Earned & PaidComcast
Comcast spent $8.86B on advertising and marketing in fiscal 2025, up 9.8% on the year before and +16% since 2019. That's 7.2% of revenue, more than in 2019: leaning in.
Marketing spend by year
Bars: advertising and marketing expense, $B (10-K). Line: spend as a share of revenue.
What they told investors
“In addition, we leaned into the unique moment that Legendary February created across our company by amplifying Xfinity brand awareness on a national platform, with particular emphasis on gig speeds and our five-year price guarantee.”Jason S. Armstrong · 2026 Q1 · transcript
“In addition, we believe we also benefited to some extent from a competitor's work stoppage as well as from leveraging the Olympics by investing in incremental nationwide brand marketing behind our Olympic-related offers.”Jason Armstrong · 2024 Q3 · transcript
Say vs do
We found no statement about the size of Comcast's marketing budget on its earnings calls or in its 10-Ks, so here is its record against its peers.
What they said
No statement about the size of its marketing budget.
What they did
| Year | Marketing spend | Change | Share of revenue |
|---|---|---|---|
| FY2025 | $8.86B | +9.8% | 7.2% |
| FY2024 | $8.07B | +1.3% | 6.5% |
| FY2023 | $7.97B | -6.3% | 6.6% |
| FY2022 | $8.51B | +10.5% | 7.0% |
| FY2021 | $7.70B | +14.2% | 6.6% |
| FY2020 | $6.74B | -11.5% | 6.5% |
How we check: a statement gets a verdict only when it's clearly about the size of the whole company's marketing budget over a full fiscal year; we compare it with the advertising and marketing expense in that year's 10-K. Statements about one quarter, one brand or channel, or the mix between brand and performance can't be checked against annual filings.
What they say about media
The marketing channels it talks about using for itself on earnings calls and in its 10-Ks and 10-Qs, since 2019; counts are statements, not spending.
- Sponsorships & athletes “Marketing and promotion expenses increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to higher costs associated with the FIFA World Cup, partially offset by lower costs related to marketing for Peacock.” 10-Q · Jul 23, 2026 · source
- Creative campaigns “We really leaned into that from a marketing investment and an offer investment.” Steve Crony on the earnings call · Apr 23, 2026 · source
- Linear TV “Marketing and promotion expenses remained consistent in 2025 primarily due to costs associated with the Paris Olympics in 2024, offset by higher costs related to marketing for our linear television networks.” 10-K · Feb 3, 2026 · source
What they see in the market
What its leaders and filings say about the ad market: its own ad business, or the channels advertisers use, since 2019; counts are statements, not spending.
- Linear TV “Pursuant to a commercial services agreement with Versant, we will sell domestic linear and related digital advertising inventory on their behalf for approximately two years, and we record net commission revenue as earned.” 10-Q · Jul 23, 2026 · source
- Sponsorships & athletes “Domestic advertising revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to the Milan Cortina Olympics, Super Bowl and FIFA World Cup.” 10-Q · Jul 23, 2026 · source
- Connected TV & streaming “You see it in advertising, with growth there, and for the note on the NBA, we have seen really nice success in the NBA thus far with adding something like 170 advertisers in the NBA. Great demand.” Michael J. Cavanagh on the earnings call · Jan 29, 2026 · source
- Experiential & events “But we're pretty confident that the Olympics is going to happen and advertisers are kind of jumping in and agreeing with Brian's sentiments. Marci?” Jeff Shell on the earnings call · Jan 28, 2021 · source
- Programmatic & display “provides technology, tools, data-driven services and marketplace solutions to customers in the media industry, which allows advertisers to more effectively engage with their target audiences.” 10-K · Jan 31, 2019 · source
In the news
- CTV drives more than half of Europe’s premium video ad views Broadband TV News · Sep 29, 2026 · platforms & adtech
- NBC Taps 100th Anniversary to Hook More Advertisers With Tentpole Events variety.com · Sep 28, 2026 · platforms & adtech