Every material Form 8-K Comcast filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Comcast entered into a new employment agreement with Michael J. Cavanagh ahead of his appointment as Co-Chief Executive Officer on January 2, 2026, securing his employment through January 1, 2029. The filing also discloses a performance-based restricted stock unit award valued at approximately $35 million, which ties the award's share count to the stock price around the planned Versant spin-off.
Cavanagh's annual base salary is $2,750,000, with a performance-based cash bonus target of 300% of base salary.
Performance-based RSU award valued at approximately $35 million cliff vests after three years.
Award vests for an additional 24 months if Cavanagh resigns for Good Reason or is terminated without Cause.
Comcast reported results for the third quarter ended September 30, 2025. Revenue fell 2.7% to $31.2 billion and diluted EPS fell 3.4% to $0.90, while adjusted EPS was flat at $1.12 and free cash flow rose 45.2% to $4.9 billion. The company attributed the revenue decline mainly to a comparison with prior-year revenue from the Paris Olympics, and the headline profit and revenue measures fell year over year.
Revenue was $31.2 billion, down 2.7% from $32.1 billion a year earlier.
Net income attributable to Comcast was $3.3 billion, down 8.2%; diluted EPS was $0.90 versus $0.94.
Adjusted EPS was $1.12, flat year over year; free cash flow was $4.9 billion, up 45.2%.
Comcast returned $2.8 billion to shareholders: $1.2 billion in dividends and $1.5 billion in share repurchases.
Comcast said Michael J. Cavanagh, currently President, will become Co-Chief Executive Officer in January 2026 and join the Board of Directors at that time. He will serve alongside Chairman Brian L. Roberts, who continues as Chairman and Co-CEO.
Michael J. Cavanagh to be appointed Co-CEO effective January 2026
Cavanagh will also join the Board of Directors at that time but will not serve on any Board committee
Brian L. Roberts continues as Chairman of the Board and Co-Chief Executive Officer
Cavanagh joined Comcast in 2015 as Chief Financial Officer and previously was Co-CEO of JPMorgan Chase's Corporate & Investment Bank
Comcast reported second-quarter 2025 revenue of $30.3 billion, up 2.1% from a year earlier, and diluted EPS of $2.98 versus $1.00, with the increase driven by a $9.4 billion gain from the sale of its Hulu interest. Adjusted EPS rose 3.3% to $1.25, while Adjusted Net Income fell 1.7%, and the company returned $2.9 billion to shareholders through dividends and buybacks.
Revenue rose 2.1% to $30,313 million; Adjusted EBITDA rose 1.1% to $10,283 million
Net income attributable to Comcast was $11.1 billion, including the $9.4 billion Hulu gain, compared with $3.9 billion a year earlier
Free cash flow was $4.5 billion; the company paid $1.2 billion in dividends and repurchased $1.7 billion of shares
Domestic wireless added 378,000 lines in the quarter, the best quarterly result on record
At its June 18, 2025 annual meeting, Comcast shareholders elected all ten director nominees to one-year terms, ratified Deloitte & Touche LLP as auditor for 2025, and approved an increase in shares available under the Comcast-NBCUniversal 2011 Employee Stock Purchase Plan from 24.2 million to 34.2 million. Shareholders approved the advisory executive compensation vote and rejected two shareholder proposals, one on CEO pay ratio and one on an independent chair policy.
All ten director nominees, including Brian L. Roberts and Edward D. Breen, were elected to one-year terms.
The Employee Stock Purchase Plan share limit rose from 24.2 million to 34.2 million, effective June 18, 2025.
Say-on-pay was approved with 332,155,225 votes for and 37,280,056 against.
A shareholder proposal for an independent chair policy was not approved, with 98,559,891 for and 270,904,585 against.
Comcast reported first-quarter 2025 results for the three months ended March 31, 2025. Revenue was $29.9 billion, down 0.6% from a year earlier, and GAAP earnings per share fell 7.7% to $0.89, while adjusted EPS rose 4.5% to $1.09. Free cash flow rose 19.4% to $5.4 billion, and the company returned $3.2 billion to shareholders through dividends and share repurchases.
Revenue was $29,887 million versus $30,058 million a year earlier, a 0.6% decline.
Net income attributable to Comcast was $3,375 million, down 12.5%; diluted EPS was $0.89 versus $0.97.
Adjusted EPS was $1.09 versus $1.04, up 4.5%; free cash flow was $5,421 million, up 19.4%.
Comcast returned $3.2 billion to shareholders: $1.2 billion in dividends and $2.0 billion in share repurchases.
Comcast said director David Novak will become non-executive Chairman of SpinCo, the cable channels and digital assets Comcast plans to spin off, when the spin-off is completed. Novak will then leave Comcast's board, and the spin-off is expected by the end of 2025. The filing does not give financial results or changes to Comcast's own outlook.
Novak becomes non-executive Chairman of SpinCo upon completion of the spin-off, expected by the end of 2025.
Novak leaves Comcast's Board of Directors at that time; he has served on it since December 2016.
SpinCo's assets include USA Network, CNBC, MSNBC, E! and Fandango, which the press release says generate about $7 billion in annual revenue.
Comcast reported fourth-quarter 2024 revenue of $31.9 billion, up 2.1%, and adjusted earnings per share of $0.96, up 13.9%. For the full year, revenue was $123.7 billion, up 1.8%, and adjusted EPS was $4.33, up 9.0%. The company also raised its annualized dividend to $1.32 per share for 2025 and increased its share repurchase authorization to $15 billion.
Q4 revenue $31.9 billion, up 2.1%; full-year revenue $123.7 billion, up 1.8%
Q4 adjusted EPS $0.96, up 13.9%; full-year adjusted EPS $4.33, up 9.0%
Q4 net income attributable to Comcast $4.8 billion, up 46.6%, including a $1.9 billion income tax benefit from an internal corporate reorganization
Annualized dividend raised to $1.32 per share for 2025; share repurchase authorization increased to $15 billion
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Comcast filing is on SEC EDGAR ↗. 8-K briefs of other companies →