Comcast (CMCSA) The Citigroup Global TMT Conference summary

Key growth drivers and business mix

• Six main growth drivers: broadband, business services, wireless, theme parks, streaming, and studios, now comprise 60% of revenue and are growing mid- to high-single digits annually.

• Strategic focus is to shift the business mix to 70/30 and then 80/20 in favor of these growth drivers over the next several years.

• Broadband remains resilient, growing ARPU 3%-4% despite intense competition from fiber and fixed wireless.

• Wireless penetration is at 12% of the broadband base, with significant room for growth and potential acceleration.

• Business services have reached $10 billion in revenue, with expansion into enterprise and midsize markets targeting a $60 billion TAM.

Competitive landscape and market strategy

• Broadband competition is stable but more intense than historically, with fixed wireless seen as a niche and fiber as the main long-term competitor.

• Ongoing investments in network upgrades (multi-gig symmetrical wires) aim to maintain a leadership position.

• Bundling wireless with broadband reduces churn and enhances customer value, supporting the convergence strategy.

• ARPU growth of 3%-4% is expected to be sustainable, driven by increased customer usage and value.

• Segmentation strategies target price-sensitive customers while protecting the core high-usage base.

Capital allocation and financial management

• Priority is reinvesting in growth drivers, especially network expansion and Epic Universe.

• Maintains leverage around 2.3-2.4x, supporting investment through cycles and enabling consistent capital returns.

• Over $50 billion returned to shareholders since 2021 through buybacks and dividends, with a current 3% dividend yield.

• M&A is considered for niche capabilities, but internal investment is prioritized.