Comcast delivered a steady financial performance in the first quarter of 2025, with strength in its content-driven segments helping to balance continued softness in broadband. For broadcast executives evaluating market positioning, the results underscore the increasing importance of premium IP and platform diversification.
Total revenue for the quarter reached $30.06 billion, marking a year-over-year increase of 1.2 percent. Net income rose modestly by 0.9 percent to $3.86 billion, or 97 cents per share. Adjusted earnings per share came in at 92 cents, surpassing analyst expectations of 87 cents.
While adjusted EBITDA declined slightly by 0.3 percent to $9.37 billion, Comcast improved its free cash flow by 5.7 percent, totaling $3.26 billion — an important metric for strategic reinvestment in content and distribution infrastructure.
The company’s Media segment, which includes NBC Universal and streaming platform Peacock, emerged as a bright spot. Peacock added 34 million paid subscribers, reflecting a year-over-year increase of 55 percent. Revenue for Peacock surged by 54 percent to $1.1 billion, thanks to gains in both advertising and subscription streams. Though the streaming service remains in investment mode, it narrowed its adjusted EBITDA loss to $639 million, compared with a loss of $704 million a year ago.
NBC Universal’s Studio division also delivered standout results, with revenue climbing 51 percent to $3.04 billion. This performance was fueled by the strong theatrical runs of “Migration” and “The Fall Guy,” as well as robust content licensing. Adjusted EBITDA for the studio segment rose to $427 million — nearly triple the $153 million reported in the same quarter last year.
“We’re off to a great start in 2025, with strong performances across our studios and Peacock, underscoring our strategic focus on premium content and direct-to-consumer platforms,” said Comcast President Mike Cavanagh during the earnings call.
However, challenges remain on the distribution side. Comcast lost 65,000 broadband subscribers in the quarter, building on a prior-quarter loss of 34,000. This softness continues to reflect heightened competition and market saturation, particularly in mature urban markets. Despite these headwinds, Connectivity & Platforms revenue rose by 2.7 percent to $20.36 billion, supported by rate adjustments and strong growth in wireless and commercial services.
The wireless business continues to scale, with 289,000 lines added during the quarter. Wireless revenue rose 20 percent to $1.1 billion. Still, adjusted EBITDA for the connectivity segment fell by 1.4 percent to $8.03 billion. Legacy services also continued to decline: Comcast lost 487,000 video customers and 226,000 voice subscribers.
Advertising revenue fell by 4.8 percent overall, driven largely by comparisons with a strong Super Bowl and political advertising cycle last year. Excluding those cyclical effects, advertising grew six percent, aided by advances in digital and addressable platforms — a key area for continued investment across the broadcast landscape.
Theme Parks posted solid gains as well, with revenue rising seven percent to $2.24 billion. Universal Studios Japan and Hollywood performed particularly well, bolstered by demand for new attractions like Super Nintendo World.
The company remained committed to shareholder returns, repurchasing $3 billion in stock during the quarter. Capital expenditures totaled $2.8 billion, slightly down from $3 billion in the prior year.
“We continue to be disciplined in our capital allocation while investing in content, technology, and experiences that resonate with audiences and advertisers,” Cavanagh said.
Executives expressed optimism for continued momentum at Peacock and within studio operations, though they acknowledged ongoing pressure in broadband and linear video segments.
Following the earnings release, Comcast shares gained nearly two percent in premarket trading — signaling investor confidence in the company’s content-led roadmap.
