Comcast(US:CMCSA)2025-04-24 19:14Financial Performance - Consolidated revenue for the three months ended March 31, 2025, was $29,887 million, a decrease of 0.6% compared to $30,058 million in 2024[73] - Net income attributable to Comcast Corporation for the three months ended March 31, 2025, was $3,375 million, down 12.5% from $3,857 million in 2024[73] - Adjusted EBITDA for the three months ended March 31, 2025, increased by 1.9% to $9,532 million from $9,355 million in 2024[73] - Operating income for the three months ended March 31, 2025 was $5,658 million, a decrease of 2.6% from $5,810 million in the same period of 2024[147] Revenue Breakdown - Total Connectivity & Platforms revenue for the three months ended March 31, 2025, was $20,138 million, a decrease of 0.7% from $20,275 million in 2024[85] - Total revenue for the Residential Connectivity & Platforms segment decreased by 1.3% to $17,642 million for the three months ended March 31, 2025, compared to $17,868 million in 2024[100] - Domestic wireless revenue increased by 15.6% to $1,123 million for the three months ended March 31, 2025, driven by an increase in customer lines and device sales[100] - Media segment total revenue increased by 1.1% to $6,440 million for the three months ended March 31, 2025, compared to $6,371 million in 2024[113] - Studios segment total revenue increased by 3.0% to $2,826 million for the three months ended March 31, 2025, compared to $2,743 million in 2024[119] - Theme Parks revenue decreased by 5.2% to $1,876 million for the three months ended March 31, 2025, compared to $1,979 million in 2024[110] Customer Metrics - Domestic Residential Connectivity & Platforms customer relationships decreased by 204 thousand to 30,969 thousand in the three months ended March 31, 2025[88] - Total domestic video customers decreased by 427 thousand to 12,096 thousand in the three months ended March 31, 2025[88] - Domestic broadband penetration of homes and businesses passed was 49.3% for the three months ended March 31, 2025, down from 51.1% in 2024[88] - Peacock had 41 million paid subscribers as of March 31, 2025, up from 34 million in the same period in 2024, contributing $1.2 billion in revenue[116] Expenses and Costs - Amortization expense from acquisition-related intangible assets totaled $789 million for the three months ended March 31, 2025, compared to $569 million in 2024[77] - Consolidated interest expense increased by 4.8% to $1,050 million for the three months ended March 31, 2025, due to higher average debt outstanding[78] - Total costs and expenses for the Media segment decreased by 2.0% to $5,436 million for the three months ended March 31, 2025, compared to $5,545 million in 2024[113] - Theme parks segment costs and expenses increased by 7.5% to $1,447 million, driven by preopening costs for Epic Universe ahead of its scheduled opening in May 2025[125] Cash Flow and Capital Management - Cash provided by operating activities increased to $8.3 billion for the three months ended March 31, 2025, compared to $7.8 billion in the same period in 2024[143] - As of March 31, 2025, cash and cash equivalents totaled $8.6 billion, an increase from $7.3 billion as of December 31, 2024[143] - The company maintained significant availability under its revolving credit facility, totaling $11.8 billion as of March 31, 2025[145] - For the three months ended March 31, 2025, net cash provided by operating activities was $8,294 million, an increase of 5.7% compared to $7,848 million in the same period of 2024[147] - During the three months ended March 31, 2025, the company repurchased 56 million shares of Class A common stock for $2.0 billion, with a remaining authorization of $13.7 billion under the new share repurchase program[156] - The company paid dividends of $1.2 billion during the three months ended March 31, 2025, with a 6.5% increase in the annualized dividend to $1.32 per share[158] Debt and Taxation - Debt repayments totaled $604 million for the three months ended March 31, 2025, including $419 million of principal amount due at maturity[154] - Total debt as of March 31, 2025, was $99.1 billion, unchanged from December 31, 2024[161] - The company expects to receive a federal income tax refund due to a capital loss carryback from a 2024 internal corporate reorganization[150] - Payments of income taxes increased to $400 million for the three months ended March 31, 2025, compared to $349 million in the same period of 2024, primarily due to higher federal and foreign income taxes[149]