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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 isolates **$12.8B** declining cable revenue into spinco, letting parent trade on broadband growth and theme parks without streaming drag.
$7 billion
Shares rose
6.2%
in pre-market trading to
$43.80
the strongest single-session response since the Universal acquisition closed…
18th
Management projects the transaction closes in
Comcast announced Monday it will spin NBCUniversal's cable networks and streaming properties into a new publicly traded company, ending years of reluctance to break apart assets worth approximately $7 billion. Shares rose 6.2% in pre-market trading to $43.80, the strongest single-session response since the Universal acquisition closed in 2011.
The new entity combines NBCUniversal's entertainment and news cable networks—including USA, MSNBC, and CNBC—with Peacock streaming operations and European broadcaster Sky. Comcast retains NBC broadcast network, Universal film studio, and its theme parks division. The carve-out executes without a cash dividend to shareholders; instead, existing Comcast holders receive pro-rata equity in the spinco at a ratio the company will finalize in regulatory filings expected by December 18th. Management projects the transaction closes in Q2 2025, subject to IRS approval on tax-free treatment.
The split resolves a structural problem that has suppressed Comcast's multiple since 2019. Analysts valued the combined entity at 14.2x forward earnings—below Alphabet at 18.1x and Charter Communications at 16.3x—because capital markets penalized the bundle of declining linear TV revenue against capital-intensive broadband infrastructure. Spinning the entertainment assets isolates $12.8 billion in annual cable network revenue that declined 8.4% year-over-year in Q3, while the remaining Comcast entity trades purely on broadband subscriber growth and theme park cash generation. The new NBCUniversal will carry roughly $22 billion in debt, based on its proportion of consolidated leverage, giving it immediate refinancing requirements in a 5.2% 10-year Treasury environment.
Two factors converged to force the decision. First, Peacock posted a $565 million operating loss in Q3 despite 34 million subscribers, demonstrating the economics of direct-to-consumer streaming remain unworkable at sub-scale. Netflix operates at 247 million global subscribers; Peacock's domestic focus and limited content library prevent the fixed-cost leverage required for profitability. Second, Charter Communications and other cable distributors began removing NBCUniversal channels from base programming tiers in carriage renewal negotiations, signaling the end of the bundled TV model that generated 72% gross margins as recently as 2016. Comcast management calculated greater value in letting the entertainment entity pursue M&A or partnerships—speculation centers on Paramount Global or Warner Bros. Discovery as combination targets—without implicating the parent's balance sheet.
Operators should monitor three events. First, the S-1 registration filing due by mid-December will detail the debt allocation and spinco board composition, clarifying governance independence and strategic flexibility. Second, NBCUniversal management will need to renegotiate NFL Sunday Night Football rights—currently $2 billion annually through 2033—as the spinco lacks Comcast's balance sheet to absorb loss-leading sports programming. Third, Peacock subscriber growth in Q4 2024 determines whether the streaming unit enters 2025 on a path to breakeven or requires additional capital, which the spinco cannot easily access without diluting shareholders.
Comcast's broadband business added 319,000 subscribers in Q3, the first quarterly growth in two years, as fixed wireless competition from T-Mobile and Verizon plateaued in existing markets. The theme parks division generated $2.3 billion EBITDA in the trailing twelve months, now free from quarterly conference calls dominated by Peacock loss explanations.
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For the principal
Consider paired trade: long Comcast post-spin for infrastructure exposure, short spinco into NFL rights renegotiation pressure.
For the operator
S-1 filing mid-December reveals debt stack; spinco becomes M&A vehicle for Paramount or WBD combination within eighteen months.
For the house
Long Comcast January 2026 $50 calls at $2.40; entertainment spinco creates multiple re-rating as pure broadband/parks play emerges.
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