Comcast Corporation (CMCSA)财务
NASDAQ · Communication Services · Telecommunications Services · 员工179,000人 · CEO Brian L. Roberts
- 股价
- $23.22 +4.27%
- 市值
- $822亿
- 企业价值
- $1620亿
- 最近财报
- Q3 '26 2026-10-22提交
- 下次财报
- 2027-02-04 EPS预期 $0.65
营收(TTM)$1230亿-0.2% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)14.7%-3.3 百分点 对比去年同期营业利润 $181亿
净利润(TTM)$113亿-49.9% 对比去年同期税后,含营业外收益
自由现金流(TTM)$171亿-10.2% 对比去年同期资本支出 $146亿
稀释EPS(TTM)$3.16-47.3% 对比去年同期最近4个季度之和
净现金-$798亿+11.1% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $822亿 EV $1620亿
- 营收
- $1230亿 过去12个月
- 营收增速
- -3% FY2026年一致预期
- 净利润率
- 9.2% 净利润 / 营收,TTM
- P/E
- 7.3× 预期 6.7×(FY2026)
- P/S
- 0.7× 股价 / 营收,TTM
- EV / EBITDA
- 4.8× TTM
- 自由现金流
- $171亿 过去12个月
- 净利润
- $113亿 过去12个月
- 营收预期
- $1200亿 FY2026年一致预期
- 盈利
- 2027-02-04 营收预期 $298亿
- 股息
- $1.32 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-22):营收符合预期,EPS 超预期8.5%营收$293亿,预期$292亿(+0.3%);EPS $1.07,预期$0.99(+8.5%)。
- 营收增长放缓:同比-6.1%Q3 '26营收$293亿,此前四个季度的平均值为0.6%。
- 营业利润率14.7%(TTM),较去年同期-3.3 百分点营收增长-0.2%,营业利润增长-18.4%。
- 税前利润的29.8%被营业外亏损吞噬税前利润$140亿,营业利润$181亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的11.9%(去年为11.2%)最近4个季度投入$146亿(同比+5.7%)。自由现金流$171亿,相当于净利润的151.0%。
- 股东回报$88.7亿 = 自由现金流的51.9%回购$40.5亿(去年为$78亿),股息$48.2亿,股权激励$14.1亿(TTM)。
- 稀释股数一年内减少4.6%Q3 '26稀释股数35.6亿,一年前为37.3亿。
- 净债务 $798亿现金 + 短期投资 $76亿,含租赁债务 $874亿;一年前净债务 $897亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $293亿 | $312亿 | -6.1% |
| 毛利率 | 74.3% | 72.3% | +2.1 百分点 |
| 营业利润 | $53.2亿 | $55.3亿 | -3.8% |
| 营业利润率 | 18.2% | 17.7% | +0.4 百分点 |
| 净利润 | $34.5亿 | $33.3亿 | +3.5% |
| 稀释EPS | $0.97 | $0.90 | +7.8% |
| 经营现金流 | $79亿 | $86.9亿 | -9.1% |
| 资本支出 | $36.9亿 | $37.5亿 | -1.5% |
| 自由现金流 | $42.1亿 | $49.5亿 | -14.8% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $3.48亿 | $3.11亿 | +11.9% |
实际 vs 一致预期
2026-10-22| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $293亿 | $292亿 | +0.3% |
| EPS(一致预期口径) | $1.07 | $0.99 | +8.5% |
来自2026-10-22发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Residential Connectivity And Platforms Segment | $170亿 | -3.3% | 55.2% | $691亿 | -2.8% | |
| Media Segment | $53.6亿 | -18.7% | 17.4% | $260亿 | -2.8% | |
| Intersegment Eliminations | -$1.29亿 | -108.1% | -0.4% | -$65.9亿 | -47.4% | |
| Studios Segment | $29.7亿 | -1.1% | 9.6% | $125亿 | +8.1% | |
| Theme Parks | $26亿 | -4.4% | 8.4% | $102亿 | +9.9% | |
| Business Services Connectivity Segment | $26.5亿 | +2.7% | 8.6% | $105亿 | +4.5% | |
| Corporate and Other | $3.55亿 | -52.8% | 1.2% | $30.2亿 | -32.0% |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $213亿 | -1.2% | 76.9% | $803亿 | -3.2% | |
| Europe | $56.1亿 | -1.1% | 20.2% | $205亿 | -5.1% | |
| Other Geographic Locations | $7.97亿 | -31.6% | 2.9% | $27.8亿 | -37.4% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $317亿
- 资本支出
- -$146亿
- 股票回购
- -$40.5亿
- 股息
- -$48.2亿
- 收购
- $9700万
- 债务净发行
- -$87.9亿
- 股权激励费用
- $14.1亿
- 自由现金流
- $171亿
- 股东回报 / FCF
