What it does
The company describes itself as a global media and technology company serving customers, viewers and guests through connectivity and platform services, content and experiences. It organizes operations into Connectivity & Platforms and Content & Experiences. Connectivity & Platforms includes residential and business broadband, wireless, video and voice services, plus Sky-branded entertainment networks. Content & Experiences includes Media, Studios and Theme Parks. The filing says its media operations include television networks, broadcast stations, Peacock and international networks; its studios produce and distribute film and television content; and its theme-park operations are located in the United States and Asia.
Source: Comcast Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The filing reports its businesses through five segments: Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios and Theme Parks; the segment table below provides the related segment results. It says Media revenue comes primarily from advertising and distribution of television and streaming programming. Studios revenue comes primarily from licensing owned film and television content worldwide and distributing produced and acquired films to movie theaters. Theme Parks revenue comes primarily from guest spending, including admissions, food, beverages and merchandise, as well as consumer products. Connectivity & Platforms offers services individually and in discounted bundles.
Source: Comcast Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The company states that its Connectivity & Platforms markets are the United States, United Kingdom and Italy. Residential services are offered to customers in those markets, while Comcast Business offers domestic small-business services and domestic and international enterprise solutions for medium-sized and larger organizations with multiple locations. Its content businesses target global audiences. The filing identifies theme-park operations in Orlando and Hollywood, Florida and California; Osaka, Japan; and Beijing, China. It also says Peacock is offered in the United States, while Sky Sports networks operate in the United Kingdom and Italy.
Source: Comcast Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing says its businesses operate in competitive and dynamic industries. For broadband, it names AT&T, Lumen, Verizon, BT and Virgin Media O2 among wireline competitors, and AT&T, T-Mobile and Verizon among wireless providers. For video, it identifies Disney+, Netflix, Hulu + Live TV and YouTube TV as examples of competing streaming services. Business Services Connectivity competes primarily with wireline telecommunications companies and wide area network managed service providers. The filing also says advertising competes with digital properties, television networks and stations, and other advertising platforms.
Source: Comcast Corporation Form 10-K for fiscal 2025, Item 1 and Item 1A — sec.gov
Key risks
- Our businesses operate in highly competitive and dynamic industries, and our businesses and results of operations could be adversely affected if we do not compete effectively.
- Changes in consumer behavior continue to adversely affect our businesses and challenge existing business models.
- We obtain a significant portion of our content from third parties, sometimes on an exclusive basis.
- Our businesses depend on using and protecting certain intellectual property rights and on not infringing others’ rights.
- Our businesses depend on keeping pace with technological developments, while security efforts are costly and face evolving attempts to overcome protections.
- We are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions.
Source: Comcast Corporation Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
The filing reports 179,000 employees. It says it seeks employee engagement through regular surveys and provides channels, including an independently administered helpline and web portal, for employees to raise workplace concerns. Operationally, the company uses a domestic HFC network, national and regional data centers, and network operations centers; international services also use third-party networks. The filing says service vehicles used by technical services groups are primarily owned. It identifies seasonal effects in residential connectivity, advertising, film releases and theme-park attendance, including vacation travel, weather and the timing of sports and holiday periods.
Source: Comcast Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov