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PRESS RELEASE
COMCAST REPORTS 4th QUARTER 2025 RESULTS
PHILADELPHIA - January 29, 2026… Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter and year ended December 31, 2025.
"2025 was a year of meaningful progress as we made decisive changes to position the company for long-term, sustainable growth," said co-CEOs Brian L. Roberts and Mike Cavanagh. "It was also our best year ever in wireless, with 1.5 million net line additions and more than 9 million total lines, clear evidence of the strength of our converged connectivity strategy. We launched the most significant broadband go-to-market shift in our history, simplifying how we sell to and serve customers, and we are seeing encouraging early results. Epic Universe is off to a terrific start, driving higher per-cap spending and attendance across Orlando; and Peacock delivered double-digit revenue growth, underscoring the momentum of its sports and entertainment lineup, including the debut of the NBA on NBC and Peacock. We also completed the spin of Versant Media, creating a more focused NBCUniversal centered on streaming, live sports, and premium content. Even as we invested behind these initiatives, we generated record levels of free cash flow and maintained a strong balance sheet, reflecting a disciplined approach to capital allocation as we remain focused on execution in 2026."
($ in millions, except per share data)
4th QuarterFull Year
Consolidated Results20252024Change20252024Change
Revenue $32,310 $31,915 1.2%$123,707 $123,731 —%
Net Income Attributable to Comcast$2,168 $4,778 (54.6%)$19,998 $16,192 23.5%
Adjusted Net Income1
$3,062 $3,694 (17.1%)$15,972 $16,937 (5.7%)
Adjusted EBITDA2
$7,900 $8,807 (10.3%)$37,384 $38,069 (1.8%)
Earnings per Share3
$0.60 $1.24 (52.0%)$5.39 $4.14 30.1%
Adjusted Earnings per Share1
$0.84 $0.96 (12.4%)$4.31 $4.33 (0.6%)
Net Cash Provided by Operating Activities$8,841 $8,080 9.4%$33,643 $27,673 21.6%
Free Cash Flow4
$4,369 $3,260 34.0%$19,235 $12,543 53.4%
For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedule on Comcast’s Investor Relations website at www.cmcsa.com.
4th Quarter and Full Year 2025 Highlights:
•Generated Consolidated Adjusted EBITDA of $7.9 Billion in the Fourth Quarter and $37.4 Billion for the Full Year; Adjusted EPS of $0.84 in the Fourth Quarter and $4.31 for the Full Year; and Free Cash Flow of $4.4 Billion in the Fourth Quarter and $19.2 Billion for the Full Year
•Returned $2.7 Billion to Shareholders in the Fourth Quarter Through $1.2 Billion in Dividend Payments and $1.5 Billion in Share Repurchases. Total Capital Returned for the Full Year Was $11.7 Billion, Including $6.8 Billion in Share Repurchases, Reducing Shares Outstanding by 5%
•At Connectivity & Platforms, Connectivity Revenue Increased 3.2% to $11.6 Billion in the Fourth Quarter and 4.2% to $46.0 Billion for the Full Year, Driven By Growth In Domestic Wireless, International Connectivity and Business Services Connectivity
•Domestic Wireless Delivered its Best Year Ever With 1.5 Million Net Line Additions, Reaching 9.3 Million Total Lines and Surpassing 15% Penetration of Domestic Residential Broadband Customers, Reflecting Strong Demand for Our Converged Broadband and Mobile Offers
•Advanced Our New National Go-to-Market Strategy, Including Simplified Internet Plans Featuring Everyday Pricing, Everything Included and a 5-Year Price Guarantee; Alongside New Wireless Offers, Including a Free Xfinity Unlimited Mobile Line for One Year and a Premium Unlimited Plan Offering Gigabit Speeds and Enhanced Features
•Launched the NBA Across NBC and Peacock With the Best Season Start for Any Network in 24 Years; Sunday Night Football Remained Primetime's #1 Show for the 15th Consecutive Year, Averaging 23.5 Million Viewers Across NBC and Peacock
•Peacock Paid Subscribers Increased 22% Year-over-Year to 44 Million; Revenue Grew 23% to $1.6 Billion in the Fourth Quarter and 10% to $5.4 Billion for the Full Year; and Adjusted EBITDA Losses Improved by Over $700 Million for the Full Year, Including the Impact of NBA Rights Beginning in the Fourth Quarter
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•Wicked: For Good Premiered in November, With the Franchise Now Grossing $1.3 Billion Worldwide, Becoming the #1 Broadway-to-Feature Film Adaptation of All-Time
•Theme Parks Adjusted EBITDA Increased 24% in the Fourth Quarter, Surpassing $1.0 Billion in Quarterly EBITDA for the First Time, Fueled by the Opening of Epic Universe in May
•Completed the Tax-Free Separation of Versant Media Group on January 2, 2026, with Comcast Shareholders Receiving One Share of Versant for Every 25 Shares of Comcast

