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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
Moody's questions whether splitting content from pipes improves or concentrates Comcast's **$40bn** debt stack risk profile.
$40 billion
senior unsecured debt under review for downgrade Tuesday following…
$28 billion
in senior unsecured notes and
$12 billion
in commercial paper programs
45 days
under standard review protocols
Moody's placed Comcast's $40 billion senior unsecured debt under review for downgrade Tuesday following the company's announced separation into two entities. The cable operator will split its programming assets into a standalone company, leaving the remaining entity with concentrated exposure to residential broadband revenue without the content licensing and advertising income that previously smoothed cyclical volatility.
The ratings agency identified reduced revenue diversification as the primary concern. Comcast's current structure distributes cash flow across broadband infrastructure, NBCUniversal content licensing, Peacock streaming subscriptions, and theme park operations. The pending split isolates broadband operations — which face fixed-wireless substitution pressure from T-Mobile and Verizon — into a company without the natural hedge of programming revenue. Moody's noted the RemainCo entity will carry debt service obligations calibrated to the combined enterprise's historical cash generation, not the narrower base that remains after separation.
The review affects $28 billion in senior unsecured notes and $12 billion in commercial paper programs. Comcast last faced structural credit scrutiny in 2002 during the AT&T Broadband acquisition integration. The current action arrives as cable operators broadly retreat from content ownership — Charter exited programming in 2022, Cox remains infrastructure-only — but Comcast's debt load makes the transition mechanically complex. The company's Baa1 rating sits three notches above junk, leaving limited downgrade cushion before institutional mandates force bond sales.
Allocators should monitor three developments over the next 90 to 120 days. First, Comcast's formal response to Moody's inquiry, due within 45 days under standard review protocols, will clarify whether the company plans debt reallocation between entities or new covenants to address concentration risk. Second, S&P and Fitch have not yet initiated similar reviews; their decisions will determine whether the downgrade becomes consensus or remains a Moody's-specific view. Third, the SpinCo's standalone credit profile — expected in Moody's supplemental report — will reveal whether the programming entity can access capital markets independently or requires Comcast guarantees, which would negate the diversification rationale for the split.
The review arrives as cable debt trades 140 to 180 basis points wider than similarly rated industrials, reflecting sector-specific concerns about broadband market saturation and wireless substitution that predate this structural change.
Branded by POPS4 · proof in 60 seconds
For the principal
Review existing Comcast bond exposure for concentration in RemainCo notes vulnerable to wireless substitution without content revenue buffer.
For the operator
Track covenant transfer language in separation filings; debt allocation determines which entity inherits the diversification discount or concentration penalty.
For the house
Short 3-year Comcast CDS against long 5-year Charter; structural split widens cable sector dispersion between levered and unlevered operators.
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