Comcast Corporation (CMCSA): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the actual engine room of a behemoth like Comcast Corporation, and honestly, the story isn't just about cable anymore; it's a massive pivot toward convergence and experience. After two decades analyzing these giants, I can tell you their 2025 playbook is clear: they are pouring capital-like the $2.3 billion in Q3 2025 CapEx-into their network while simultaneously betting big on Peacock and the new Epic Universe theme park. With a projected $126 billion in total revenue for FY2025 and $4.9 billion in Free Cash Flow in the third quarter alone, the scale is immense, but the strategy hinges on bundling connectivity with premium content and theme park thrills. Dive into the full Business Model Canvas below to see exactly how Comcast is structuring its $2.6 billion Business Services segment and managing that improving Peacock loss to drive value for you.

Comcast Corporation (CMCSA) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Comcast Corporation maintains to power its vast operations across connectivity and media. These partnerships are critical because they allow Comcast to scale technology, secure premium content, and execute its social responsibility goals without owning every single piece of the required infrastructure or content library. Honestly, the sheer scale of these deals dictates a lot of their near-term financial flexibility.

Technology partners for DOCSIS 4.0 and AI-embedded network development

Comcast Corporation is heavily leaning on key silicon and network partners to push its Xfinity 10G Network forward, focusing on squeezing more performance out of existing Hybrid Fiber-Coax (HFC) lines. The primary collaboration here is with Broadcom to co-develop unified DOCSIS chipsets for network nodes, smart amps, and cable modems. This joint effort supports both Full Duplex (FDX) and Extended Spectrum (ESD) versions of the DOCSIS 4.0 specification, aiming to deliver speeds upwards of 25 Gbps over current infrastructure.

The integration of Artificial Intelligence is a major differentiator they are building with these partners. Broadcom's embedded Neural Processing Unit (NPU) in the chipsets will enable AI/ML functions directly at the network edge. These AI capabilities are designed to enhance operational efficiency, security, and reliability through specific advancements:

• Channel anomaly detection and network self-healing.
• Predictive network power management and reduction.
• Real-time network pattern detection, classification, and optimization.
• Advanced cybersecurity, intrusion detection, and phishing protection against AI-based attacks.

Comcast Corporation is aggressively deploying this technology, aiming to upgrade over 75% of its network to support multi-gig speeds by the end of 2025. Furthermore, Comcast has partnered with Harmonic to demonstrate DOCSIS 4.0 and fiber solutions.

Content creators and studios for NBCUniversal and Peacock programming

For the Content & Experiences segment, partnerships are about securing rights and expanding distribution reach. Peacock, Comcast's streaming service, is a major focus. As of March 2025, Peacock grew to 41 million paying subscribers. This growth was partly boosted by a deal bringing in subscribers from Charter Communications.

Financially, Peacock's Q1 2025 performance showed significant improvement: revenue jumped 16% to $1.2 billion, while losses dropped to $215 million, a major improvement from the $639 million loss reported in the same period last year. The broader Studio revenue within NBCUniversal rose 3% to $2.82 billion in Q1 2025, supported by strong content licensing deals. The entire Media and Entertainment division, which houses NBCUniversal, saw its revenue inch up 1% to $10.45 billion in Q1 2025.

Distribution partnerships are also key. In October 2025, NBCUniversal and Apple announced a deal to offer a discounted bundle of the Apple TV streaming service and Peacock, including reciprocal content sampling offers.

Here's a look at the scale of the content business and its structure:

Segment/Metric	Partner/Detail	Latest Reported Value (2025 Data)
Peacock Paid Subscribers	As of March 2025	41 million
Peacock Q1 2025 Revenue	Streaming Platform	$1.2 billion
NBCUniversal Studio Revenue	Q1 2025 (Content Licensing)	$2.82 billion
NBCUniversal Media & Entertainment Revenue	Q1 2025	$10.45 billion
Content Spin-off Assets Retained by NBCU	Networks/Platforms	NBC network, Telemundo, Bravo, Peacock, Hayu, NBC Sports, NBC News

Mobile Virtual Network Operator (MVNO) agreements for Xfinity Mobile service

Comcast Corporation's Xfinity Mobile service relies on its MVNO agreement, primarily with Verizon for its residential customers. This partnership has been a significant growth driver. In Q1 2025, Xfinity Mobile added 323,000 mobile lines, bringing the total to 8.1 million lines. The total domestic wireless revenue for Xfinity Mobile increased from $883 million at year-end 2022 to $1.02 billion at year-end 2023.

