Comcast's Q4 Earnings Surpass Estimates, Revenues Increase Y/Y

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]