4th Quarter Consolidated Financial Results
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Revenue increased 1.2% compared to the prior year period. Net Income Attributable to Comcast decreased 54.6%, reflecting an unfavorable comparison to the prior year period, which included a $1.9 billion income tax benefit due to an internal corporate reorganization. Adjusted Net Income decreased 17.1%. Adjusted EBITDA decreased 10.3%.

Earnings per Share (EPS) decreased 52.0% to $0.60. Adjusted EPS decreased 12.4% to $0.84.

Capital Expenditures decreased 4.2% to $3.7 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. On a full year basis, Connectivity & Platforms capital expenditures increased 5.3% to $8.7 billion. Content & Experiences' capital expenditures decreased 34.0% to $844 million, reflecting the opening of Epic Universe in May 2025.

Net Cash Provided by Operating Activities was $8.8 billion. Free Cash Flow was $4.4 billion, including a $2.0 billion cash tax benefit related to an internal corporate reorganization in the fourth quarter of 2024.

Dividends and Share Repurchases. Comcast 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
($ in millions)
Constant
Currency
Change5
4th Quarter
20252024Change
Connectivity & Platforms Revenue
Residential Connectivity & Platforms$17,646$18,016(2.1%)(3.1%)
Business Services Connectivity2,5902,4485.8%5.8%
Total Connectivity & Platforms Revenue$20,237$20,464(1.1%)(2.0%)
Connectivity & Platforms Adjusted EBITDA
Residential Connectivity & Platforms$6,099$6,479(5.9%)(6.1%)
Business Services Connectivity1,4051,3633.1%3.1%
Total Connectivity & Platforms Adjusted EBITDA$7,503$7,842(4.3%)(4.5%)
Connectivity & Platforms Adjusted EBITDA Margin
Residential Connectivity & Platforms34.6%36.0%(140) bps(110) bps
Business Services Connectivity54.2%55.7%(150) bps(150) bps
Total Connectivity & Platforms Adjusted EBITDA Margin37.1%38.3%(120) bps(90) bps
Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.

Revenue for Connectivity & Platforms decreased compared to the prior year period. Adjusted EBITDA decreased due to a decline in Residential Connectivity & Platforms Adjusted EBITDA, partially offset by growth in Business Services Adjusted EBITDA. Residential Connectivity & Platforms revenue and Adjusted EBITDA reflect the investment in our new go-to-market strategy. Adjusted EBITDA margin was 37.1%.

