Research · Sep 3, 2026
[CMCSA] Comcast Thesis 2026: Versant Spin + Epic Universe Test Strategic Refocus on Connectivity + Premium Media
Comcast FY2025 revenue ~$123B (essentially flat YoY) with adj. EBITDA ~$38.5B at ~31% margin demonstrating operational stability amid cable broadband subscriber decline (~32.3M FY2023 → ~30M FY2025 = -2.3M cumulative loss on fiber + fixed wireless 5G competition). Xfinity Mobile reached 7.8M lines (+0.5M annual). Universal Studios Epic Universe Orlando opened May 2025 (largest single Universal Parks investment in 2 decades). Versant spinoff (NBCUniversal cable networks excluding NBC broadcast + Peacock + Universal Studios film/parks) targeted late FY2025/early FY2026 close. FY2026 thesis: Versant spin separates challenged cable networks from quality NBC + Peacock + Universal franchise; Epic Universe full-year theme parks revenue ~$10-11B; Peacock toward 40M+ subs + operating breakeven by FY2027; broadband ARPU compounding +$3-5/yr offsets subscriber loss; key risks: broadband loss acceleration > -2M, Peacock losses persist, Epic Universe attendance disappoints.