Market Opportunity - Comcast introduces "World Soccer Ticket" bundle for Xfinity customers in anticipation of the 2026 FIFA World Cup [1]

Core Insights - Comcast has completed a broadband expansion project in Gordon County, Georgia, providing high-speed Internet and related services for the first time to local residents and businesses [1][3][4] Investment and Commitment - This investment is part of Comcast's ongoing effort to close the digital divide in the Southeast, equipping communities with essential digital tools [2][12] - Comcast has invested $48.5 million over the past three years in Georgia to support non-profits, community events, and digital skills initiatives [12] Community Engagement - The completion celebration included a ribbon-cutting ceremony and a community block party, where 100 students received free laptops as part of Project UP, a $1 billion initiative aimed at creating digital opportunities [3][5][6] - The Boys & Girls Club of North Georgia will become one of Comcast's Lift Zones, providing free high-speed Wi-Fi to help students and families [6][7] Service Offerings - Comcast's residential services in Gordon County include a full suite of products under the Xfinity and NOW brands, featuring multi-gigabit Internet speeds and comprehensive home security options [10][11] - Comcast Business provides local businesses with a range of connectivity and cybersecurity solutions, recognized as a leader in flexible and scalable options [11] Network Reliability - Comcast's network offers multi-gigabit Internet speeds with 99.9% reliability, designed to support essential community services [9][8]

Group 1 - The article discusses FerdiS's investment strategy focused on dividend growth stocks and options trading to enhance dividend income [1] - FerdiS manages a portfolio named DivGro, which primarily consists of dividend growth stocks and was established in January 2013 [1] - The article highlights FerdiS's extensive investment and trading experience of over 20 years, emphasizing his expertise in various aspects of investing [1] Group 2 - FerdiS collaborates with the founders of Portfolio Insight, an online platform dedicated to portfolio management and investment analysis [1] - The article mentions the publication of Dividend Radar, a weekly free spreadsheet that lists dividend growth stocks [1]

Group 1 - Comcast has appointed Nick Kask as Vice President of Finance and Business Operations for the Big South Region, where he will oversee financial planning, project execution, customer experience, and operational strategy [1][2] - Kask has over 15 years of experience in telecommunications finance and operations, having joined Comcast in 2019 and previously serving as Senior Director of Finance [3][5] - The Big South Region is a key growth area for Comcast, covering states such as Georgia, Alabama, Arkansas, Louisiana, Mississippi, South Carolina, and Tennessee, with a focus on expanding high-speed Internet and technology solutions [4] Group 2 - Comcast aims to strengthen its presence in both established commercial hubs and rural areas, addressing the digital divide and enhancing economic opportunities [4] - The company is making strategic infrastructure investments to support rapid expansion in the region, driven by strong demand for its services [4]

Core Points - Comcast has completed a broadband expansion project in McDuffie County, Georgia, providing high-speed Internet and various services for the first time [1][2] - The investment is part of Comcast's commitment to closing the digital divide in the Southeast, enhancing connectivity for residents and businesses [2][4] - The expansion includes a community celebration featuring a laptop giveaway for students, emphasizing the importance of technology access for education [3][5] Group 1: Investment and Community Impact - Comcast's broadband expansion represents a significant investment aimed at improving local infrastructure and supporting economic development [3][7] - The company has committed $1 billion through Project UP to create digital opportunities and enhance economic mobility [4][11] - Over the past three years, Comcast has invested $48.5 million in Georgia to support non-profits, community events, and digital skills programs [11] Group 2: Services Offered - Comcast's residential services in McDuffie County include a full suite of products under the Xfinity and NOW brands, offering multi-gigabit Internet speeds and advanced connectivity solutions [8][10] - Comcast Business provides local businesses with a range of connectivity, communications, and cybersecurity solutions, recognized as a leader in the industry [10] Group 3: Community Engagement - The activation of the Lift Zone at the McDuffie County Boys & Girls Club aims to provide free high-speed WiFi and digital resources to support students and families [5][6] - The community block party included activities to engage residents and promote the new services available [6][7]

With the extension complete, businesses in Block 59 now have access to Comcast Business's full suite of solutions, including Internet speeds up to 100 Gigabits per second (Gbps) over Ethernet, Advanced Voice, Comcast Business Mobile, and a variety of cloud services. Comcast Business is a leading provider of advanced technology solutions, helping businesses of all sizes adapt, evolve, and thrive in an ever-changing digital landscape. Across industries and around the globe, Comcast Business designs and delive ...

