Free cash flow generation remains highly volatile, with margins ranging from a low of 4.5% in 2024Q2 to a peak of 20.2% in 2025Q1, while capital intensity remains elevated with CapEx averaging near 10% of revenue.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 32.24B | 33.64B | 27.67B | 28.5B | 26.41B | 29.15B | 24.74B | 25.7B | 24.3B | 21.4B | 19.24B | 18.78B | 16.95B | 14.16B | 14.85B | 14.35B | 11.18B | 10.28B | 10.23B | 8.79B | 6.62B | 4.92B | 5.93B | 2.85B | 3B | 1.23B | 1.22B | 1.25B | 1.08B | 916M | 799.6M |
| Operating CF Margin % | - | 27.2% | 22.37% | 23.44% | 21.75% | 25.04% | 23.89% | 23.59% | 25.71% | 25.32% | 23.93% | 25.2% | 24.64% | 21.9% | 23.74% | 25.69% | 29.47% | 28.75% | 29.87% | 28.46% | 26.51% | 22.12% | 29.2% | 15.55% | 24.04% | 12.71% | 14.84% | 20.12% | 20.98% | 18.65% | 19.8% |
| Operating CF Growth % | 81.71% | 21.57% | -2.91% | 7.91% | -9.38% | 17.82% | -3.74% | 5.76% | 13.52% | 11.24% | 2.46% | 10.82% | 19.67% | -4.67% | 3.55% | 28.32% | 8.73% | 0.49% | 16.37% | 32.85% | 34.46% | -17% | 107.78% | -4.71% | 143.59% | 0.84% | -2.41% | 15.72% | 17.87% | 14.56% | 53.56% |
| Net Income | 18.8B | 19.66B | 15.88B | 15.11B | 4.92B | 13.83B | 10.7B | 13.32B | 11.86B | 22.9B | 9.04B | 8.41B | 8.59B | 7.13B | 7.87B | 5.16B | 3.67B | 3.63B | 2.55B | 2.59B | 2.53B | 928M | 970M | 3.24B | -274M | 608.6M | 2.05B | 1.12B | 976.3M | -208.5M | -52.5M |
| Depreciation & Amortization | 8.02B | 16.21B | 14.8B | 14.34B | 13.82B | 13.8B | 13.1B | 12.95B | 10.68B | 9.82B | 9.56B | 8.68B | 8.02B | 16.12B | 17.25B | 7.64B | 6.62B | 6.5B | 6.4B | 6.21B | 4.96B | 4.8B | 4.62B | 4.44B | 2.03B | 3.45B | 2.63B | 1.22B | 939.6M | 936.4M | 698.3M |
| Stock-Based Compensation | 1.33B | 1.29B | 1.29B | 1.24B | 1.34B | 1.31B | 1.19B | 1.02B | 826M | 751M | 640M | 567M | 513M | 419M | 371M | 344M | 300M | 257M | 258M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 3.33B | 2.67B | -902M | -2.74B | -834M | 1.89B | -550M | 563M | 290M | -10.65B | 1.44B | 958M | 1.17B | 16M | 139M | 1.06B | 549M | 832M | 495M | 247M | 674M | 183M | 531M | 820M | -100M | -240.7M | 1.1B | -31.9M | 418.2M | -56.6M | 14M |
| Other Non-Cash Items | 3.25B | -6.19B | -3.39B | -452M | 10.07B | -830M | -273M | 397M | 940M | 78M | 250M | 380M | 191M | 204M | -1.63B | 7.3B | 15M | 23M | 547M | 337M | 322M | 30M | 137M | -113M | 975M | 1.5M | -4.23B | -1.62B | -1.25B | 216.5M | 49.2M |
| Working Capital Changes | -93M | 0 | 0 | 1.01B | -2.9B | -868M | 566M | -2.56B | -297M | -1.5B | -1.7B | -220M | -1.53B | -9.73B | -9.14B | -7.15B | 31M | -959M | -16M | -277M | -294M | -1.02B | -331M | -380M | 362M | -152.8M | -328.1M | 569.2M | 0 | 28.2M | 90.6M |
| Change in Receivables | -1.96B | 0 | 0 | -996M | -1.33B | -1.33B | -20M | -57M | -802M | -869M | -649M | -708M | -33M | -721M | -823M | 0 | -131M | -84M | 39M | 0 | 0 | 0 | 0 | -45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 1.52B | 830M | 570M | 286M | 404M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -25M | -16M | 0 | 0 | 0 | -65.6M | -5.8M |
| Change in Payables | 949M | -20M | -758M | -520M | 497M | 765M | -266M | -347M | -394M | 173M | 374M | 0 | 0 | -789M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -15.43B | -16.16B | -15.67B | -7.16B | -14.14B | -13.45B | -12.05B | -14.84B | -50.85B | -13.7B | -18.39B | -11.96B | -8.73B | -9.51B | -1.49B | -12.51B | -5.71B | -5.9B | -7.48B | -8.75B | -9.87B | -3.75B | -4.51B | 5.24B | -1.27B | -3.01B | -1.22B | -2.54B | -1.43B | -1.19B | -926.2M |
| Capital Expenditures | -11.23B | -11.75B | -12.18B | -15.54B | -13.77B | -12.06B | -11.63B | -12.43B | -11.71B | -11.3B | -10.82B | -9.87B | -8.54B | -7.61B | -6.64B | -6.26B | -5.5B | -5.64B | -6.28B | -6.56B | -4.7B | -3.62B | -3.66B | -4.16B | -1.98B | -2.19B | -1.64B | -1.65B | -1.35B | -925.5M | -730.8M |
