COMCAST CORP Stock Compensation Disclosure
Note 13: Share-Based Compensation | ||
Year ended December 31 (in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Share-based compensation expense | $ | 1,108 | $ | 1,069 | $ | 1,021 | |||||||||||
Related income tax benefit | $ | 181 | $ | 222 | $ | 203 | |||||||||||
Stock Options and Restricted Share Units | |||||||||||
| As of December 31, 2025, unless otherwise stated (in millions, except per share data) | Stock Options | RSUs | |||||||||
| Awards granted during 2025 | 1 | 46 | |||||||||
| Weighted-average exercise price of awards granted during 2025 | $ | 35.98 | |||||||||
Stock options outstanding and unvested RSUs | 204 | 78 | |||||||||
| Weighted-average exercise price of stock options outstanding | $ | 41.93 | |||||||||
Weighted-average fair value at grant date of unvested RSUs | $ | 37.71 | |||||||||
| Year ended December 31 | 2025 | 2024 | 2023 | ||||||||||||||
| RSUs fair value | $ | 34.49 | $ | 42.23 | $ | 37.14 | |||||||||||
| Stock options fair value | $ | 7.21 | $ | 9.93 | $ | 8.41 | |||||||||||
| Stock Option Valuation Assumptions: | |||||||||||||||||
| Dividend yield | 3.7 | % | 2.9 | % | 3.2 | % | |||||||||||
| Expected volatility | 25.3 | % | 24.8 | % | 26.2 | % | |||||||||||
| Risk-free interest rate | 4.0 | % | 4.2 | % | 4.2 | % | |||||||||||
| Expected option life (in years) | 5.9 | 5.1 | 5.9 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 3, 2026 | Showing above |
| 2024 | Jan 31, 2025 | |
| 2023 | Jan 31, 2024 | |
| 2022 | Feb 3, 2023 | |
| 2021 | Feb 2, 2022 | |
| 2020 | Feb 4, 2021 | |
| 2019 | Jan 30, 2020 | |
| 2018 | Jan 31, 2019 | |
| 2017 | Jan 31, 2018 | |
| 2016 | Feb 3, 2017 | |
| 2015 | Feb 5, 2016 | |
About Stock Compensation Disclosures
Stock-based compensation disclosures detail the equity awards granted to employees and executives — including stock options, restricted stock units (RSUs), and performance shares — along with the valuation methods and assumptions used to expense them. This section reveals the true cost of talent retention and the alignment between management incentives and shareholder interests.
Key signals: total unrecognized compensation expense and its expected recognition period signal future earnings headwinds from already-granted awards. For stock options, examine Black-Scholes assumptions — expected volatility, risk-free rate, and expected term — as understating any of these reduces reported compensation expense. Compare stock compensation expense as a percentage of revenue against peers to assess dilution cost. Watch vesting schedules for acceleration clauses tied to change-of-control events. Performance-based awards with undemanding targets may indicate weak governance. Add back stock compensation to operating cash flow to calculate a more conservative free cash flow figure.