Comcast Corporation (CMCSA) financials
NASDAQ · Communication Services · Telecommunications Services · 179,000 employees · CEO Brian L. Roberts
- Price
- $23.22 +4.27%
- Market cap
- $82.2B
- Enterprise value
- $162B
- Last report
- Q3 '26 filed 2026-10-22
- Next report
- 2027-02-04 EPS est. $0.65
Revenue (TTM)$123B-0.2% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)14.7%-3.3 pp vs a year agoOperating income $18.1B
Net income (TTM)$11.3B-49.9% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$17.1B-10.2% vs a year agoCapex $14.6B
Diluted EPS (TTM)$3.16-47.3% vs a year agoSum of the last 4 quarters
Net cash-$79.8B+11.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $82.2B EV $162B
- Revenue
- $123B Trailing 12 months
- Revenue growth
- -3% FY2026 consensus
- Profit margin
- 9.2% Net income / revenue, TTM
- P/E
- 7.3× Forward 6.7× (FY2026)
- P/S
- 0.7× Price / sales, TTM
- EV / EBITDA
- 4.8× TTM
- Free cash flow
- $17.1B Trailing 12 months
- Net income
- $11.3B Trailing 12 months
- Revenue estimate
- $120B FY2026 consensus
- Earnings
- 2027-02-04 Revenue est. $29.8B
- Dividend
- $1.32 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-22): revenue in line, EPS beat by 8.5%Revenue $29.3B vs $29.2B expected (+0.3%); EPS $1.07 vs $0.99 (+8.5%).
- Revenue growth slowing: -6.1% year on yearQ3 '26 revenue $29.3B, against an average of 0.6% over the four quarters before.
- Operating margin 14.7% (TTM), -3.3 pp on a year agoOperating income grew -18.4% while revenue grew -0.2%.
- 29.8% of pre-tax profit is eaten by non-operating lossesPre-tax income $14B vs operating income $18.1B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 11.9% of revenue (a year ago 11.2%)$14.6B invested in the last 4 quarters (+5.7% on a year earlier). Free cash flow $17.1B = 151.0% of net income.
- Returned $8.87B to shareholders = 51.9% of free cash flowBuybacks $4.05B (a year earlier $7.8B), dividends $4.82B, stock-based pay $1.41B (TTM).
- Diluted share count down 4.6% in a year3.56B diluted shares in Q3 '26, 3.73B a year earlier.
- Net debt $79.8BCash + short-term investments $7.6B, debt incl. leases $87.4B; a year ago net debt $89.7B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $29.3B | $31.2B | -6.1% |
| Gross margin | 74.3% | 72.3% | +2.1 pp |
| Operating income | $5.32B | $5.53B | -3.8% |
| Operating margin | 18.2% | 17.7% | +0.4 pp |
| Net income | $3.45B | $3.33B | +3.5% |
| Diluted EPS | $0.97 | $0.90 | +7.8% |
| Operating cash flow | $7.9B | $8.69B | -9.1% |
| Capex | $3.69B | $3.75B | -1.5% |
| Free cash flow | $4.21B | $4.95B | -14.8% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $348M | $311M | +11.9% |
Reported vs consensus
2026-10-22| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $29.3B | $29.2B | +0.3% |
| EPS (as estimated) | $1.07 | $0.99 | +8.5% |
From the report of 2026-10-22 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Residential Connectivity And Platforms Segment | $17B | -3.3% | 55.2% | $69.1B | -2.8% | |
| Media Segment | $5.36B | -18.7% | 17.4% | $26B | -2.8% | |
| Intersegment Eliminations | -$129M | -108.1% | -0.4% | -$6.59B | -47.4% | |
| Studios Segment | $2.97B | -1.1% | 9.6% | $12.5B | +8.1% | |
| Theme Parks | $2.6B | -4.4% | 8.4% | $10.2B | +9.9% | |
| Business Services Connectivity Segment | $2.65B | +2.7% | 8.6% | $10.5B | +4.5% | |
