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Comcast (CMCSA) investor relations material
Comcast Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for Q3 2025 was $31.2B, down 2.7% year-over-year, mainly due to the absence of Paris Olympics revenue; net income attributable to shareholders was $3.3B, down 8.2%.
Adjusted EBITDA was stable at $9.7B; adjusted EPS remained flat at $1.12.
Free cash flow rose 45% to $4.9B, with $2.8B returned to shareholders via dividends and buybacks.
The company completed the sale of its 33% stake in Hulu, receiving $9.6B in cash and recording a $9.4B pre-tax gain.
Announced the planned spin-off of Versant Media Group, targeting completion in early 2026.
Financial highlights
Q3 2025 revenue: $31.2B (down 2.7% year-over-year); nine months: $91.4B (down 0.5%).
Q3 net income attributable to shareholders: $3.3B (down 8.2%); nine months: $17.8B (up 56.2% due to Hulu sale gain).
Adjusted EBITDA for Q3: $9.7B (down 0.7%); for nine months: $29.5B (up 0.8%).
Free cash flow generation was $4.9B in Q3; capital expenditures were $3.1B.
Returned $2.8B to shareholders in Q3 through $1.5B in share repurchases and $1.2B in dividends.
Outlook and guidance
Focus remains on organic investment, growing higher-margin connectivity businesses, and maintaining strong investment grade credit ratings.
Broadband pricing was simplified and a free wireless line promotion was introduced, expected to pressure ARPU.
Continued declines in video revenue anticipated due to shifting consumption patterns.
Versant Media Group spin-off targeted for early 2026, subject to approvals.
Anticipated tailwind to convergence revenue growth in the second half of next year as free wireless lines convert to paid.
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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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