- 51.9%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 7.3× | 14.2× | 5.2× – 28.7× |
| EV / EBITDA | 4.8× | 7.2× | 4.4× – 9.2× |
| EV / 营收 | 1.3× | 2.1× | 1.6× – 2.8× |
| 股价 / FCF | 4.8× | 10.9× | 5.3× – 13.9× |
| 股价 / 净资产 | 0.9× | 1.9× | 1.1× – 2.4× |
| FCF收益率 | 20.8% | 10.4% | 7.2% – 18.9% |
| 投入资本回报率 | 6.1% | 6.8% | 5.2% – 8.6% |
| 净资产收益率 | 12.3% | 15.9% | 6.6% – 20.6% |
分析师
一致目标价 $26.05 (+12.2%)
区间 $18.00 – $35.00 · 评级 Buy
强烈买入0
买入34
持有25
卖出3
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $1200亿 | -3.2% | $3.47 | -35.6% | 6.7× | 14 |
| FY2027 | $1160亿 | -2.8% | $3.51 | +1.1% | 6.6× | 15 |
| FY2028 | $1190亿 | +2.4% | $3.74 | +6.5% | 6.2× | 10 |
| FY2029 | $1190亿 | -0.3% | $4.01 | +7.4% | 5.8× | 4 |
| FY2030 | $1220亿 | +3.1% | $4.50 | +12.1% | 5.2× | 4 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Comcast Corporation在近期10-Q / 10-K文件中标记的全部217项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $119亿 | $117亿 | +2.1% | $111亿 | $113亿 | -2.3% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $135亿 | $132亿 | +2.5% | $139亿 | $137亿 | +1.5% |
| Accounts Receivable, after Allowance for Credit Loss, Noncurrent | $23.7亿 | $18.1亿 | +30.8% | $19.2亿 | $18.5亿 | +3.8% |
| Accounts Receivable, Allowance for Credit Loss, Current | $6.77亿 | $8.17亿 | -17.1% | $7.13亿 | $7.38亿 | -3.4% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $142亿 | $140亿 | +1.3% | $146亿 | $144亿 | +1.3% |
| Accounts Receivable, Credit Loss Expense (Reversal) | – | – | – | $6.98亿 | $7.47亿 | -6.6% |
| Accrued Liabilities, Current | $113亿 | $109亿 | +3.0% | $124亿 | $107亿 | +16.2% |
| Accrued Participation Liabilities, Due in Next Operating Cycle | $15.4亿2025-12-31 | $14.4亿 | +6.4% | $15.4亿 | $14.4亿 | +6.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $627亿 | $618亿 | +1.5% | $608亿 | $595亿 | +2.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$5.69亿 | -$9000万 | -532.2% | -$800万 | -$20.4亿 | +99.6% |
| Additional Paid in Capital | $380亿 | $378亿 | +0.7% | $377亿 | $381亿 | -1.0% |
| Amortization of Intangible Assets | $13.1亿 | $16.7亿 | -21.1% | $68.8亿 | $60.7亿 | +13.4% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2.37亿 | 2.23亿 | +6.3% | 2.37亿 | 1.84亿 | +28.8% |
| Assets | $2580亿 | $2730亿 | -5.6% | $2730亿 | $2660亿 | +2.4% |
| Assets, Current | $252亿 | $289亿 | -12.6% | $296亿 | $268亿 | +10.3% |
| Capital Expenditures Incurred but Not yet Paid | $1亿 | $1亿 | 0.0% | $19亿 | $28亿 | -32.1% |
| Capitalized Contract Cost, Amortization | – | – | – | $7.33亿 | $7.16亿 | +2.4% |
| Capitalized Contract Cost, Net | $13.5亿2025-12-31 | $11.8亿 | +14.0% | $13.5亿 | $11.8亿 | +14.0% |
| Cash and Cash Equivalents, at Carrying Value | $76亿 | $93.3亿 | -18.5% | $94.8亿 | $73.2亿 | +29.5% |