A major strategic shift involves the business segment. Comcast and Charter announced a new long-term exclusive agreement with T-Mobile to offer mobile services to their business customers starting in 2026 under the Comcast Business Mobile brand. This capital-light model allows Comcast to resell T-Mobile's 5G services without owning the core network infrastructure. Collectively, Comcast and Charter have surpassed 18 million residential and business mobile lines.

Sports leagues (e.g., Premier League, NASCAR) for premium content rights

Comcast Corporation secures premium sports content rights through its NBCUniversal assets, which are slated for a potential spin-off entity named Versant Media Group. The Golf Channel, part of this portfolio, carries rights for the Premier League, PGA Tour, and LPGA.

In NASCAR, Xfinity has renewed its premier partnership for multiple years, but it will end its title sponsorship of the second-tier series after 2025. For 2025, Xfinity Mobile is the official wireless partner, and Xumo (a joint venture with Charter) is the official video and streaming partner. NBC Sports will air the final 14 events of the NASCAR Cup Series season across NBC, USA Network, and Peacock. Separately, The CW Network became the exclusive home for the NASCAR Xfinity Series starting in 2025 through 2031 via a deal reportedly worth about $800 million over seven years.

Community organizations for Project UP and Lift Zones digital equity initiative

Comcast Corporation's commitment to digital equity is formalized through Project UP, a $1 billion initiative. A core component is the Lift Zones program, which provides free, high-capacity WiFi in community centers. As of late 2025, this program now includes more than 1,250 locations nationwide. Comcast has backed this expansion with a $50 million cash and in-kind investment commitment.

Flagship Lift Zones are an extension of this, with recent openings in late 2025 in cities like Chicago, Washington, D.C., Philadelphia, St. Paul, and Federal Way, WA. For instance, the Chicago Flagship Lift Zone involved a $500,000 investment and a $100,000 donation to the nonprofit scaleLIT for digital skills programming. Furthermore, the NBCUniversal Local Impact Grants totaled $2.5 million for various nonprofits in 2025.

The scale of digital inclusion support includes:

• Project UP total commitment: $1 billion.
• Lift Zones nationwide count: Over 1,250.
• Lift Zones expansion commitment: $50 million (cash and in-kind).
• NBCUniversal Local Impact Grants in 2025: $2.5 million.

Finance: draft 13-week cash view by Friday.

Comcast Corporation (CMCSA) - Canvas Business Model: Key Activities

Operating and maintaining the extensive gig-capable HFC and fiber network requires significant, ongoing investment.

Comcast continues to invest heavily in its connectivity platform, with capital expenditures for Connectivity & Platforms rising 19.5% to $2.3 billion in the third quarter of 2025. Total Capital Expenditures for Comcast in Q3 2025 were $3.1 billion.

Producing and distributing premium content via NBCUniversal and Peacock is a core activity, with Peacock narrowing its Q3 2025 loss to $217 million. Peacock revenue for the quarter was $1.36 billion. The Media segment EBITDA grew 28% to $832 million. Domestic advertising revenue, however, fell 41.3% to $1.96 billion.

Developing and managing global theme parks, including the new Epic Universe, is a key driver for the Content & Experiences segment. Universal Epic Universe officially opened on May 22, 2025, and this opening contributed to a 19% revenue growth for the Theme Parks division in Q3 2025. Capital expenditures for Content & Experiences decreased 19.9% to $714 million in the quarter, reflecting that construction spending on Epic Universe was largely complete.

