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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 review strips Comcast's diversification premium; debt allocation decides whether the core stays investment-grade or both entities slide.
$97 billion
in consolidated debt across two slimmer balance sheets
$32 billion
in revenue over the trailing twelve months
28%
of Comcast's total
2027
without accessing capital markets at higher spreads
Moody's placed Comcast's credit ratings under review for potential downgrade Tuesday, citing reduced revenue diversification after the company announced plans to spin off NBCUniversal and Sky into a separate entity. The cable giant's long-held investment-grade footing now depends on how cleanly it can service $97 billion in consolidated debt across two slimmer balance sheets.
Comcast disclosed the separation Monday without specifying the debt allocation between the remaining broadband-and-wireless core and the new media company. NBCUniversal and Sky together generated approximately $32 billion in revenue over the trailing twelve months, roughly 28% of Comcast's total. Moody's noted that the cable infrastructure business—while stable—lacks the countercyclical cushion that content licensing and advertising once provided during broadband subscriber churn cycles. The review will focus on leverage ratios for each entity post-split and whether Comcast retains sufficient cash generation to cover its debt maturities through 2027 without accessing capital markets at higher spreads.
The timing matters because Comcast's existing bonds trade inside comparable cable names by 15-20 basis points, a premium built on the assumption that Peacock streaming losses and linear TV declines were temporary drags on an otherwise fortress balance sheet. That assumption breaks if the media assets leave and broadband subscriber growth continues its four-quarter deceleration. Fixed-income desks have already widened Comcast's five-year credit default swaps by 8 basis points since the announcement, suggesting the market is pricing in at least a one-notch downgrade before Moody's completes its review.
Allocators should watch three items in the next 90 days. First, Comcast will file an S-1 detailing the debt split and any intercompany guarantees that might blur the separation. Second, the company must clarify whether it will maintain its $15 billion annual share buyback program or pause capital returns to preserve liquidity during the transition. Third, the new SpinCo will need to secure its own credit ratings and likely issue bonds before the spin completes, which will set the baseline cost of capital for NBCUniversal's content obligations and Sky's Premier League rights payments. If SpinCo prices at high-yield spreads, Comcast's debt allocation becomes a zero-sum game.
The review clock runs for 90 days. Comcast's next earnings call is February 6th, two weeks before $4.2 billion in bonds mature.
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For the principal
Hold existing Comcast bonds until the S-1 reveals debt split; widening past 150bps over Treasuries warrants exit before downgrade.
For the operator
Short five-year CDS now at 48bps before one-notch cut; unwind if debt allocation skews 75%+ to broadband core.
For the house
Huang Goodman reduced CMCSA bond exposure by 40% in client fixed-income sleeves; watching SpinCo's inaugural bond pricing for re-entry.
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