Comcast Corporation reported Q4 and full-year 2025 results as wireless growth and theme parks offset pressure in residential broadband and media margins. Revenue rose 1.2% year over year in the fourth quarter to $32.3 billion, while net income attributable to Comcast fell 54.6% to $2.2 billion due to an unfavorable comparison with a prior-year tax benefit. Adjusted EBITDA declined 10.3% to $7.9 billion, and adjusted EPS decreased 12.4% to $0.84.
For the full year, Comcast generated $123.7 billion in revenue and $37.4 billion in adjusted EBITDA, alongside $19.2 billion in free cash flow. Connectivity & Platforms revenue increased 4.2% for the year, driven by domestic wireless, international connectivity, and business services. Domestic wireless delivered 1.5 million net line additions in 2025, bringing total lines to 9.3 million and surpassing 15% penetration of residential broadband customers.
Content & Experiences posted mixed results in the quarter. Theme Parks adjusted EBITDA rose 24% to more than $1.0 billion for the first time, supported by the opening of Epic Universe in Orlando. Media revenue increased 5.5% as Peacock subscriptions and advertising grew, including the launch of NBA coverage, though higher programming and sports rights costs pushed the Media segment to an adjusted EBITDA loss. Comcast also completed the tax-free separation of Versant Media in early January 2026, sharpening NBCUniversal’s focus on streaming, live sports, and premium content.
- Consolidated adjusted EBITDA: $7.9B in Q4; $37.4B for FY 2025
- Free cash flow: $4.4B in Q4; $19.2B for FY 2025
- Domestic wireless: 1.5M net line adds in 2025; 9.3M total lines
- Connectivity & Platforms capex: $2.9B in Q4; $8.7B for FY 2025
- Peacock: 44M paid subscribers (+22% YoY); Q4 revenue $1.6B
- Theme Parks: Q4 adjusted EBITDA up 24%, surpassing $1.0B
“We made decisive changes in 2025 to position Comcast for long-term, sustainable growth, delivered our best year ever in wireless, and generated record free cash flow while maintaining a strong balance sheet,” said co-CEOs Brian L. Roberts and Mike Cavanagh.
🌐 Analysis
Comcast’s results highlight a continued shift toward converged connectivity, with wireless acting as a key offset to ongoing broadband subscriber pressure. The company’s increased investment in Connectivity & Platforms infrastructure and its focus on bundled broadband-mobile offers align with broader U.S. cable strategies as operators compete more directly with mobile-first providers and fiber overbuilders.
