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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's **20%** pre-market jump reflects relief that NBCUniversal's streaming losses will finally price separately from high-margin cable infrastructure.
15-year
integration that began with the
$30 billion
GE acquisition in 2009
20%
in pre-market trading to
$47.80
adding roughly
Comcast Corporation announced Monday it will spin off NBCUniversal into a standalone public company alongside its European satellite operation Sky, ending a 15-year integration that began with the $30 billion GE acquisition in 2009. The stock rose 20% in pre-market trading to $47.80, adding roughly $16 billion in market value before the opening bell.
The new entity will house NBC News, MSNBC, CNBC, USA Network, and the international Sky platform serving 23 million subscribers across the UK, Ireland, Germany, Italy, and Austria. Comcast retains its domestic cable infrastructure, Peacock streaming service, the Universal film studio, and the theme parks. The company did not disclose an expected close date but typically these carve-outs complete within 12 to 18 months of shareholder approval.
The move ends Wall Street's patience test. Comcast shares have underperformed the S&P 500 by 34 percentage points over three years as streaming losses mounted and cable subscriber erosion accelerated past 5% annually. Analysts had penalized the conglomerate structure, applying a discount that valued NBCUniversal's assets at roughly 40% below pure-play peers like Warner Bros. Discovery on an EBITDA multiple basis. The spinoff removes that penalty by letting each business price separately. The standalone NBCUniversal will carry its own debt load—likely $20 billion to $25 billion based on typical leverage ratios for media companies—and its own capital allocation discretion. Comcast keeps the higher-margin broadband subscriber base of 32 million homes, now growing its free cash flow without the drag of content spend that reached $18 billion in 2023.
For allocators, the structural opportunity is discontinuity. Forced index rebalancing will create technical selling pressure in the first 30 to 60 days post-separation as ETFs and passive vehicles adjust. That dislocation historically opens 8% to 12% mispricings in spinoff pairs during the first quarter of independent trading. The NBCUniversal stub will need to prove it can generate positive streaming economics without Comcast's balance sheet, while the parent tests whether infrastructure alone commands a premium multiple when cord-cutting continues. Early read-throughs come from subscriber data in Comcast's next two quarterly earnings calls and any early debt issuance by the SpinCo to establish its credit profile.
The separation also clarifies Comcast's own M&A optionality. With NBCUniversal off the balance sheet, the cable business becomes a cleaner acquisition target for a telecom or infrastructure fund, or a cleaner partner for fiber-build joint ventures with regional players. Sky, bundled into the new media company, will face immediate questions about its own strategic fit—European satellite TV is declining faster than U.S. cable, and private equity has circled similar assets at 5.5x to 6.5x EBITDA in recent carve-outs.
Comcast will file the Form 10 registration within 45 days. Watch for the debt allocation agreement and the tax ruling, both of which determine how cleanly this prints.
Branded by POPS4 · proof in 60 seconds
For the principal
Tax-free spinoffs create forced selling windows; the first 60 days post-separation historically open 8-12% technical mispricings worth scaled entry.
For the operator
Track NBCUniversal's standalone debt issuance and Comcast's next two quarterly cable subscriber prints for early proof of thesis separation.
For the house
Position long Comcast stub into separation, short NBCUniversal stub on issuance; exit pairs trade within 90 days of independent listing.
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