Comcast Q4 2025 Earnings Show Broadband Losses
Comcast Q4 2025 earnings showed broadband subscriber declines that tempered the quarter despite wireless gains; cash flow held and dividend maintained.
KEY TAKEAWAYS
- Comcast beat on adjusted metrics, but domestic broadband net losses totaled 181,000.
- Wireless net additions reached 364,000, partly offsetting connectivity weakness.
- Consolidated free cash flow was $4.4 billion and the dividend was maintained.
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Comcast Corp. (CMCSA) reported Q4 2025 earnings on Jan. 29, 2026, beating on adjusted measures but facing larger broadband subscriber declines that tempered the quarter’s gains and complicated near-term revenue momentum.
Quarter Results and Cash Flow
The company said in a press release that consolidated fourth-quarter revenue rose 1.2% year-over-year to $32.3 billion. Adjusted EBITDA was $7.9 billion, and adjusted earnings per share were $0.84, with full-year adjusted EPS at $4.31. Consolidated free cash flow reached $4.4 billion for the quarter and $19.2 billion for the year. The board maintained the dividend at $1.32 per share annualized for 2026, or $0.33 quarterly. An earnings conference call was scheduled for the same day.
Subscriber Trends and Revenue Mix
Domestic broadband customer net losses totaled 181,000 in the quarter, leaving total domestic customer relationships at 50.8 million. Domestic video customers declined by 245,000. Wireless net additions reached 364,000, bringing full-year net additions to 1.5 million and total lines to 9.3 million, representing more than 15% penetration of the residential broadband base. The company’s co-CEOs described 2025 as “our best year ever in wireless.”
Connectivity & Platforms revenue rose 3.2% to $11.6 billion in the quarter and $46.0 billion for the year, up 4.2% year-over-year. Residential Connectivity & Platforms revenue increased 2.5% to $9.1 billion, with an adjusted-EBITDA margin of 34.6%, down 140 basis points. Domestic broadband revenue declined 1.1% to $6.3 billion, while domestic wireless revenue grew 18.0% to $1.4 billion. Business Services Connectivity revenue rose 5.8% to $2.6 billion, with an adjusted-EBITDA margin of 54.2%, down 150 basis points.
Peacock ended the quarter with 44 million paid subscribers, up 22% year-over-year, generating $1.6 billion in revenue, a 23% increase. Full-year Peacock revenue was $5.4 billion, up 10%, with adjusted-EBITDA losses improving by more than $700 million.
Executives said 2025 marked meaningful progress, highlighting encouraging early results from a new national go-to-market strategy that simplifies internet plans, includes a five-year price guarantee, and introduces new wireless offers. The release did not include quantitative guidance for fiscal 2026 or the first quarter, nor did it disclose material regulatory or merger-and-acquisition developments.
