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
Latest full fiscal year from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Cross-Subsidy · Business Model
The Pipe Won: How Broadband Quietly Took Over the Business Cable TV Built
Comcast spent decades building a network to sell you television. Then the most valuable thing flowing through it turned out to be the internet - and the TV business it was built for became the thing the profits now have to carry.
7 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
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