| Corporate and Other | $355M | -52.8% | 1.2% | $3.02B | -32.0% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $21.3B | -1.2% | 76.9% | $80.3B | -3.2% | |
| Europe | $5.61B | -1.1% | 20.2% | $20.5B | -5.1% | |
| Other Geographic Locations | $797M | -31.6% | 2.9% | $2.78B | -37.4% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $31.7B
- Capex
- -$14.6B
- Buybacks
- -$4.05B
- Dividends
- -$4.82B
- Acquisitions
- $97M
- Net debt issued
- -$8.79B
- Stock-based compensation
- $1.41B
- Free cash flow
- $17.1B
- Returned to shareholders / FCF
- 51.9%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 7.3× | 14.2× | 5.2× – 28.7× |
| EV / EBITDA | 4.8× | 7.2× | 4.4× – 9.2× |
| EV / Sales | 1.3× | 2.1× | 1.6× – 2.8× |
| Price / FCF | 4.8× | 10.9× | 5.3× – 13.9× |
| Price / Book | 0.9× | 1.9× | 1.1× – 2.4× |
| FCF yield | 20.8% | 10.4% | 7.2% – 18.9% |
| Return on invested capital | 6.1% | 6.8% | 5.2% – 8.6% |
| Return on equity | 12.3% | 15.9% | 6.6% – 20.6% |
Analysts
Consensus target $26.05 (+12.2%)
range $18.00 – $35.00 · rating Buy
Strong buy0
Buy34
Hold25
Sell3
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $120B | -3.2% | $3.47 | -35.6% | 6.7× | 14 |
| FY2027 | $116B | -2.8% | $3.51 | +1.1% | 6.6× | 15 |
| FY2028 | $119B | +2.4% | $3.74 | +6.5% | 6.2× | 10 |
| FY2029 | $119B | -0.3% | $4.01 | +7.4% | 5.8× | 4 |
| FY2030 | $122B | +3.1% | $4.50 | +12.1% | 5.2× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 217 figures Comcast Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $11.9B | $11.7B | +2.1% | $11.1B | $11.3B | -2.3% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $13.5B | $13.2B | +2.5% | $13.9B | $13.7B | +1.5% |
| Accounts Receivable, after Allowance for Credit Loss, Noncurrent | $2.37B | $1.81B | +30.8% | $1.92B | $1.85B | +3.8% |
| Accounts Receivable, Allowance for Credit Loss, Current | $677M | $817M | -17.1% | $713M | $738M | -3.4% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $14.2B | $14B | +1.3% | $14.6B | $14.4B | +1.3% |
| Accounts Receivable, Credit Loss Expense (Reversal) | – | – | – | $698M | $747M | -6.6% |
| Accrued Liabilities, Current | $11.3B | $10.9B | +3.0% | $12.4B | $10.7B | +16.2% |
| Accrued Participation Liabilities, Due in Next Operating Cycle | $1.54B2025-12-31 | $1.44B | +6.4% | $1.54B | $1.44B | +6.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $62.7B | $61.8B | +1.5% | $60.8B | $59.5B | +2.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$569M | -$90M | -532.2% | -$8M | -$2.04B | +99.6% |
| Additional Paid in Capital | $38B | $37.8B | +0.7% | $37.7B | $38.1B | -1.0% |
| Amortization of Intangible Assets | $1.31B | $1.67B | -21.1% | $6.88B | $6.07B | +13.4% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 237M | 223M | +6.3% | 237M | 184M | +28.8% |
| Assets | $258B | $273B | -5.6% | $273B | $266B | +2.4% |
| Assets, Current | $25.2B | $28.9B | -12.6% | $29.6B | $26.8B | +10.3% |
| Capital Expenditures Incurred but Not yet Paid | $100M | $100M | 0.0% | $1.9B | $2.8B | -32.1% |
| Capitalized Contract Cost, Amortization | – | – | – | $733M | $716M | +2.4% |
| Capitalized Contract Cost, Net | $1.35B2025-12-31 | $1.18B | +14.0% | $1.35B | $1.18B | +14.0% |
| Cash and Cash Equivalents, at Carrying Value | $7.6B | $9.33B | -18.5% | $9.48B | $7.32B | +29.5% |
| Cash Surrender Value of Life Insurance | $662M2025-12-31 | $566M | +17.0% | $662M | $566M | +17.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $7.68B | $9.37B | -18.1% | $10.6B | $7.38B | +43.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$58M | -$377M | +84.6% | $3.18B | $1.1B | +190.6% |