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(in thousands)Net Additions / (Losses)
4th Quarter
4Q254Q2420252024
Customer Relationships
Domestic Residential Connectivity & Platforms Customer Relationships30,43931,172(203)(151)
International Residential Connectivity & Platforms Customer Relationships17,62417,81122 95 
Business Services Connectivity Customer Relationships2,7022,626— (2)
Total Connectivity & Platforms Customer Relationships50,76651,609(181)(58)
Domestic Broadband
Residential Customers28,71929,373(178)(131)
Business Customers2,5362,469(3)(8)
Total Domestic Broadband Customers31,25531,842(181)(139)
Total Domestic Wireless Lines9,3057,826364 307 
Total Domestic Video Customers11,27012,523(245)(311)

Total Customer Relationships for Connectivity & Platforms decreased by 181,000 to 50.8 million, reflecting a decrease in domestic customer relationships, partially offset by an increase in international customer relationships. Total domestic broadband customer net losses were 181,000, total domestic wireless line net additions were 364,000 and total domestic video customer net losses were 245,000.

Residential Connectivity & Platforms

($ in millions)
Constant
Currency
Change5
4th Quarter
20252024Change
Revenue
Domestic Broadband$6,316$6,384(1.1%)(1.1%)
Domestic Wireless1,4031,18918.0%18.0%
International Connectivity1,3371,2635.8%1.8%
Total Residential Connectivity9,0558,8362.5%1.9%
Video6,3566,736(5.6%)(7.1%)
Advertising1,0331,158(10.8%)(12.3%)
Other 1,2031,286(6.5%)(7.4%)
Total Revenue$17,646$18,016(2.1%)(3.1%)
Operating Expenses
Programming$3,950$4,125(4.3%)(5.8%)
Non-Programming7,5987,4122.5%1.0%
Total Operating Expenses$11,548$11,5370.1%(1.4%)
Adjusted EBITDA$6,099$6,479(5.9%)(6.1%)
Adjusted EBITDA Margin34.6%36.0%(140) bps(110) bps
Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.
Beginning in the first quarter of 2025, commission revenue from the sale of certain direct to consumer (“DTC”) streaming services and revenue related to certain equipment are presented in video revenue. Previously, these amounts were presented in domestic broadband and international connectivity. Prior periods have been reclassified to reflect the current year presentation.

Revenue for Residential Connectivity & Platforms decreased compared to the prior year period, reflecting decreases in video, advertising, other and broadband revenue, partially offset by increases in domestic wireless and international connectivity revenue. Domestic broadband revenue decreased due to a decline in the number of domestic broadband customers, partially offset by higher average rates. Domestic wireless revenue increased primarily due to an increase in the number of customer lines and device sales. International connectivity revenue increased primarily due to an increase in broadband revenue from higher average rates as well as the positive impact of foreign currency. Video revenue decreased primarily due to a decline in the number of video customers, partially offset by the positive impact of foreign currency. Advertising revenue decreased primarily due to lower domestic political advertising.
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Other revenue decreased primarily due to lower residential wireline voice revenue, driven by a decline in the number of customers.

Adjusted EBITDA for Residential Connectivity & Platforms decreased due to lower revenue, partially offset by lower operating expenses when excluding the impact of foreign currency. Programming expenses decreased primarily due to a decline in the number of domestic video customers, partially offset by rate increases under our domestic programming contracts, an increase in programming expenses for our international sports networks and the impact of foreign currency. Non-programming expenses increased primarily reflecting an increase in direct product costs mainly due to higher mobile device sales, the impact of foreign currency and higher marketing and promotion costs, partially offset by lower other expenses. Adjusted EBITDA margin was 34.6%.

Business Services Connectivity

($ in millions)
Constant
Currency
Change5
4th Quarter
20252024Change
Revenue$2,590$2,4485.8%5.8%
Operating Expenses1,1861,0859.3%9.2%
Adjusted EBITDA$1,405$1,3633.1%3.1%
Adjusted EBITDA Margin54.2%55.7%(150) bps(150) bps
Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.

Revenue for Business Services Connectivity increased primarily due to an increase in revenue from enterprise solutions offerings, including the results from a recent acquisition.

Adjusted EBITDA for Business Services Connectivity increased due to higher revenue, partially offset by higher operating expenses. The increase in operating expenses was primarily due to increases in direct product costs, which include the results from a recent acquisition. Adjusted EBITDA margin was 54.2%.






