How Much Debt Does Comcast Really Have?
Comcast owed $87.4 billion at September 30, 2026 (carrying value), down from $98.9 billion in December, with $7.6 billion of cash, so net debt is about $79.8 billion. That is about 2.3 times its EBITDA on the second-quarter analyses, a moderate level for a business that generated $12.7 billion of free cash flow in nine months, and far below Charter's 4.18 times.
- The debt fell mostly because the Versant spin-off took $3.0 billion with it and Comcast used proceeds to redeem about $2.8 billion of notes.
- The unknown is which company keeps which debt when NBCUniversal and Sky separate, expected by mid-2027.
This is analysis, not a recommendation.
How much does Comcast owe?
| Measure | September 30, 2026 | December 31, 2025 |
|---|---|---|
| Total debt (carrying value) | $87.4 billion | $98.9 billion |
| of which due within a year | $3.56 billion | n/a |
| Estimated fair value of the debt | $71.6 billion | $90.3 billion |
| Cash and equivalents | $7.6 billion | $9.5 billion |
| Net debt (derived) | About $79.8 billion | About $89.4 billion |
Comcast's debt at carrying value from its Q3 2026 10-Q. Net debt is derived here as debt less cash and equivalents.
The fair value is lower than the carrying value ($71.6 billion against $87.4 billion) because many of Comcast's bonds pay lower interest rates than today's market, so they trade below face value. That is why the book number overstates what it would cost to buy the debt back today, but the company still owes the face amount at maturity.
Why did the debt fall $11.5 billion?
- Versant: the cable-network spin-off, completed on January 2, 2026, moved about $3.0 billion of indebtedness out of Comcast, and Versant paid Comcast $2.25 billion in cash.
- Redemptions: on January 15, 2026 Comcast used the proceeds to redeem about $2.1 billion of 3.15% notes due March 2026 and about $650 million of 5.35% notes due November 2027.
- Free cash flow: $12.7 billion in nine months covered dividends of $3.6 billion and buybacks of $2.5 billion before the buyback pause, leaving cash to repay maturities.
Net debt was reported at $82.0 billion in the second quarter against $87.4 billion a year earlier, so the reduction has been steady rather than a one-off.
Is the debt a problem?
| Measure | Comcast | Charter |
|---|---|---|
| Net debt against EBITDA | About 2.3 times (second-quarter reports) | 4.18 times (second quarter) |
| Total debt | $87.4 billion | $93.8 billion principal |
| Cash | $7.6 billion | $0.5 billion |
| Debt to equity (this site) | 0.94 | 5.70 |
| Interest coverage (this site) | 6.1 times | 2.4 times |
| Market value of the equity | $80 billion | $19 billion |
Net leverage from second-quarter 2026 reports for each company. Comcast's figure was not stated in the Q3 documents read.
Comcast's interest coverage of 6.1 times is above the telecom sector median of 5.5 on this site's dividend screener, and its debt-to-equity of 0.94 is below the sector median of 1.54. It carries a single-A-minus rating according to one report. Nothing in the numbers read points to a refinancing problem: a $3.56 billion current maturity compares with about $4.2 billion of free cash flow in a single quarter.
A simple illustration, not a forecast: if free cash flow held near $17 billion a year and dividends took about $4.8 billion, about $12 billion a year would remain, so net debt of $79.8 billion would take roughly seven years to repay from cash flow alone. The company can also refinance, which is how large companies normally manage debt.
What could change the debt picture?
| Factor | What is known |
|---|---|
| NBCUniversal and Sky separation | Announced in June 2026 and expected by mid-2027, with Comcast able to keep up to 19.9% for up to a year. The allocation of debt between the companies was not in the sources read |
| Buybacks | Suspended from the third quarter and expected to stay paused through the separation, which keeps cash for debt and the dividend |
| Restructuring | A fourth-quarter charge above $1 billion, including layoffs, was reported by Reuters but was not in the release |
| Falling cash flow | Nine-month free cash flow fell 14.5%, which slows debt repayment |
| Interest rates | Lower-coupon debt is cheap to carry but refinancing at today's rates costs more |
How does CMCSA look on this site's checks?
From the weekly data of October 23, 2026, on the Comcast stock page:
| Measure | CMCSA | What it tells you |
|---|---|---|
| Price / market value | $22.69 / $80.5 billion | 30% below its 52-week high of $32.86 |
| Trailing / forward P/E | 7.1 / 6.3 | Price per dollar of earnings, last year and expected |
| Price to sales / price to book | 0.65 / 0.87 | This site's limits are 7 and 8 |
| Revenue growth / net margin | -0.3% / 9.2% | Trailing twelve months |
| Free-cash-flow yield | 21.2% | Free cash flow per share of $4.82 |
| Dividend yield | 5.98% | Payout 43% of earnings |
| Debt to equity / interest coverage | 0.94 / 6.1x | Total debt against equity, and earnings against interest |
| 1-year change / RSI | -17.6% / 54.4 | RSI below 30 is oversold |
| Value filters / margin of safety | 6 of 8 / +72.4% | A neutral DCF that fades growth from 8% to 2.5% |
How to tell if a company might go bankrupt explains the tests for a leveraged company, and none of the warning signs is present here.
What should you read next?
More on Comcast from the same data: is Comcast's 6% dividend safe? and Comcast vs Charter: which cable stock is cheaper?.
Sources
- Comcast Q3 2026 Form 10-Q (SEC): debt, cash, Versant, dividends, separation
- Comcast Q3 2026 earnings release (SEC, October 22, 2026): free cash flow and buyback suspension
- Charter Q2 2026 earnings release (SEC, July 24, 2026): Charter debt and cash
- Comcast on this site: ratios, October 23, 2026
The 10-Q's liquidity and maturity sections could not be read, so there is no maturity schedule and no Q3 leverage ratio, and the 2.3 times figure and the A-minus rating come from second-quarter analyses and one press report. Net debt is derived by this site. This is educational content, not investment advice.
Comcast debt FAQ
How much debt does Comcast have?
$87.4 billion at carrying value on September 30, 2026, down from $98.9 billion in December, with $7.6 billion of cash, so net debt of about $79.8 billion.
Why did Comcast's debt fall?
The Versant spin-off removed about $3.0 billion of debt and brought $2.25 billion of cash, which funded redemptions of about $2.8 billion of notes, and free cash flow covered other maturities.
Is Comcast's debt too high?
Net leverage near 2.3 times EBITDA is moderate and below Charter's 4.18 times. Interest coverage of 6.1 times is above the sector median.
How much debt is due soon?
$3.56 billion is due within a year, against about $4.2 billion of free cash flow in one quarter. A full maturity schedule was not found.
Will the NBCUniversal separation change Comcast's debt?
Probably, but the sources did not say how debt will be allocated. The separation is expected by mid-2027.