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Dec 31, 2025
Comcast Q4 2025 Earnings Report
Comcast reported a slight revenue increase in Q4 2025 but saw net income decline sharply due to a prior-year tax benefit, while generating strong free cash flow.
Key Takeaways
Comcast posted modest revenue growth in Q4 2025 but experienced a significant drop in net income compared to the prior year. The company reported robust free cash flow and continued growth in wireless lines. Theme Parks saw strong performance due to the opening of Epic Universe.
Revenue rose 1.2% YoY to $32.31 billion in Q4 2025.
Net income dropped 54.6% YoY to $2.17 billion, mainly due to a prior-year tax benefit.
Free cash flow increased 34% YoY to $4.37 billion.
Domestic wireless added 364,000 lines, reaching 9.3 million total.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Comcast is focused on execution in 2026, emphasizing its national go-to-market strategy, wireless growth, and content investments.
Positive Outlook
- Strong momentum in wireless growth with 1.5M net additions in 2025
- Promising results from simplified broadband and mobile offers
- Record quarterly EBITDA in Theme Parks, boosted by Epic Universe
- Peacock revenue grew 23% YoY in Q4
- High engagement in sports programming including NBA and NFL
Challenges Ahead
- Net losses in broadband, video, and customer relationships
- Adjusted EBITDA declined 10.3% YoY
- Net income fell 54.6% YoY due to absence of prior year tax benefit
- Studios and Media segments reported lower EBITDA
Historical Earnings Impact
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Avg. Return Before/After Earnings
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