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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 **$7bn** EBITDA in declining linear TV and Sky into a separate public company, keeping broadband infrastructure and Peacock.
$7 billion
in annual EBITDA across linear television networks
23 million
European subscribers
42% EBITDA margins
in residential connectivity
$30 billion
in legacy content commitments
Comcast announced it will separate NBCUniversal and Sky into an independent publicly traded company, retaining its cable connectivity infrastructure and Peacock streaming platform within the parent entity. The spinoff, expected to complete within twelve months, affects approximately $7 billion in annual EBITDA across linear television networks, film studios, and European pay-TV operations. Comcast shareholders will receive tax-free stock in the new entity; no debt exchange or cash consideration disclosed yet.
The move isolates declining linear revenue — USA Network, CNBC, MSNBC, and Sky's 23 million European subscribers — from the broadband monopoly that still prints 42% EBITDA margins in residential connectivity. Comcast keeps the theme parks, broadcast network NBC, and Peacock streaming, which management now calls "growth-oriented." The spun entity inherits $30 billion in legacy content commitments, aging satellite infrastructure across the UK and Italy, and no disclosed plan to refinance $12 billion in media-allocated debt. Mark Lazarus, current NBCUniversal Media Group chair, will lead the separated company.
The separation acknowledges what allocators already priced: traditional television is a value trap dressed as diversification. Comcast trades at 9.2x forward earnings; Charter, which never bought a movie studio, trades at 10.8x. The spin isolates cord-cutting risk and gives bondholders cleaner credit stories — one backed by utility-like broadband cash flow, the other by content libraries in a streaming war Comcast entered five years late. European regulators will scrutinize Sky's separation from Comcast infrastructure, especially in Italy where Comcast supplies both the pipe and the content; any forced network-access concessions cut EBITDA visibility for the spun entity.
Allocators should watch the debt allocation announcement within 90 days, which determines whether the new media company launches investment-grade or slips to high-yield. The spinoff's first earnings call, likely Q2 2025, will clarify whether Sky's subscriber base stabilizes or accelerates its 6% annual decline. Comcast will file Form 10 registration within 60 days; that document shows how much stranded corporate overhead transfers to the separated business and whether Peacock's losses stay with the parent or follow the content.
The arithmetic is cold: Comcast just admitted the cable business needs no stories, and the stories need no cables.
Branded by POPS4 · proof in 60 seconds
For the principal
Watch debt allocation within 90 days; if spun entity launches sub-investment-grade, liquidity becomes the story before growth does.
For the operator
The Form 10 filing in 60 days shows stranded overhead and true standalone margins; position before that clarity arrives.
For the house
Huang Goodman holds neutral on CMCSA until debt split clarifies; tilting toward Charter's cleaner infrastructure story near-term.
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