Broadband & media conglomerate
Comcast Corporation
Comcast earns revenue from residential broadband and video subscriptions, business connectivity services, NBCUniversal's advertising, per-subscriber affiliate fees and content licensing, and Universal theme park admissions. Its largest cost line is sports media rights (NBA, NFL, Olympics, English Premier League) and content production, alongside partnerships such as cloud infrastructure (AWS) and theme park IP licensing (Nintendo). In January 2026 it spun off its cable networks business as Versant, reshaping its connectivity-versus-media structure.
CMCSA Updated Sep 11, 2026 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, Comcast Corporation is directly linked to 9 companies (5 supply, 2 revenue, 2 investment relationships) and reaches 73 companies within two hops; the links are backed by 17 dated sources, 4 of them primary filings (as of 2026-09-11).
Financials & Segments
- Total revenue · $123.707 billion (FY2025, sum of 10-K reportable segment revenue, including HQ/corporate and eliminations)
- Segments · Residential Connectivity & Platforms · Business Services Connectivity · Media · Studios · Theme Parks
Revenue from
- Alphabet (Google) Medium confidence
Distribution/carriage relationship via YouTube TV and YouTube Premium. A September 2025 dispute over affiliate fees briefly threatened a channel blackout, resolved with a new multi-year deal in October; in July 2026 NBCUniversal signed Peacock's largest-ever wholesale distribution deal to bundle Peacock into YouTube Premium.Confirms KO Newspim Published Jul 28, 2026: [US Market Movers] NBCUniversal Signs Deal to Offer Peacock to YouTube Premium Subscribers - Trade Desk (The) Medium confidence
NBCUniversal partners with The Trade Desk and other DSPs to sell premium inventory, including the Olympics, programmatically through its One Platform Commerce framework, expanding its advertiser base and advertising revenue.Confirms EN The Trade Desk Published Dec 17, 2025: NBCUniversal Launches First-to-Market Cross-Platform Innovations Ahead of CES 2026Confirms EN Marketing Brew Published Mar 20, 2024: NBCU partners with Trade Desk to make Olympic inventory biddable
Pays to
- NBA, NFL, Olympics and English Premier League sports rights High confidence· Amount $13.6B · FY2025 · 10-K Programming and Production Costs table: Licensed content, including sports rights
Of Comcast's $34.951 billion in FY2025 programming and production costs, licensed content including sports rights was the largest component at $13.611 billion; the company itself names the NBA, NFL, Olympics and English Premier League as its most significant sports rights agreements. Ampere Analysis independently ranked Comcast/NBCUniversal #2 in 2025 US sports-rights spending share at 18%. These leagues/bodies are not individually listed companies, so this edge does not link to an existing wiki node.Confirms EN SEC EDGAR Published Feb 3, 2026: Programming and Production Costs - Programming and Production Expense (Details)Confirms EN Ampere Analysis (via TheWrap) Published Sep 4, 2025: Sports Rights Untangled: Here's What Every Media and Tech Giant Owns - Verizon High confidence
Comcast uses Verizon's wireless network on a wholesale basis for its U.S. wireless offerings including Xfinity Mobile. Its wholesale payments to Verizon are not disclosed.Confirms EN Recon Analytics Published Dec 10, 2025: Super Owner Economics: Charter & Comcast's Network Jiu-Jitsu - TKO Group Holdings Medium confidence· Contract value $275M (est.) · 연간(2026년 갱신 입찰 기준) · Reported annual bid Peacock offered to retain WWE premium live event rights
Peacock has held WWE's (TKO) premium live event streaming rights since 2021 and in August 2025 signed a new multi-year deal to exclusively stream the Saturday Night's Main Event series, though the main premium-live-event package itself moved to ESPN (Disney) starting in 2026.Confirms EN NBC Sports (NBCUniversal) Published Aug 20, 2025: Peacock and WWE Agree to Multi-Year Partnership to Exclusively Live Stream Iconic Saturday Night's Main Event SeriesMentions EN Cultaholic Published Aug 8, 2025: REVEALED: How Much Peacock Offered WWE In Attempt To Retain US PPV Rights - Nintendo Medium confidence
Universal Parks & Resorts partnered with Nintendo to develop Super Nintendo World, which also opened at Epic Universe in Orlando in May 2025. Licensing/royalty terms are undisclosed.Confirms EN Comcast Corporation / Universal Destinations & Experiences Published May 2, 2024: Universal Orlando Resort Unveils New Details About Super Nintendo World at Universal Epic Universe - Warner Bros. Discovery, Inc. Medium confidence
Comcast distributes WBD's linear networks, HBO, and the ad-supported Max and Discovery+ services through Xfinity and Sky, and financial terms were not disclosed.Confirms EN Comcast Corporation Published Dec 9, 2024: Comcast and Warner Bros. Discovery Announce Multi-Year Distribution Agreements Across Xfinity and Sky UK - Amazon Low confidence
An AWS case study states that NBCUniversal used AWS cloud infrastructure (EC2, CloudFront, Elemental MediaTailor, etc.) for major live-streaming events including Super Bowl LVI and the 2022 Winter Olympics. This reflects a 2022-era case study; whether the same relationship holds as of 2025 was not independently reconfirmed, so this is flagged as unverified.
