Comcast (NASDAQ: CMCSA)
Content Momentum Is Starting to Matter Again
Comcast trades around $29 after popping nearly 3% on Jan. 29, following a fourth-quarter earnings report that, while mixed on the surface, showed clear signs of improving business momentum in the areas that matter most going forward.
For Q4 2025, Comcast reported revenue of $32.31 billion, up 1% year over year. That figure came in slightly below expectations, but the more important takeaway was profitability. Adjusted earnings landed at $0.84 per share, comfortably ahead of the $0.73 consensus, which helped shift investor sentiment despite a year-over-year decline in GAAP net income to $3.06 billion.
Digging into the segments tells a more constructive story. Comcast’s Content and Experiences division grew revenue 5% to $12.74 billion, driven primarily by strength in its media business, which climbed nearly 6% to $7.62 billion. That segment includes Peacock, and the improvement suggests streaming losses are becoming less of a drag. Theme parks were a standout, with revenue jumping almost 22% to $2.89 billion, reinforcing that experiential assets are still resonating with consumers.
The weaker spot was Residential Connectivity and Platforms, where revenue slipped 2% to $17.65 billion. Management is clearly aware of the issue and has already committed to its largest-ever investment in broadband this year, aiming to stabilize and eventually return that business to growth.
What makes this setup interesting is timing. Comcast is heading into 2026 with a strong upcoming content slate, including a National Football League championship game and the summer release of Christopher Nolan’s The Odyssey. These kinds of tentpole events tend to drive advertising, streaming engagement, and overall media revenue, all while broadband investments work in the background.
At roughly a $104 billion market cap, a 4.4% dividend yield, and a valuation that reflects a lot of skepticism around legacy media, Comcast looks like a stock where improving execution in content and experiences can meaningfully change the narrative. The market’s reaction to the earnings beat suggests investors are starting to pay attention again, and that makes the current setup worth a closer look.
