Summary
Comcast Corporation reported solid financial results for the nine months ended September 30, 2023, with consolidated revenue slightly decreasing by 0.6% to $90.3 billion, primarily due to a decline in the Content & Experiences segment. However, Adjusted EBITDA saw a healthy increase of 4.1% to $29.6 billion, indicating improved operational efficiency and profitability. The Connectivity & Platforms segment remains a strong performer, with revenue growing 1.1% to $20.3 billion for the quarter and remaining stable at $60.8 billion for the nine-month period. This segment's Adjusted EBITDA also saw a notable increase of 3.0% for the quarter and 3.5% for the nine months, driven by growth in domestic broadband and wireless services. The Content & Experiences segment experienced a slight revenue increase of 0.8% for the quarter, but a 1.8% decrease for the nine-month period, impacted by declines in the Studios and Media businesses, although the Theme Parks segment showed robust growth. Comcast demonstrated strong operating cash flow generation, with $22.6 billion for the nine months ended September 30, 2023. The company also actively managed its capital, repurchasing $7.5 billion in stock and paying $3.6 billion in dividends year-to-date, while investing $8.9 billion in capital expenditures. The company's liquidity remains strong with $6.4 billion in cash and cash equivalents and significant availability under its revolving credit facility.
Financial Highlights
51 data points| Revenue | $30.11B |
| Operating Expenses | $23.64B |
| Operating Income | $6.47B |
| Interest Expense | $1.06B |
| Net Income | $4.05B |
| EPS (Basic) | $0.98 |
| EPS (Diluted) | $0.98 |
| Shares Outstanding (Basic) | 4.11B |
| Shares Outstanding (Diluted) | 4.14B |
Key Highlights
- 1Consolidated revenue for the nine months ended September 30, 2023, was $90.3 billion, a slight decrease of 0.6% year-over-year, primarily driven by the Content & Experiences segment.
- 2Consolidated Adjusted EBITDA increased by 4.1% to $29.6 billion for the nine months ended September 30, 2023, indicating improved profitability and operational efficiency.
- 3The Connectivity & Platforms segment showed resilient performance, with revenue up 1.1% to $20.3 billion for the quarter and Adjusted EBITDA increasing by 3.0% driven by broadband and wireless growth.
- 4The Content & Experiences segment revenue was relatively flat for the quarter ($10.6 billion) but decreased 1.8% for the nine-month period, with the Theme Parks segment being a strong contributor with a 17.2% revenue increase in the quarter.
- 5Net income attributable to Comcast Corporation was $12.1 billion for the nine months ended September 30, 2023, a significant increase from $2.3 billion in the prior year, largely due to the absence of the substantial goodwill impairment charge recorded in 2022.
- 6Cash flow from operating activities was robust, totaling $22.6 billion for the nine months ended September 30, 2023.
- 7Comcast returned significant capital to shareholders, repurchasing $7.5 billion of stock and paying $3.6 billion in dividends during the first nine months of 2023.