Comcast (CMCSA) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was $29.9 billion, down 0.6% year-over-year, with net income attributable to Comcast at $3.4 billion, a 12.5% decrease from Q1 2024.

• Adjusted EBITDA rose 1.9% to $9.5 billion, while Adjusted EPS increased 4.5% to $1.09; free cash flow reached $5.4 billion, up 19.4%.

• $3.2 billion was returned to shareholders via $2.0 billion in share repurchases and $1.2 billion in dividends.

• Connectivity businesses posted 4% revenue growth, with the highest wireless line additions in two years and strong business services performance.

• Theme parks remain on a growth trajectory, with Epic Universe opening in May 2025 and international expansion plans announced.

Financial highlights

• Consolidated revenue was $29.9 billion, down 0.6% year-over-year; net income attributable to Comcast fell 12.5% to $3.4 billion.

• Adjusted EBITDA increased 1.9% to $9.5 billion; Adjusted EPS rose 4.5% to $1.09; free cash flow was $5.4 billion.

• Connectivity & Platforms revenue was flat at $20.1 billion; Business Services Connectivity revenue grew 3.7% to $2.5 billion.

• Media revenue increased 1.1% to $6.4 billion, with Peacock revenue up 16% and paid subscribers surpassing 41 million.

• Theme Parks revenue declined 5.2% to $1.9 billion, with Adjusted EBITDA down 32.1% due to lower attendance and pre-opening costs for Epic Universe.

Outlook and guidance

• Management expects continued declines in video revenue and customer relationships due to competitive pressures and shifting consumption patterns.

• Ongoing investment in broadband, wireless, and enterprise solutions is expected to drive higher-margin growth.

• Epic Universe theme park in Orlando set to open May 2025, with UK expansion and new Las Vegas attraction announced.

• Peacock expected to continue improving monetization and reducing losses, with NBA rights as a future growth driver.

• Capital allocation priorities remain: organic investment, balance sheet strength, and shareholder returns.