Charter vs. Comcast: how they make money

• Households (residential) · 77.7% of revenueMonthly bills for internet ($23,765 million), TV ($13,703 million), mobile service ($3,762 million) and voice ($1,350 million). Residential revenue was $42,580 million in FY2025, 77.7% of revenue.
• Businesses (commercial) · 13.4% of revenueSmall businesses paid $4,346 million and mid-market and large businesses $2,969 million in FY2025. Commercial revenue was $7,315 million, 13.4% of revenue.
• Device buyers and other sources (other revenue) · 6.2% of revenueMostly sales of mobile phones and other devices, plus other items. Other revenue was $3,411 million in FY2025, 6.2% of revenue.
• Advertisers · 2.7% of revenueAds on the channels Charter carries. Advertising revenue was $1,468 million in FY2025, 2.7% of revenue, against $1,780 million in FY2024, a US election year.

• Households (Residential Connectivity & Platforms) · 54.7% of revenueMonthly bills for US internet ($25,837 million), TV ($26,387 million), US mobile ($4,967 million), internet and mobile in the UK and Italy ($4,963 million) and other services, plus advertising sold on TV packages. Revenue was $70,704 million in FY2025. That is 54.7% of the five segments' revenue.
• Advertisers, TV distributors and Peacock subscribers (Media) · 21.0% of revenueAdvertising ($8,382 million in the US), fees from TV distributors that carry its channels ($11,613 million) and international networks. Revenue was $27,090 million in FY2025. Part of the distribution fees comes from Comcast's own TV service. That is 21.0% of the five segments' revenue.
• Film and TV buyers and cinema-goers (Studios) · 8.7% of revenueContent licensing ($8,199 million) and cinema ticket share ($1,621 million). Revenue was $11,286 million in FY2025. Some licensing is to Comcast's own Media segment. That is 8.7% of the five segments' revenue.
• Businesses (Business Services Connectivity) · 7.9% of revenueInternet, voice, wireless and network services for small firms and large companies. Revenue was $10,237 million in FY2025. That is 7.9% of the five segments' revenue.
• Theme-park visitors (Theme Parks) · 7.6% of revenueTickets, hotels, food and merchandise at Universal parks. Revenue was $9,836 million in FY2025. That is 7.6% of the five segments' revenue.

FY2025

FY2025

Debt

$107.1B

Cash and investments

$573M

On Sep 30, 2026.

On Sep 30, 2026 Charter's debt exceeded its cash by $106.5 billion, about 6.6 times its $16.0 billion of cash from operations in the four quarters to that date.

Debt

$87.4B

Cash and investments

$7.6B

On Sep 30, 2026.

On Sep 30, 2026 Comcast's debt exceeded its cash by $79.8 billion, about 2.5 times its $31.7 billion of cash from operations in the four quarters to that date.

• 4 classes of shares.
• Officers and directors as a group: 1.1% of shares (as of Feb 20, 2026).
• Cox Enterprises (Cox Communications Equity Holdings): 28.7% (as of Sep 28, 2026).
• Advance/Newhouse Partnership: 14.4% (as of Aug 19, 2026).
• Dodge & Cox: 12.6% (as of Jun 30, 2026).
• 2 more holders on the Charter page.

• 2 classes of shares (votes per share: Class A common stock 0.07949, Class B common stock 15).
• Brian L. Roberts: 100.0% of its class, 33.3% of votes (as of Apr 8, 2026).
• Vanguard Capital Management: 7.5% (as of Mar 31, 2026).
• BlackRock: 7.4% (as of Dec 31, 2023).
• 1 more holders on the Comcast page.

• Mobile depends on Verizon's network (customer or supplier concentration)Spectrum Mobile rents capacity on Verizon's network, and Verizon is also a main fiber rival. Mobile service revenue was $3,762 million in FY2025.

• Advertising and sports costs in Media (pricing)The 10-K says lower advertiser spending or ratings could hurt results. Programming and production cost $34,951 million in FY2025, and NBA rights began in Q4 FY2025. In Q1 FY2026, which included the Olympics and the Super Bowl, Media's Adjusted EBITDA was a $426 million loss.