Comcast(US:CMCSA)2025-10-30 11:16Financial Performance - Comcast reported a consolidated revenue of $31.2 billion for Q3 2025, a decrease of 2.7% compared to $32.1 billion in Q3 2024[3]. - Net income attributable to Comcast decreased by 8.2% to $3.3 billion, down from $3.6 billion in the prior year[3]. - Adjusted EBITDA for Q3 2025 was $9,669 million, slightly down from $9,735 million in Q3 2024[49]. - Operating income for the nine months ended September 30, 2025, was $17,184 million, compared to $18,304 million for the same period in 2024, reflecting a decrease of 6.1%[45]. - The diluted earnings per share attributable to Comcast Corporation shareholders for Q3 2025 was $0.90, down from $0.94 in Q3 2024[53]. - The year to date 2025 net income attributable to Comcast Corporation includes a $177 million income tax benefit due to an internal corporate reorganization[56]. Cash Flow and Shareholder Returns - Free cash flow for the quarter was $4.9 billion, representing a significant increase of 45.2% from $3.4 billion in Q3 2024[4]. - Comcast returned $2.8 billion to shareholders through $1.2 billion in dividends and $1.5 billion in share repurchases, reducing shares outstanding by 5%[4]. - Free Cash Flow for the nine months ended September 30, 2025, was $14,866 million, an increase of 60.0% from $9,283 million in 2024[51]. Revenue by Segment - Total revenue for Media decreased to $6,589 million, down 19.9% from $8,231 million in the prior year, primarily due to lower domestic advertising and distribution revenue[21]. - Studios revenue rose to $3,000 million, a 6.1% increase from $2,826 million, mainly due to higher content licensing revenue[23]. - Theme Parks revenue grew by 19% due to the success of the Epic Universe, contributing to an EBITDA of $958 million, up 13.1%[5]. - Domestic advertising revenue, excluding the impact of the Paris Olympics, increased by 2.6% due to higher revenue at Peacock[21]. - Total Connectivity & Platforms Revenue for the three months ended September 30, 2025, was $20,291 million, a slight increase from $20,458 million in the same period of 2024[60]. Operating Expenses and Capital Expenditures - Capital expenditures rose by 5.4% to $3.1 billion, with Connectivity & Platforms' capital expenditures increasing by 19.5% to $2.3 billion[7]. - Total operating expenses for the three months ended September 30, 2025, were $10,962 million, compared to $11,105 million in the same period of 2024[60]. - Capital expenditures for the nine months ended September 30, 2025, totaled $8,001 million, a decrease of 3.2% from $8,267 million in 2024[50]. EBITDA Analysis - Media segment EBITDA increased by 28% to $832 million, driven by Peacock, with losses improving by $219 million year-over-year[4]. - Adjusted EBITDA for Media increased by 28.0% to $832 million, driven by lower operating expenses, despite a decrease in revenue[22]. - Adjusted EBITDA for Studios decreased by 21.9% to $365 million, impacted by higher operating expenses[24]. - Adjusted EBITDA for Theme Parks rose by 13.1% to $958 million, reflecting higher revenue that offset increased operating expenses[26]. - The Adjusted EBITDA Margin for Total Connectivity & Platforms was 40.9% for the three months ended September 30, 2025, down from 41.1% in the same period of 2024[60]. Other Financial Metrics - Cash, cash equivalents, and restricted cash at the end of Q3 2025 were $9,371 million, up from $8,878 million at the end of Q3 2024[46]. - Total current liabilities decreased to $32,702 million as of September 30, 2025, from $39,581 million at the end of 2024[48]. - Comcast Corporation's total equity increased to $97,416 million as of September 30, 2025, compared to $86,038 million at the end of 2024[48]. - Revenue eliminations decreased to $1,456 million from $1,495 million in the prior year, with Adjusted EBITDA eliminations showing a loss of $19 million compared to a loss of $59 million[32].