Comcast Reports 2nd Quarter 2025 Results

Comcast Corporation (NASDAQ:CMCSA) today reported results for the quarter ended June 30, 2025.

"We delivered solid financial results in the second quarter, growing Adjusted EPS by 3% and generating $4.5 billion of free cash flow, while continuing to invest in our growth businesses and returning $2.9 billion to shareholders," said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. "Importantly, we're pleased with the early progress we are seeing with our go-to-market pivot in residential broadband. In addition, our wireless business had its best quarter ever, adding 378,000 lines, further demonstrating our competitive advantage in convergence. And we continued to deliver strong performance in Business Services, where we grew revenue and Adjusted EBITDA by mid-single digits. In Content and Experiences, revenue grew 6% led by Theme Parks, with the successful opening of Epic Universe, which is having a positive impact on our overall Universal Orlando Resort. Peacock continues to differentiate itself with premium content and one of the most robust line-ups of live sports among streaming platforms, and we're excited to build on that leadership with the addition of NBA coverage this fall. With our strategic focus, world-class assets, and disciplined capital allocation, we are well-positioned for the future and confident in our path forward."

2nd Quarter 2025 Highlights:

• Consolidated Adjusted EBITDA Increased 1.1% to $10.3 Billion; Adjusted EPS Increased 3.3% to $1.25; Generated Free Cash Flow of $4.5 Billion
• Returned $2.9 Billion to Shareholders Through a Combination of $1.2 Billion in Dividend Payments and $1.7 Billion in Share Repurchases, Reducing Shares Outstanding by 5% Compared to the Prior Year Period
• At Connectivity & Platforms, Connectivity Revenue Increased 5.4% to $11.5 Billion, Reflecting Growth in Domestic Broadband, Domestic Wireless, International Connectivity and Business Services Connectivity
• Pivoted Our Go-to-Market Strategy and Tactics, Including the Launch of New, National Internet Plans with Everyday Pricing (EDP) and Everything Included; a 5-Year Internet Price Guarantee; a Free Xfinity Unlimited Mobile Line Included for 1-Year; and a New Premium Unlimited Wireless Plan That Delivers Gigabit Speeds, Upgraded Features, and Significant Savings
• Domestic Wireless Customer Line Net Additions Were 378,000, the Best Quarterly Result on Record; Reached 14% Penetration of Our Domestic Residential Broadband Customers with a Total of 8.5 Million Lines
• Media EBITDA Increased 9.3% to $1.5 Billion, Driven by Peacock. Peacock Revenue Increased 18% to $1.2 Billion; Peacock EBITDA Losses of $101 Million Improved by $247 Million Compared to the Prior Year Period
• How to Train Your Dragon Debuted in June and Grossed Over $600 Million in Worldwide Box Office Year-to-Date, Pushing the Franchise's Cumulative Total Past $2 Billion; Jurassic World Rebirth Premiered in July as the Next Installment in the $6 Billion Film Series and Opened to Strong Worldwide Box Office Results
• Celebrated the Grand Opening of Epic Universe on May 22nd, Welcoming Thousands of Visitors to the Park's Five Immersive Worlds and Earning Strong Positive Guest Reactions; Universal Horror Unleashed Opens August 14th in Las Vegas, Expanding Our Parks Footprint with a Year-Round, Horror-Themed Entertainment Experience

2nd Quarter Consolidated Financial Results

Revenue increased 2.1% compared to the prior year period. Net Income Attributable to Comcast was $11.1 billion, including a $9.4 billion gain from the sale of our interest in Hulu, compared to $3.9 billion in the prior year period. Adjusted Net Income decreased 1.7%. Adjusted EBITDA increased 1.1%.

Earnings per Share (EPS) increased to $2.98, compared to $1.00 in the prior year period. Adjusted EPS increased 3.3% to $1.25.

Capital Expenditures decreased 1.7% to $2.7 billion. Connectivity & Platforms' capital expenditures increased 3.4% to $1.9 billion, primarily reflecting higher spending on customer premise equipment and line extensions. Content & Experiences' capital expenditures decreased 13.1% to $734 million, as we opened Epic Universe in Orlando on May 22, 2025.

Net Cash Provided by Operating Activities was $7.8 billion. Free Cash Flow was $4.5 billion.

Dividends and Share Repurchases. Comcast paid dividends totaling $1.2 billion and repurchased 49.3 million of its shares for $1.7 billion, resulting in a total return of capital to shareholders of $2.9 billion.