Core Insights - Comcast is investing $19 million in Bossier City to enhance high-speed Internet infrastructure and strengthen community ties [1] - The company aims to close the digital divide by rolling out new services in select neighborhoods, with full infrastructure completion expected by the end of 2026 [3] - Comcast is committed to supporting local events and initiatives, including a back-to-school drive and a free haircut giveaway for veterans [5][6] Investment and Infrastructure - The $19 million investment focuses on expanding high-speed Internet access and creating meaningful connections within the community [1] - Comcast offers a range of Internet packages, starting at $14.95/month, with a five-year price guarantee to ensure affordability [3] - The network infrastructure is designed to deliver multi-gigabit speeds and 99.9% reliability, catering to the demands of the digital economy [7] Community Engagement - Comcast is actively involved in local events, such as lighting the Bakowski Bridge of Lights and participating in the Red River Balloon Rally [4] - The company partnered with the African American Celebration Corporation for community initiatives, including a haircut giveaway for veterans [5] - Comcast's employee volunteers contributed by packing 200 backpacks for a back-to-school supply drive [6] Digital Access Initiatives - Comcast's Lift Zones provide free WiFi in community centers, supporting Internet adoption and digital skills development [5] - The company emphasizes building trust, access, and opportunity for the communities it serves [6] - Comcast's network is trusted by essential services like hospitals and schools, enhancing the region's connectivity [7]

Group 1 - Comcast Corporation is a major media company that owns Universal Studios, Sky, and Peacock, among other brands [1] - The stock experienced a significant increase during the pandemic but is now returning to pre-pandemic levels, currently down nearly 10% [1] Group 2 - The analyst has over 10 years of experience researching various companies across multiple sectors, including commodities and technology [1] - The analyst has transitioned from writing a blog to creating a value investing-focused YouTube channel, covering hundreds of companies [1] - The analyst expresses a particular interest in metals and mining stocks, while also being comfortable with other industries such as consumer discretionary, REITs, and utilities [1]