Acquiring and retaining residential and business connectivity customers involves managing subscriber shifts across broadband, video, and wireless services. This is best seen in the Q3 2025 customer movements:

Metric	Q3 2025 Result	Change/Status
Domestic Broadband Customer Net Losses	104,000	Tenth straight quarter of losses
Domestic Video Customer Net Losses	257,000	Best video result in nearly five years
Domestic Wireless Line Net Additions	414,000	Record quarterly result
Total Domestic Wireless Lines	8.9 million	Surpassed 14% penetration of residential broadband base
Total Customer Relationships (Connectivity & Platforms)	50.9 million	Decreased by 210,000

The residential base breakdown as of Q3 2025 includes:

• Domestic Broadband Customers: 31.4 million to 31.44 million.
• Residential Pay TV Base: 11.5 million to 11.52 million.

Investing in network upgrades is a continuous activity, evidenced by the $2.3 billion in Q3 2025 CapEx for Connectivity & Platforms, primarily for scalable infrastructure. The company generated $4.9 billion in Free Cash Flow this quarter.

Comcast Corporation (CMCSA) - Canvas Business Model: Key Resources

You're looking at the core assets Comcast Corporation (CMCSA) relies on to run its massive operation as of late 2025. These aren't just line items; they are the physical and intellectual foundations that drive revenue across connectivity, media, and experiences. Honestly, the sheer scale of the physical plant is what sets them apart in the connectivity space.

The physical infrastructure is immense, centered around the hybrid fiber-coaxial (HFC) network. This network is the backbone for Xfinity services, and its reach is a primary barrier to entry for competitors. As of recent reports, this state-of-the-art network covers approximately 64 million homes and businesses nationwide.

The strength of the financial position in Q3 2025 clearly supports ongoing investment and shareholder returns. The company generated $4.9 billion in Free Cash Flow for the third quarter of 2025, a substantial increase of 45.2% year-over-year. This robust cash generation allowed Comcast to return $2.8 billion to shareholders in that same quarter, split between $1.2 billion in dividend payments and $1.5 billion in share repurchases. Furthermore, the company maintained financial discipline, with the net leverage ratio improving to 2.3x by the end of Q3 2025.

NBCUniversal's portfolio of content, broadcast networks, and film studios represents the intellectual property engine. This content fuels the media segment and provides exclusive value for Xfinity bundles. Key metrics reflecting the scale of this resource include:

• Peacock, the streaming service, reached more than 41 million paid subscribers in 2025.
• NBCUniversal is set to account for nearly 40% of the industry's most anticipated big, live events in 2025 and 2026.
• Telemundo created over 1,000+ hours of authentic content for U.S. Latinos in the 2024/2025 season.

The Universal Destinations & Experiences segment is anchored by its global theme park assets. The successful opening of Universal Epic Universe on May 22, 2025, was a major event, transforming Universal Orlando Resort into a destination with four theme parks. Overall, Universal Destinations & Experiences operates across 5 locations worldwide. The immediate impact of this new asset was clear, as the Theme Parks saw revenue growth of nearly 19% in Q3 2025.

For Xfinity Mobile, the key resources are the spectrum access and the massive, proprietary Wi-Fi network that offloads cellular traffic. This hybrid approach is central to their cost-efficient mobile strategy. Here's a look at the numbers supporting this resource:

Resource Component	Metric/Value	Data Point Context
HFC Network Reach	64 million	Homes and businesses connected across the footprint.
Xfinity Mobile WiFi Hotspots	23 million	Total WiFi hotspots available for customer use.
WiFi Data Offload	90%+	Percentage of Xfinity Mobile data traffic carried over WiFi.
Spectrum Deployment	600 MHz low-band	Spectrum targeted for deployment via Nokia partnership.

The wireless component itself is a growing asset, evidenced by subscriber additions. In Q3 2025 alone, Comcast added a record 414,000 domestic wireless lines. This growth is supported by the ability to deliver gigabit speeds over the Wi-Fi network to Xfinity Mobile customers.

You can see the tangible assets that make up these key resources:

• Financial Strength (Q3 2025): Free Cash Flow of $4.9 billion.
• Network Scale: Coverage for 64 million homes and businesses.
• Theme Park Footprint: 4 theme parks at Universal Orlando Resort post-Epic Universe opening.
• Mobile Infrastructure: Over 23 million proprietary WiFi hotspots.
• Content Reach: Peacock streaming base of 41 million paid subscribers (2025).

