Comcast stock forecast 2027–2029
MyStockButler's October 2026 analysis: Comcast's weighted path reaches $28.00 by October 2029, after $20.51 in October 2027 and $22.97 in October 2028. Comcast's outcome hinges on broadband losses slowing, wireless relationships becoming profitable, and separation costs staying manageable.
Where could Comcast's shares be by October 2029?
The weighted path is a modest loss first, followed by improving returns. The weighted price is $20.51 in October 2027, a 4% loss including dividends. It reaches $22.97 in October 2028, a 13% gain. By October 2029, it reaches $28.00, a 41% gain.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 30 % | 11.53 (-44 %) | 7.62 (-55 %) | 6.14 (-56 %) |
| Base | 50 % | 21.79 (+1 %) | 25.22 (+23 %) | 30.80 (+54 %) |
| Bull | 20 % | 30.81 (+41 %) | 40.36 (+89 %) | 53.77 (+155 %) |
| Weighted | 100 % | 20.51 (-4 %) | 22.97 (+13 %) | 28.00 (+41 %) |
What this means. The weighted row is the probability-based average of the bear, base, and bull outcomes, so it can differ from the base case.
What has to go right or wrong for Comcast?
The bear case moves from $30,800 million to $27,300 million and then $25,500 million as discounting, churn and separation costs overwhelm offsets. The bull case moves from $32,600 million to $32,700 million and then $34,000 million if simpler pricing slows churn, wireless promotions become profitable and separation costs fade. Peacock had 48 million paid subscribers and positive Adjusted EBITDA in the third quarter of 2026, but those businesses are expected to leave Comcast under the planned separation.
How much cash does Comcast really make?
Free cash flow usually starts with operating cash flow and subtracts capital spending. Comcast also subtracts cash paid for intangible assets, including capitalized software. In 2025, operating cash flow was $33.6 billion, while its own free cash flow was $19.2 billion after those deductions. The difference matters because software and network systems are real business investments even when they are not visible as cables.
Share compensation added back $1.3 billion because it was noncash. Issuing shares can still dilute owners, even if buybacks previously offset that dilution. The better test is sustainable cash flow per diluted share, especially while repurchases are paused.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 7,902 | |||||||
| − Capital spending | 3,058 | |||||||
| = Operating cash flow less capital expenditures, before intangible investment | 4,844 |
What this means. Revenue is shown as if Versant and Sky Germany were already gone, but the profit and cash figures still include those businesses, so the rows are not directly comparable.
What does an investor pay for Comcast today?
Free cash flow is a better cross-check because it is cash left after operating needs and investment. Comcast generated $19.2 billion in 2025, but the board decides whether that cash funds dividends, debt repayment, buybacks or future investment. The 5.8% dividend yield is therefore useful only if cash remains strong after network and park spending.
| Today (Oct 23, 2026) | |
|---|---|
| Share price | 22.84 |
| Market value (calculated) | 81,105 |
| Enterprise value (calculated) | 160,860 |
| P/E, next 12 months (calculated) | 6.4x |
| EV / revenue, last 12 months (calculated) | 1.3x |
| Dividend yield (calculated) | 5.8% |
What this means. The values are not all measured on the same day: the share price is from October 22, while debt, cash, and ownership data come from earlier dates.