COMCAST CORP (CMCSA)

Comcast is a global media and technology company that delivers broadband, wireless, video and voice services, produces and distributes entertainment, sports and news content, and owns and operates theme parks. Its connectivity services are sold mainly under the Xfinity, Comcast, Sky and NOW brands, and its content brands include NBC, Telemundo, Universal, Peacock and Sky. On January 2, 2026, Comcast completed the tax-free spin-off of Versant Media Group, which held cable networks such as MS NOW, CNBC, USA Network, Golf Channel, E!, SYFY and Oxygen, plus digital platforms including GolfNow, Fandango, Rotten Tomatoes and SportsEngine. Versant is included in Comcast's results for all periods presented.

The company runs two primary businesses. Connectivity & Platforms covers broadband, wireless, video and wireline voice in the United States, United Kingdom and Italy, along with Sky-branded entertainment networks in the UK and Italy. It is reported in two segments. Residential Connectivity & Platforms offers broadband, MVNO-based wireless (over Verizon's network), linear video and DTC streaming bundles, advertising, residential voice and security and automation services. Its video platforms include X1, Sky Q, Sky Stream, Sky Glass and Xumo. Services Connectivity serves small businesses, medium-sized customers and large enterprises with broadband, voice, wireless, ethernet, cybersecurity and software-defined networking offerings. Content & Experiences is reported in three segments: Media, Studios and Theme Parks. Media combines NBCUniversal's cable networks, the NBC and Telemundo broadcast networks and local stations, the Peacock streaming service and international networks such as Sky Sports. Media earns revenue mainly from advertising and from distributing its programming. Theme Parks covers parks and attractions in the United States and Asia.

Customers include residential and business subscribers in the United States, UK and Italy, from small businesses to Fortune 1000 enterprises, as well as advertisers and third-party video distributors. Domestic offerings include low-income programs such as Internet Essentials and prepaid NOW-branded services. Content and advertising are sold to global audiences, and advertising is sold to local, regional and national advertisers.

Domestically, Comcast operates a hybrid fiber-coaxial network that is being upgraded with DOCSIS 4.0 and fiber-to-the-premises. Internationally it relies mostly on third-party networks, plus its own core fiber network in the UK, and on leased satellites for video. It buys customer premise equipment, network equipment and wireless devices from a limited number of suppliers, and licenses programming from third parties and its own Media and Studios segments, including agreements with Paramount and Warner Bros. Competitors in connectivity include AT&T, Verizon, T-Mobile, Lumen, BT, Virgin Media O2, satellite and municipal broadband providers, DBS operators, and streaming services such as Netflix, Disney+, Hulu + Live TV and YouTube TV. Enterprise competitors include wide area network managed service providers and cloud application providers. Media competes with other networks, digital platforms and advertising channels for viewers and advertisers.