Comcast reported mixed results for the quarter ended Dec. 31, 2025, posting adjusted earnings of $0.84 per share while narrowly missing revenue expectations. The company lost 181,000 domestic broadband subscribers but added 364,000 mobile lines, bringing mobile customers above 9.3 million. NBCUniversal and theme parks helped offset some declines, even as Peacock recorded deeper streaming losses. Overall, adjusted EBITDA fell and net income declined year over year, reflecting a transition in Comcast’s revenue mix.
Key takeaways
- Adjusted EPS: $0.84 in Q4 2025, beating the LSEG consensus of $0.75.
- Revenue: $32.31 billion, slightly below the LSEG estimate of $32.35 billion and up about 1% year on year.
- Net income attributable to Comcast was $2.17 billion, down 54.6% from $4.78 billion a year earlier; adjusted net income was $3.06 billion.
- Broadband: domestic broadband subscriber losses totaled 181,000; domestic broadband revenue fell roughly 1% to $6.32 billion.
- Mobile: Comcast added 364,000 mobile customers in the quarter, taking its mobile base to more than 9.3 million.
- Pay TV: Comcast lost 245,000 pay TV subscribers in the period and now reports about 11.27 million pay TV customers.
- NBCUniversal/media: media revenue rose 5.5% to $7.62 billion; Peacock added 3 million paid subscribers to reach 44 million but posted a $552 million quarterly loss.
- Studios and parks: Universal film revenue fell 7.4% to $3.03 billion while theme parks revenue rose about 22% to roughly $2.9 billion.
Background
Comcast operates a diversified portfolio that spans connectivity services under the Xfinity brand, mobile, pay TV distribution, and media assets through NBCUniversal. Over recent years, traditional cable broadband and pay TV segments have faced mounting competition from wireless carriers and streaming services, pressuring subscriber counts and legacy monetization models. In response, Comcast has emphasized mobile expansion and growth in streaming and parks to diversify revenue and offset declines in core broadband and linear pay TV.
The media unit includes NBCUniversal studios, cable networks, advertising sales and Peacock, the company’s streaming service. Peacock’s economics have been uneven: subscriber growth has not yet produced profits, in part due to content and rights costs such as the NBA deal. Concurrently, Comcast completed structural changes in its media holdings, spinning out many pay TV networks into a publicly traded entity, Versant, which alters how future network revenues and costs will be reported.
Main event
For the quarter ending Dec. 31, 2025, Comcast reported revenue of $32.31 billion and adjusted EBITDA of $7.9 billion, a 10% decline from the prior year. The company recorded adjusted EPS of $0.84, beating the LSEG consensus of $0.75, while total revenue missed estimates by about $40 million. Management cited a mix of higher average broadband rates and customer churn as drivers behind the modest revenue change in connectivity.
Broadband churn remained a central challenge. Comcast lost 181,000 domestic broadband customers during the quarter; the domestic broadband revenue line fell roughly 1% to $6.32 billion despite higher average pricing. Comcast attributed competitive pressure — including offers from national wireless operators — as a material headwind in the broadband business, and the company has been repositioning to emphasize mobile as a growth vector.
Comcast’s mobile service was a bright spot, adding 364,000 net customers and lifting the business above 9.3 million subscribers. Pay TV declines continued, with 245,000 customers lost in the quarter and a reported total of 11.27 million pay TV subscribers. These trends illustrate the ongoing shift away from legacy video distribution toward wireless and streaming consumption.
On the media side, NBCUniversal delivered a 5.5% revenue increase to $7.62 billion, aided by domestic advertising gains and the addition of NBA content on NBC. Peacock added 3 million paid subscribers in the period, reaching 44 million paid users, but streaming losses widened to $552 million in the quarter, partly reflecting the cost of new rights deals and content investments. Universal’s studios saw a revenue decline driven by lower theatrical and licensing receipts, while parks benefited from recent expansions that boosted attendance and spending.
Analysis & implications
The quarter underscores the structural pressures facing cable incumbents: traditional broadband growth has slowed, and price increases are only partially mitigating subscriber losses. Comcast’s 181,000 broadband customer decline is significant at scale and highlights the competitive pull from wireless providers and alternative fixed solutions. Over time, persistent broadband churn could compress margins in the connectivity business and force further reallocation of capital toward higher-growth segments.
