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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
Achieved record free cash flow and strong balance sheet while investing in growth initiatives, including a major broadband strategy shift, Epic Universe launch, and NBA on NBC and Peacock.
Completed the spin-off of Versant Media, focusing on core growth businesses and premium content.
Fourth quarter 2025 revenue grew 1.2% year-over-year to $32.3B, with full-year revenue flat at $123.7B.
Adjusted EBITDA and EPS declined in Q4 and for the full year, reflecting investment period impacts.
Positioned for further growth in 2026, emphasizing broadband investment, wireless convergence, and content leadership.
Financial highlights
Q4 adjusted EBITDA declined 10.3% to $7.9B; adjusted EPS declined 12.4% to $0.84.
Q4 free cash flow increased 34% to $4.4B, including a $2B one-time cash tax benefit; full-year free cash flow reached $19.2B.
Returned $2.7B to shareholders in Q4 and $11.7B for the year, including $6.8B in share repurchases.
Theme Parks revenue rose 21.9% in Q4, with EBITDA surpassing $1B for the first time, driven by Epic Universe.
Peacock revenue grew 23% year-over-year to $1.6B in Q4, with paid subscribers up 22% to 44M.
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 in the next quarters due to absence of rate increases and free wireless lines.
Anticipate meaningful improvement in EBITDA in the second half of 2026 as investments are lapped and free wireless lines convert to paid.
Peacock losses expected to improve meaningfully in 2026, progressing toward break-even.
Total capital spending in 2026 expected to be similar to 2025.
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?
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Next Comcast earnings date
Q1 202630 Apr, 2026
Comcast
Next Comcast earnings date
Q1 202630 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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