Comcast Corp - Class A
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.98%.
Did CMCSA Beat Earnings? Q4 2025 Results
Comcast closed out Q4 2025 with a clear earnings beat, posting adjusted EPS of $0.84 against the $0.73 consensus estimate, a 15.07% positive surprise, even as revenue of $32.31 billion came in just fractionally above the $32.30 billion expected, growing 1.2% year over year. The headline driver behind the quarter's strength was an exceptional performance at Theme Parks, where the May 2025 opening of Epic Universe propelled segment revenue up 21.9% and pushed quarterly Adjusted EBITDA above $1.00 billion for the first time. Peacock added momentum as well, reaching 44 million paid subscribers, up 22%, with revenue climbing 23% to $1.60 billion, though NBA rights costs widened its Adjusted EBITDA loss to $552.00 million. Domestic broadband net losses of 181,000 remained a pressure point, but wireless net additions of 364,000 in the quarter signaled traction from the company's converged connectivity push. Management expressed confidence in early results from its simplified broadband pricing strategy, including a 5-year price guarantee, as the company heads into 2026 with sharpened focus after completing the Versant Media Group separation in January.
- Record wireless net line additions of 1.5 million for the full year, reaching 9.3 million total lines
- Epic Universe opening in May 2025 driving theme parks revenue up 21.9% and EBITDA surpassing $1 billion quarterly for the first time
- Peacock paid subscribers grew 22% to 44 million with revenue up 23%
- Business Services Connectivity revenue grew 5.8% driven by enterprise solutions and a recent acquisition
- NBA debut on NBC and Peacock boosting media advertising and distribution revenue
- Wicked franchise grossing $1.3 billion worldwide
- New go-to-market strategy with simplified broadband pricing and 5-year price guarantee
“2025 was a year of meaningful progress as we made decisive changes to position the company for long-term, sustainable growth. 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.”
Comcast CEO, on the earnings call
Forward Guidance & Outlook
Management indicated they are seeing encouraging early results from the most significant broadband go-to-market shift in the company's history, including simplified internet plans with everyday pricing, everything included, and a 5-year price guarantee. The company remains focused on execution in 2026, with continued emphasis on converged broadband and mobile offerings, Peacock growth, and leveraging Epic Universe to drive theme park attendance and per-cap spending.
CMCSA YoY Financials
CMCSA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.