Comcast

Management has balanced reinvestment in network upgrades and parks with shareholder returns. In 2024, the dividend was increased and repurchases reduced the share count by approximately 5%; in 2025 YTD through Q3, 152 million shares were repurchased for 5.3 billion dollars while dividends of roughly 3.7 billion dollars were paid.

The Versant spin‑off is a thoughtful portfolio action to separate declining linear assets. Capex is significant but largely growth‑enhancing (DOCSIS 4.0, Epic Universe), consistent with reinforcing moats. Stock‑based compensation is present but outweighed by net buybacks.