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"We are committed to remaining disciplined," Comcast Chief Executive Brian Roberts told analysts on a conference call.
"To be clear, we are not spending any time on any of the large transformative acquisitions that have been speculated about like Yahoo or Sprint," Roberts added.
Microsoft offered to buy Yahoo for an estimated $42.1 billion, stoking speculation that other companies would submit rival bids.
Comcast, which issued an annual 25 cent-per-share dividend and set a year-end 2009 target to complete a stock buy-back, said it plans to spend mostly on investing in its business.
Reporting by Kenneth Li, editing by Maureen Bavdek