Comcast reported fourth-quarter earnings per share of $0.84, surpassing the consensus estimate of $0.73. Total revenues reached $32.31 billion, largely in line with analyst projections of $32.35 billion. Strength in the Theme Parks division—driven by record attendance at its domestic attractions—and a surge in Peacock streaming subscribers helped offset underperformance in the Studios segment, where content licensing delays and higher production costs compressed margins.

Despite solid results in media and entertainment, Comcast’s broadband business continues to face intense competition from fiber-to-the-home providers and wireless alternatives. The segment’s net additions were flat quarter-over-quarter, marking the third consecutive period without subscriber growth. Ongoing promotional pricing and elevated customer acquisition costs have resulted in margin contraction, prompting Scotiabank to maintain a Sector Perform rating on the company and caution investors about near-term upside in broadband profitability.

Comcast’s wireless unit delivered its strongest performance to date, adding 1.5 million net new lines in 2025 and bringing total lines to more than 9 million. This momentum helped drive adjusted EBITDA up 10.3% year-over-year to $7.9 billion in the quarter. Free cash flow surged 34% to $4.37 billion, providing ample liquidity to support capital investments and shareholder returns. The board declared a quarterly dividend of $0.33 per share, maintaining an annual payout of $1.32 per share for 2026.