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Content & Experiences
($ in millions)
4th Quarter
20252024Change
Content & Experiences Revenue
Media$7,620$7,2225.5%
Studios3,027 3,269 (7.4%)
Theme Parks2,893 2,374 21.9%
Headquarters & Other11 17 (33.5%)
Eliminations(817)(804)(1.5%)
Total Content & Experiences Revenue$12,736 $12,078 5.4%
Content & Experiences Adjusted EBITDA
Media($122)$298 (140.9%)
Studios351 569 (38.4%)
Theme Parks1,035 838 23.5%
Headquarters & Other(306)(189)(62.2%)
Eliminations47 (26)NM
Total Content & Experiences Adjusted EBITDA$1,005 $1,491 (32.6%)
NM=comparison not meaningful.

Revenue for Content & Experiences increased compared to the prior year period driven primarily by Theme Parks and Media, partially offset by a decrease in Studios. Adjusted EBITDA for Content & Experiences decreased primarily due to declines in Media and Studios, partially offset by growth in Theme Parks.

Media

($ in millions)
4th Quarter
20252024Change
Revenue
Domestic Advertising$2,684$2,6451.5%
Domestic Distribution3,038 2,885 5.3%
International Networks1,297 1,090 19.0%
Other602 603 (0.1%)
Total Revenue$7,620 $7,222 5.5%
Operating Expenses7,742 6,923 11.8%
Adjusted EBITDA($122)$298 (140.9%)

Revenue for Media increased due to higher international networks, domestic distribution and domestic advertising revenue. Domestic advertising revenue increased primarily due to an increase in revenue at Peacock, partially offset by lower revenue at our networks. The increase in advertising revenue includes the positive impact from the launch of the NBA this quarter. Domestic distribution revenue increased primarily due to higher revenue at Peacock, driven by an increase in paid subscribers compared to the prior year period, partially offset by lower revenue at our linear television networks. International networks revenue increased primarily due to an increase in revenue associated with the distribution of sports networks and the positive impact of foreign currency.

Adjusted EBITDA for Media decreased due to higher operating expenses, which more than offset higher revenue. The increase in operating expenses primarily reflects higher programming costs at Peacock and elevated sports rights expenses on our linear networks, both of which include costs associated with the launch of the NBA this quarter. Media results include $1.6 billion of revenue and an Adjusted EBITDA6 loss of $552 million related to Peacock, compared to $1.3 billion of revenue and an Adjusted EBITDA6 loss of $372 million in the prior year period.

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Studios

($ in millions)
4th Quarter
20252024Change
Revenue
Content Licensing$2,186 $2,383 (8.3%)
Theatrical411 515 (20.2%)
Other430 371 15.8%
Total Revenue$3,027 $3,269 (7.4%)
Operating Expenses2,676 2,700 (0.9%)
Adjusted EBITDA$351 $569 (38.4%)

Revenue for Studios decreased due to lower content licensing and theatrical revenue. Content licensing revenue decreased primarily due to the timing of when content was made available by our television and film studios. 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.

Adjusted EBITDA for Studios decreased due to lower revenue and consistent operating expenses. The consistent operating expenses primarily reflected higher marketing and promotion expenses due to increased spending on recent and upcoming theatrical film releases, offset by lower programming and production expenses, mainly due to lower costs associated with theatrical releases and lower content licensing sales at our television studios.

Theme Parks

($ in millions)
4th Quarter
20252024Change
Revenue$2,893 $2,374 21.9%
Operating Expenses1,858 1,535 21.0%
Adjusted EBITDA$1,035 $838 23.5%

Revenue for Theme Parks increased due to higher revenue at domestic theme parks, driven by the successful opening of Epic Universe in May 2025.

Adjusted EBITDA for Theme Parks increased, reflecting higher revenue, which more than offset higher operating expenses. The increase in operating expenses was primarily due to operating costs associated with Epic Universe.

