NEW YORK, June 30, 2026, 04:13 EDT
- Comcast Corporation NASDAQ:CMCSA was last seen at $24.22, up roughly 4.4%. The stock carries a market cap near $86.5 billion, according to the latest available feed.
- Comcast said June 29 it will spin off NBCUniversal and Sky in a tax-free deal, targeting completion in about a year.
- The rally put about $3.6 billion on the stock’s equity value, which is under one-fifth of what Comcast’s free cash flow is forecast to be in 2025.
- Deutsche Bank raised Comcast to Buy from Hold, though lowered its price target to $32 from $34. The broker moved to a sum-of-the-parts approach.
Comcast Corporation NASDAQ:CMCSA moved up on its breakup plan, but early trading shows the stock faces a cash-flow check, not a full rerating.
Comcast closed at $24.22, up $1.02, putting its market cap around $86.5 billion. That move added about $3.6 billion to the company’s equity value based on the current share count. Comcast posted $19.24 billion in free cash flow for 2025, so shares are trading at roughly 4.5 times last year’s number. Full-year revenue landed at $123.71 billion with adjusted EBITDA at $37.38 billion, according to Comcast Corporation.
| Comcast read-through | Data point | Investor read |
|---|---|---|
| Last quote | $24.22, +4.4% | Break-up bid in play, shares still under most targets |
| Market cap | $86.5 billion | Equity still trails yearly sales |
| Equity bump from move | about $3.6 billion | Not quite 19% of 2025 expected cash |
| 2025 free cash flow | $19.24 billion | Key reason bulls stick around |
| Market cap / 2025 free cash flow | about 4.5 times | Looks cheap if cash keeps up |
The discount is straightforward. Comcast posted a 5.3% revenue increase in the first quarter, reaching $31.46 billion. Adjusted EBITDA dropped 16.8%. Free cash flow fell 28% to $3.90 billion. Domestic residential broadband customer losses narrowed to 65,000, down from 183,000 last year. Wireless lines climbed by 435,000, which was Comcast’s best on record for that metric.
| Q1 2026 operating item | Result | Stock angle |
|---|---|---|
| Free cash flow | $3.90 billion, fell 28.0% | Bulls point to cash yield, but it’s down |
| Domestic residential broadband | Lost 65,000 customers | Negative number again, but improvement |
| Domestic wireless lines | Added 435,000 | Bundles look to be helping |
| Peacock | $2.1 billion revenue, EBITDA loss of $432 million | Media is growing and burning cash |
| Theme parks EBITDA | $551 million, up 33.3% | NBCUniversal has real growth here |
Comcast plans to break itself into two companies, one focused on cable, wireless, business services and tech platforms. The other company is expected to hold NBCUniversal, Sky, Peacock, Bravo, Universal studios and the theme parks. Shareholders would get shares in both. Comcast said it expects to keep as much as 19.9% of NBCUniversal for up to a year after the spinoff.
Comcast chairman and co-CEO Brian Roberts said the deal is about getting a more “entrepreneurial management approach.” Mike Cavanagh, who is taking over NBCUniversal, said both companies start from “positions of strength.” Incoming Comcast CEO Michael Angelakis, the company’s former CFO, said Comcast will “execute aggressively” after the split. Comcast Corporation
The peer move suggests buyers wanted cable exposure, not just the less complex Comcast setup. Charter Communications NASDAQ:CHTR outperformed Comcast in the latest tape. Walt Disney NYSE:DIS and Netflix NASDAQ:NFLX trailed. The SPDR S&P 500 ETF Trust NYSEARCA:SPY added 1.7%.
| Security | Latest price | Move | Market value |
|---|---|---|---|
| Comcast NASDAQ:CMCSA | $24.22 | up 4.4% | $86.5 billion |
| Charter NASDAQ:CHTR | $146.17 | up 9.4% | $18.5 billion |
| Disney NYSE:DIS | $98.63 | off 0.2% | $174.8 billion |
| Netflix NASDAQ:NFLX | $73.78 | down 0.1% | $317.1 billion |
| SPDR S&P 500 ETF Trust NYSEARCA:SPY | $741.00 | gained 1.7% | $656.1 billion |
Deutsche Bank’s Bryan Kraft raised Comcast to Buy from Hold after the news, but lowered his price target to $32 from $34. Kraft shifted to a sum-of-the-parts model from his earlier discounted cash flow method, Investing.com reported. According to MarketScreener, 27 analysts have a Hold rating on the stock, with an average target at $32.19, about 33% above the previous close.
The change lets analysts break out Comcast’s cable and wireless numbers from NBCUniversal’s media business, opening up a way to put a separate price tag on each. Reuters quoted eMarketer’s Ross Benes saying NBCU will “become an M&A target eventually.” Paolo Pescatore at PP Foresight called the split a “sensible move.” Craig Moffett of MoffettNathanson said the old combined business took a “conglomerate discount.” Reuters
Comcast execs pushed back on talk that the spin sets up a sale. Reuters said NBCUniversal could explore gaming and new entertainment franchises after the break, and the cable unit might look at tech plays in data centers and AI. Cavanagh said the media side would be free to move into adjacent areas.
At press time, core Nasdaq trading was still closed. Normal hours run 9:30 a.m. to 4:00 p.m. Eastern, with premarket from 4:00 a.m. to 9:30 a.m. The 2026 market holiday schedule puts the next closure on July 3 for Independence Day observed, not June 30.
Comcast will report earnings on July 23, set for 8:30 a.m. EDT. According to MarketScreener, the company’s ex-dividend date is July 1 with a $0.33 payout.
