Comcast Reports 4th Quarter 2025 Results

Comcast Corporation (NASDAQ:CMCSA) today reported results for the quarter and year ended December 31, 2025.

"2025 was a year of meaningful progress as we made decisive changes to position the company for long-term, sustainable growth," said co-CEOs Brian L. Roberts and Mike Cavanagh. "It was also our best year ever in wireless, with 1.5 million net line additions and more than 9 million total lines, clear evidence of the strength of our converged connectivity strategy. We launched the most significant broadband go-to-market shift in our history, simplifying how we sell to and serve customers, and we are seeing encouraging early results. Epic Universe is off to a terrific start, driving higher per-cap spending and attendance across Orlando; and Peacock delivered double-digit revenue growth, underscoring the momentum of its sports and entertainment lineup, including the debut of the NBA on NBC and Peacock. We also completed the spin of Versant Media, creating a more focused NBCUniversal centered on streaming, live sports, and premium content. Even as we invested behind these initiatives, we generated record levels of free cash flow and maintained a strong balance sheet, reflecting a disciplined approach to capital allocation as we remain focused on execution in 2026."

4th Quarter and Full Year 2025 Highlights:

• Generated Consolidated Adjusted EBITDA of $7.9 Billion in the Fourth Quarter and $37.4 Billion for the Full Year; Adjusted EPS of $0.84 in the Fourth Quarter and $4.31 for the Full Year; and Free Cash Flow of $4.4 Billion in the Fourth Quarter and $19.2 Billion for the Full Year
• Returned $2.7 Billion to Shareholders in the Fourth Quarter Through $1.2 Billion in Dividend Payments and $1.5 Billion in Share Repurchases. Total Capital Returned for the Full Year Was $11.7 Billion, Including $6.8 Billion in Share Repurchases, Reducing Shares Outstanding by 5%
• At Connectivity & Platforms, Connectivity Revenue Increased 3.2% to $11.6 Billion in the Fourth Quarter and 4.2% to $46.0 Billion for the Full Year, Driven By Growth In Domestic Wireless, International Connectivity and Business Services Connectivity
• Domestic Wireless Delivered its Best Year Ever With 1.5 Million Net Line Additions, Reaching 9.3 Million Total Lines and Surpassing 15% Penetration of Domestic Residential Broadband Customers, Reflecting Strong Demand for Our Converged Broadband and Mobile Offers
• Advanced Our New National Go-to-Market Strategy, Including Simplified Internet Plans Featuring Everyday Pricing, Everything Included and a 5-Year Price Guarantee; Alongside New Wireless Offers, Including a Free Xfinity Unlimited Mobile Line for One Year and a Premium Unlimited Plan Offering Gigabit Speeds and Enhanced Features
• Launched the NBA Across NBC and Peacock With the Best Season Start for Any Network in 24 Years; Sunday Night Football Remained Primetime's #1 Show for the 15th Consecutive Year, Averaging 23.5 Million Viewers Across NBC and Peacock
• Peacock Paid Subscribers Increased 22% Year-over-Year to 44 Million; Revenue Grew 23% to $1.6 Billion in the Fourth Quarter and 10% to $5.4 Billion for the Full Year; and Adjusted EBITDA Losses Improved by Over $700 Million for the Full Year, Including the Impact of NBA Rights Beginning in the Fourth Quarter
• Wicked: For Good Premiered in November, With the Franchise Now Grossing $1.3 Billion Worldwide, Becoming the #1 Broadway-to-Feature Film Adaptation of All-Time
• Theme Parks Adjusted EBITDA Increased 24% in the Fourth Quarter, Surpassing $1.0 Billion in Quarterly EBITDA for the First Time, Fueled by the Opening of Epic Universe in May
• Completed the Tax-Free Separation of Versant Media Group on January 2, 2026, with Comcast Shareholders Receiving One Share of Versant for Every 25 Shares of Comcast

4th Quarter Consolidated Financial Results

Revenue increased 1.2% compared to the prior year period. Net Income Attributable to Comcast decreased 54.6%, reflecting an unfavorable comparison to the prior year period, which included a $1.9 billion income tax benefit due to an internal corporate reorganization. Adjusted Net Income decreased 17.1%. Adjusted EBITDA decreased 10.3%.

Earnings per Share (EPS) decreased 52.0% to $0.60. Adjusted EPS decreased 12.4% to $0.84.

