Comcast Corp. (NASDAQ:CMCSA) reported mixed fourth-quarter results on Thursday, as wireless and streaming strength helped offset ongoing losses in broadband and video.

The Philadelphia-based company reported revenue of $32.31 billion, narrowly missing the analyst consensus estimate of $32.36 billion, despite a revenue growth of 1.2% year-over-year.

The company lost 181,000 broadband customers during the quarter, reflecting pressure from telecom rivals. 

Comcast also lost 245,000 video subscribers as consumers continued to shift to streaming platforms.

Total domestic wireless line net additions reached 364,000.

Adjusted earnings per share came in at 84 cents, beating analyst consensus estimates of 76 cents.

Media, Streaming and Theme Parks Performance

Comcast’s media segment posted a 5.5% Y/Y revenue growth to $7.62 billion, driven by higher international networks, domestic distribution, and domestic advertising revenue.

Domestic advertising revenue increased primarily due to an increase in revenue at Peacock, including the positive impact from the launch of the NBA this quarter.

Peacock streaming reported a revenue growth of 23% Y/Y to $1.6 billion while its paid subscribers rose 22% Y/Y to 44 million.

Studios’ revenue decreased by 7.4% Y/Y to $3.03 billion, due to lower content licensing and theatrical revenue.

Theatrical revenue decreased primarily due to tougher comparisons against prior-year releases, including Wicked and The Wild Robot, versus current-quarter titles Wicked: For Good and Black Phone 2.

Theme Parks revenue increased by 21.9% Y/Y to $2.89 billion, primarily due to higher revenue at domestic theme parks, driven by the successful opening of Epic Universe in May 2025.

Connectivity & Platforms adjusted EBITDA declined 4.3% Y/Y to $7.50 billion, with a margin decline of 120 bps to 37.1%.

Cash Flow, Capital Spending and Shareholder Returns

Comcast said it generated $4.37 billion in free cash flow during the quarter.

The company paid dividends totaling $1.2 billion and repurchased 53.6 million of its shares for $1.5 billion, resulting in a total return of capital to shareholders of $2.7 billion.

Connectivity & Platforms’ capital expenditures increased 9.8% to $2.9 billion, primarily reflecting higher spending on support capital, customer premise equipment, and scalable infrastructure.

Co-CEOs Brian L. Roberts and Mike Cavanagh described 2025 as the company’s strongest year in wireless, highlighted by 1.5 million net line additions and more than 9 million total lines, which they said reflects the strength of its converged connectivity strategy.

They noted the launch of the most significant broadband go-to-market shift in the company’s history.

They also pointed to a strong start for Epic Universe, which they said is driving higher per-cap spending and attendance across Orlando, and to double-digit revenue growth at Peacock, supported by momentum in sports and entertainment, including the launch of the NBA on NBC and Peacock.

The co-CEOs added that the company completed the spin-off of Versant Media, creating a more focused NBCUniversal centered on streaming, live sports, and premium content. Despite increased investment across these initiatives, they said the company delivered record free cash flow and preserved a strong balance sheet.

Comcast announced that it is maintaining its dividend at $1.32 per share on an annualized basis for 2026. 

CMCSA Price Action: Comcast shares were up 5.02% at $29.83 at the time of publication on Thursday, according to Benzinga Pro data.

Photo by Daniel J. Macy via Shutterstock