Comcast Corporation
Summary
- Comcast Corporation is a global media and technology company with three primary businesses: Comcast Cable, NBCUniversal and Sky.
- Comcast has been managing cable systems since 1963. It acquired NBCUniversal in 2011, DreamWorks Animation in 2016 and Sky in 2018.
Comcast Corporation (Nasdaq: CMCSA, LSE: 0QYF) is a global media and technology company with three primary businesses: Comcast Cable, NBCUniversal and Sky. Initially Comcast Corporation has developed, managed and operated cable systems since 1963. Through transactions in 2011 and 2013, the company acquired NBCUniversal, and in 2018, the company acquired Sky.
Financial Highlights
First Quarter 2023 Results
Apr. 27, 2023; Comcast Corporation reported results for the quarter ended March 31, 2023.1
Consolidated Adjusted EBITDA Increased 2.9% to $9.4 Billion; Adjusted EPS Increased 7.0% to $0.92; Generated Free Cash Flow of $3.8 Billion
Returned $3.2 Billion to Shareholders Through a Combination of $1.2 Billion in Dividend Payments and $2.0 Billion in Share Repurchases
Connectivity & Platforms Adjusted EBITDA Increased 3.2% to $8.1 Billion, Driven by Growth in Residential Connectivity Revenue and Business Services Connectivity Revenue and Lower Operating Expenses. Excluding the Impact of Foreign Currency, Connectivity & Platforms Adjusted EBITDA Increased 3.9% and Adjusted EBITDA Margin Increased 160 Basis Points to 40.2%
Domestic Broadband Average Rate Per Customer Increased 4.5% and Drove Domestic Broadband Revenue Growth of 4.8% to $6.3 Billion
Peacock Paid Subscribers in the U.S. Increased More Than 60% Compared to the Prior Year Period to 22 Million. Peacock Revenue Increased 45% to $685 Million
Theme Parks Adjusted EBITDA Increased 46% to $658 Million. Opened Super Nintendo World at Universal Studios Hollywood in February, in Advance of the Record-Breaking Theatrical Performance of The Super Mario Bros. Movie in April.
Full Year 2022 Results
For the twelve months ended December 31, 2022, revenue increased 4.3% to $121.4 billion. Net income attributable to Comcast decreased 62.1% to $5.4 billion. Adjusted Net Income increased 7.3% to $16.1 billion. Adjusted EBITDA increased 5.0% to $36.5 billion. EPS decreased 60.2% to $1.21. Adjusted EPS increased 12.7% to $3.64.
For the twelve months ended December 31, 2022, capital expenditures increased 15.8% to $10.6 billion. Cable Communications' capital expenditures increased 9.2% to $7.6 billion. NBCUniversal's capital expenditures increased $1.2 billion to $2.3 billion, reflecting the increased investment in constructing Epic Universe. Sky's capital expenditures decreased 40.9% to $560 million.
Cable revenue increased 3.1% to $66.3 billion, driven by growth in broadband, business services, wireless and advertising revenue, partially offset by a decrease in video and voice revenue.
Adjusted EBITDA for Cable Communications increased 4.6% to $29.4 billion, reflecting higher revenue, partially offset by a 1.9% increase in operating expenses. Programming expenses decreased 2.8%, primarily reflecting a decline in the number of video subscribers, partially offset by contractual rate increases. Non-programming expenses increased 4.9%. For the twelve months ended December 31, 2022, Adjusted EBITDA margin was 44.3% compared to 43.7% in 2021.
Cable capital expenditure increased 9.2% to $7.6 billion, reflecting increased investment in line extensions, scalable infrastructure, support capital and customer premise equipment. Cable capital expenditures represented 11.4% of Cable revenue compared to 10.8% in 2021.
NBCUniversal revenue increased 14.2% to $39.2 billion. 2022 included $1.7 billion of incremental revenue from the Beijing Olympics, the NFL's Super Bowl and the FIFA World Cup in the Media segment, while 2021 included $1.8 billion of incremental revenue from the Tokyo Olympics in the Media segment. Adjusted EBITDA increased 4.9% to $6.0 billion.
Sky revenue decreased 11.5% to $17.9 billion. Excluding the impact of currency, revenue decreased 1.2%, reflecting lower direct-to-consumer revenue, content revenue and advertising revenue.
Company Overview
Comcast Corporation is a global media and technology company with three primary businesses: Comcast Cable, NBCUniversal and Sky. Comcast Corporation was incorporated under the laws of Pennsylvania in December 2001. Through its predecessors, Comcast Corporation has developed, managed and operated cable systems since 1963. Through transactions in 2011 and 2013, the company acquired NBCUniversal, and in 2018, the company acquired Sky.2
The company present its operations in five reportable business segments: (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in three reportable business segments: Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment.
Cable Communications: Consists of the operations of Comcast Cable, which is a leading provider of broadband, video, voice, wireless, and other services to residential customers in the United States under the Xfinity brand; the company also provide these and other services to business customers and sell advertising.
Media: Consists primarily of NBCUniversal’s television and streaming platforms, including national, regional and international cable networks; the NBC and Telemundo broadcast networks, NBC and Telemundo owned local broadcast television stations; and Peacock, its direct-to-consumer streaming service.
Studios: Consists primarily of NBCUniversal’s film and television studio production and distribution operations.
Theme Parks: Consists primarily of its Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China.
Sky: Consists of the operations of Sky, one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, broadband, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks.
The company's other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and other business initiatives.
Company History
Ralph Roberts Founds Comcast in 19633
| Year | Milestone |
| 1963 | Comcast Corporation is founded in Tupelo, Mississippi by Ralph J. Roberts, Julian A. Brodsky, and Daniel Aaron. |
| 1981 | Comcast acquires its first cable system, located in Tupelo, Mississippi. |
| 1990 | Comcast goes public and is listed on the NASDAQ stock exchange. |
| 1994 | Comcast purchases a controlling interest in QVC, a television shopping network. |
| 2001 | Comcast acquires AT&T Broadband, becoming the largest cable television company in the United States. |
| 2004 | Comcast launches its high-speed internet service, called Comcast High-Speed Internet. |
| 2011 | Comcast Acquires NBCUniversal, a media and entertainment company that includes NBC, Telemundo, and Universal Pictures. |
| 2011 | Comcast introduces its Xfinity brand, which includes its cable television, internet, and phone services. |
| 2014 | Comcast proposes a merger with Time Warner Cable, but the merger is ultimately abandoned due to opposition from regulators. |
| 2016 | Comcast Acquires DreamWorks Animation |
| 2018 | Comcast Acquires Sky |
| 2019 | Comcast launches its streaming service, Peacock, which offers both free and premium content. |
| 2021 | Comcast announces plans to spin off NBCUniversal into a separate company and focus on its broadband business. |