| Cash Surrender Value of Life Insurance | $6.62亿2025-12-31 | $5.66亿 | +17.0% | $6.62亿 | $5.66亿 | +17.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $76.8亿 | $93.7亿 | -18.1% | $106亿 | $73.8亿 | +43.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$5800万 | -$3.77亿 | +84.6% | $31.8亿 | $11亿 | +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 | $36.2亿 | $27.2亿 | +33.4% | $220亿 | $154亿 | +43.1% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $35.4亿 | $26.4亿 | +34.1% | $217亿 | $151亿 | +44.0% |
| Costs and Expenses | $240亿 | $257亿 | -6.6% | $1030亿 | $1000亿 | +2.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | $22.9亿 | $21.9亿 | +4.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $4.27亿 | $3.89亿 | +9.8% |
| Current Income Tax Expense (Benefit) | – | – | – | $34.3亿 | $37亿 | -7.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $7.2亿 | $11.2亿 | -35.4% |
| Debt and Lease Obligation | $874亿 | $991亿 | -11.8% | $989亿 | $991亿 | -0.2% |
| Debt, Current | $35.6亿 | $58.5亿 | -39.2% | $59.6亿 | $49.1亿 | +21.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $24.2亿 | -$5.99亿 | +504.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$2.85亿 | -$2.53亿 | -12.6% |
| Deferred Income Tax Expense (Benefit) | $9600万 | $6.94亿 | -86.2% | $26.7亿 | -$9.02亿 | +396.5% |
| Deferred Income Tax Liabilities, Net | $290亿 | $284亿 | +2.3% | $278亿 | $252亿 | +10.2% |
| Deferred Revenue, Current | $39.6亿 | $42.2亿 | -6.2% | $41亿 | $35.1亿 | +16.8% |
| Deferred Revenue, Noncurrent | $6.85亿 | $7.24亿 | -5.4% | $6.21亿 | $6.65亿 | -6.6% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $5.39亿 | -$4900万 | +1,200.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $45亿2025-12-31 | $65.9亿 | -31.7% | $45亿 | $65.9亿 | -31.7% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | $44.9亿2025-12-31 | $42.3亿 | +6.2% | $44.9亿 | $42.3亿 | +6.2% |
| Deferred Tax Assets, Valuation Allowance | $52.7亿2025-12-31 | $45亿 | +17.2% | $52.7亿 | $45亿 | +17.2% |
| Deferred Tax Liabilities, Gross | $322亿2025-12-31 | $317亿 | +1.4% | $322亿 | $317亿 | +1.4% |
| Deferred Tax Liabilities, Investments | $5.63亿2025-12-31 | $9.34亿 | -39.7% | $5.63亿 | $9.34亿 | -39.7% |
| Deferred Tax Liabilities, Net | $277亿2025-12-31 | $251亿 | +10.1% | $277亿 | $251亿 | +10.1% |
| Deferred Tax Liabilities, Other | $1.47亿2025-12-31 | $1.25亿 | +17.6% | $1.47亿 | $1.25亿 | +17.6% |
| Defined Contribution Plan, Cost | – | – | – | $6.62亿 | $6.61亿 | +0.2% |
| Depreciation | $23.9亿 | $23.5亿 | +1.4% | $93.3亿 | $87.3亿 | +6.9% |
| Depreciation, Depletion and Amortization | $37亿 | $40.2亿 | -8.0% | $162亿 | $148亿 | +9.5% |
| Dividends Payable | $12亿 | $12亿 | 0.0% | $12亿 | $12亿 | 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 | $1000万 | -$1100万 | +190.9% | $4200万 | -$2600万 | +261.5% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $54.1亿 | $39.2亿 | +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 | – | – | – | $3.53亿 | $3.64亿 | -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 | – | – | – | $1.41亿 | $5500万 | +156.4% |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | – | – | – | 0.6% | 0.3% | +100.0% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01