Comcast(US:CMCSA)2025-10-30 19:11Financial Performance - Consolidated revenue for the three months ended September 30, 2025, decreased by 2.7% to $31,198 million compared to $32,070 million in 2024[74] - Net income attributable to Comcast Corporation for the three months ended September 30, 2025, was $3,332 million, down 8.2% from $3,629 million in 2024[74] - Adjusted EBITDA for the three months ended September 30, 2025, was $9,669 million, a decrease of 0.7% from $9,735 million in 2024[74] - Consolidated costs and expenses for the three months ended September 30, 2025, decreased by 2.1% to $25,665 million compared to $26,211 million in 2024[74] - Total revenue for Q3 2025 decreased by 1.5% to $17,601 million, while for the nine months it fell by 0.9% to $53,057 million[103] - Adjusted EBITDA for Q3 2025 was $6,554 million, down 5.1% year-over-year, and for the nine months it decreased by 1.5% to $20,554 million[103] - Operating income for the nine months ended September 30, 2025, was $17,184 million, a decrease of 6.1% compared to $18,304 million in 2024[159] Revenue Breakdown - Total Connectivity & Platforms revenue for Q3 2025 was $20,176 million, a decrease of 0.6% compared to Q3 2024, while year-to-date revenue was $60,704 million, down 0.2%[86] - Media segment revenue for Q3 2025 was $6,589 million, a decline of 19.9% compared to Q3 2024, with domestic advertising revenue dropping by 41.3%[120] - Theme Parks revenue increased by 18.7% to $2,717 million for Q3 2025 and by 11.2% to $6,943 million for the nine months, reflecting ongoing investments in attractions and infrastructure[117] - Domestic broadband revenue for Q3 2025 was $6,433 million, a slight increase of 0.5% compared to Q3 2024, while for the nine months ended September 30, 2025, it rose to $19,521 million, up 1.3% year-over-year[103] - Domestic wireless revenue increased by 14.0% to $1,246 million for Q3 2025 and by 15.6% to $3,565 million for the nine months ended September 30, 2025, driven by higher customer lines and device sales[108] - International connectivity revenue grew by 10.8% to $1,275 million for Q3 2025 and by 11.9% to $3,626 million for the nine months ended September 30, 2025, aided by increases in broadband and wireless services[109] Cost Management - Programming and production costs decreased by 15.3% to $8,655 million for the three months ended September 30, 2025, compared to $10,216 million in 2024[74] - Marketing and promotion expenses increased by 10.4% to $2,196 million for the three months ended September 30, 2025, compared to $1,989 million in 2024[74] - Programming expenses, the largest operating expense, decreased by 3.7% to $3,952 million in Q3 2025, with year-to-date programming expenses down 5.5% to $12,057 million[97] - Marketing and promotion expenses for the Media segment decreased by 44.8% to $436 million for the three months ended September 30, 2025, compared to $301 million in 2024[134] Customer Metrics - Domestic residential customer relationships decreased by 103, totaling 30,642 in Q3 2025, while international residential customer relationships fell by 95, totaling 17,603[89] - Domestic broadband residential customers decreased by 91, totaling 28,897 in Q3 2025, while total domestic broadband customers decreased by 104, totaling 31,436[89] - Average monthly total Connectivity & Platforms revenue per customer relationship increased by 0.7% to $131.74 in Q3 2025, while average monthly adjusted EBITDA per customer relationship decreased by 2.3% to $52.29[94] Investments and Future Outlook - A significant gain of $9.4 billion was recorded from the sale of Comcast's interest in Hulu during the nine months ended September 30, 2025[82] - The company is focusing on growing higher-margin connectivity businesses and has simplified its broadband pricing structure to improve customer retention[88] - The company expects continued declines in video revenue due to shifting consumption patterns and competitive pressures, impacting overall customer relationships[88] - The company aims to grow its Business Services Connectivity segment by offering competitive enterprise solutions[88] - Significant investments are being made in new theme park attractions and experiences, including the recently opened Epic Universe in Orlando, expected to positively impact attendance and guest spending[119] Tax and Cash Flow - The effective income tax rate for the three months ended September 30, 2025, was impacted by lower domestic income before income taxes, resulting in a decrease in income tax expense[83] - Payments of income taxes decreased to $2,378 million in 2025 from $5,988 million in 2024, primarily due to higher payments in the prior year related to a taxable gain on the investment in Hulu[161] - Cash provided by operating activities for the nine months ended September 30, 2025, was $24.8 billion, an increase from $19.6 billion in 2024, indicating a growth of 26.0%[156] - As of September 30, 2025, cash and cash equivalents totaled $9.3 billion, an increase from $7.3 billion at the end of 2024[156] Shareholder Returns - The company repurchased 152 million shares of Class A common stock for $5.3 billion during the nine months ended September 30, 2025, with $10.4 billion remaining under the new $15.0 billion share repurchase program[171] - A 6.5% increase in the dividend was approved, raising it to $1.32 per share on an annualized basis, with total dividends paid amounting to $3.7 billion for the nine months ended September 30, 2025[173]