Finance: draft 13-week cash view by Friday.

Comcast Corporation (CMCSA) - Canvas Business Model: Value Propositions

You're looking at the core offerings Comcast Corporation is pushing right now to defend its turf and grow in a competitive landscape. Here's the breakdown of what they are selling, grounded in the latest numbers from their Q3 2025 report.

Multi-gig symmetrical internet speeds via DOCSIS 4.0 and fiber optionality

Comcast is using its network transformation, dubbed Project Genesis, to push symmetrical multi-gigabit speeds over existing coaxial infrastructure, aiming to match fiber performance. The company previously announced a goal to reach more than 50 million homes and businesses with multi-gig Internet speeds by the end of 2025. They've already seen success in trials; Comcast completed its first DOCSIS 4.0 test in the Philadelphia area in 2023, achieving symmetrical speeds over 4 Gbps using full duplex technology. For customers, this translates into new X-Class Internet products offering tiers like X-300 Mbps, X-500 Mbps, X-1 Gbps, and X-2 Gbps upload and download speeds. To address churn, they introduced a simplified pricing model featuring a 5-Year Internet Price Guarantee and four national speed tiers.

Bundled value proposition: Xfinity Internet, Mobile, and streaming (e.g., StreamSaver)

The convergence play is central, using Xfinity Mobile as a major incentive to stabilize broadband. In Q3 2025, Comcast added a record 414,000 Domestic Wireless Customer Line Net Adds, bringing the total lines to 8.9 million. Wireless revenue for that quarter rose 14% to $1.25 billion. New go-to-market tactics include offering a Free Xfinity Unlimited Mobile Line Included for 1-Year with certain broadband plans. The bundling strategy is designed to drive uptake, as seen in Q2 2025 when they offered a one-year free mobile line and a 2 years of Peacock Premium offer.

Here's a look at the mobile penetration:

Metric	Q3 2025 Value	Context
Domestic Wireless Line Net Additions	414,000	Best Quarterly Result on Record
Total Domestic Wireless Lines	8.9 million	Surpassed 14% Penetration of Domestic Residential Broadband Customers
Q1 2025 Total Lines	8.15 million	Up from 8.15 million in Q1 2025

Premium, diverse entertainment content through Peacock and linear channels

Peacock is showing clear progress toward profitability, driven by premium content like the theatrical success of Jurassic World Rebirth, which grossed nearly $900 million globally year-to-date. In Q3 2025, Peacock narrowed its operating loss to $217 million, an improvement of $219 million compared to the prior year period. Peacock revenue in Q3 2025 was $1.36 billion, with subscriber numbers holding steady at 41 million paid subscribers. The Media division's EBITDA grew 28.0% to $832 million in Q3 2025, largely driven by Peacock's improved performance.

The streaming platform's financial trajectory:

• Q3 2025 Peacock Revenue: $1.36 billion
• Q3 2025 Peacock Operating Loss: $217 million
• Q2 2025 Peacock Revenue: Roughly $1.23 billion
• Q2 2025 Peacock Operating Loss: Narrowed to approximately $101 million
• Q1 2025 Paid Subscribers: 41 million

Reliable connectivity and advanced services for Small to Medium-sized Enterprises (SMEs)

Comcast Business is a significant, growing component, nearing a major revenue milestone. For the full-year 2024, Comcast Business generated $9.7 billion in revenue, and in Q1 2025, it delivered mid-single-digit revenue and EBITDA growth with margins of roughly 57%. By Q3 2025, Business Services Connectivity Revenue increased 6.2% to $2.6 billion, with EBITDA at $1.5 billion and a margin of 56.4%. This unit is now nearing $10 billion in annual revenue.

Immersive, world-class experiences at Universal Theme Parks (Epic Universe opening May 2025)

The opening of Epic Universe in Orlando in May 2025 immediately became a value driver. In Q3 2025, Theme Parks EBITDA increased 13.1% to $958 million, directly fueled by the new park. For the quarter ending June 30, 2025 (Q2 2025), Theme Parks revenue jumped 18.7% to $2.7 billion, reflecting the successful launch. The early results showed the park driving higher per capita spending and attendance across the entire Universal Orlando Resort.

