That would put the price tag

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The report said the Peacock mobile app

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The research firm said U.S. cable stocks collapsed due to expanding fiber and fixed wireless footprints, which “sapped the robust subscriber and ARPU growth that fueled their earlier outperformance.”

In its analysis, BNP pointed out that U.S. cable companies have lost 10% of the fixed broadband market over the last 5 years.

BNP noted that operating trends for U.S. cable continued to be challenging in the fourth quarter of 2025, and telcos have talked down broadband ARPU growth.

The research firm said Comcast is most exposed to fiber headwinds, and they view broadband revenue estimates as “too optimistic” for the second half of 2026.

They also expect Cable One to be susceptible to the headwinds and expect ongoing disappointment with KPIs/financials at the company.

CMCSA’s price target was cut by $1 to $27, implying a 15% downside; CABO’s PT was slashed by $45 to $80, implying a 20% downside.

Cable One shares are down more than 5% in early open market trading; Comcast is largely flat.

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In the first 10 days of streaming the Winter Olympics on Peacock (CMCSA), viewership on mobile compared to previous Olympic events was lower, but the watch time of the audience was longer, the report said.

“Comparing the past three Olympic Games on Peacock, Average Time Spent per DAU is up for all age groups for these Winter Games, with the exception of the 36-45 bracket,” Apptopia said. “Older users, those aged 46+, saw the largest increase over the Summer 2024 games, at 48.5%. They are watching more than 90 minutes of Olympic coverage a day on their phones.”

When compared to the Summer Olympics, daily active users for the Winter event are down 9%.

However, the surge in DAUs from Day 1 to Day 10 was a whopping 92% for the Winter Olympics this year, which is much higher than the 35% rise for Winter 2022 and the 27% jump for Summer 2024 for the same duration.

Apptopia found that about 27% of users who watched the Winter Olympics on Peacock were new and had never had a session on the app before, and about 23% were “resurrected users,” or those who had “churned” but re-engaged for the event. The remaining 50% were already active users on the streaming platform.

“This means the Winter Games functioned less as a pure acquisition play and more as a full-funnel lifecycle tool, reactivating lapsed subscribers while deepening engagement among the existing base,” said Apptopia Director Adam Blacker.

More on Comcast

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The stock has climbed more than 9.19% over the past six sessions, compared with a 0.50% loss in the S&P 500. Year to date, the shares are up over 8.87%, outpacing the index’s 1.41% advance.

Seeking Alpha analyst Narek Hovhannisyan assigned a Hold rating to the stock, citing a lack of near-term growth catalysts. He added that CMCSA is undergoing a costly transition, with heavy investments in Peacock, mobile, and broadband even as its traditional segments continue to decline.

He also added fourth-quarter results were mixed, with modest revenue growth of 1.2%, while net profit and operating margins came under pressure amid elevated investment spending.

Seeking Alpha’s Quant Rating also signals caution, rating the stock a Hold with a 3.32 out of 5 score. The company was rated A+ for profitability, while it got an F for growth and a B- for valuation.

Similarly, Wall Street sentiment remains cautious, with analysts maintaining a Hold rating on the shares.

On the other hand, a Seeking Alpha analyst took a bullish view, issuing a Buy call.

A report by IWA Research states that CMCSA remains a Strong Buy, citing deep value, solid free cash flow, and a compelling risk-reward profile following the Versant spin-off. Despite macroeconomic headwinds and refinancing risks in a high-rate environment, the firm believes the stock’s current valuation reflects excessive pessimism, with its intrinsic value estimated to be significantly above current levels.

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The ratings firm said the latest edition of the Super Bowl, which is one of the top sporting events of the year in the U.S., was the second most-watched game in history. It aired on NBC, Peacock, Telemundo, NBC Sports Digital, and NFL+.

Across the entire telecast of the Seattle Seahawks vs. New England Patriots game, viewership peaked at 137.8M viewers during the second quarter, between 7:45 and 8:00 p.m. ET, Nielsen said.

Grammy Award winner and Latino rapper Bad Bunny, along with Lady Gaga and Ricky Martin, performed during this year’s Super Bowl halftime show, which was hosted by Apple Music (AAPL) for a fourth time. The halftime show averaged 128.2M viewers between 8:15 and 8:30 p.m. ET, Nielsen said.

Alternatively, conservative group Turning Point USA hosted its “All American Halftime Show” with Kid Rock as the main performer. That event gained about 6M views on YouTube (GOOG) (GOOGL).