Headquarters & Other

Content & Experiences Headquarters & Other includes overhead, personnel costs and costs associated with corporate initiatives. Headquarters & Other Adjusted EBITDA loss in the fourth quarter was $306 million, compared to a loss of $189 million in the prior year period.

Eliminations

Amounts represent eliminations of transactions between our Content & Experiences segments, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses. Revenue eliminations were $817 million, compared to $804 million in the prior year period, and Adjusted EBITDA eliminations were a benefit of $47 million, compared to a loss of $26 million in the prior year period.

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Corporate, Other and Eliminations

($ in millions)
4th Quarter
20252024Change
Corporate & Other
Revenue$858 $784 9.5%
Operating Expenses1,467 1,268 15.7%
Adjusted EBITDA($608)($484)(25.7%)
Eliminations
Revenue($1,521)($1,411)7.8%
Operating Expenses(1,521)(1,369)11.1%
Adjusted EBITDA$— ($42)(100.3%)

Corporate & Other

Corporate & Other primarily includes overhead and personnel costs; our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania; and Xumo. Corporate & Other Adjusted EBITDA decreased primarily reflecting higher costs related to corporate functions.

Eliminations

Amounts represent eliminations of transactions between Connectivity & Platforms, Content & Experiences and other businesses, the most significant being distribution of television network programming between the Media and Residential Connectivity & Platforms segments. Revenue eliminations were $1.5 billion, compared to $1.4 billion in the prior year period, and Adjusted EBITDA eliminations were flat compared to a loss of $42 million in the prior year period.
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Notes:
1We define Adjusted Net Income and Adjusted EPS as net income attributable to Comcast Corporation and diluted earnings per common share attributable to Comcast Corporation shareholders, respectively, adjusted to exclude the effects of the amortization of acquisition-related intangible assets, investments that investors may want to evaluate separately (such as based on fair value) and the impact of certain events, gains, losses or other charges that affect period-over-period comparisons. See Table 5 for reconciliations of non-GAAP financial measures.
2We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. See Table 4 for reconciliation of non-GAAP financial measure.
3All earnings per share amounts are presented on a diluted basis.
4We define Free Cash Flow as net cash provided by operating activities (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant legal settlements) that affect period-to-period comparability. Cash payments related to certain capital or intangible assets, such as the construction of Universal Beijing Resort, are presented separately in our Consolidated Statement of Cash Flows and are therefore excluded from capital expenditures and cash paid for intangible assets for Free Cash Flow. See Table 4 for reconciliation of non-GAAP financial measure.
5Constant currency growth rates are calculated by comparing the results for each comparable prior year period adjusted to reflect the average exchange rates from each current year period presented rather than the actual exchange rates that were in effect during the respective periods. See Table 6 for reconciliations of non-GAAP financial measures.
6Adjusted EBITDA is the measure of profit or loss for our segments. From time to time, we may present Adjusted EBITDA for components of our reportable segments, such as Peacock. We believe these measures are useful to evaluate our financial results and provide a basis of comparison to others, although our definition of Adjusted EBITDA may not be directly comparable to similar measures used by other companies. Adjusted EBITDA for components are presented on a consistent basis with the respective segments and disaggregated in accordance with GAAP.
Numerical information is presented on a rounded basis using actual amounts, unless otherwise noted. The change in Peacock paid subscribers is calculated using rounded paid subscriber amounts. Minor differences in totals and percentage calculations may exist due to rounding.








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Conference Call and Other Information
Comcast Corporation will host a conference call with the financial community today, January 29, 2026, at 8:30 a.m. Eastern Time (ET). The conference call and related materials will be broadcast live and posted on our Investor Relations website at www.cmcsa.com. A replay of the call will be available today, January 29, 2026, starting at 11:30 a.m. ET on the Investor Relations website.