Theme Park Financial Impact (Post-Epic Universe Opening):

Metric	Q3 2025 Value	Q2 2025 Value
Theme Parks EBITDA	$958 million	N/A
Theme Parks Revenue	$2.7 billion	$2.35 billion (19% increase)

Finance: draft 13-week cash view by Friday.

Comcast Corporation (CMCSA) - Canvas Business Model: Customer Relationships

You're looking at how Comcast Corporation manages its relationship with its massive customer base as of late 2025. It's a multi-pronged approach, balancing digital efficiency with necessary in-person support. Honestly, the sheer scale of their operations means automation has to carry the bulk of the load.

Automated and self-service options via Xfinity apps and digital platforms

Comcast Corporation has pushed customers heavily toward digital channels, recognizing that for many, self-service is the fastest route. Today, 84% of all customer interactions are completed through digital channels. This is supported by continuous AI refinement. The company's AI-driven virtual assistant handles over one million inquiries every month across platforms like Xfinity Assistant. The goal is clear: make the digital path frictionless. If onboarding takes 14+ days, churn risk rises, so speed in digital resolution is key.

• AI-based Virtual Technician resolves up to 70% of issues without a human agent.
• Historical chatbot success metrics show a peak query resolution rate of 95%.
• The redesigned Xfinity App offers 24/7 real-time access to account info and billing.

Dedicated sales and support teams for Comcast Business enterprise clients

For Comcast Business, the relationship model shifts to a more dedicated, enterprise-focused structure. Comcast Business describes itself as the largest provider of connectivity to small businesses in America. Their Dedicated Internet service has expanded to reach more than 3.5 million businesses nationwide, offering symmetrical speeds up to 300/300 Mbps. This expansion represents a 50% increase in available symmetrical speeds over HFC and extends reach to 40% more businesses since February 2025. Support for these clients is backed by robust Service Level Agreements (SLAs) that include 99.99% uptime, plus 24/7 expert support.

New go-to-market strategy with a 5-year Internet Price Guarantee

To combat customer churn driven by price unpredictability, Comcast Corporation rolled out a significant new offering. This nationwide guarantee locks in the monthly rate for five years with no annual contract required. The starting price point for this stability is as low as $55 per month. This new structure is defintely an attempt to simplify the value proposition.

Download Speed	Guaranteed Monthly Price
400Mbps	$55/month
600Mbps	$70/month
1.1Gbps	$85/month
2.1Gbps	$105/month

The guarantee includes unlimited data, but bringing your own hardware for unlimited data adds $30 per month. Furthermore, failing to maintain paperless billing and automatic payments results in an extra charge of $10 each month, or $8 if paying by credit or debit card.

Proactive customer experience improvements through AI-embedded network tools

Proactive service is increasingly managed by machine learning embedded directly into the network fabric. Comcast Corporation's AI systems monitor performance metrics across the DOCSIS 3.1 infrastructure, ingesting over 1.5 petabytes of telemetry data per day to detect anomalies before they impact customers. This AI-driven network intelligence allows automated systems to reroute traffic and balance loads within milliseconds. This focus on predictive and proactive maintenance aims to reduce the need for in-home technician visits, which have seen a 37% reduction over the past three years.

High-touch, in-person service at Xfinity retail stores and theme park guest services

Despite the digital push, Comcast Corporation maintains a physical presence for high-touch support. As of April 16, 2025, there are 630 Xfinity locations in the United States. For context, California accounts for 80 of these locations, representing about 13% of the total footprint. These stores are positioned as local tech hubs for personalized support. Separately, for its theme park segment, the company opened its most ambitious park, Epic Universe, on May 22, 2025, where guest services are a critical component of the overall customer experience.

Comcast Corporation (CMCSA) - Canvas Business Model: Channels

You're looking at how Comcast Corporation moves its vast array of products-from pipes to premium content-out to the customer base as of late 2025. It's a mix of physical presence, direct digital access, and traditional media distribution, all working together.