Investors
- The Walt Disney Company High confidence
Under a 2023 agreement, Comcast (NBCU) sold its remaining 33% stake in Hulu to Disney in 2025 after an appraisal dispute. Disney paid an additional $438.7M on top of the ~$8.61B guaranteed floor, for a total of ~$9B, giving Disney 100% ownership of Hulu. For Disney, this was the last piece of a streaming strategy to unify Disney+ and Hulu into one app and cement DTC profitability; Hulu's tax reclassification also booked a $3.277B non-cash tax benefit in FY2025.
Investments
- Charter Communications High confidence
Comcast operates the Xumo streaming-platform joint venture with Charter Communications (branding finalized in 2022), and the FY2025 10-K identifies it as a consolidated joint venture.Confirms EN Comcast Corporation Published Nov 2, 2022: Comcast and Charter Announce Xumo as the Brand Name for Their Streaming Platform Joint Venture
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| eBay Inc. | lead2 | +33.8 | -36.5 | +7.7 | +44.8 | +42.7 | +19.8 |
| Colgate-Palmolive Company | lead2 | +2.1 | -5.4 | +3.8 | +16.6 | -11 | +14.4 |
| Cintas Corporation | lead2 | +26.5 | +3 | +34.8 | +22.2 | +3.8 | +7.4 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.7 |
| Honeywell Technologies | lead2 | -0.3 | +4.9 | +0 | +10 | -6.4 | +3.8 |
| Salesforce, Inc. | lead2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -1.6 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -1.8 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | -3.2 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Planet Labs | lead2 | · | -29.3 | -43.2 | +63.6 | +388.1 | -8.1 |
| Workday, Inc. | lead2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| Booking Holdings Inc. | lead2 | +7.7 | -16 | +76 | +41.3 | +8.6 | -9.3 |
| Recursion Pharmaceuticals | lead2 | · | -55 | +27.9 | -31.4 | -39.5 | -11.2 |
| AutoZone | lead2 | +76.8 | +17.6 | +4.8 | +23.8 | +5.9 | -12 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -13.3 |
| McDonald's | lead2 | +27.8 | +0.5 | +15.1 | +0.1 | +7.9 | -14.7 |
| LVMH Moet Hennessy Louis Vuitton | lead2 | +46.6 | +12.7 | -1.8 | -7.3 | -20.4 | -20.3 |
| Intuit Inc. | lead2 | +70.3 | -39.1 | +61.8 | +1.2 | +6.1 | -49.3 |
| AppLovin Corporation | lead2 | · | -88.8 | +278.4 | +712.6 | +108.1 | -52.4 |
| Alphabet (Google) | lead1 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Trade Desk (The) | lead1 | +14.4 | -51.1 | +60.5 | +63.3 | -67.7 | -62 |
| Comcast Corporation | node | -2.2 | -28.7 | +29.1 | -11.8 | -17.3 | -1.9 |
| Verizon | benef1 | -7.5 | -20 | +2.7 | +13.1 | +8.9 | +29.3 |
| Amazon | benef1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Warner Bros. Discovery, Inc. | benef1 | -21.8 | -59.7 | +20 | -7.1 | +172.7 | -2 |
| The Walt Disney Company | benef1 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -6.7 |
| TKO Group Holdings | benef1 | +3.6 | +39.9 | +23.9 | +74.2 | +48.9 | -10.3 |
| Nintendo | benef1 | -4.1 | +3.4 | +53.3 | +25.6 | -0.6 | -10.4 |
| Charter Communications | benef1 | -1.4 | -48 | +14.6 | -11.8 | -39.1 | -27.2 |
| SanDisk | benef2 | · | · | · | · | · | +633 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +209.1 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +120.2 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +86.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +77.2 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +47.9 |
| Occidental Petroleum | benef2 | +67.7 | +119.1 | -4.1 | -15.9 | -14.9 | +47.4 |