From time to time, we post information that may be of interest to investors on our website at www.cmcsa.com and on our corporate website, www.comcastcorporation.com. To automatically receive Comcast financial news by email, please visit www.cmcsa.com and subscribe to email alerts.

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Investor Contacts:Press Contacts:
Marci Ryvicker
Marci_Ryvicker@Comcast.com
Jennifer Khoury
Jennifer_Khoury@Comcast.com
(215) 531-3296
Jane Kearns
Jane_Kearns@Comcast.com
John Demming
John_Demming@Comcast.com
(215) 429-4744
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Caution Concerning Forward-Looking Statements
This press release includes statements that may constitute forward-looking statements. In evaluating these statements, readers should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission (SEC). Factors that could cause our actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; consumer acceptance of our content; programming costs; key distribution and/or licensing agreements; use and protection of our intellectual property; our reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather-related and other uncontrollable events; loss of key personnel; labor disputes; significant tax liability if the separation of Versant is not tax-free; laws and regulations; adverse decisions in litigation or governmental investigations; and other risks described from time to time in reports and other documents we file with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. The amount and timing of any dividends and share repurchases are subject to business, economic and other relevant factors.

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Non-GAAP Financial Measures
In this discussion, we sometimes refer to financial measures that are not presented according to generally accepted accounting principles in the U.S. (GAAP). Certain of these measures are considered “non-GAAP financial measures” under the SEC regulations; those rules require the supplemental explanations and reconciliations that are in Comcast’s Form 8-K (Quarterly Earnings Release) furnished to the SEC.

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About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit www.comcastcorporation.com for more information.
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TABLE 1
Condensed Consolidated Statements of Income (Unaudited)
Three Months EndedTwelve Months Ended
(in millions, except per share data)December 31,December 31,
2025202420252024
Revenue$32,310 $31,915 $123,707 $123,731 
Costs and expenses
Programming and production 10,305 10,027 34,951 37,026 
Marketing and promotion2,427 2,144 8,862 8,073 
Other operating and administrative11,903 10,918 43,013 40,533 
Depreciation2,393 2,182 9,327 8,729 
Amortization1,794 1,651 6,884 6,072 
28,822 26,922 103,035 100,434 
Operating income 3,488 4,993 20,672 23,297 
Interest expense(1,126)(1,069)(4,409)(4,134)
Investment and other income (loss), net
Equity in net income (losses) of investees, net(278)(242)(591)(680)
Realized and unrealized gains (losses) on equity securities, net(72)(150)(20)(313)
Other income (loss), net148 41 10,114 502 
(202)(350)9,503 (490)
Income before income taxes 2,159 3,574 25,766 18,673 
Income tax (expense) benefit(89)1,111 (6,106)(2,796)
Net income2,070 4,684 19,660 15,877 
Less: Net income (loss) attributable to noncontrolling interests(97)(93)(338)(315)
Net income attributable to Comcast Corporation$2,168 $4,778 $19,998 $16,192 
Diluted earnings per common share attributable to Comcast Corporation shareholders$0.60 $1.24 $5.39 $4.14 
Diluted weighted-average number of common shares3,636 3,842 3,709 3,908 

