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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 unwinds its **$120B** media-cable merger as broadband economics diverge from streaming losses — regulatory close expected in twelve months.
$16.7 billion
to buy out GE's remaining stake
$121 billion
broadband and wireless infrastructure business from NBCUniversal's film studios
$13.8 billion
then absorbed the remainder two years later
11%
year-over-year in Q3 2024
Comcast disclosed Monday it will spin off NBCUniversal into a separate publicly traded entity, severing a corporate union first completed in 2013 when the cable giant paid $16.7 billion to buy out GE's remaining stake. The separation isolates Comcast's $121 billion broadband and wireless infrastructure business from NBCUniversal's film studios, broadcast networks, and theme parks. Regulatory approval is pending. The company expects completion within twelve months.
The spinoff reverses the thesis that cable distribution and content production create vertical synergies. Comcast acquired a 51% stake in NBCUniversal from General Electric in 2011 for $13.8 billion, then absorbed the remainder two years later. At the time, the combination promised bundling leverage — Comcast could cross-promote Universal films on NBC channels and drive theme park attendance through cable packages. Instead, streaming fragmentation and cord-cutting eroded those advantages. Comcast's cable subscriber base declined 11% year-over-year in Q3 2024, while NBCUniversal's Peacock streaming service remains unprofitable despite 33 million subscribers. The economic models no longer overlap.
The move follows similar unbundlings across legacy media. Paramount Global is exploring a separation of CBS from Paramount Pictures. Warner Bros. Discovery wrote down $9.1 billion in television assets in Q2 2024, signaling similar pressure. The pattern is structural: broadband infrastructure generates stable free cash flow with 60-70% gross margins, while media businesses face rising content costs and subscriber churn. Comcast's broadband segment produced $8.2 billion in EBITDA last quarter. NBCUniversal contributed $1.9 billion. Separating the entities allows each to optimize capital allocation without cross-subsidy. The broadband business can return cash to shareholders or invest in fiber expansion. NBCUniversal can pursue streaming consolidation or licensing deals without anchor drag from a risk-averse cable parent.
Allocators should track three developments. First, the valuation reset when NBCUniversal begins trading independently — consensus streaming multiples sit near 2.1x revenue, far below Comcast's current 1.8x enterprise value. Second, whether NBCUniversal pursues a merger with another mid-tier streamer within eighteen months — Paramount Global and Warner Bros. Discovery both face similar pressures. Third, Comcast's capital return posture post-spin — the company holds $94 billion in net debt and could accelerate buybacks if broadband margins hold. The regulatory timeline matters. FCC and DOJ reviews typically require six to nine months for media spinoffs. Any extension signals antitrust scrutiny around NBCUniversal's content licensing power.
Comcast's stock closed Monday at $43.52, up 1.3% on the news. The broadband business will retain the Comcast name and ticker. NBCUniversal's new ticker has not been announced. The company expects to file formal separation documents with the SEC by year-end.
Branded by POPS4 · proof in 60 seconds
For the principal
Watch for NBCUniversal's independent valuation — potential streaming merger target within eighteen months if trading below 2x revenue.
For the operator
Monitor Comcast's post-spin capital allocation — $94B net debt and stable broadband margins suggest accelerated buyback or dividend increase.
For the house
Huang Goodman flags Comcast broadband pure-play for infrastructure overlay — tracking fiber capex and wireless subscriber growth through Q1 2025.
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