Comcast (CMCSA) Q4 2025 earnings summary

Executive summary

• Achieved 1.2% Q4 revenue growth to $32.3B, with full-year revenue flat at $123.7B; strong performance in theme parks, Peacock, and wireless, each growing revenue around 20%.

• Completed the spin-off of Versant Media, focusing NBCUniversal on profitability in media, sports, and entertainment, and distributed Versant shares as a dividend in kind.

• Wireless net additions reached 1.5M for the year, with over 9M total lines and 15% penetration of the broadband base.

• Epic Universe opening in Orlando drove record theme park EBITDA, surpassing $1B in Q4, with higher per-cap spending and attendance.

• Achieved record free cash flow of $19.2B for the year, aided by a $2B one-time cash tax benefit from a corporate reorganization.

Financial highlights

• Adjusted EBITDA declined 10.3% in Q4 to $7.9B; adjusted EPS declined 12.4% to $0.84, reflecting investment period and new NBA contract costs.

• Full-year adjusted EBITDA was $37.4B, down 1.8% year-over-year; adjusted EPS for the year was $4.31.

• Free cash flow for Q4 was $4.4B, up 34%; full-year free cash flow reached $19.2B, the highest on record.

• Capital spending in 2025 was $11.8B, down 4.2%; content and experiences CapEx fell 17% after Epic Universe completion.

• Returned $11.7B to shareholders in 2025, including $6.8B in share repurchases and $4.9B in dividends.

Outlook and guidance

• 2026 will be the largest broadband investment year, aiming to migrate 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 despite absorbing NBA rights.

• Majority of free wireless lines expected to convert to paid relationships in H2 2026, providing a tailwind to convergence revenue.

• Capital spending in 2026 projected to be similar to 2025, with consistent investment in connectivity and content.