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TABLE 2
Consolidated Statements of Cash Flows (Unaudited)
Twelve Months Ended
(in millions)December 31,
20252024
OPERATING ACTIVITIES
Net income$19,660 $15,877 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization16,210 14,802 
Share-based compensation1,288 1,288 
Noncash interest expense (income), net488 464 
Net (gain) loss on investment activity and other(8,853)1,088 
Deferred income taxes2,674 (902)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net(135)136 
Film and television costs, net338 290 
Accounts payable and accrued expenses related to trade creditors(20)(758)
Other operating assets and liabilities1,994 (4,611)
Net cash provided by operating activities33,643 27,673 
INVESTING ACTIVITIES
Capital expenditures(11,750)(12,181)
Cash paid for intangible assets(2,658)(2,949)
Construction of Universal Beijing Resort(11)(116)
Acquisitions, net of cash acquired(1,306)(119)
Proceeds from sales of businesses and investments670 771 
Purchases of investments (1,302)(1,082)
Other199 6 
Net cash (used in) investing activities(16,157)(15,670)
FINANCING ACTIVITIES
Proceeds from borrowings3,494 6,268 
Repurchases and repayments of debt(5,740)(3,573)
Repurchases of common stock under repurchase program and employee plans(7,155)(9,103)
Dividends paid(4,894)(4,814)
Other(50)339 
Net cash (used in) financing activities(14,346)(10,883)
Impact of foreign currency on cash, cash equivalents and restricted cash42 (26)
Increase (decrease) in cash, cash equivalents and restricted cash3,182 1,095 
Cash, cash equivalents and restricted cash, beginning of period7,377 6,282 
Cash, cash equivalents and restricted cash, end of period$10,559 $7,377 
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TABLE 3
Condensed Consolidated Balance Sheets (Unaudited)
(in millions)December 31,December 31,
20252024
ASSETS
Current Assets
Cash and cash equivalents$9,481 $7,322 
Receivables, net13,869 13,661 
Other current assets6,217 5,817 
Total current assets29,567 26,801 
Film and television costs12,214 12,541 
Investments7,952 8,647 
Property and equipment, net65,680 62,548 
Goodwill61,502 58,209 
Franchise rights59,365 59,365 
Other intangible assets, net22,474 25,599 
Other noncurrent assets, net13,877 12,501 
$272,631 $266,211 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses related to trade creditors$11,058 $11,321 
Deferred revenue4,097 3,507 
Accrued expenses and other current liabilities12,410 10,679 
Current portion of debt5,958 4,907 
Advance on sale of investment— 9,167 
Total current liabilities33,524 39,581 
Noncurrent portion of debt92,979 94,186 
Deferred income taxes27,788 25,227 
Other noncurrent liabilities20,965 20,942 
Redeemable noncontrolling interests 224 237 
Equity
Comcast Corporation shareholders' equity96,903 85,560 
Noncontrolling interests249 477 
Total equity97,151 86,038 
$272,631 $266,211 
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TABLE 4
Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA (Unaudited)
Three Months Ended December 31,Twelve Months Ended December 31,
(in millions)2025202420252024
Net income attributable to Comcast Corporation$2,168 $4,778 $19,998 $16,192 
Net income (loss) attributable to noncontrolling interests (97)(93)(338)(315)
Income tax expense (benefit)89 (1,111)6,106 2,796 
Interest expense1,126 1,069 4,409 4,134 
Investment and other (income) loss, net202 350 (9,503)490 
Depreciation2,393 2,182 9,327 8,729 
Amortization1,794 1,651 6,884 6,072 
Adjustments (1)
225 (19)501 (30)
Adjusted EBITDA$7,900 $8,807 $37,384 $38,069 
    
