# Comcast (CMCSA) Forecast Calculator

Interactive five-year financial forecast and DCF for Comcast. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/comcast/forecast
- Industry: Communications
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 108942000000 | 15744000000 | 34078000000 | 13057000000 |
| 2022 | 103564000000 | 15558000000 | 30593000000 | 10534000000 |
| 2023 | 116385000000 | 19972000000 | 34621000000 | 14159000000 |
| 2024 | 121427000000 | 15787000000 | 27862000000 | 5370000000 |
| 2025 | 121572000000 | 16259000000 | 37650000000 | 15388000000 |

## Frequently asked questions

### What does Comcast Corporation do?

Comcast Corporation is a global media and technology conglomerate that delivers broadband, wireless, and video connectivity alongside premium entertainment, sports, and theme park experiences. Its operations are split into Connectivity & Platforms and Content & Experiences, serving customers primarily in the United States and Europe.

### What are Comcast's primary revenue streams and business segments?

Comcast's revenue is primarily driven by its Connectivity & Platforms segment, which accounts for approximately 65% of revenue through broadband, wireless, and video services. The remaining 35% comes from Content & Experiences, including theme parks, film studios, and entertainment, leveraging scalable subscription and licensing models.

### What is Comcast's capital expenditure strategy and its impact on the business?

Comcast maintains an asset-heavy business model with capital expenditures typically ranging from 11.0% to 12.5% of revenue, totaling $14.4 billion in 2025. Approximately 60% of this is for maintenance of network infrastructure, while 40% is for growth initiatives like line extensions and new theme park builds.

### How is Comcast's intrinsic value calculated in the financial model?

The financial model determines Comcast's intrinsic value through both a Sum-of-the-Parts (SOTP) and Discounted Cash Flow (DCF) equity valuation. This approach specifically incorporates the pro-forma impacts of the January 2026 Versant Media spin-off and the cash flow inflection from the Epic Universe theme park opening.

### Can I download a financial model for Comcast (CMCSA) to analyze its forecasts?

Yes, a downloadable Excel financial model for Comcast (CMCSA) is available. This general corporate model provides a forecast horizon from FY2026 to FY2030, including key assumptions for revenue growth, margins, and capital expenditures.

### How do major events like the Epic Universe theme park and Versant Media spin-off affect Comcast's financial outlook?

The Epic Universe theme park, opened in May 2025, is expected to drive a cash flow inflection, with Content & Experiences capex already dropping 34% in Q4 2025 post-peak construction. The January 2026 Versant Media spin-off will also impact the financial model by separating cable television networks, altering Comcast's revenue composition and overall structure.