Core Insights - Comcast (CMCSA) reported fourth-quarter 2025 adjusted earnings of 84 cents per share, exceeding the Zacks Consensus Estimate by 12% but declining 12.4% year over year [1] - Consolidated revenues increased 1.2% year over year to $32.31 billion, surpassing Zacks Consensus Estimates by 0.53% [1] Connectivity & Platforms - Connectivity & Platforms revenues, which account for 62.7% of total revenues, decreased 1.1% year over year to $20.24 billion [2] - Residential Connectivity & Platforms revenues fell 2.1% year over year to $17.65 billion, while Business Services Connectivity revenues rose 5.8% year over year to $2.59 billion [2] - Total Customer Relationships for Connectivity & Platforms decreased by 181,000 to 50.8 million, primarily due to losses in Residential Connectivity [3] - Domestic broadband customer net losses were 181,000, while domestic wireless line net additions were 364,000, achieving over 15% penetration of domestic residential broadband customers [3] Content & Experiences - Content & Experiences revenues, making up 39.4% of total revenues, increased 5.4% year over year to $12.74 billion, driven by Theme Parks and Media [4] - Media revenues rose 5.5% year over year to $7.62 billion, supported by higher international networks and domestic distribution revenues, despite lower domestic advertising revenues [4] - Peacock paid subscribers increased 22% year over year to 44 million, with revenues jumping 23% to $1.6 billion [5] - Studios revenues decreased 7.4% year over year to $3.03 billion due to lower content licensing and theatrical revenues [5] - Theme Parks revenues surged 21.9% year over year to $2.89 billion, largely due to the successful opening of Epic Universe in May 2025 [6] Operating Details - Costs and expenses in Q4 2025 rose 7.1% year over year to $28.82 billion, with programming and production costs increasing 2.8% to $10.31 billion [7] - Adjusted EBITDA decreased 10.3% year over year to $7.9 billion, with Connectivity & Platforms' adjusted EBITDA declining 4.3% to $7.50 billion [8] - Content & Experiences adjusted EBITDA fell 32.6% year over year to $1.01 billion, with Media adjusted EBITDA turning to a loss of $122 million [10] Cash Flow & Liquidity - As of December 31, 2025, cash and cash equivalents totaled $9.48 billion, down from $9.69 billion as of September 30, 2025 [11] - Consolidated total debt decreased to $98.9 billion from $99.1 billion [11] - Free cash flow increased to $4.37 billion from $3.26 billion in the prior year quarter [11] - Comcast generated $8.84 billion in cash from operations, up from $8.69 billion in the previous quarter [12] - The company returned $2.7 billion to shareholders through dividends and share repurchases [12]

Core Insights - Comcast is undergoing a significant transformation in its broadband strategy, moving towards simplified nationwide pricing and away from short-term promotions, which includes a five-year price guarantee [1][5][6] Financial Performance - In 2025, Comcast achieved a record free cash flow of $19.2 billion, aided by one-time tax benefits, while returning nearly $12 billion to shareholders and maintaining its dividend [3][22] - Total company revenue grew by 1% in Q4, but adjusted EBITDA and EPS declined by 10% and 12% respectively, attributed to ongoing investments and costs associated with the NBA contract [8][19] Broadband Strategy - The company reported a loss of 181,000 broadband subscribers in Q4, with ARPU growth of 1.1% expected to face headwinds due to simplified pricing and free wireless line promotions [5][7][9] - Comcast's new pricing strategy aims to stabilize its broadband base and restore revenue growth, although it is currently pressuring results [6][9] Wireless Growth - 2025 marked a record year for Comcast's wireless segment, adding approximately 1.5 million net lines, with a strategy focused on free-line promotions expected to convert many to paid relationships by H2 2026 [4][11][12] - The company modernized its MVNO partnership with Verizon and plans to add T-Mobile for business customers, enhancing its mobile platform [13] Content and Media - Peacock revenue reached a record $1.6 billion with 44 million subscribers, despite incurring significant quarterly losses of $552 million due to NBA rights costs [3][16] - Theme parks and Peacock, along with domestic wireless, each saw revenue growth around 20% in the quarter, with theme parks achieving a notable EBITDA of over $1 billion [14][16] Future Outlook - Comcast anticipates continued ARPU and EBITDA pressure in the coming quarters due to the absence of rate increases and the impact of free wireless lines [9][10] - The company expects to see improvements in Peacock's profitability in 2026, driven by advertising growth and subscriber acquisition [17][18]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists across key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content delivered by the team includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans to maintain quality and best practices in content production [5]

康卡斯特（CMCSA）周四早盘上涨4.9%。该公司报告第四季度业绩喜忧参半，国内宽带用户减少18.1 万，但移动用户增加36.4万；Peacock流媒体服务截至2025年底拥有4400万付费用户，媒体收入增长 5.5%。 责任编辑：张俊 SF065 康卡斯特（CMCSA）周四早盘上涨4.9%。该公司报告第四季度业绩喜忧参半，国内宽带用户减少18.1 万，但移动用户增加36.4万；Peacock流媒体服务截至2025年底拥有4400万付费用户，媒体收入增长 5.5%。 责任编辑：张俊 SF065 ...

Comcast (NasdaqGS:CMCSA) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Company ParticipantsBrian Roberts - Chairman and CEOCraig Moffett - Senior Managing DirectorJason Armstrong - CFOJessica Reif Ehrlich - MDKutgun Maral - Cable and Telecom Equity ResearchMarci Ryvicker - EVP of Investor RelationsMike Cavanagh - Co-CEOMike Rollins - MDSteve Crone - CEO of Connectivity & PlatformsConference Call ParticipantsJohn Hodulik - MD and Senior Equity Research AnalystMichael Ng - Equity Research AnalystOperator ...

Comcast (NasdaqGS:CMCSA) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Company ParticipantsBrian Roberts - Chairman and CEOCraig Moffett - Senior Managing DirectorJason Armstrong - CFOJessica Reif Ehrlich - MDKutgun Maral - Cable and Telecom Equity ResearchMarci Ryvicker - EVP of Investor RelationsMike Cavanagh - Co-CEOMike Rollins - MDSteve Crone - CEO of Connectivity & PlatformsConference Call ParticipantsJohn Hodulik - MD and Senior Equity Research AnalystMichael Ng - Equity Research AnalystOperator ...

Comcast (NasdaqGS:CMCSA) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Speaker0Good morning, ladies and gentlemen, and welcome to Comcast's fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. Please note this conference call is being recorded. I will now turn the call over to Executive Vice President, Investor Relations, Ms. Marci Ryvicker. Please go ahead, Ms. Ryvicker.Speaker2Thank you, Operator, and welcome, everyone. Joining us on to ...

Comcast (CMCSA) came out with quarterly earnings of $0.84 per share, beating the Zacks Consensus Estimate of $0.75 per share. This compares to earnings of $0.96 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +11.66%. A quarter ago, it was expected that this cable provider would post earnings of $1.1 per share when it actually produced earnings of $1.12, delivering a surprise of +1.82%.Over the last four quarters, the company ...

Comcast's latest earnings underline how the company's business mix is changing as pressure builds on its traditional cable operations. While the group beat expectations on earnings in the fourth quart... ...

4 th Quarter and Full Year 2025 Results J a n u a r y 2 9 , 2 0 2 6 IMPORTANT INFORMATION Caution Concerning Forward-looking Statements This presentation includes statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not historical facts or statements of current conditions, but instead represent onl ...