Xfinity retail stores and direct sales force for residential services

The physical touchpoints for residential services remain important for hands-on demos and immediate service needs. As of October 26, 2025, Comcast Corporation maintains 611 Xfinity retail store POI locations across the USA. These locations are where you can explore TV, Internet, Voice, and Mobile innovations in an interactive environment, swap equipment, or pay bills.

Comcast Business direct sales and account managers for B2B services

For the B2B side, Comcast Business relies on a direct sales and account management structure targeting SMB, midmarket, and enterprise clients. The unit saw its Business Services Connectivity Revenue increase 6.2% to $2.6 Billion in the third quarter of 2025. The strategy includes expanding its reach through acquisitions; for instance, the purchase of Nitel added 6,600 clients across verticals like financial services, healthcare, and education to their channel distribution strategy.

Peacock direct-to-consumer (DTC) streaming platform

Peacock is the key direct-to-consumer channel for Comcast's content. The subscriber base has scaled significantly; by the end of March 2025, the platform had 41 million paying subscribers, and management guided that it passed 50 million subscribers in early 2025. The financial performance reflects this scale: in Q3 2025, Media EBITDA increased 28.0%, largely driven by Peacock, which narrowed its EBITDA losses to $217 Million-an improvement of $219 Million year-over-year. Revenue for Peacock in Q2 2025 was $1.2 Billion, up 18% from the prior year period. Executives expect Peacock revenue growth to be above 20% for the full year 2025.

NBC and Telemundo broadcast and cable television networks

The broadcast and cable networks serve as a massive distribution and promotional channel, especially for driving audiences to Peacock. Following the spin-off of most linear cable networks into the entity now called Versant, Comcast Corporation retained core broadcast and key entertainment assets within NBCUniversal.

The remaining core broadcast and content channels include:

• NBC broadcast network and its owned stations, like WMAQ-TV in Chicago.
• Telemundo, the Spanish-language network, and its owned stations, including WSNS-TV.
• Bravo, a high-rated cable network.

These primary networks, specifically NBC and Bravo, collectively reach 100 million U.S. households monthly, which helps power the Peacock streaming service.

Universal Destinations & Experiences physical theme park locations

The physical theme parks are a critical channel for monetizing Intellectual Property (IP) through experiences. Universal Destinations & Experiences operates 5 established resort locations serving China, Japan, Singapore, and the United States. The newest channel addition is the debut of Epic Universe in Orlando on May 22, 2025.

Here's a look at the financial performance and scale:

Metric	Data Point	Context/Period
Theme Parks Revenue	$2.72 Billion	Q3 2025
Revenue Year-over-Year Change	+18.7%	Q3 2025
Theme Parks EBITDA	$958 Million	Q3 2025
EBITDA Year-over-Year Change	+13.1%	Q3 2025
Total Visitors (All Parks)	57 million	2023
Number of Parks Operated	5	As of late 2025 (excluding new additions like Epic Universe in initial reporting)

The opening of Epic Universe, which features five immersive worlds, is transforming Universal Orlando into what Comcast calls a premier weeklong destination.

Comcast Corporation (CMCSA) - Canvas Business Model: Customer Segments

You're looking at the core groups Comcast Corporation (CMCSA) serves as of late 2025, based on the latest reported figures from the third quarter of 2025. The business model clearly segments its market across connectivity, enterprise, international, media, and experiences.

Domestic Residential Consumers (broadband, video, mobile) represent the foundational base, though it's a base under pressure in traditional video and broadband, offset by significant wireless growth.

• Total domestic wireless lines reached 8.9 million as of Q3 2025.
• The company added a record 414,000 wireless lines in Q3 2025 alone.
• Total domestic broadband connections stood at 31.4 million connections at the end of Q3 2025.
• Domestic video customers declined to 11.52 million subscribers in Q3 2025.
• The wireless penetration of the residential broadband base surpassed 14% by Q3 2025.

