AI Takeaway
Comcast (CMCSA) delivered flat revenue of $123.7B in FY2025 while net income surged 23.5% to $20.0B and operating cash flow jumped 21.6% to $33.6B, though operating income declined 11.3% due to higher depreciation and amortization charges.
Revenue
$123.71B
-0.02% YoY
EPS (Basic)
$5.41
++29.74% YoY
Operating Income
$20.67B
-11.27% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Total revenue was essentially flat at $123.7B in FY2025 (vs. $123.7B in FY2024), reflecting Comcast's ability to maintain its top-line despite intense competition in broadband and media markets. The near-zero YoY change (-0.02%) suggests pricing power offset subscriber losses in certain segments.
Source: Source: 10-K Income Statement
Operating income fell 11.3% to $20.7B from $23.3B, with operating margin compressing from 18.8% to 16.7%. A key driver was a 9.5% increase in depreciation and amortization to $16.2B, reflecting ongoing capital investment in network infrastructure and content assets.
Source: Source: 10-K Income Statement & Cash Flow Statement
Net income rose 23.5% to $20.0B and diluted EPS jumped 30.2% to $5.39, significantly outpacing operating income growth. This divergence likely reflects non-operating gains, tax benefits, or asset dispositions below the operating line, boosting bottom-line results.
Source: Source: 10-K Income Statement
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Upgrade to unlockComcast faces ongoing pressure from consumers abandoning traditional cable TV (cord-cutting) and increasing competition in broadband from fiber overbuilders and fixed wireless providers. With revenue flat at $123.7B, any acceleration in subscriber losses could translate directly into revenue declines. This structural shift in media consumption represents a persistent long-term headwind.
Source: Source: 10-K Risk Factors (inferred from financial data)
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Upgrade to unlockReported EPS of $0.84 versus the $0.78 analyst consensus — a +8.1% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $123.71B | $123.73B | -0.02% |
Operating Income | $20.67B | $23.3B | -11.27% |
Net Income | $20B | $16.19B | +23.51% |
EPS (Basic) | $5.41 | $4.17 | +29.74% |
EPS (Diluted) | $5.39 | $4.14 | +30.19% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $272.63B | $266.21B | +2.41% |
Current Assets | $29.57B | $26.8B | +10.32% |
Current Liabilities | $33.52B | $39.58B | -15.30% |
Stockholders' Equity | $96.9B | $85.56B | +13.26% |
Cash & Equivalents | $9.48B | $7.32B | +29.49% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $33.64B | $27.67B | +21.57% |
Investing Cash Flow | $-16.16B | $-15.67B | -3.11% |
Financing Cash Flow | $-14.35B | $-10.88B | -31.82% |
Dividends Paid | $4.89B | $4.81B | +1.66% |
Share Buybacks | $7.16B | $9.1B | -21.40% |
D&A | $16.21B | $14.8B | +9.51% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 16.7% | 18.8% | -2.12% |
Net Margin | 16.2% | — | — |
ROE | 20.6% | — | — |
ROA | 7.3% | — | — |
Current Ratio | $0.882 | — | — |
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Comcast delivered mixed results in FY2025: revenue was essentially flat at $123.7B while net income surged 23.5% to $20.0B and diluted EPS jumped 30.2% to $5.39. Operating income declined 11.3% to $20.7B due to higher depreciation charges, but operating cash flow was a standout at $33.6B, up 21.6% year-over-year.
Comcast's operating income fell 11.3% to $20.7B primarily because depreciation and amortization rose 9.5% to $16.2B, reflecting heavy ongoing investment in network infrastructure and content assets. Net income of $20.0B exceeded operating income growth due to non-operating items such as investment gains or tax benefits that boosted the bottom line independently of core operating performance.
Comcast generated $33.6B in operating cash flow in FY2025, a 21.6% increase from $27.7B in the prior year, reflecting the strong cash-generative nature of its subscription businesses. After $16.2B in investing activities, free cash flow was approximately $17.5B, which funded $4.9B in dividends and $7.2B in share buybacks while growing the cash balance to $9.5B.
Comcast's key risks include ongoing cord-cutting and broadband competition from fiber and fixed wireless providers, which kept revenue flat at $123.7B. Operating margin compression to 16.7% (from 18.8%) due to rising capital investment costs is another concern, alongside regulatory scrutiny as one of the largest U.S. media and telecom companies. Heavy content spending for Peacock and sports rights also poses a risk to future profitability.
Comcast shows strong financial health in several key areas: operating cash flow of $33.6B, net income of $20.0B, and stockholders' equity growing 13.3% to $96.9B. The current ratio of 0.88 is slightly below 1.0, but the company's massive cash generation easily covers near-term obligations, and ROE of 20.6% indicates efficient use of shareholder capital.