10-QPeriod: Q2 FY2025

COMCAST CORP Quarterly Report for Q2 Ended Jun 30, 2025

Filed July 31, 2025For Securities:CMCSACCZ

Summary

Comcast Corporation's Q2 2025 earnings report shows a notable increase in net income attributable to Comcast Corporation, primarily driven by a significant gain from the sale of its Hulu interest. Total revenue saw a modest increase year-over-year, with growth in the Content & Experiences segment offsetting a slight dip in Connectivity & Platforms. While operating income declined due to increased costs and expenses, including higher depreciation and amortization, the substantial investment gain dramatically boosted profitability. The company continues to navigate a dynamic market, with its Connectivity & Platforms segment facing subscriber pressures but demonstrating resilience through ARPU growth and expansion in its business services. The Content & Experiences segment shows mixed performance, with strong growth in Media and Theme Parks, the latter bolstered by the opening of Epic Universe, while Studios experienced a decline in Adjusted EBITDA. Comcast also remains committed to returning capital to shareholders through share repurchases and dividends, supported by robust operating cash flow.

Financial Highlights

51 data points
Beta

Revenue

$30.31B

Net Income

$11.12B

36.7% Net Margin

EPS (Diluted)

$2.98

Total Assets

$273.85B

Cash & Equivalents

$9.69B

Free Cash Flow

$5.14B

Financial Statements
Beta
Revenue$30.31B
Operating Expenses$24.32B
Operating Income$5.99B
Net Income$11.12B
EPS (Basic)$2.99
EPS (Diluted)$2.98
Shares Outstanding (Basic)3.72B
Shares Outstanding (Diluted)3.73B

Key Highlights

  • 1Net income attributable to Comcast Corporation surged to $11.12 billion for the three months ended June 30, 2025, a significant increase from $3.93 billion in the prior year, largely due to a $9.4 billion pre-tax gain from the sale of its Hulu interest.
  • 2Consolidated revenue grew by 2.1% to $30.31 billion for the quarter, driven by the Content & Experiences segment, while the Connectivity & Platforms segment revenue remained relatively flat.
  • 3Operating income decreased by 9.7% to $5.99 billion, impacted by higher costs and expenses, including increased depreciation and amortization.
  • 4The Connectivity & Platforms segment's Adjusted EBITDA remained stable at $8.53 billion, with growth in Business Services Connectivity offsetting a slight decline in Residential Connectivity & Platforms, despite ongoing pressure on residential customer relationships.
  • 5The Media segment within Content & Experiences saw a 9.3% increase in Adjusted EBITDA to $1.48 billion, supported by growth at Peacock and international networks.
  • 6The Theme Parks segment revenue grew by 18.9% to $2.35 billion, significantly boosted by the opening of Epic Universe in May 2025.
  • 7The company returned $3.7 billion to shareholders through share repurchases and paid $2.5 billion in dividends during the first six months of 2025, highlighting a commitment to capital return.

Frequently Asked Questions

The primary driver of the substantial increase in net income for the three months ended June 30, 2025, was the pre-tax gain of $9.4 billion recognized from the sale of Comcast's 33% interest in Hulu.

The Connectivity & Platforms segment's revenue remained stable, but it experienced a net loss of 349,000 customer relationships in the third quarter. While domestic broadband customers declined, domestic wireless lines saw significant growth. The company is focusing on increasing revenue per customer and growing its higher-margin Business Services Connectivity segment, which showed a 6.3% revenue increase.

The opening of Epic Universe in May 2025 has significantly boosted the Theme Parks segment. For the three months ended June 30, 2025, revenue in this segment increased by 18.9% year-over-year, driven by higher revenue at its domestic theme parks, including the Orlando location.

Comcast continues to prioritize returning capital to shareholders. During the first six months of 2025, the company repurchased $3.7 billion of its Class A common stock under a new $15.0 billion authorization and paid $2.5 billion in dividends. The company expects to continue these capital return activities.