Metric	Q3 2025 End Count/Result	Net Change (QoQ/YoY Context)
Total Domestic Wireless Lines	8.9 million lines	Added 414,000 lines in Q3 2025
Total Domestic Broadband Customers	31.4 million connections	Net loss of 104,000 customers in Q3 2025
Total Domestic Video Customers	11.52 million subscribers	Net loss of 257,000 customers in Q3 2025

Small and Medium-sized Enterprises (SMEs) and large Enterprise/Public Sector clients show resilience, with growth in advanced service adoption.

• Business Services Connectivity revenue grew by 6.2% year-over-year in Q3 2025.
• Business Services Connectivity revenue reached $2.6 billion in Q3 2025.
• Total Connectivity & Platforms Customer Relationships stood at 51.2 million in Q3 2025, down 349,000 sequentially.

International Residential Customers in the U.K. and Italy (Sky) are now reported within broader international connectivity figures, reflecting a strategic shift away from granular segment reporting.

The International Connectivity Customer Relationships saw an increase from 17,638,000 to 17,698,000 in Q2 2025. Sky Group in the UK has seen its workforce fall by about 3,000 roles since 2023 as it transitions services.

Global Viewers and Advertisers across media and entertainment properties are characterized by streaming growth and cyclical advertising revenue.

• Peacock maintained a paid subscriber base of 41 million as of Q3 2025.
• Peacock revenue for Q3 2025 was approximately $1.36 billion.
• Domestic advertising revenue for Q3 2025 was $1.96 billion, reflecting a 41.3% decline due to the absence of the Paris Olympics revenue from Q3 2024.
• Studio revenue in Q1 2025 rose 3% to $2.83 billion.

Theme Park Guests seeking immersive, location-based entertainment are a major near-term growth driver following the launch of the new Orlando park.

The Theme Parks segment generated revenue of $2,717 million in Q3 2025, marking a 19% uplift year-over-year. The estimated investment in the Epic Universe park is $7 billion. Theme Park Adjusted EBITDA increased to $958 million in Q3 2025, up 13.1% from the prior year.

Finance: finalize the Q4 2025 cash flow forecast by next Tuesday.

Comcast Corporation (CMCSA) - Canvas Business Model: Cost Structure

You're looking at the major drains on Comcast Corporation's cash flow as of late 2025, which is critical for understanding their capital allocation strategy.

Significant Capital Expenditures (CapEx) for network infrastructure and upgrades represent a massive, ongoing commitment. For the third quarter ending September 30, 2025, Comcast reported total Capital Expenditures of $3.748B. The Connectivity & Platforms segment drove a significant portion of this, with its CapEx increasing 19.5% to $2.3 billion, which Comcast attributed primarily to higher spending on scalable infrastructure and customer premise equipment. This heavy investment is necessary to maintain the broadband foundation against competitive pressures. Conversely, Content & Experiences' CapEx decreased 19.9% to $714 million, largely because the construction for Epic Universe in Orlando was nearing completion following its May 2025 opening.

The costs associated with content are substantial, especially for NBCUniversal and Peacock. While specific Q3 2025 programming cost figures aren't explicitly detailed in the latest reports, we see cost trends in the preceding quarter. For instance, in Q2 2025, programming expenses decreased, primarily due to a lower number of domestic video customers, though this was partially offset by rate increases under domestic programming contracts. This highlights the dynamic nature of content costs, which are heavily influenced by subscriber trends and contract negotiations.

Theme parks involve significant operating expenses, though the segment showed strong financial results. For Q3 2025, Theme Parks EBITDA increased 13.1% to $958 Million, fueled by the opening of Epic Universe. This strong EBITDA suggests that while fixed costs like labor and maintenance are high, the new attraction is successfully driving revenue to cover those costs and contribute positively to the segment's profitability.

Marketing and sales costs are a direct lever used to drive customer additions, particularly in the wireless space. Comcast noted that non-programming expenses in Q3 2025 included higher marketing and promotion costs, driven by new broadband and mobile offers introduced in April 2025. The success of this spending is evident in the record 414,000 domestic wireless customer line net additions in Q3 2025 alone.

