Comcast (CMCSA) Q4 2025 earnings

Comcast The company reported mixed fourth-quarter results on Thursday, beating analysts’ earnings expectations but missing revenue slightly.

Once again, Comcast’s broadband business has shown signs of significant competition facing cable companies. Comcast said it lost 181,000 domestic broadband customers during the period, though it said the losses were offset by an increase in international subscribers.

The company’s mobile offerings remained a bright spot, racking up 364,000 additions during the period for a total of more than 9.3 million mobile customers for Comcast’s latest business.

Last year, Comcast said it was changing its strategy to focus more on growing its mobile business after facing continued pressure in broadband, mainly due to competition from wireless providers such as Verizon and T-Mobile.

Here’s how Comcast performed in the period ending December 31 compared to average analyst estimates, according to LSEG:

• EPS: 84 cents were revised versus 75 cents expected
• profit: $32.31 billion compared to $32.35 billion expected

Net income attributable to Comcast fell 54.6% to $2.17 billion, or 60 cents per share, compared to $4.78 billion, or $1.24 per share, in the prior year.

After adjusting for some one-time items — such as the value of intangible assets, fees associated with investments and prior-year tax benefits that Comcast said provided an “unfavorable comparison” — the company reported adjusted net income of $3.06 billion, or 84 cents per share.

Comcast’s adjusted earnings before interest, taxes, depreciation and amortization fell 10% to $7.9 billion.

The company’s total quarterly revenue rose more than 1% to $32.31 billion.

Revenue for Comcast’s communications and platforms unit — which includes its Xfinity-branded services across broadband, pay TV and mobile — fell 1% to $20.24 billion.

In particular, domestic broadband unit revenue fell 1% to approximately $6.32 billion. While this reflects a decline in the number of broadband customers, it was partially offset by higher average prices, Comcast said.

In addition to the losses of broadband customers and mobile additions, Comcast lost 245,000 pay-TV customers during the fourth quarter. The company now has 11.27 million pay-TV customers.

Meanwhile, revenue for the company’s media unit, which includes NBCUniversal, rose 5.5% to $7.62 billion.

This marks the last quarter to include NBCUniversal’s earnings report for its entire portfolio of cable networks, as Comcast has spun off most of its pay TV networks, including CNBC and MS Now, into a publicly traded entity Versant.

Local advertising revenue for the media business increased 1.5% due to the addition of NBA on NBC, which helped increase overall revenue.

NBC’s streaming service, Peacock, added three million paying customers after three quarters of essentially no change. It ended the year with 44 million paid subscribers. The streaming service reported a loss of $552 million for the fourth quarter, larger than the $372 million loss it reported in the prior-year period.

These losses were due in part to the impact of the NBA rights deal, which commenced during the quarter.

Peacock saw revenue of $1.6 billion compared to $1.3 billion in the same quarter last year.

Comcast’s Universal Film Studio revenue fell 7.4% to $3.03 billion due to lower licensing and theatrical revenues compared to the same quarter a year earlier. The releases of “Wicked: For Good” and “Black Phone 2” were lower than the releases of “Wicked” and “The Bad Robot” last year.

However, global theme park revenue rose 22% to nearly $2.9 billion, driven by the opening of Epic Universe last year.

Disclosure: Versant Media is the parent company of CNBC. Comcast was the parent company of CNBC until the fourth quarter of 2025.