Key Financial Data
- Q4 Revenue: $32.31 billion (+1.2% year-over)
- Q4 Net income: $2.17 billion (-54.6%)
- Q4 Adjusted EBITDA: $7.9 billion (-13%)
- Q4 Capital expenditures: $3.75 billion (-4.2%)
- Free cash flow: $4.37 billion (+34%)
- FY25 Revenue: $123.71 billion (no change)
- FY25 Net income: $20 billion (+23.5%)
- FY25 Adjusted EBITDA: $37.38 billion (-1.8%)
- FY25 Capital expenditures: $11.75 billion (-3.5%)
- Total service relationships: 50.8 million (-181,000)
- Broadband subscribers: 31.26 million (-181,000)
- Residential broadband subscribers: 28.72 million (-178,000)
- Total video subscribers: 11.27 million (-245,000)
- Total wireless subscriber lines: 9.31 million (+364,000)
- FY25 Net wireless line additions: 1.5 million
- Peacock customer relationships: 44 million (+22%)
- Q4 Peacock revenue: $1.6 billion (+23%)
- FY25 Peacock revenue: $5.4 billion (+10%)
- Read more Q4 media earnings coverage
Comcast posted mixed financial results for its fourth quarter (Q4), beating Wall Street expectations on overall earnings while narrowly missing revenue forecasts from the period.
The largest provider of land-based broadband Internet and video service in the country continued to see erosions in both businesses as customers fled its expensive Xfinity TV service for cheaper streaming offerings and switched out of Xfinity Internet for fiber-based and fixed-wireless alternatives, most of which are also lower in price.
The company’s own wireless division, Xfinity Mobile, continued to be a bright spot, with Comcast logging another quarter of growth in that business unit.
The Philadelphia-based company posted adjusted earnings of 84 cents per share for the quarter ended Dec. 31, ahead of analyst expectations of 75 cents per share. Revenue rose 1 percent to $32.31 billion, slightly below consensus estimates of $32.35 billion. Net income attributable to Comcast fell 54.6 percent to $2.17 billion, or 60 cents per share, compared with $4.78 billion, or $1.24 per share, a year earlier. The year-ago period included a tax benefit that the company said created an unfavorable comparison.
Xfinity Internet, like similar services offered by other companies, continued to face pressure from fixed wireless and alternative broadband products. Comcast lost 181,000 domestic broadband subscribers during the quarter, offset in part by growth in international markets. The company also shed 245,000 pay TV customers, ending the year with 11.27 million video subscribers. Revenue for the connectivity and platforms segment, which includes Xfinity-branded broadband, video and mobile services, fell 1 percent to $20.24 billion.
Customers who stuck around with Xfinity TV and Xfinity Internet are taking advantage of the company’s generous savings through Xfinity Mobile, which operates on Verizon’s network. Some customers received one free line of unlimited data through Xfinity Mobile for a year if they agreed to upgrade their Internet packages, a few of which now offer five-year price-lock guarantees.
Comcast added 364,000 mobile lines in the quarter, bringing its total wireless customer base to more than 9.3 million. Executives reiterated that the company’s revised go-to-market strategy increasingly emphasizes mobile as broadband competition intensifies.
Stock Price
“The competitive environment for broadband remains intense, similar to prior quarters,” Chief Financial Officer Jason Armstrong said on a conference call with investors on Thursday, adding that wireless competition increased toward the end of the quarter.
Revenue at NBC Universal and other Comcast-owned media properties rose 5.5 percent to $7.62 billion. Domestic advertising revenue increased 1.5 percent, driven in part by the launch of the NBA on NBC. The quarter marked the final reporting period in which NBC Universal included its full portfolio of cable networks, following the spinoff of most linear channels into the publicly traded company Versant.
Peacock added 3 million paid subscribers during the quarter, ending the year with 44 million. Revenue at the streaming service grew to $1.6 billion from $1.3 billion a year earlier, but losses widened to $552 million, compared with $372 million in the prior-year period, reflecting higher sports rights costs tied to the NBA deal.
Studio results were weaker. Universal film revenue declined 7.4 percent to $3.03 billion, hurt by lower licensing and theatrical revenue compared with the prior-year slate. Releases such as “Wicked: For Good” and “Black Phone 2” underperformed last year’s titles.
Theme parks delivered one of the strongest performances. Revenue jumped 22 percent to nearly $2.9 billion, driven by increased attendance and spending following the opening of Epic Universe.
Shares of Comcast rose about five percent following the earnings release. The company also maintained its annual dividend at $1.32 per share for 2026, with a quarterly cash dividend of 33 cents payable April 22.
