Comcast dividend: payment and cash coverage
MyStockButler's October 2026 analysis: Comcast guides the 2026 annual dividend to $1.32 per share, while 2025 free cash flow was $19.2 billion. Cash coverage depends on network and park spending, alongside dividends, debt repayment and buybacks.
How much is Comcast's dividend per share?
Dividends per share rise from $1.36 to $1.44 and then $1.52 in the base case, reflecting the uninterrupted $0.08 annual increases recorded through 2025. The bear case holds at $1.32 because broadband pressure and restructuring costs constrain cash. The bull case reaches $1.64 because stronger cash generation permits increases above the historical pace, although current connectivity pressure makes that outcome less likely.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Pro forma revenue | 115,552 | 115,459 | |||
| Pro forma revenue growth (calculated) | 0.1% | ||||
| Dividend per share | 1.32 | 1.24 | 1.16 | 1.08 | 1.00 |
What this means. Pro forma revenue is an estimated comparison that leaves out Versant and Sky Germany, so it is not the company’s full reported revenue.
How much would Comcast's dividend pay you?
$10,000 invested in Comcast at its 5.8% dividend yield (our report of October 23, 2026) pays $580.00 in the first year, before tax. If its dividend per share keeps changing 8.0% a year, as it did from 2021 to 2025, and the dividends are reinvested, year 10 pays $2,326.34, with $12,379.85 received in all.
Before tax. Past dividend growth is not a promise. Information only, not investment advice.
Does Comcast's cash cover its dividend?
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.
The shareholder choice was dividends plus buybacks. Dividends send cash directly to owners; buybacks purchase and cancel shares, increasing the remaining owners’ proportional interest. A buyback creates value only when the company pays an attractive price and still has enough cash for stronger uses. In 2022, shareholder payments exceeded that year’s free cash flow.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Dividends paid | 4,894 | 4,814 | 4,766 | 4,741 | 4,532 |
| − Share buybacks | 6,784 | 8,640 | 11,000 | 13,007 | 3,998 |
| Paid to shareholders | 11,678 | 13,454 | 15,766 | 17,748 | 8,530 |
What this means. These payments cover only the continuing parent company’s common shareholders, not all cash paid by the larger historical business, which also included Versant and Sky Germany.
What could change Comcast's dividend?
The weighted path points to $28.00 by October 2029 if broadband losses slow, wireless relationships become profitable and separation costs stay manageable. Management guides the 2026 annual dividend to $1.32 per share and expects capital spending to remain broadly level. It expects most residential broadband customers to move to simpler packages by December 2026.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 31,800 (30,800 / 32,600) | 30,600 (27,300 / 32,700) | 31,000 (25,500 / 34,000) |
| Shares (millions) | 3,513 (3,573 / 3,453) | 3,424 (3,595 / 3,268) | 3,308 (3,617 / 3,048) |
| Dividends per share | 1.36 (1.32 / 1.40) | 1.44 (1.32 / 1.52) | 1.52 (1.32 / 1.64) |
| Enterprise value to ebitda | 4.30 (3.50 / 5.00) | 4.50 (3.20 / 5.50) | 4.70 (3.00 / 6.00) |
| Net debt | 60,205 (66,605 / 56,605) | 51,355 (59,955 / 47,955) | 43,805 (54,305 / 40,105) |
What is Comcast's dividend yield 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.