Summary
Comcast Corporation's 2025 Form 10-K reveals a company navigating a dynamic media and technology landscape, with its core Connectivity & Platforms segment demonstrating resilience despite a slight decline in total revenue. The company completed the significant spin-off of Versant Media Group, Inc. in early 2026, a strategic move that will reshape its business structure moving forward. The Connectivity & Platforms segment experienced a modest 0.4% revenue decrease, largely driven by a 1.2% decline in Residential Connectivity & Platforms, primarily due to a drop in video subscribers. However, this was partially offset by growth in domestic wireless and international connectivity. The Business Services Connectivity segment showed positive growth with a 5.5% revenue increase. The Content & Experiences segment saw a 1.0% revenue increase overall, propelled by a 14.2% surge in Theme Parks revenue, largely attributable to the opening of Epic Universe in May 2025. The Media segment experienced a 3.8% revenue decrease, influenced by the absence of the Paris Olympics revenue from the prior year, though excluding this, revenue showed growth driven by international networks and Peacock. The Studios segment saw a slight 1.7% revenue increase, primarily from content licensing, while theatrical revenue declined. Financially, Comcast repurchased $6.8 billion in shares and paid $4.9 billion in dividends in 2025, underscoring its commitment to returning capital to shareholders while managing its debt effectively.
Financial Highlights
51 data points| Revenue | $123.71B |
| Operating Expenses | $103.03B |
| Operating Income | $20.67B |
| Net Income | $20.00B |
| EPS (Basic) | $5.41 |
| EPS (Diluted) | $5.39 |
| Shares Outstanding (Basic) | 3.70B |
| Shares Outstanding (Diluted) | 3.71B |
Key Highlights
- 1Comcast completed the spin-off of Versant Media Group, Inc. on January 2, 2026, impacting its reporting structure.
- 2Total revenue remained relatively flat year-over-year at $123.7 billion, with a slight decrease in the Connectivity & Platforms segment offset by growth in Content & Experiences.
- 3Residential Connectivity & Platforms revenue decreased by 1.2% to $70.7 billion, with domestic broadband customers declining by 711,000, though domestic wireless lines increased by 1.5 million.
- 4Business Services Connectivity revenue grew by 5.5% to $10.2 billion, driven by enterprise solutions and small business offerings.
- 5Theme Parks revenue saw a substantial increase of 14.2% to $9.8 billion, significantly boosted by the opening of Epic Universe.
- 6The Media segment's revenue decreased by 3.8% to $27.1 billion, impacted by the prior year's Olympics but showing underlying growth excluding that event.
- 7Comcast repurchased $6.8 billion of its Class A common stock in 2025 and paid $4.9 billion in dividends.