| GE Vernova | benef2 | · | · | · | · | +99 | +44.4 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +42.9 |
| FedEx | benef2 | +0.7 | -31.6 | +49.1 | +13.5 | +5.1 | +39.6 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +37.3 |
| Jabil | benef2 | +66.4 | -2.5 | +87.4 | +13.3 | +58.7 | +36.3 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +36.1 |
| Globalstar | benef2 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +34.9 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +30.1 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +28.5 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +23.4 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +20.7 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +19.6 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +18.4 |
| Entergy | benef2 | +17.1 | +3.6 | -6.1 | +56 | +25.3 | +18.2 |
| Norfolk Southern | benef2 | +27.3 | -15.6 | -1.6 | +1.6 | +25.6 | +15.6 |
| Colgate-Palmolive Company | benef2 | +2.1 | -5.4 | +3.8 | +16.6 | -11 | +14.4 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +11 |
| United Parcel Service, Inc. | benef2 | +30 | -16.2 | -6 | -15.9 | -15.9 | +8 |
| Celestica | benef2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +5.7 |
| Procter & Gamble | benef2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Amorepacific | benef2 | -30.1 | -5.7 | -18.4 | +9.9 | +8.2 | +4.1 |
| American Tower | benef2 | +32.9 | -25.7 | +5.4 | -12.2 | -0.9 | +2.1 |
| Exelon | benef2 | +41.5 | +8.3 | -14 | +9.2 | +20 | +1.9 |
| Vistra | benef2 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -7.2 |
| Fabrinet | benef2 | +52.7 | +8.2 | +48.4 | +15.5 | +107.1 | -10.5 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Abbott Laboratories | benef2 | +30.5 | -20.7 | +2.3 | +4.8 | +12.9 | -11.9 |
| AST SpaceMobile | benef2 | -41.5 | -39.3 | +25.1 | +249.9 | +244.2 | -14.2 |
| Talen Energy | benef2 | · | · | · | +214.8 | +86.1 | -15.4 |
| Paramount Skydance Corporation | benef2 | -17.2 | -41.8 | -10.4 | -28 | +30 | -18.1 |
| Quantum Computing Inc | benef2 | -75.8 | -55.7 | -39.5 | +1712.7 | -38 | -21.9 |
| D-Wave Quantum | benef2 | · | -85.3 | -38.9 | +854.5 | +211.3 | -36.6 |
| Nike | benef2 | +18.7 | -29 | -6 | -29.1 | -13.8 | -38.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
This node earns its place as a control group unrelated to the AI chain. After -28.7% in 2022 it never recovered, posting -11.8% in 2024, -17.3% in 2025 and -1.9% in 2026, moving with fellow cable operator Charter Communications, which fell harder at -39.1% in 2025 and -27.2% in 2026. That points to the industry rather than the company. How it attaches to the graph is unusual. Its largest cost axis is not semiconductors or cloud but sports media rights for the NBA, NFL, Olympics and English Premier League, plus content production. Sports rights carry structural cost inflation while the subscribers they buy keep shrinking. That it connects on the revenue side to Alphabet (YouTube TV distribution) and The Trade Desk (programmatic advertising) is itself evidence that distribution and ad sales have already moved to platforms. Of $123.7B in FY2025 segment revenue, Media is $27.1B, Studios $11.3B and Theme Parks $9.8B, so content-side businesses exceed 40%, and the January 2026 spin-off of the cable networks as Versant was the company reorganising that structure itself. A chain-propagation thesis can only be tested if the graph also contains nodes that move independently of the AI cycle. Comcast is that control.
Analysis generated from returns as of 2026-09-04