[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) Presents Comcast's unaudited condensed consolidated financial statements and management's analysis for Q2 and H1 2025 [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) Presents Comcast's unaudited condensed consolidated financial statements for Q2 and H1 2025, highlighting a significant net income increase due to the Hulu sale and strong operating cash flow [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q2 2025 revenue increased 2.1% to $30.3 billion, with net income surging to $11.1 billion and diluted EPS to $2.98, primarily due to investment gains Q2 & H1 2025 Financial Performance (in millions, except EPS) | Metric | Q2 2025 | Q2 2024 | YoY Change | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $30,313 | $29,688 | +2.1% | $60,199 | $59,746 | +0.8% | | **Operating Income** | $5,992 | $6,635 | -9.7% | $11,650 | $12,445 | -6.4% | | **Investment and other income (loss), net** | $9,760 | $(434) | NM | $9,644 | $(137) | NM | | **Net Income Attributable to Comcast** | **$11,123** | $3,929 | +183.1% | **$14,498** | $7,785 | +86.2% | | **Diluted EPS** | **$2.98** | $1.00 | +198.0% | **$3.86** | $1.97 | +95.9% | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities for H1 2025 increased to $16.1 billion, while investing and financing activities used $7.9 billion and $5.9 billion respectively Six Months Ended June 30 Cash Flow Summary (in millions) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$16,109** | $12,572 | | **Net cash used in investing activities** | $(7,903) | $(6,879) | | **Net cash used in financing activities** | $(5,881) | $(5,817) | | **Increase (decrease) in cash** | **$2,371** | $(141) | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets reached $273.9 billion, total debt $101.5 billion, and total equity grew to $97.2 billion Balance Sheet Summary (in millions) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $9,687 | $7,322 | | Goodwill | $61,812 | $58,209 | | **Total Assets** | **$273,850** | **$266,211** | | Total Debt (Current + Noncurrent) | $101,528 | $99,093 | | **Total Liabilities** | $176,392 | $180,173 | | **Total Equity** | **$97,228** | **$86,038** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes cover segments, revenue, and significant transactions, including the Versant Media Group spin-off, Nitel acquisition, and the $9.4 billion pre-tax gain from the Hulu sale - Comcast announced its intention to create Versant Media Group, Inc., a new independent publicly traded company, through a tax-free spin-off of select cable television networks and digital assets, targeted for completion around the end of 2025[31](index=31&type=chunk) - In April 2025, the company acquired Nitel, a network-as-a-service provider, for **$1.3 billion in cash** to enhance its enterprise customer connectivity solutions[53](index=53&type=chunk) - In June 2025, Comcast sold its 33% interest in Hulu, receiving total cash proceeds of **$9.6 billion**, resulting in a **$9.4 billion pre-tax gain** recognized in 'investment and other income (loss), net'[58](index=58&type=chunk)[59](index=59&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses consolidated and segment results, highlighting Content & Experiences growth, stable Connectivity & Platforms revenue, the Hulu sale's impact, strong liquidity, and capital returns [Consolidated Operating Results](index=21&type=section&id=Consolidated%20Operating%20Results) Q2 2025 consolidated revenue grew 2.1% to $30.3 billion, with operating income declining, but net income surged to $11.1 billion due to a $9.8 billion investment gain from the Hulu sale - The significant increase in 'Investment and other income (loss), net' for Q2 and H1 2025 was primarily driven by a **$9.4 billion pre-tax gain** from the sale of the company's interest in Hulu[80](index=80&type=chunk)[83](index=83&type=chunk) - Consolidated depreciation and amortization expense increased in Q2 and H1 2025, partly due to increased depreciation from the opening of the Epic Universe theme park in May 2025[78](index=78&type=chunk) [Segment Operating Results](index=23&type=section&id=Segment%20Operating%20Results) Details performance across five segments, showing flat Connectivity & Platforms revenue, 5.6% growth in Content & Experiences driven by Theme Parks and Peacock, and 8.0% growth in Studios Q2 2025 Revenue by Segment (in millions) | Segment | Q2 2025 Revenue | Q2 2024 Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Residential Connectivity & Platforms | $17,814 | $17,824 | -0.1% | | Business Services Connectivity | $2,575 | $2,421 | +6.3% | | Media | $6,440 | $6,324 | +1.8% | | Studios | $2,432 | $2,253 | +8.0% | | Theme Parks | $2,349 | $1,975 | +18.9% | Q2 2025 Adjusted EBITDA by Segment (in millions) | Segment | Q2 2025 Adj. EBITDA | Q2 2024 Adj. EBITDA | YoY Change | | :--- | :--- | :--- | :--- | | Residential Connectivity & Platforms | $7,082 | $7,103 | -0.3% | | Business Services Connectivity | $1,444 | $1,380 | +4.6% | | Media | $1,482 | $1,356 | +9.3% | | Studios | $85 | $124 | -31.0% | | Theme Parks | $658 | $632 | +4.1% | - Peacock's paid subscribers grew to **41 million** as of June 30, 2025, up from **33 million** a year prior, generating **$1.2 billion in revenue** for Q2 2025[124](index=124&type=chunk) - Theme Parks revenue growth was driven by the domestic parks, particularly the Orlando park, following the opening of Epic Universe in May 2025[119](index=119&type=chunk)[132](index=132&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) Comcast maintained strong liquidity with $9.7 billion cash, generated $16.1 billion operating cash flow, returned $6.2 billion to shareholders, and anticipates reduced tax payments from new legislation - In January 2025, the Board approved a new **$15.0 billion share repurchase authorization**, with **$3.7 billion** used to repurchase 106 million shares during the first six months of 2025[169](index=169&type=chunk) - The company increased its annualized dividend by **6.5% to $1.32 per share** in January 2025 and paid **$2.5 billion in dividends** during the first half of the year[171](index=171&type=chunk) - New U.S. legislation signed in July 2025, allowing for 100% immediate deduction of qualified property costs and reinstating immediate deduction of R&D expenses, is expected to significantly reduce the company's income tax payments starting in H2 2025[163](index=163&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk disclosures have occurred since the 2024 Annual Report on Form 10-K - There have been no material changes to the company's market risk disclosures since the 2024 Annual Report on Form 10-K[184](index=184&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting identified during the quarter - The principal executive and financial officers concluded that disclosure controls and procedures were effective as of June 30, 2025[185](index=185&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[186](index=186&type=chunk) [PART II. OTHER INFORMATION](index=39&type=section&id=PART%20II.%20OTHER%20INFORMATION) Provides additional information on legal proceedings, risk factors, equity security sales, and required exhibits [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) Refers to Note 10 of the financial statements for legal proceedings, which are not expected to materially affect financial position - For information on legal proceedings, the report refers to Note 10 of the financial statements[189](index=189&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the 2024 Annual Report on Form 10-K filing - No material changes to risk factors have occurred since the filing of the 2024 Annual Report on Form 10-K[190](index=190&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q2 2025, Comcast repurchased 49.3 million shares for $1.7 billion, with $12.0 billion remaining under the current authorization Q2 2025 Share Repurchases | Period | Total Shares Purchased | Average Price Per Share | Total Amount Purchased | | :--- | :--- | :--- | :--- | | April 2025 | 22,083,752 | $34.19 | $755,023,294 | | May 2025 | 16,861,674 | $34.69 | $585,006,970 | | June 2025 | 10,337,795 | $34.82 | $359,970,098 | | **Total Q2 2025** | **49,283,221** | **$34.49** | **$1,700,000,362** | - In January 2025, the Board of Directors approved a new share repurchase authorization of **$15 billion**, with approximately **$12.0 billion** remaining available as of June 30, 2025[192](index=192&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with Form 10-Q, including CEO/CFO certifications and iXBRL formatted financial statements - The report includes required certifications from the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[193](index=193&type=chunk)

