Comcast (CMCSA) Q4 2025 earnings summary

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.