Comcast’s mobile gains are strategically important but remain a relatively small revenue base compared with broadband and media. Adding 364,000 lines in a quarter shows retail traction and cross-sell potential with Xfinity customers; however, converting additions into profitable long-term customers depends on ARPU dynamics, churn rates and wholesale costs. Mobile can offset headline subscriber declines, but it will take sustained growth and margin improvement to fully compensate for broadband contraction.
Peacock’s subscriber expansion to 44 million paid users demonstrates distribution reach, yet streaming economics remain a challenge. Q4 streaming losses widened to $552 million as Peacock absorbed upfront costs for content and rights — notably the NBA deal — that should provide longer-term advertising and subscription benefits. The path to streaming profitability will hinge on advertising monetization, churn control, and cost discipline in content spend.
Finally, structural changes such as the spin-out of pay TV networks into Versant recalibrate how Comcast reports media economics and may affect comparability with prior periods. Investors need to account for shifting reporting boundaries when evaluating trends in advertising revenue and network performance going forward.
Comparison & data
| Metric | Q4 2025 | Q4 2024 (yr-ago) | Change / Note |
|---|---|---|---|
| Revenue | $32.31B | ~$31.97B | +1% (missed LSEG $32.35B) |
| Adjusted EPS | $0.84 | — | Beat LSEG $0.75 |
| Net income attributable | $2.17B | $4.78B | -54.6% |
| Adjusted net income | $3.06B | — | Adjusted for one-time items |
| Adjusted EBITDA | $7.9B | — | -10% |
| Domestic broadband net adds | -181,000 | — | Subscriber decline |
| Mobile net adds | +364,000 | — | Total mobile >9.3M |
| Pay TV net loss | -245,000 | — | Total pay TV ~11.27M |
| Peacock paid subs | 44M | ~41M | +3M; streaming loss $552M |
| Universal film revenue | $3.03B | — | -7.4% |
| Theme parks revenue | $2.9B (approx) | — | +22% |
The table condenses the headline figures reported for the quarter and highlights relative moves for content and distribution segments. Readers should note some items are adjusted, and comparability is affected by one-off accounting items and corporate reorganizations such as the spin-out of networks into Versant.
Reactions & quotes
Below are succinct contextual excerpts drawn from reporting and market data providers to capture official totals and consensus context.
Comcast reported adjusted EPS of $0.84, exceeding expectations, while total revenue of $32.31 billion narrowly trailed market consensus.
CNBC (media report)
Context: CNBC’s coverage summarized the quarter’s core headline and the divergence between earnings beats and revenue miss, reflecting mixed investor signals.
LSEG consensus used in reporting showed an expected EPS of $0.75 and revenue of $32.35 billion for the quarter.
LSEG (market data provider)
Context: Market-data consensus frames how analysts were positioned ahead of the report and explains why the EPS beat mattered despite the revenue shortfall.
Comcast stated net broadband losses persisted in the quarter while mobile additions continued to climb above 9.3 million customers.
Comcast (official release)
Context: Company disclosures emphasize the strategic pivot toward mobile and media to balance declines in legacy broadband subscribers.
Unconfirmed
- Degree to which wireless carriers’ promotional tactics versus broader market substitution drove the 181,000 broadband loss is not fully attributable in company reporting.
- How quickly Peacock will return to narrower losses after the NBA rights costs is uncertain and depends on future ad pricing and subscriber retention.
- The medium-term financial impact of the Versant spin on Comcast’s reported advertising margin is contingent on accounting and operational transitions that remain being implemented.
Bottom line
Comcast’s Q4 2025 results present a mixed picture: earnings beats driven by adjusted measures contrast with a marginal revenue miss and continuing broadband subscriber pressure. Mobile growth and strong park performance provide tangible offsets, but they are not yet large enough to fully neutralize declines in legacy connectivity and pay TV.
Investors and industry observers should watch whether mobile ARPU improves and whether Peacock’s revenue trajectory can outpace content and rights costs. The spin-out of networks into Versant also changes the analytical lens for future quarters, requiring careful attention to segment reporting for an apples-to-apples comparison.
Sources
- CNBC — media report summarizing Comcast’s Q4 2025 results and market context.
- LSEG — market-data provider cited for analyst consensus figures.
- Comcast Corporation — official corporate site and investor communications (company/official).