| Common Stock, Dividends, Per Share, Declared | $0.33 | $0.33 | 0.0% | $1.32 | $1.24 | +6.5% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $3.62B | $2.72B | +33.4% | $22B | $15.4B | +43.1% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $3.54B | $2.64B | +34.1% | $21.7B | $15.1B | +44.0% |
| Costs and Expenses | $24B | $25.7B | -6.6% | $103B | $100B | +2.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | $2.29B | $2.19B | +4.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $427M | $389M | +9.8% |
| Current Income Tax Expense (Benefit) | – | – | – | $3.43B | $3.7B | -7.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $720M | $1.12B | -35.4% |
| Debt and Lease Obligation | $87.4B | $99.1B | -11.8% | $98.9B | $99.1B | -0.2% |
| Debt, Current | $3.56B | $5.85B | -39.2% | $5.96B | $4.91B | +21.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $2.42B | -$599M | +504.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$285M | -$253M | -12.6% |
| Deferred Income Tax Expense (Benefit) | $96M | $694M | -86.2% | $2.67B | -$902M | +396.5% |
| Deferred Income Tax Liabilities, Net | $29B | $28.4B | +2.3% | $27.8B | $25.2B | +10.2% |
| Deferred Revenue, Current | $3.96B | $4.22B | -6.2% | $4.1B | $3.51B | +16.8% |
| Deferred Revenue, Noncurrent | $685M | $724M | -5.4% | $621M | $665M | -6.6% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $539M | -$49M | +1,200.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $4.5B2025-12-31 | $6.59B | -31.7% | $4.5B | $6.59B | -31.7% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | $4.49B2025-12-31 | $4.23B | +6.2% | $4.49B | $4.23B | +6.2% |
| Deferred Tax Assets, Valuation Allowance | $5.27B2025-12-31 | $4.5B | +17.2% | $5.27B | $4.5B | +17.2% |
| Deferred Tax Liabilities, Gross | $32.2B2025-12-31 | $31.7B | +1.4% | $32.2B | $31.7B | +1.4% |
| Deferred Tax Liabilities, Investments | $563M2025-12-31 | $934M | -39.7% | $563M | $934M | -39.7% |
| Deferred Tax Liabilities, Net | $27.7B2025-12-31 | $25.1B | +10.1% | $27.7B | $25.1B | +10.1% |
| Deferred Tax Liabilities, Other | $147M2025-12-31 | $125M | +17.6% | $147M | $125M | +17.6% |
| Defined Contribution Plan, Cost | – | – | – | $662M | $661M | +0.2% |
| Depreciation | $2.39B | $2.35B | +1.4% | $9.33B | $8.73B | +6.9% |
| Depreciation, Depletion and Amortization | $3.7B | $4.02B | -8.0% | $16.2B | $14.8B | +9.5% |
| Dividends Payable | $1.2B | $1.2B | 0.0% | $1.2B | $1.2B | 0.0% |
| Dividends Payable, Amount Per Share | $0.33 | $0.33 | 0.0% | $0.33 | $0.31 | +6.5% |
| Earnings Per Share, Basic | $0.97 | $0.91 | +6.6% | $5.41 | $4.17 | +29.7% |
| Earnings Per Share, Diluted | $0.97 | $0.90 | +7.8% | $5.39 | $4.14 | +30.2% |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $10M | -$11M | +190.9% | $42M | -$26M | +261.5% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $5.41B | $3.92B | +38.0% |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
| Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | – | – | – | $353M | $364M | -3.0% |
| Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | – | – | – | 1.4% | 2.0% | -30.0% |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | – | – | – | $141M | $55M | +156.4% |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | – | – | – | 0.6% | 0.3% | +100.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01