Comcast reported adjusted earnings per share of $0.84 for the quarter, surpassing the consensus estimate of $0.73. Revenue of $32.31 billion was essentially in line with forecasts of $32.35 billion. The stronger-than-expected profit performance drove a 4% gain in the company’s share price during intraday trading, reflecting investor confidence in Comcast’s ability to deliver on its financial targets.

Adjusted EBITDA rose by 10.3% year over year to $7.9 billion, supported by improved margins in both Connectivity & Platforms and Content & Experiences segments. Free cash flow jumped 34% to $4.37 billion, fueled by disciplined capital spending—which declined 4.2% to $3.7 billion—and favorable working capital trends. Operating cash flow increased 9.4% to $8.84 billion, providing ample liquidity for strategic investments and shareholder returns.

Comcast achieved its best year ever in wireless, adding 1.5 million net lines in 2025 to reach more than 9 million total lines and representing over 15% penetration of its residential broadband base. Theme parks delivered record fourth-quarter Adjusted EBITDA of just over $1 billion, driven by the successful opening of Epic Universe in Orlando. Peacock streaming revenue grew double-digit and paid subscribers rose 22% to 44 million, narrowing the platform’s adjusted EBITDA losses by over $700 million annually.

The board declared a quarterly dividend of $0.33 per share, maintaining the annualized payout at $1.32. In the quarter, Comcast returned $2.7 billion to shareholders, including $1.2 billion in dividends and $1.5 billion in share repurchases. Total capital returned for the full year reached $11.7 billion, with share repurchases reducing outstanding shares by 5% and underscoring the company’s commitment to disciplined capital allocation.