Connectivity & Platforms

Revenue and Adjusted EBITDA for Connectivity & Platforms were consistent with the prior year period. Adjusted EBITDA margin was 41.8%.

Total Customer Relationships for Connectivity & Platforms decreased by 349,000 to 51.2 million, primarily reflecting decreases in Residential Connectivity & Platforms customer relationships. Total domestic broadband customer net losses were 226,000, total domestic wireless line net additions were 378,000 and total domestic video customer net losses were 325,000.

Residential Connectivity & Platforms

Revenue for Residential Connectivity & Platforms was consistent with the prior year period but decreased when excluding the impact of foreign currency, driven by decreases in video, other and advertising revenue, offset by increases in domestic wireless, international connectivity and domestic broadband revenue. Domestic broadband revenue increased due to higher average rates, partially offset by a decline in the number of domestic broadband customers. Domestic wireless revenue increased primarily due to an increase in the number of customer lines and device sales. International connectivity revenue increased due to increases in broadband revenue from higher average rates and in wireless revenue, reflecting higher sales of wireless services, which includes the positive impact of foreign currency. Video revenue decreased due to a decline in the number of video customers, partially offset by an overall increase in average rates and the positive impact of foreign currency. Advertising revenue decreased due to lower domestic nonpolitical and political advertising and lower international advertising, partially offset by the positive impact of foreign currency. 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 was consistent with the prior year period reflecting lower revenue mostly 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 due to an increase in direct product costs mainly due to higher mobile device sales, as well as higher marketing and promotion costs driven by our new broadband and mobile offers introduced in April 2025, as well as the impact of foreign currency. Adjusted EBITDA margin was 39.8%.

Business Services Connectivity

Revenue for Business Services Connectivity increased due to an increase in revenue from enterprise solutions offerings, including the results from a recent acquisition, and an increase in revenue from small business customers driven by an increase in average rates due to higher adoption of our suite of advanced services.

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 56.1%.

Content & Experiences

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

Media

Revenue for Media increased primarily due to higher international networks and domestic distribution revenue, partially offset by lower domestic advertising revenue. Domestic advertising revenue decreased primarily due to lower revenue at our networks, partially offset by an increase in revenue at Peacock. Domestic distribution revenue increased primarily due to higher revenue at Peacock, partially offset by lower revenue at our 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 increased due to higher revenue and consistent operating expenses. The consistent operating expenses were primarily due to decreases in programming and production costs, offset by an increase in marketing and promotion expenses, each primarily related to Peacock. Media results include $1.2 billion of revenue and an Adjusted EBITDA⁷ loss of $101 million related to Peacock, compared to $1.0 billion of revenue and an Adjusted EBITDA⁷ loss of $348 million in the prior year period.

Studios

Revenue for Studios increased primarily due to higher content licensing and theatrical revenue. Content licensing revenue increased primarily due to the timing of when content was made available by our television studios, partially offset by the timing of when content was made available by our film studios. Theatrical revenue increased primarily due to the successful performance of recent releases, including How to Train Your Dragon.

Adjusted EBITDA for Studios decreased due to higher operating expenses, which more than offset higher revenue. The increase in operating expenses was primarily driven by higher programming and production expenses, mainly due to higher costs associated with content licensing sales, and higher marketing and promotion expenses due to increased spending on recent and upcoming theatrical film releases.

Theme Parks

Revenue for Theme Parks increased due to higher revenue at domestic theme parks, including the successful opening of Epic Universe, and international theme parks, which include the positive impact from foreign currency.

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 second quarter was $263 million, compared to a loss of $198 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 $606 million, compared to $505 million in the prior year period, and Adjusted EBITDA eliminations were a benefit of $56 million, compared to a benefit of $36 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 Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo. Corporate & Other Adjusted EBITDA decreased primarily reflecting a decrease at Spectacor and 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 $1.4 billion, compared to $1.3 billion in the prior year period, and Adjusted EBITDA eliminations were a benefit of $20 million compared to a loss of $1 million in the prior year period.

Numerical information is presented on a rounded basis using actual amounts, unless otherwise noted. The change in Peacock paid subscribers is calculated using rounded paid subscriber amounts. Minor differences in totals and percentage calculations may exist due to rounding.

Conference Call and Other Information

Comcast Corporation will host a conference call with the financial community today, July 31, 2025, 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, July 31, 2025, 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; 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.