Comcast (CMCSA) Goldman Sachs Technology Communacopia and Technology Conference summary

Strategic vision and growth drivers

• Six core businesses now drive 60% of revenue, with a focus on long-term, durable market positions and margin accretion.

• Investments target broadband expansion, wireless growth, business services, theme parks, studios, and streaming (Peacock).

• Free cash flow growth is prioritized alongside continued investment and share repurchases.

• Each business is positioned to leverage synergies and cross-promotion for sustained success.

Connectivity and broadband strategy

• Network passes 63 million homes, with ongoing expansion and DOCSIS 4.0 upgrades for multi-gig symmetrical speeds.

• Annual new passings increased from 800,000 to 1.2 million, with a focus on competing effectively against fiber.

• Fixed wireless is addressed with targeted value offerings, but fiber is seen as the main long-term competitor.

• Broadband ARPU growth of 3%-4% is expected, supported by added value and product innovation.

Wireless and convergence

• Wireless penetration has reached 12% of broadband homes, with Xfinity Mobile offering significant cost savings.

• Wireless and broadband bundling increases customer stickiness and satisfaction.

• Aggressive wireless growth is planned, leveraging device trade-in programs and market promotions.