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Comcast$CMCSA · filed: saw revenue fall 0.0% in FY2025 to $123.7BNew shipTrillion Score 482Fall Risk LowNext year $112.3B–$128.4B sealedCheck ▾Close ▴
What Comcast filed
Saw revenue fall 0.0% in FY2025 to $123.7 billion, operating margin 16.7% against a 5.8% median for cable & other pay television services, equity 35.5% of assets, and dividend per share up 10 years running. Every figure links to the filing it came from on Comcast’s card. New ship: no warning signs. Trillion Score 482, #9 of 12 in its field; Fall Risk Low (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $112.3B and $128.4B, an 80% range sealed on 26 Sept 2026 · receipt #81b903 · graded in public by the revenue in Comcast’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Comcast exits content for connectivity, spinning **$7B** EBITDA into a levered media rollup vehicle while keeping Peacock and parks.
$7 billion
in annual EBITDA from its connectivity-focused core
23 million
subscribers across the UK
9,000
net subscribers despite fixed-wireless competition
$39 billion
in 2018
Comcast Corporation announced Wednesday it will spin off NBCUniversal's cable networks and European pay-TV platform Sky into a new publicly traded company, separating roughly $7 billion in annual EBITDA from its connectivity-focused core. The new entity—still unnamed—will house USA Network, CNBC, MSNBC, Oxygen, E!, Syfy, Golf Channel, and Sky's 23 million subscribers across the UK, Ireland, Germany, Austria, and Italy. Comcast retains NBC broadcast, Peacock, Bravo, Universal Studios, and its theme parks. The transaction structure is a tax-free spin to existing shareholders, expected to close in twelve months.
The move isolates linear television decline from broadband growth. Comcast's cable networks generated $7 billion in revenue last quarter but saw advertising drop 10% year-over-year, while its residential broadband added 9,000 net subscribers despite fixed-wireless competition. Sky, acquired for $39 billion in 2018, has been a stable cash generator but a strategic orphan—European scale without US streaming integration. By separating both, Comcast gives investors a pure-play connectivity vehicle trading at 8.2x forward EBITDA and a levered media entity that can pursue M&A without cable-multiple drag.
The spinoff answers two questions allocators have asked since 2022. First, how does a broadband monopoly justify owning declining linear networks when Charter and Cox sold theirs years ago. Second, whether Comcast would ever monetize Sky after writing down $8.6 billion of goodwill in 2020. The answer is partial: instead of a sale, Comcast is handing shareholders the decision. The new company will carry debt—amount undisclosed—and a cost structure built for consolidation. Management noted the entity will have "significant cash flow" and the ability to be a buyer, which translates to Warner Bros. Discovery's international assets, Paramount Global's cable networks, or AMC Networks as acquisition targets within eighteen months.
Operators should watch three catalysts. First, the naming and capitalization of the spinco, expected by March 2025, which will reveal debt load and initial buyback policy. Second, Sky's subscriber trajectory in the UK, where BT Sport integration and inflation pressure have already triggered 4% churn in the last fiscal year. Third, whether the new entity's board includes activist-friendly directors or Comcast legacy executives, signaling either a rollup mandate or a slow harvest. The market will also price whether Peacock's exclusion from the spin makes it more or less valuable—removing the Netflix-at-home narrative but keeping it tied to theme park traffic and NBC Sports.
Comcast shares closed flat at $43.50 before the announcement. The company's last major spinoff was NBCUniversal's partial sale to General Electric in 2009. This one is cleaner and faster.
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For the principal
Allocate exposure based on broadband-multiple expansion versus media-consolidation upside; dual position captures both infrastructure yield and M&A optionality.
For the operator
Watch spinco debt load at March naming; if under 3.5x leverage, it's a buy-and-build vehicle for Warner or Paramount assets.
For the house
Long Comcast equity pre-spin for connectivity re-rating; synthetic short on spinco via options once ticker separates, fade the linear decline.
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