| CapEx % of Revenue | 8.96% | 9.5% | 9.84% | 12.78% | 11.34% | 10.36% | 11.23% | 11.41% | 12.39% | 13.37% | 13.46% | 13.25% | 12.42% | 11.76% | 10.61% | 11.21% | 14.49% | 15.77% | 18.32% | 21.25% | 18.83% | 16.27% | 18.02% | 22.68% | 15.85% | 22.62% | 19.92% | 26.56% | 26.22% | 18.84% | 18.1% |
| Acquisitions | -1.28B | -1.31B | 0 | 524M | 1.64B | -1.67B | 608M | -600M | -38.68B | -532M | -3.71B | -1.35B | 189M | 984M | 3.01B | -6.13B | -183M | -88M | -738M | -1.32B | -5.11B | -199M | -296M | -152M | -251M | -1.33B | -187.3M | 361.1M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.39B | -2.47B | -3.18B | 558M | 258M | -11.61B | -11.84B | -12.34B | 650M | 267M | -12.98B | -9.83B | -8.73B | -1.67B | -4.2B | -6.24B | 130M | 74M | -32M | 62M | -2M | -397M | -615M | 1.81B | -221M | -346.2M | -409.2M | -263.5M | -45.7M | -309.3M | -71.1M |
| Cash from Financing | -12.06B | -14.35B | -10.88B | -19.85B | -16.18B | -18.62B | -6.51B | -9.18B | 27.14B | -7.57B | 151M | -8.43B | -6.02B | -13.88B | -4.04B | -6.2B | -155M | -4.91B | -2.52B | -316M | 3.55B | -933M | -2.52B | -7.05B | -1.29B | 1.48B | -271.4M | 1.34B | 809.2M | 355.6M | -81.2M |
| Debt Issued (Net) | 0 | 0 | 0 | -3.8B | 1.1B | -8.87B | -133M | -3.7B | 36.36B | 3.2B | 7.97B | 1.24B | 503M | 489M | 1.12B | -2.67B | 2.27B | -3.17B | 925M | 2.31B | 5.46B | 1.27B | -1.29B | -7.07B | -749M | 1.5B | 78.8M | 1.42B | 824.6M | -635.5M | 98.3M |
| Equity Issued (Net) | 0 | 0 | 0 | -11.29B | -13.33B | -4.67B | -534M | -504M | -5.32B | -5.43B | -4.98B | -7.17B | -4.25B | -1.96B | -2.77B | -1.86B | -1.17B | -764M | -2.75B | -2.69B | -1.94B | -2.22B | -1.25B | 53M | 19M | 100K | -294.4M | -13.6M | 28.9M | 970.2M | -175.9M |
| Dividends Paid | -2.49B | -4.89B | -4.81B | -4.77B | -4.74B | -4.53B | -4.14B | -3.73B | -3.35B | -2.88B | -2.6B | -2.44B | -2.25B | -1.96B | -1.61B | -1.19B | -1.06B | -761M | -547M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.4M | -36M | -34M | -26.8M |
| Share Repurchases | -4.88B | -7.16B | -9.1B | -11.29B | -13.33B | -4.67B | -534M | -504M | -5.32B | -5.43B | -5B | -6.75B | -4.25B | -2B | -3B | -2.14B | -1.2B | -765M | -2.8B | -3.1B | -2.35B | -2.31B | -1.36B | -14M | 0 | -27.1M | -324.9M | -13.6M | 0 | 0 | -175.9M |
| Other Financing | -9.57B | -9.45B | -6.07B | 5M | 787M | -544M | -1.71B | -1.24B | -550M | -2.45B | -240M | -60M | -18M | -10.44B | -781M | -484M | -192M | -209M | -153M | 62M | 25M | 15M | 25M | -34M | -562M | -22.1M | -55.8M | -54M | -8.3M | -16.8M | 16.4M |
| Net Change in Cash | -323M | 3.18B | 1.09B | 1.5B | -4B | -2.99B | 6.18B | 1.68B | 338M | 127M | 1.01B | -1.61B | 2.19B | -9.23B | 9.33B | -4.36B | 5.31B | -524M | 232M | -276M | 292M | 241M | -1.1B | 1.04B | 431M | -301.5M | -270.7M | 51.5M | 809.2M | 355.6M | -81.2M |
| Free Cash Flow | 20.39B | 21.89B | 15.49B | 12.96B | 12.65B | 17.09B | 13.1B | 13.27B | 12.59B | 10.11B | 8.42B | 8.91B | 8.4B | 6.55B | 8.22B | 8.08B | 5.68B | 4.64B | 3.95B | 2.23B | 1.92B | 1.3B | 2.27B | -1.31B | 1.02B | -958.4M | -417.5M | -399.6M | -269.3M | -9.5M | 68.8M |
| FCF Margin % | 16.28% | 17.7% | 12.52% | 10.66% | 10.41% | 14.68% | 12.65% | 12.18% | 13.32% | 11.96% | 10.47% | 11.96% | 12.22% | 10.14% | 13.13% | 14.48% | 14.98% | 12.98% | 11.54% | 7.21% | 7.68% | 5.85% | 11.18% | -7.12% | 8.19% | -9.91% | -5.08% | -6.44% | -5.23% | -0.19% | 1.7% |
| FCF Growth % | 36.37% | 41.32% | 19.53% | 2.49% | -26% | 30.42% | -1.25% | 5.41% | 24.56% | 20.04% | -5.5% | 6.02% | 28.19% | -20.23% | 1.65% | 42.27% | 22.4% | 17.4% | 77.47% | 16.22% | 47.35% | -42.69% | 273.68% | -228.14% | 206.43% | -129.56% | -4.48% | -48.38% | -2734.74% | -113.81% | 167.25% |
| FCF per Share | 5.64 | 5.90 | 3.96 | 3.12 | 2.85 | 3.67 | 2.83 | 2.88 | 2.71 | 2.11 | 1.65 | 1.77 | 1.60 | 1.23 | 1.51 | 1.46 | 1.01 | 0.80 | 0.67 | 0.35 | 0.30 | 0.16 | 0.27 | -0.16 | 0.20 | -0.22 | -0.15 | -0.17 | -0.11 | -0.00 | 0.05 |