The cost of streaming content is best viewed through the lens of Peacock's performance. Comcast Corporation is actively managing this cost base, and the effort is showing results. For Q3 2025, Peacock's EBITDA losses were $217 Million, a significant improvement of $219 million compared to the prior year period, when the loss was $436 million. This demonstrates a clear, measurable reduction in the high cost associated with building out the streaming service, even as subscriber growth remained flat at 41 million paid subscribers for the quarter.

Here's a quick look at the key Q3 2025 financial metrics related to cost and investment:

Cost/Investment Category	Amount (Q3 2025)	Segment/Context
Total Capital Expenditures	$3.748B	Consolidated
Connectivity & Platforms CapEx	$2.3 billion	Network Infrastructure/CPE
Content & Experiences CapEx	$714 million	Reflecting Epic Universe opening
Peacock EBITDA Loss	$217 Million	Streaming Content Cost
Peacock Loss Improvement (Y/Y)	$219 Million	Profitability Management
Theme Parks EBITDA	$958 Million	Reflecting Operating Costs/Revenue

The overall cost structure is clearly bifurcated between the heavy, ongoing CapEx for the Connectivity business and the substantial, but improving, content and marketing spend for the Media business. You see this trade-off reflected in the segment results:

• Connectivity & Platforms Adjusted EBITDA was $8.0 billion, down 3.7% year-over-year, despite increased CapEx.
• Media EBITDA increased 28.0% to $832 Million, driven by Peacock's loss reduction.

Finance: draft 13-week cash view by Friday.

Comcast Corporation (CMCSA) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Comcast Corporation's business, which is really a collection of distinct, powerful engines working together. Honestly, it's a mix of subscription stability and high-growth content plays.

The core of the operation still comes from keeping homes and businesses connected. Residential Connectivity subscriptions-that's your broadband, video, voice, and mobile services-form the foundation. For Q3 2025, Residential Connectivity & Platforms revenues were reported at $20.2 billion, though the Residential portion specifically saw a 1.5% decline to $17.60 billion. This dip reflects the strategic shift away from legacy video and toward wireless, which is definitely gaining traction.

The growth story in connectivity is clearly wireless. Domestic wireless revenue grew 14.0% to $1.25 billion in the quarter, with total domestic wireless lines reaching 8.9 million. Comcast added a record 414,000 domestic wireless customer lines in Q3 2025, which is a huge win for their converged offering strategy.

Business Services Connectivity revenue is another solid pillar, growing 6.2% to $2.6 billion in Q3 2025. That growth shows their enterprise focus is paying off, even as the residential side navigates cord-cutting.

The Content & Experiences segment provides the high-margin upside and brand power. Here's a quick look at the Q3 2025 revenue drivers for this segment:

Revenue Source	Q3 2025 Revenue Amount (Approximate)	Year-over-Year Change
Theme Parks Revenue	$2.7 billion	18.7% increase
Peacock Revenue (Media)	$1.4 billion	Not explicitly stated, but Media revenue grew 4.2% excluding Olympics impact
NBCUniversal Studios Revenue	$3 billion	6.1% increase

Theme Parks revenue jumped 18.7% to $2.7 billion, fueled by the May opening of Epic Universe in Orlando. Plus, the success of Jurassic World Rebirth contributed nearly $900 Million in worldwide box office revenue year-to-date, which feeds into the Studios revenue stream.

For Media, content licensing, distribution, and advertising are key. Peacock is showing progress, posting $1.4 billion in revenue for the quarter. The overall Content & Experiences segment generated $11.7 billion in revenue for Q3 2025, though this was down 6.8% year-over-year, largely due to the unfavorable comparison against the prior year which included the Paris Olympics revenue.

The overall picture for the full fiscal year is based on analyst expectations as of late 2025:

• Projected total revenue for FY2025 is around $126 billion (consensus).
• Total Content & Experiences Adjusted EBITDA grew 8.4% to $1,953 Million in Q3 2025.
• Connectivity & Platforms segment generated $20.2 billion in Q3 2025 revenue.
• Domestic broadband revenue increased 0.5% to $6.433 billion in Q3 2025.

You can see the revenue streams are diversified, which helps balance the cyclical nature of media and the competitive pressures in connectivity. Finance: draft 13-week cash view by Friday.