Capital Expenditures decreased 4.2% to $3.7 billion. Connectivity & Platforms' capital expenditures increased 9.8% to $2.9 billion, primarily reflecting higher spending on support capital, customer premise equipment and scalable infrastructure. On a full year basis, Connectivity & Platforms capital expenditures increased 5.3% to $8.7 billion. Content & Experiences' capital expenditures decreased 34.0% to $844 million, reflecting the opening of Epic Universe in May 2025.

Net Cash Provided by Operating Activities was $8.8 billion. Free Cash Flow was $4.4 billion, including a $2.0 billion cash tax benefit related to an internal corporate reorganization in the fourth quarter of 2024.

Dividends and Share Repurchases. Comcast paid dividends totaling $1.2 billion and repurchased 53.6 million of its shares for $1.5 billion, resulting in a total return of capital to shareholders of $2.7 billion.

Connectivity & Platforms

Revenue for Connectivity & Platforms decreased compared to the prior year period. Adjusted EBITDA decreased due to a decline in Residential Connectivity & Platforms Adjusted EBITDA, partially offset by growth in Business Services Adjusted EBITDA. Residential Connectivity & Platforms revenue and Adjusted EBITDA reflect the investment in our new go-to-market strategy. Adjusted EBITDA margin was 37.1%.

Total Customer Relationships for Connectivity & Platforms decreased by 181,000 to 50.8 million, reflecting a decrease in domestic customer relationships, partially offset by an increase in international customer relationships. Total domestic broadband customer net losses were 181,000, total domestic wireless line net additions were 364,000 and total domestic video customer net losses were 245,000.

Residential Connectivity & Platforms

Revenue for Residential Connectivity & Platforms decreased compared to the prior year period, reflecting decreases in video, advertising, other and broadband revenue, partially offset by increases in domestic wireless and international connectivity revenue. Domestic broadband revenue decreased due to a decline in the number of domestic broadband customers, partially offset by higher average rates. Domestic wireless revenue increased primarily due to an increase in the number of customer lines and device sales. International connectivity revenue increased primarily due to an increase in broadband revenue from higher average rates as well as the positive impact of foreign currency. Video revenue decreased primarily due to a decline in the number of video customers, partially offset by the positive impact of foreign currency. Advertising revenue decreased primarily due to lower domestic political advertising. Other revenue decreased primarily due to lower residential wireline voice revenue, driven by a decline in the number of customers.

Adjusted EBITDA for Residential Connectivity & Platforms decreased due to lower revenue, partially offset by lower operating expenses when excluding the impact of foreign currency. Programming expenses decreased primarily due to a decline in the number of domestic video customers, partially offset by rate increases under our domestic programming contracts, an increase in programming expenses for our international sports networks and the impact of foreign currency. Non-programming expenses increased primarily reflecting an increase in direct product costs mainly due to higher mobile device sales, the impact of foreign currency and higher marketing and promotion costs, partially offset by lower other expenses. Adjusted EBITDA margin was 34.6%.

Business Services Connectivity

Revenue for Business Services Connectivity increased primarily due to an increase in revenue from enterprise solutions offerings, including the results from a recent acquisition.

Adjusted EBITDA for Business Services Connectivity increased due to higher revenue, partially offset by higher operating expenses. The increase in operating expenses was primarily due to increases in direct product costs, which include the results from a recent acquisition. Adjusted EBITDA margin was 54.2%.

Content & Experiences

Revenue for Content & Experiences increased compared to the prior year period driven primarily by Theme Parks and Media, partially offset by a decrease in Studios. Adjusted EBITDA for Content & Experiences decreased primarily due to declines in Media and Studios, partially offset by growth in Theme Parks.

Media

Revenue for Media increased due to higher international networks, domestic distribution and domestic advertising revenue. Domestic advertising revenue increased primarily due to an increase in revenue at Peacock, partially offset by lower revenue at our networks. The increase in advertising revenue includes the positive impact from the launch of the NBA this quarter. Domestic distribution revenue increased primarily due to higher revenue at Peacock, driven by an increase in paid subscribers compared to the prior year period, partially offset by lower revenue at our linear television networks. International networks revenue increased primarily due to an increase in revenue associated with the distribution of sports networks and the positive impact of foreign currency.