Music news and ratings firm Billboard ranked Bad Bunny’s performance as the 10th best halftime show. Prince’s 2007 performance is currently ranked No. 1.

Ads shown during the game generated about $800M in revenue for Comcast (CMCSA), largely in line with what Fox (FOX) (FOXA) made in 2025.

According to a report from CNBC, NBC sold out of ad inventory for the game at an average of $8M per 30-second spot. As many as 10 ad slots were sold for more than $10M each.

Over 64 brands paid for Super Bowl ad spots, and new advertisers this year include Kinder Bueno, Raisin Bran, and Fanatics. Anheuser-Busch InBev (BUD) was the biggest advertiser during the game.

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The deal cleared review by the U.S. Department of Justice and overseas competition authorities. As part of the transaction, ESPN takes control of NFL Network, NFL Fantasy and the rights to distribute the RedZone channel on cable and satellite platforms. The National Football League will receive a 10% ownership stake in ESPN.

ESPN and the NFL said integration of NFL Media employees will begin in the coming months, with noticeable programming changes expected around April. NFL Network, which reaches roughly 50 million subscribers, will be folded into ESPN’s direct-to-consumer streaming service launched last year.

Under the agreement, ESPN will distribute RedZone to traditional pay-TV operators, while the NFL will continue to own and produce the channel and retain digital distribution rights. ESPN also gains access to the RedZone brand, opening the door to potential spinoffs for other sports.

NFL Fantasy Football will be combined with ESPN Fantasy, giving ESPN the league’s official fantasy platform. NFL Network will continue to air seven games per season, including four currently on ESPN, while ESPN will license three additional games for the network.

The NFL retains control of its other media properties, including NFL Films, NFL+, NFL.com, team websites and its free ad-supported streaming channel. Following the deal, ESPN is owned by The Walt Disney Company (DIS) and Hearst, alongside the NFL’s new minority stake.

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Management View

• CEO Brian Roberts introduced a renewed sense of urgency and focus at Comcast, noting a major leadership reorganization and the appointment of Steve Croney as CEO of Connectivity & Platforms. He emphasized, “From day 1 running this business, he’s challenged long-held assumptions and moved quickly to reset priorities around actions that will drive growth.” Roberts also highlighted the company’s pivot toward six growth drivers and the anticipation surrounding the Winter Olympics and other major events.

• Michael Cavanagh, Co-CEO, described 2025 as “a year of meaningful progress for us,” pointing to decisive management, operational, and structural changes. Cavanagh detailed the company’s shift in broadband strategy, moving away from short-term promotions to “a clear, transparent value proposition” with nationwide speed tiers, all-in pricing, and a 5-year price guarantee. Wireless strategy was strengthened by new offerings, a modernized MVNO partnership with Verizon, and the planned addition of T-Mobile as a business network partner. Cavanagh reported, “We added approximately 1.5 million net lines, ending the year with over 9 million total lines and roughly 15% penetration of our residential broadband base.”

• CFO Jason Armstrong stated, “Total company revenue grew 1% in the fourth quarter, benefiting from strength across our 6 growth businesses, which collectively represents 60% of our revenue and grew at a mid-single-digit rate.” Armstrong noted that theme parks, Peacock, and domestic wireless each grew revenue by about 20%. He added, “Adjusted EBITDA in the quarter declined 10% and adjusted earnings per share declined 12%. We generated $4.4 billion of free cash flow in the quarter, which includes about $2 billion of a cash tax benefit related to an internal corporate reorganization.”

• Steven Croney, CEO of Connectivity & Platforms, said the business is “focused and aligned on executing against the plan,” centering around network, product, and customer experience. He explained, “We offer gig Internet and wireless to 65 million homes, the largest converged network in the country.”

Outlook

• Cavanagh indicated that 2026 would be Comcast’s largest broadband investment year, aiming to migrate “the majority of residential broadband customers to our new simplified pricing and packaging by year-end.” He added, “We expect a meaningful portion of customers currently taking a free line to transition to paid relationships in the second half of the year.”

• Armstrong projected that near-term EBITDA pressure would continue due to rate reinvestments and customer experience investments, but as “we move past this investment period, we will have the vast majority of our base on new pricing and packaging for broadband” and higher wireless monetization.

Financial Results

• Armstrong reported a 1% increase in total company revenue for the quarter, with mid-single-digit growth across the six growth businesses. Theme parks, Peacock, and domestic wireless each achieved around 20% revenue growth. Adjusted EBITDA declined 10% and adjusted earnings per share declined 12%.