Core Insights - Comcast reported second-quarter 2025 adjusted earnings of $1.25 per share, exceeding the Zacks Consensus Estimate by 6.84% and reflecting a year-over-year increase of 3.3% [1][9] - Consolidated revenues rose 2.1% year over year to $30.31 billion, surpassing the Zacks Consensus Estimate by 1.6% [1][9] Revenue Breakdown - Connectivity & Platforms revenues, accounting for 67.3% of total revenues, increased by 0.7% year over year to $20.39 billion [2] - Within this segment, Residential Connectivity & Platforms revenues slightly decreased by 0.1% year over year to $17.81 billion, while Business Services Connectivity revenues grew by 6.4% year over year to $2.58 billion [2] - Content & Experiences revenues, making up 35% of total revenues, increased by 5.6% year over year to $10.62 billion [3] Subscriber and Customer Metrics - Total Customer Relationships for Connectivity & Platforms decreased by 349,000 to 51.2 million, primarily due to a decline in Residential Connectivity & Platforms customer relationships [3] - Domestic broadband customer net losses were 226,000, while domestic wireless line net additions were 378,000, and domestic video customer net losses were 325,000 [3] Segment Performance - Media revenues within Content & Experiences rose by 1.8% year over year to $6.44 billion, driven by higher international networks and domestic distribution revenues, despite lower domestic advertising revenues [4] - Peacock's paid subscribers increased by 24.2% year over year to 41 million, with revenues jumping 18% to $1.2 billion in the second quarter [4] - Studios revenues rose by 7.9% year over year to $2.43 billion, attributed to higher content licensing and theatrical revenues [5] - Theme Parks revenues increased by 18.9% year over year to $2.35 billion, driven by higher revenues at domestic theme parks, including the successful opening of Epic Universe [5] Operating Performance - Total costs and expenses grew by 5.5% year over year to $24.32 billion [6] - Programming & production costs decreased by 4.8% year over year to $7.58 billion, while marketing and promotional expenses increased by 12.8% year over year to $2.17 billion [6] - Adjusted EBITDA increased by 1.1% year over year to $10.28 billion [6] Cash Flow and Capital Management - Comcast generated $7.82 billion in cash from operations, down from $8.29 billion in the previous quarter [11] - Free cash flow was reported at $4.5 billion, a decrease from $5.42 billion in the previous quarter [11] - The company paid dividends totaling $1.2 billion and repurchased 49.3 million shares for $1.7 billion, resulting in a total return of capital to shareholders of $2.9 billion [11] Financial Position - As of June 30, 2025, cash and cash equivalents were $9.69 billion, up from $8.59 billion as of March 31, 2025 [10] - Consolidated total debt increased to $101.53 billion from $99.12 billion as of March 31, 2025 [10]