Adjusted EBITDA for Media decreased due to higher operating expenses, which more than offset higher revenue. The increase in operating expenses primarily reflects higher programming costs at Peacock and elevated sports rights expenses on our linear networks, both of which include costs associated with the launch of the NBA this quarter. Media results include $1.6 billion of revenue and an Adjusted EBITDA⁶ loss of $552 million related to Peacock, compared to $1.3 billion of revenue and an Adjusted EBITDA⁶ loss of $372 million in the prior year period.

Studios

Revenue for Studios decreased due to lower content licensing and theatrical revenue. Content licensing revenue decreased primarily due to the timing of when content was made available by our television and film studios. Theatrical revenue decreased primarily due to tougher comparisons against prior-year releases, including Wicked and The Wild Robot, versus current-quarter titles Wicked: For Good and Black Phone 2.

Adjusted EBITDA for Studios decreased due to lower revenue and consistent operating expenses. The consistent operating expenses primarily reflected higher marketing and promotion expenses due to increased spending on recent and upcoming theatrical film releases, offset by lower programming and production expenses, mainly due to lower costs associated with theatrical releases and lower content licensing sales at our television studios.

Theme Parks

Revenue for Theme Parks increased due to higher revenue at domestic theme parks, driven by the successful opening of Epic Universe in May 2025.

Adjusted EBITDA for Theme Parks increased, reflecting higher revenue, which more than offset higher operating expenses. The increase in operating expenses was primarily due to operating costs associated with Epic Universe.

Headquarters & Other

Content & Experiences Headquarters & Other includes overhead, personnel costs and costs associated with corporate initiatives. Headquarters & Other Adjusted EBITDA loss in the fourth quarter was $306 million, compared to a loss of $189 million in the prior year period.

Eliminations

Amounts represent eliminations of transactions between our Content & Experiences segments, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses. Revenue eliminations were $817 million, compared to $804 million in the prior year period, and Adjusted EBITDA eliminations were a benefit of $47 million, compared to a loss of $26 million in the prior year period.

Corporate, Other and Eliminations

Corporate & Other

Corporate & Other primarily includes overhead and personnel costs; our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania; and Xumo. Corporate & Other Adjusted EBITDA decreased primarily reflecting higher costs related to corporate functions.

Eliminations

Amounts represent eliminations of transactions between Connectivity & Platforms, Content & Experiences and other businesses, the most significant being distribution of television network programming between the Media and Residential Connectivity & Platforms segments. Revenue eliminations were $1.5 billion, compared to $1.4 billion in the prior year period, and Adjusted EBITDA eliminations were flat compared to a loss of $42 million in the prior year period.

Conference Call and Other Information

Comcast Corporation will host a conference call with the financial community today, January 29, 2026, at 8:30 a.m. Eastern Time (ET). The conference call and related materials will be broadcast live and posted on our Investor Relations website at www.cmcsa.com. A replay of the call will be available today, January 29, 2026, starting at 11:30 a.m. ET on the Investor Relations website.

From time to time, we post information that may be of interest to investors on our website at www.cmcsa.com and on our corporate website, www.comcastcorporation.com. To automatically receive Comcast financial news by email, please visit www.cmcsa.com and subscribe to email alerts.

Caution Concerning Forward-Looking Statements

This press release includes statements that may constitute forward-looking statements. In evaluating these statements, readers should consider various factors, including the risks and uncertainties we describe in the "Risk Factors" sections of our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission (SEC). Factors that could cause our actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; consumer acceptance of our content; programming costs; key distribution and/or licensing agreements; use and protection of our intellectual property; our reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather-related and other uncontrollable events; loss of key personnel; labor disputes; significant tax liability if the separation of Versant is not tax-free; laws and regulations; adverse decisions in litigation or governmental investigations; and other risks described from time to time in reports and other documents we file with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. The amount and timing of any dividends and share repurchases are subject to business, economic and other relevant factors.

Non-GAAP Financial Measures

In this discussion, we sometimes refer to financial measures that are not presented according to generally accepted accounting principles in the U.S. (GAAP). Certain of these measures are considered "non-GAAP financial measures" under the SEC regulations; those rules require the supplemental explanations and reconciliations that are in Comcast's Form 8-K (Quarterly Earnings Release) furnished to the SEC.

About Comcast Corporation

Comcast Corporation (NASDAQ:CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit www.comcastcorporation.com for more information.