Thanks for your interest in our latest research. You can view a summary of our latest report below.

Network Spending Profile: Comcast

Comcast Corporation is a global media and communications conglomerate with two divisions offering telecommunications services based upon a cable TV-centric network infrastructure. The two units combined rank 6 among all telcos globally based upon 3Q20 annualized revenues, and 12th if ranked by capex. Comcast is the largest cable TV company worldwide, comfortably larger than second ranked Charter Communications, also based in the US.
For the parent company, Comcast Corp recorded 2020 revenues of $103.6B. Comcast's US cable arm, Comcast Cable Communications, accounted for $60.1B or 58% of revenues, while the European cable unit Sky recorded revenues of $18.6B or 18% of revenues. Comcast's traditional media arm, NBCUniversal, accounted for the remaining revenues. On a profitability basis, Comcast Cable Communications dominates, accounting for an average of well over 70% of group EBITDA over the 2018-20 period. The US cable unit's share of group capex is also outsized.
Network infrastructure
Comcast Cable US is a cable TV-centric telco, with a large fiber network in the core and a hybrid of fiber and coaxial cable (HFC) network near customer locations. In the last decade, Comcast has invested heavily to upgrade the capacity and functionality of this network, pushing fiber further to the edge and deploying faster access technologies (notably DOCSIS 3.1). Its broadband service speeds continue to get higher, requiring heavy investments in core capacity; Comcast claims that it doubles its network capacity in roughly 2.5 years. One example: it had 1700 100Gbps links to its core network in place in June 2020, from 500 100G links in March 2019.
Comcast's European unit, Sky, has a far different network. Its initial offering was a one-way satellite broadcast service. Over the last two decades, the company has gradually found ways to layer broadband Internet connectivity on top of this via a combination of fiber deployments, acquisitions, and local loop unbundling.
Network spending
In 2020, Comcast's spending on network infrastructure included the following:
Read more
To see our most recently published reports, click here

Best regards,
Matt Walker
Chief Analyst