• Free cash flow for the quarter was $4.4 billion, including a $2 billion one-time cash tax benefit. Total capital spending in 2025 declined 5% to $14.4 billion. Armstrong noted, “We returned $2.7 billion to shareholders, including $1.5 billion in share repurchases.”

• Broadband subscriber losses were 181,000, and broadband ARPU grew by 1.1%. Wireless net additions were 364,000, with over 9 million total lines and more than 15% penetration of the residential broadband base.

Q&A

• Michael Rollins, Citigroup: Asked about the transition to national rate plan management and wireless opportunity. Croney responded that “year-over-year improvement in voluntary churn” and strong adoption of the 5-year price guarantee were early positive signals. He stated, “It’s a huge opportunity in mobile, 65 million passings.”

• Craig Moffett, MoffettNathanson: Inquired about industry consolidation and the impact on Peacock. Roberts replied, “We made a lot of progress in 2025 and are getting there,” emphasizing the integrated media business’s profitability and sports content. Cavanagh added that Comcast is “focused on driving top line growth and then converting that into the bottom line as time passes.”

• Jessica Reif Cohen, BofA Securities: Queried strategic flexibility for media assets and Peacock’s path to breakeven. Cavanagh said, “We don’t really see that there’s strategic advantage or making NBCUniversal stronger by separating it from the cable side of the house.” He pointed to price increases and advertising growth as levers for narrowing Peacock losses.

• John Hodulik, UBS: Asked about broadband competition and EBITDA trajectory. Croney confirmed that fiber competition “remains” and the plan assumes the environment stays the same. Armstrong explained that “the first half of next year… will be a period sort of characterized by incremental investment,” but expects improvement in the back half as monetization of free wireless lines takes hold.

• Kutgun Maral, Evercore ISI: Sought details on theme park trends and Epic Universe. Cavanagh responded that Epic is “driving higher per cap spending and attendance across Orlando,” and hotel occupancy and daily rates are both up.

• Michael Ng, Goldman Sachs: Questioned the broadband investment focus and premium unlimited plans. Croney clarified that investments lean heavily into “go-to-market pricing strategy” and migration to new packaging. Cavanagh said the investment is “about putting more value to the customer.”

Sentiment Analysis

• Analysts pressed on competitive threats, monetization of free wireless lines, and the sustainability of parks and streaming growth, with a slightly cautious yet constructive tone.

• Management maintained a confident but measured tone in prepared remarks and Q&A, highlighting execution, investment, and long-term positioning. Cavanagh stressed, “We feel very good about where we’re positioned with the right assets, the right strategy and a financial strength to perform through cycles.”

• Compared to the previous quarter, management’s tone was incrementally more urgent and focused on execution, as reflected in the detailed discussion of operational changes and forward-looking investment.

Quarter-over-Quarter Comparison

• Guidance language shifted from describing a “deliberate investment phase” in Q3 to a more urgent focus on completing the transition to simplified broadband pricing in Q4.

• Strategic focus sharpened around operational execution, leadership changes, and monetization of wireless lines.

• Key metrics reflect higher broadband subscriber losses (181,000 in Q4 vs. 104,000 in Q3), continued wireless growth, and a step-down in EBITDA growth rates amid investment.

• Analysts continued to focus on headwinds in broadband, competitive dynamics, and the long-term monetization of wireless, but Q4 saw more detailed questions on the pace and effectiveness of the new strategies.

• Management’s confidence in their new leadership team and operational changes was more pronounced in Q4, while analysts remained attentive to execution risks and financial impacts.

Risks and Concerns

• Management cited “intense” and “intensifying” competition in broadband and wireless, with continued pressure from fiber and fixed wireless providers.

• Armstrong highlighted ongoing ARPU pressure due to absence of a rate increase and the impact of free wireless lines.

• The absorption of NBA rights resulted in upfront EBITDA dilution for Peacock and Media, a dynamic expected to persist in the near term.

• One-time cash tax benefits that boosted 2025 free cash flow will not recur in 2026, and the Versant spin-off removes a significant pool of cash flow from operations.

Final Takeaway

Comcast’s management emphasized a pivotal transition year, marked by decisive leadership changes, an accelerated shift to simplified broadband pricing, and continued wireless expansion. Despite competitive headwinds and near-term EBITDA pressure, the company aims to migrate most broadband customers to new pricing by the end of 2026, deepen wireless monetization, and leverage content and theme park investments. Management remains focused on executing its strategy, driving growth across core businesses, and positioning Comcast for long-term value creation.

Read the full Earnings Call Transcript

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