| FCF Conversion (FCF/Net Income) | 1.08x | 1.71x | 1.71x | 1.85x | 4.92x | 2.06x | 2.35x | 1.97x | 2.07x | 0.94x | 2.21x | 2.30x | 2.02x | 2.08x | 2.39x | 3.45x | 3.08x | 2.83x | 4.02x | 3.40x | 2.61x | 5.30x | 6.11x | 0.88x | -10.93x | 2.02x | 0.60x | 1.17x | 1.11x | -3.84x | -14.95x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.44B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.63B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Broadband competitive saturation
As reported in financial statements, the relationship between net income and operating cash flow is highly inconsistent, with the OCF/NI ratio fluctuating from a low of 0.70 in 2025Q2 to a high of 4.08 in 2025Q4, suggesting significant non-cash adjustments and accounting noise.
The wide variance in the conversion ratio implies that reported net income is an unreliable proxy for the company's actual cash-generating capacity. Investors should monitor whether these discrepancies stem from recurring non-cash charges or irregular timing differences in working capital, as the current trend suggests a disconnect between accounting profitability and cash reality.
Based on CCZ's reported figures, free cash flow margins have exhibited extreme volatility, ranging from a low of 4.5% in 2024Q2 to a peak of 20.2% in 2025Q1, indicating that the company's ability to retain cash after capital expenditures remains highly sensitive to operational shifts.
This erratic FCF trajectory suggests that the company's core business model may be struggling to maintain consistent cash conversion efficiency. The inability to stabilize FCF margins warrants further investigation into whether this is driven by cyclical content investment cycles or an underlying deterioration in the core broadband segment's cash-generating power.
According to recent SEC filings, Comcast's capital intensity, measured by CapEx as a percentage of revenue, has remained elevated, peaking at 13.5% in 2023Q4 and averaging near 10% throughout the observed period, reflecting the ongoing necessity of heavy investment in network infrastructure and technological upgrades.
The persistent requirement for high capital expenditure suggests that the company is locked into a cycle of continuous network maintenance and expansion to defend its market position. This capital intensity may limit the company's financial flexibility, as a significant portion of operating cash flow is consistently diverted to maintain the physical asset base.
Data from financial statements indicates that the company has consistently prioritized shareholder returns, with quarterly buybacks reaching as high as $3.5 billion in 2023Q4, even as free cash flow generation has shown significant quarter-to-quarter variability, potentially straining the company's long-term liquidity profile.
The commitment to aggressive share repurchases and dividends appears to be a management priority, yet it may be premature given the volatility in cash flow generation. Investors should monitor whether this capital allocation strategy remains sustainable if competitive pressures in the broadband market continue to compress margins and limit organic cash growth.
Quick answers to the most common questions about buying CCZ stock.
Comcast Holdings Corp. (CCZ) generated $33.64B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Comcast Holdings Corp. (CCZ) generated $21.89B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Comcast Holdings Corp. (CCZ) spent $11.75B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Comcast Holdings Corp. (CCZ) returned $4.89B to shareholders via cash dividends and spent $7.16B on share repurchases. This shows the company's commitment to returning capital to its equity investors.