Comcast Q4 Adjusted EPS $0.84 Beats Estimates Despite 181k Broadband Losses
Comcast generated Q4 revenue of $32.31B (+1.2%) and adjusted EPS of $0.84, beating estimates, while net income tumbled 54.6% to $2.17B. The company lost 181k residential broadband subscribers but achieved 1.5M wireless net additions and grew Peacock revenue by 23%.
1. Fourth Quarter Consolidated Results Exceed EPS Forecasts
Comcast reported adjusted earnings per share of $0.84 for the quarter ended December 31, 2025, surpassing the consensus estimate of $0.75. Consolidated revenue rose 1.2% year-over-year to $32.31 billion, while net income attributable to Comcast declined 54.6% to $2.17 billion due to the absence of a prior-year $1.9 billion tax benefit. Adjusted EBITDA totaled $7.9 billion, down 10.3%, and free cash flow increased 34.0% to $4.37 billion, reflecting disciplined cost management and robust operating cash generation.
2. Connectivity & Platforms Faces Broadband Headwinds, Wireless Shines
The Connectivity & Platforms segment delivered $20.24 billion in revenue, down 1.1%, with residential broadband revenue slipping 1.1% to $6.32 billion as the company lost 181,000 domestic broadband customers. Business services revenue grew 5.8% to $2.59 billion, and international connectivity revenue climbed 5.8% to $1.34 billion. Domestic wireless achieved its best year ever with 1.5 million net line additions, boosting total lines to 9.3 million and driving wireless revenue up 18.0% to $1.40 billion. Connectivity & Platforms adjusted EBITDA margin contracted by 120 basis points to 37.1%.
3. NBCUniversal and Peacock Drive Media Growth
NBCUniversal’s media unit posted 5.5% revenue growth to $7.62 billion, supported by the NBA’s season launch on Peacock and NBC’s Sunday Night Football averaging 23.5 million viewers. Peacock added 3 million paid subscribers, ending the quarter with 44 million, and delivered 23% revenue growth to $1.6 billion, while reducing annual adjusted EBITDA losses by over $700 million. Theme parks adjusted EBITDA climbed 24% to just over $1.0 billion, fueled by the May opening of Epic Universe and strong guest spending trends.
4. Strong Cash Return and Balance Sheet Discipline
Comcast generated $8.84 billion of operating cash flow in the quarter, up 9.4%, and ended the year with record free cash flow of $19.2 billion, a 53.4% increase. The company returned $2.7 billion to shareholders in the fourth quarter through $1.2 billion in dividends and $1.5 billion in share repurchases, bringing total 2025 capital returned to $11.7 billion and reducing shares outstanding by 5%. Capital expenditures totaled $3.7 billion, down 4.2%, reflecting disciplined investment in network expansion and customer-premises equipment while maintaining a strong leverage profile.