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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Comcast
Comcast (CMCSA) investor relations material
Comcast Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Full-year 2025 revenue was $123.7B, flat year-over-year, with Q4 revenue up 1.2% to $32.3B, driven by strong performance in theme parks, Peacock, and wireless.
Adjusted EBITDA for 2025 was $37.4B, down 1.8%, and adjusted EPS was $4.31, both slightly down from 2024; Q4 adjusted EBITDA declined 10.3% and adjusted EPS declined 12.4%.
Achieved record free cash flow of $19.2B in 2025, including a $2B one-time cash tax benefit from a corporate reorganization.
Completed the tax-free spin-off of Versant Media, allowing NBCUniversal to focus on core media and streaming businesses.
Wireless business added 1.5M net lines in 2025, reaching over 9M total lines and 15% penetration of the residential broadband base.
Financial highlights
Q4 adjusted EBITDA margin for Connectivity & Platforms was 37.1%; Business Services Connectivity margin was 54.2%.
Theme Parks revenue rose 21.9% in Q4 to $2.9B, with EBITDA up 23.5% to $1B, driven by Epic Universe.
Peacock revenue grew 23% year-over-year to $1.6B in Q4, with paid subscribers up 22% to 44M.
Returned $11.7B to shareholders in 2025, including $6.8B in share repurchases and $4.9B in dividends.
Q4 free cash flow was $4.4B, up 34%, and full-year capex was $11.8B, down 4.2%.
Outlook and guidance
2026 will be the largest broadband investment year, with a focus on migrating most residential customers to new pricing and packaging.
Expect further ARPU pressure in broadband for the next few quarters due to absence of rate increases and free wireless lines.
Anticipate meaningful improvement in Peacock losses in 2026, progressing toward break-even.
Plan to convert most free wireless lines to paid relationships in the second half of 2026, providing a tailwind to convergence revenue.
Dividend maintained at $1.32 per share for 2026; shareholders also received Versant shares as a dividend in kind.
Broadband strategy: early results vs. customer losses?
What drove Q4 Peacock EBITDA loss increase?
Quantify Epic Universe's Q4 EBITDA contribution
What drives H2 2026 C&P EBITDA improvement?
Key levers for Peacock's path to profitability?
How does Comcast view its media asset portfolio?
Partial view of Summaries dataset, powered by Quartr API
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Next Comcast earnings date
Q1 202623 Apr, 2026
Comcast
Next Comcast earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Communication, news, blockbuster movies and more
Comcast is a telecommunications company based in the United States that offers cable television, internet, and voice services to residential and business customers. With a wide range of entertainment products, reliable internet connectivity, and voice communication solutions, Comcast caters to a diverse customer base of both individuals and businesses.
Providing high-speed internet access
One of the core aspects of Comcast’s wide array of services and products is their broadband services. Available for both individuals and businesses alike, the company is well established all over the US. By offering different packages and solutions tailored to each customer's needs, Comcast is able to provide an appealing internet solution for a large percentage of the market. Regardless of whether an individual simply wants to have reliable WiFi in their home or if a business is looking to find a solution for their headquarters, Comcast has a connection solution available.
Mobile solutions
Comcast also provides wireless communication services to its customers through its Xfinity Mobile brand. Xfinity Mobile operates as a mobile virtual network operator (MVNO), leveraging the infrastructure of major wireless networks to deliver cellular services. With Xfinity Mobile, customers can choose between a range of wireless plans that include talk, text, and data options. Comcast, like their competitors T-mobile and AT&T, offer their services to individuals, as well as large corporations, small businesses, organizations, and government agencies.
Heavy-hitting subsidiaries
Xfinity is not the only noteworthy subsidiary of Comcast. Comcast also owns the broadcasting company NBC, which also operates one of the largest television networks in the US. Under the NBC umbrella productions include news, television shows, and sports, as well as movies through the well-acclaimed production company Universal Studios. Comcast also owns Sky, a broadcasting company operating in the UK and Ireland. Sky is primarily known for its sports section with several high-profile broadcasting rights, but also operate traditional TV-channels as well as a streaming service.
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