Company profile
SEC EDGAR ↗- Industry
- Cable & Other Pay Television Services
- Listed
- Nasdaq: CMCSA
- Incorporated
- PA
- Headquarters
- Philadelphia, PA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $123.7B
- Net income
- $20.0B
- Total assets
- $272.6B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $123.7B | $20.0B | $272.6B |
| FY2024 | $123.7B | $16.2B | $266.2B |
| FY2023 | $121.6B | $15.4B | $264.8B |
| FY2022 | $121.4B | $5.37B | $257.3B |
| FY2021 | $116.4B | $14.2B | $275.9B |
| FY2020 | $103.6B | $10.5B | $273.9B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
3 verified Decision Records on Comcast, and the casebook each one belongs to.
| Fork date | Decision type | What Comcast chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2020 | Cannibalization Choice | Launch Peacock streaming | Comcast announced intention to spin off select cable networks into Versant (2024-11) | Read the story → | Cannibalization Choice Casebook → |
| 2024 | Adjacency Expansion | Spin off cable networks | Comcast completed the separation of Versant Media Group, with Versant beginning trading on Nasdaq under ticker VSNT (2026-01) | Read the story → | Adjacency Expansion Casebook → |
| 2024 | The Cross-Subsidy | Spin off cable networks | reached 46 million paying subscribers while posting a $432 million quarterly loss (2026) | Read the story → | The Cross-Subsidy Casebook → |
Videos on Comcast
Run one of these yourself
The decisions Comcast faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Decision ForksThe CannibalizationShould you launch the thing that takes revenue from your best business?See the pack →Business ModelThe Cross-SubsidyWhich unit pays for the others, and has anybody ever approved it?See the pack →
The analyses
The Adjacency Stack · Growth & Portfolio
Comcast Stacked the Whole Media Pyramid. Then It Started Taking It Apart.
Comcast spent over $60 billion stacking cable pipes, NBC, Sky, and parks on top of each other. In November 2024 it announced it would spin off the cable-network layer it bought in 2011 — because the pipe and the content stopped reinforcing each other.
8 min
The Cannibalization Choice · Growth & Portfolio
Peacock Lost $11B+ While Pay-TV Fell From 80% to 34% — the Bet Was Bigger Than TV
Everyone calls Peacock a cannibal: $11B+ in losses since 2020 to kill Comcast's own cable business. But cable was dying regardless — pay-TV fell from 80% to 34% penetration. The real bet was never about TV.
8 min
The Cross-Subsidy · Business Model
Comcast's $45.1 Billion Broadband Engine Funds the Rest, and Now It's Losing Customers
Everyone calls Comcast a content company that also does cable. The 10-K says the opposite: a $45.1 billion broadband engine at 38% EBITDA margins quietly funds Peacock's losses and the cable-network spin-off. The trouble is the engine is now losing customers.
8 min