10-QPeriod: Q1 FY2025

COMCAST CORP Quarterly Report for Q1 Ended Mar 31, 2025

Filed April 24, 2025For Securities:CMCSACCZ

Summary

Comcast Corporation (CMCSA) reported its first-quarter 2025 results, showing a slight decrease in consolidated revenue to $29.89 billion from $30.06 billion in the prior year, primarily due to headwinds in the Connectivity & Platforms segment, partially offset by growth in the Content & Experiences business. Net income attributable to Comcast Corporation declined to $3.38 billion ($0.89 per diluted share) from $3.86 billion ($0.97 per diluted share) in the first quarter of 2024. This decline was influenced by factors such as increased amortization expenses and a significant swing in investment and other income/loss. Despite the revenue dip, the company demonstrated strong operational execution, with total Adjusted EBITDA increasing by 1.9% to $9.53 billion, driven by improvements in the Media segment and resilient performance in Business Services Connectivity. Operationally, the company continues to navigate a challenging environment with subscriber net losses in its core Residential Connectivity & Platforms segment, though it is focusing on increasing average revenue per customer. The company's strategic capital allocation included substantial share repurchases totaling $2.02 billion and a 6.5% dividend increase, signaling confidence in its financial position and commitment to returning value to shareholders. Comcast also made progress on strategic initiatives, including the planned spin-off of certain domestic cable television networks and complementary digital assets, targeting completion by the end of 2025.

Financial Highlights

50 data points
Beta

Revenue

$29.89B

Net Income

$3.38B

11.3% Net Margin

EPS (Diluted)

$0.89

Total Assets

$267.77B

Cash & Equivalents

$8.59B

Free Cash Flow

$6.04B

Financial Statements
Beta
Revenue$29.89B
Operating Expenses$24.23B
Operating Income$5.66B
Net Income$3.38B
EPS (Basic)$0.90
EPS (Diluted)$0.89
Shares Outstanding (Basic)3.77B
Shares Outstanding (Diluted)3.78B

Key Highlights

  • 1Consolidated revenue slightly decreased by 0.6% to $29.89 billion, impacted by declines in Connectivity & Platforms.
  • 2Net income attributable to Comcast Corporation fell 12.5% to $3.38 billion, with diluted EPS at $0.89.
  • 3Total Adjusted EBITDA grew 1.9% to $9.53 billion, indicating strong operational performance.
  • 4Residential Connectivity & Platforms segment experienced customer relationship net losses, though average revenue per customer increased.
  • 5Media segment revenue grew 1.1% and its Adjusted EBITDA surged 21.5%, boosted by Peacock subscriber growth and lower programming costs.
  • 6The company repurchased $2.02 billion of its common stock and announced a new $15 billion repurchase authorization.
  • 7Comcast declared a quarterly dividend of $0.33 per share, representing a 6.5% annualized increase.

Frequently Asked Questions

The primary driver for the slight decrease in consolidated revenue was a decline in the Connectivity & Platforms business, particularly within the Residential Connectivity & Platforms segment, which saw customer relationship net losses. This was partially offset by growth in the Content & Experiences business.

Despite the revenue dip, Comcast's profitability remained robust, with total Adjusted EBITDA increasing by 1.9% to $9.53 billion. This improvement was largely driven by strong performance in the Media segment, which saw a 21.5% increase in Adjusted EBITDA, and solid growth in the Business Services Connectivity segment.

The Residential Connectivity & Platforms segment continued to experience customer relationship net losses, with a total of 228,000 net losses in Q1 2025. However, the company is focused on increasing average revenue per customer relationship through rate adjustments and changes in service bundles, which helped offset some of the subscriber decline.

Comcast returned capital to shareholders through share repurchases and dividends. In the first quarter of 2025, the company repurchased approximately $2.02 billion of its Class A common stock under a new $15 billion authorization and paid dividends totaling $1.2 billion, which included a 6.5% increase in the annualized dividend rate.

Yes, Comcast announced its intention to spin off select domestic cable television networks along with complementary digital assets into a new independent company, SpinCo. The company is targeting completion of this tax-free spin-off by the end of 2025, subject to customary conditions.