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Comcast Holdings ZONES (CCZ+1.64%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing details the company's operations, including its two primary businesses: Connectivity & Platforms and Content & Experiences. Connectivity & Platforms is divided into Residential and Business Services segments, while Content & Experiences includes Media, Studios, and Theme Parks segments.
Comcast reported consolidated revenue of $123.7 billion for 2024, a 1.8% increase from the previous year. The Connectivity & Platforms business contributed $81.3 billion, while Content & Experiences contributed $45.1 billion.
Net income attributable to Comcast Corporation was $16.2 billion, up from $15.4 billion in 2023. The company reported an effective income tax rate of 15.0% for the year.
Residential Connectivity & Platforms revenue remained stable, with increases in domestic broadband and wireless revenue offset by declines in video revenue. Business Services Connectivity revenue grew by 4.8%, driven by enterprise solutions and small business customers.
Media segment revenue increased by 11.0%, primarily due to the Paris Olympics. Excluding this event, revenue growth was driven by increases in domestic distribution and international networks revenue.
Studios segment revenue decreased by 4.6%, mainly due to lower theatrical and content licensing revenue. Theme Parks segment revenue decreased by 3.7%, affected by lower attendance and foreign currency impacts.
Comcast's capital expenditures totaled $12.2 billion in 2024, with significant investments in network infrastructure and theme park expansions, including the development of Epic Universe in Orlando.
The company repurchased 212 million shares for $8.6 billion and paid $4.8 billion in dividends in 2024. A new $15 billion share repurchase program was authorized in January 2025.
Comcast announced plans to spin off a new independent publicly traded company, SpinCo, by the end of 2025. SpinCo will include select domestic cable networks and digital assets, subject to customary conditions and approvals.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Comcast Holdings ZONES annual 10-K report dated January 31, 2025. To report an error, please email earnings@qz.com.