% [M] · operating 14.7% · net 9.0%   ttm [^10]
Balance     cash $7.66B · debt $90.38B · net debt $82.72B   at 2026-06-30
            net debt 88% of market cap · cap + net debt $176.44B
Capital     dividend $1.32/yr · 5.0% yield · 42% payout
            FY2025 returned $12.05B — $7.16B buyback, $4.89B dividends
Price       $26.41 close 2026-08-27
            1 wk −0.0% · 1 mo +15.8% · 1 yr −16.7% · 5 yr −52.6% [^11]
            52-wk range $21.28 – $32.86 · 5-yr $21.28 – $57.92
EPS         $3.12 trailing  ·  $3.62 forward [C]
P/E         8.5x trailing  ·  7.3x forward [C]
            FY2023 11.1x · FY2024 8.5x · FY2025 5.2x · today 8.5x [^12]

[^1]: SEC EDGAR entity record, CIK 0001166691 — state of incorporation, address, fiscal year end 1231, and SIC 4841, Cable & Other Pay Television Services.

[^2]: Share counts are the cover page of the 10-Q for the quarter ended 2026-06-30. The non-dilutable 33⅓% vote, and the Class B holder's separate approval rights over mergers, asset sales, share issuances and charter amendments, are set out in the FY2025 10-K risk factors.

[^3]: Founded 1963 as American Cable Systems, a 1,200-subscriber cable operator in Tupelo, Mississippi; reincorporated in Pennsylvania as Comcast Corporation in 1969. The 1972 IPO sold 430,000 shares at $7.00. The daily price series used below starts 1980-03-17, eight years after the IPO, so the 5-year window is well inside it.

[^4]: 10-Q for the quarter ended 2026-06-30, note 1 and the "Significant Transactions" note. Neither the Versant spin-off nor the Sky Germany sale met the criteria to be presented as a discontinued operation, so prior periods were not restated: FY2023 through FY2025 include Versant and FY2026 does not. The EPS ladder above is therefore not like-for-like. Versant took roughly $12.5B of assets and $4.3B of liabilities, and paid Comcast $2.25B of cash on the way out against a $3.0B contribution — a net $750M to Versant. Nothing reported yet reflects the proposed NBCUniversal spin-off.

[^5]: FY2025 10-K, Human Capital Resources: "approximately 179,000 full-time and part-time employees calculated on a full-time equivalent basis" as of 2025-12-31, about 30% of them outside the United States. Versant's staff left the next day, 2026-01-02. Quarterly reports do not carry a headcount, so the first post-spin count arrives with the FY2026 10-K.

[^6]: Tenure is years at Comcast, not years in the current role — the two differ sharply here and the company figure is the one that says whether a decision-maker owns the company's history. Roberts joined 1981 (45 yrs), President 1990–2022, CEO since 2002 (24 yrs in role), Chairman since 2004, Co-CEO since January 2026. Cavanagh joined 2015 (11 yrs), CFO 2015–2022, President 2022, Co-CEO since January 2026 — 8 months in role. Armstrong joined 2014 (12 yrs), CFO since January 2023 (3 yrs in role). Ages are from the proxy filed 2026-04-24, which gives ages for directors only; Armstrong is not a director, so his age is unknown here rather than estimated.

[^7]: 3,539,192,198 Class A + 9,444,375 Class B = 3,548,636,573 shares × $26.41 = $93.72B.

[^8]: The four quarters to 2026-06-30 are $31.198B + $32.309B + $31.457B

• $29.940B = $124.905B. The four before them are $32.070B + $31.915B
• $29.887B + $30.313B = $124.185B. 124.905 / 124.185 = 1.0058, so

+0.6%. Each Q4 is that fiscal year's total less its first three quarters.

[^9]: GAAP diluted EPS. FY2025's $5.39 carries a $9.4B pre-tax gain on the sale of Comcast's Hulu interest, booked in other income in the quarter ended 2025-06-30. It sits below the operating line, which is why FY2025 pre-tax income of $25.77B exceeds operating income of $20.67B. Trailing $3.12 is net income of $11.200B over the four quarters to 2026-06-30.

[^10]: Trailing twelve months to 2026-06-30 on revenue of $124.905B — gross profit $86.672B, operating income $18.314B, net income $11.200B. Comcast reports no gross profit line; "gross" here is revenue less programming and production costs only.

[^11]: Price return from daily closes, taking the last session on or before the same day of the month: 2026-08-20 $26.42, 2026-07-27 $22.80, 2025-08-27 $31.69, 2021-08-27 $55.67. Dividends are excluded, and so is the Versant share distributed on 2026-01-02, so the 1-year and 5-year figures understate what a holder actually received.

[^12]: Each year-end multiple is that fiscal year's last close over the same year's GAAP diluted EPS — both ends at the same date. 2023-12-29 $41.10 / $3.71 = 11.1x · 2024-12-31 $35.17 / $4.14 = 8.5x · 2025-12-31 $28.01 / $5.39 = 5.2x. Today $26.41 / $3.12 = 8.5x.