Comcast’s dividend yield has climbed past the 4% mark as shares trade near decade-low valuation multiples. The company increased its quarterly payout by 6% last year, bringing the annualized dividend to $2.16 per share. At current share levels, this generates a yield above 4.1%, one of the most attractive among large-cap media and telecom names. The dividend is fully qualified, offering favorable tax treatment versus many fixed-income alternatives and reinforcing Comcast’s commitment to returning cash to shareholders.

Total revenues have expanded by 19% over the past five years, rising from $74.5 billion in fiscal 2020 to $88.7 billion in fiscal 2024. Broadband services accounted for more than half of that growth, with Xfinity Internet adding 2.8 million net new subscribers over the period. NBCUniversal studios and theme parks together contributed approximately $10 billion of incremental revenue, as Universal Destinations & Experiences launched three new rides and Peacock added 22 million streaming subscribers worldwide.

Adjusted EBITDA margins have softened from 43% to 40% over the same five-year span, primarily reflecting increased capital expenditures in theme park expansion and network upgrades. Comcast invested $17.4 billion in CAPEX during fiscal 2024, up 15% year-over-year, as it builds new attractions and extends multi-gigabit broadband infrastructure. While this spending supports future growth, it weighed on free cash flow, which declined by $1.2 billion compared to the prior year.

Universal theme parks still account for less than 10% of total Comcast revenues, despite capital spending representing roughly 20% of consolidated CAPEX. Attendance at flagship parks in Orlando and Hollywood rose 4% in calendar 2024 to 60 million guests, yet park operating cash flows remain highly seasonal and sensitive to weather and consumer discretionary trends. Management projects park EBITDA margins of 30% in 2026 once new attractions in Beijing and Orlando ramp to full capacity.