COMCAST CORP (CMCSA)

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AI: Undervalued

Price checkThe shares look undervalued, even after allowing for another meaningful earnings decline.

At $26.09, annualizing first-half 2026 adjusted earnings per share—profit excluding unusual items—of $1.83 gives about $3.66, or 7.1 times earnings. The $1.32 annual dividend yields roughly 5.1%. Even if annual earnings fell another 25% to $2.75, the price would equal only 9.5 times earnings. This supports an undervalued verdict, although the market is clearly assuming that broadband pressure persists and the planned breakup creates little additional value.

Big pictureCash generation remains large, but shrinking earnings show the core business is not fully stable.

Free cash flow—cash left after running and investing in the business—was $19.2 billion in 2025, although about $2 billion benefited from an unusual tax item. First-half 2026 produced $8.5 billion, down from $9.9 billion a year earlier. Revenue rose 2.0%, but adjusted earnings per share fell 22% to $1.83. Broadband competition is structural, while films, sports advertising and theme-park attendance are cyclical, making it unsafe to treat the strongest cash years as permanent.

Business strengthDebt is manageable today, while past buybacks meaningfully reduced each shareholder’s dilution risk.

June 2026 cash was $7.7 billion against $84.3 billion of debt, leaving $76.6 billion of net debt. That is about 2.2 times trailing earnings before interest, taxes, depreciation and amortization, a rough debt-capacity measure. Current liabilities of $33.1 billion exceeded current assets of $26.3 billion, so dependable cash flow matters. Comcast spent about $7 billion on 2025 buybacks and reduced shares 5%; first-half 2026 buybacks of $2.5 billion exceeded $786 million of stock compensation, but repurchases are now paused during the breakup.

What could change the storyBroadband stabilization would unlock the upside, while continued customer losses could justify today’s discount.

The bull case gained support as second-quarter wireless additions reached 448,000, business-services revenue grew 3.7%, and Peacock earned its first $189 million quarterly profit. The bear case remains concrete: domestic broadband revenue fell 5.5%, residential operating cash earnings fell 8%, and theme-park profit weakened 5.1%. Evidence would strengthen materially if broadband revenue and customer losses stabilize without deeper discounts. It would weaken if losses accelerate or the NBCUniversal separation assigns excessive debt to either company and delays shareholder payouts.

$26.09 price considered

AI: News

Second breakup announcedComcast plans to separate its media assets, potentially exposing value hidden inside the combined company.

On June 29, 2026, Comcast announced a tax-free separation of NBCUniversal and Sky, targeted for completion in about one year. Shareholders would own both companies, while Comcast may temporarily retain up to 19.9% of NBCUniversal. Shares rose 19.6% before trading and ultimately closed about 4.5% higher. The timing strongly links the reaction to the announcement, though it cannot establish sole causation. Comcast also paused buybacks, and the eventual debt allocation remains a major valuation uncertainty.

Mixed second-quarter resultsPeacock reached profitability, but broadband losses and weaker parks kept pressure on expected earnings.

On July 23, 2026, Comcast reported $29.94 billion of revenue, $1.04 of adjusted earnings per share and $4.6 billion of free cash flow. Peacock earned $189 million and reached 48 million subscribers, but Comcast lost 167,000 domestic broadband customers and theme-park profit fell 5.1%. The shares closed 6.8% lower that day. Earnings were the likely catalyst given the timing, but the price move alone does not prove that these results were its only cause.

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Free cash flow

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$123.71B	$123.73B	$121.57B	$121.43B	$116.39B	$103.56B	$108.94B	$94.51B	$85.03B	$80.74B	$74.51B	$68.78B	$64.66B	$62.57B	$55.84B	$37.94B	$35.76B	$34.42B	$31.06B
Operating income	$20.67B	$23.30B	$23.31B	$14.04B	$20.82B	$17.49B	$21.13B	$19.01B	$18.02B	$16.83B	$16.00B	$14.90B	$13.56B	$12.18B	$10.72B	$7.98B	$7.21B	$6.73B	$5.58B
EBITDAderived	$36.88B	$38.10B	$37.65B	$27.86B	$34.62B	$30.59B	$34.08B	$30.03B	$28.15B	$26.26B	$24.68B	$22.92B	$21.43B	$19.98B	$18.36B	$14.60B	$13.71B	$13.13B	$11.79B
Net income	$20.00B	$16.19B	$15.39B	$5.37B	$14.16B	$10.53B	$13.06B	$11.73B	$22.73B	$8.68B	$8.16B	$8.38B	$6.82B	$6.20B	$4.16B	$3.63B	$3.64B	$2.55B	$2.59B
Basic EPSper diluted share	$5.41	$4.17	$3.73	$1.22	$3.09	$2.30	$2.87	$2.56	$4.83	$1.80	$1.64	$3.24	$2.60	$2.32	$1.51	$1.29	$1.27	$0.87	$0.84
Diluted EPSper diluted share	$5.39	$4.14	$3.71	$1.21	$3.04	$2.28	$2.83	$2.53	$4.75	$1.78	$1.62	$3.20	$2.56	$2.28	$1.50	$1.29	$1.26	$0.86	$0.83

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)10$29.68M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 5, 2026Form 4	Armstrong JasonCFO	SellClass A Common Stock	4.5K	$31.74	$142.6K	167.9K
Feb 11, 2026Form 4	Cavanagh Michael JCo-CEO	SellClass A Common Stock · indirect	57.9K	$32.66	$1.89M	622.3K
Feb 3, 2026Form 4	NAKAHARA ASUKADirector	SellClass A Common Stock	8.3K	$29.70	$245.8K	58.0K
Nov 27, 2024Form 4	ROBERTS BRIAN LChairman of Board & CEO	SellClass A Common Stock	235.1K	$42.80	$10.06M	6.43M
Nov 26, 2024Form 4	ROBERTS BRIAN LChairman of Board & CEO	SellClass A Common Stock	234.5K	$42.66	$10.00M	6.67M

Review ownership filings at SEC.gov ↗

COMCAST CORP (CMCSA)

Financial charts

Financial statements

Insider buys & sells