Reconciliation from Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited)
Three Months Ended December 31,Twelve Months Ended December 31,
(in millions)2025202420252024
Net cash provided by operating activities$8,841 $8,080 $33,643 $27,673 
Capital expenditures(3,749)(3,914)(11,750)(12,181)
Cash paid for capitalized software and other intangible assets(724)(906)(2,658)(2,949)
Free Cash Flow$4,369 $3,260 $19,235 $12,543 
Alternate Presentation of Free Cash Flow (Unaudited)
Three Months Ended December 31,Twelve Months Ended December 31,
(in millions)2025202420252024
Adjusted EBITDA$7,900 $8,807 $37,384 $38,069 
Capital expenditures(3,749)(3,914)(11,750)(12,181)
Cash paid for capitalized software and other intangible assets(724)(906)(2,658)(2,949)
Cash interest expense(1,189)(1,154)(3,871)(3,657)
Cash taxes (paid) received1,623 (1,108)(755)(7,096)
Changes in operating assets and liabilities232 1,093 (551)(1,559)
Noncash share-based compensation274 305 1,288 1,288 
Other (2)
2 136 148 627 
Free Cash Flow$4,369 $3,260 $19,235 $12,543 
(1)
Adjusted EBITDA excludes transaction and transaction-related costs associated with the separation of Versant, as well as other operating and administrative expenses related to our investment portfolio. Transaction costs are incremental costs directly related to effectuating the separation and primarily include advisory, legal and audit fees, as well as legal entity separation costs. Transaction-related costs are incremental costs incurred in anticipation of the separation, including costs that reflect strategic decisions about how the standalone Versant business will be structured or operated, which may be different than if it remained part of Comcast. Transaction-related costs primarily include certain separation-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs.
Three Months Ended December 31,Twelve Months Ended December 31,
2025202420252024
Transaction-related costs $208 $— $374 $— 
Transaction costs 27 7 109 7 
Costs related to our investment portfolio(10)(25)18 (37)
Total$225 ($19)$501 ($30)
(2)
4th quarter and full year 2025 includes adjustments of $(235) and $(483) million, respectively, of transaction and transaction-related costs associated with the separation of Versant and $10 and $(18) million, respectively, of other operating and administrative expenses related to our investment portfolio, as these amounts are excluded from Adjusted EBITDA. 4th quarter and full year 2024 include adjustments of $(7) million of transaction costs associated with the separation of Versant and $25 and $37 million, respectively, of other operating and administrative expenses related to our investment portfolio, as these amounts are excluded from Adjusted EBITDA.
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TABLE 5
Reconciliations of Adjusted Net Income and Adjusted EPS (Unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2025202420252024
(in millions, except per share data)
$EPS$EPS$EPS$EPS
Net income attributable to Comcast Corporation and diluted earnings per share attributable to Comcast Corporation shareholders$2,168$0.60$4,778$1.24$19,998$5.39$16,192$4.14
Change (54.6%)(52.0%)23.5%30.1%
Amortization of acquisition-related intangible assets (1)
6430.186100.162,5040.682,1040.54
Investments (2)
1990.052200.062780.075530.14
Items affecting period-over-period comparability:
Gain related to investment(3)
——— — (7,057)(1.90)— — 
Tax benefit from internal corporate reorganization(4)
——(1,920)(0.50)(177)(0.05)(1,920)(0.50)
Tax benefit related to assets held for sale(5)
(154)(0.04)— — (154)(0.04)— — 
Transaction-related costs(6)
1830.05— — 3290.09— — 
Transaction costs(7)
240.017 — 960.037 — 
Long-lived asset impairments(8)
——— — 1550.04— — 
Adjusted Net income and Adjusted EPS
$3,062$0.84$3,694$0.96$15,972$4.31$16,937$4.33
Change (17.1%)(12.4%)(5.7%)(0.6%)
(1)Acquisition-related intangible assets are recognized as a result of the application of Accounting Standards Codification Topic 805, Business Combinations (such as customer relationships), and their amortization is significantly affected by the size and timing of our acquisitions. Amortization of intangible assets not resulting from business combinations (such as software and acquired intellectual property rights used in our theme parks) is included in Adjusted Net Income and Adjusted EPS.
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2025202420252024
Amortization of acquisition-related intangible assets before income taxes$838 $798 $3,263 $2,747 
Amortization of acquisition-related intangible assets, net of tax$643 $610$2,504 $2,104
(2)Adjustments for investments include realized and unrealized (gains) losses on equity securities, net (as stated in Table 1), as well as the equity in net (income) losses of investees, net, for certain equity method investments, including Atairos and Hulu and costs related to our investment portfolio.

Three Months Ended
December 31,		Twelve Months Ended
December 31,
2025202420252024
Realized and unrealized (gains) losses on equity securities, net$72 $150 $20 $313 
Equity in net (income) losses of investees, net and other188 141 340 417 
Investments before income taxes260 291 361 729 
Investments, net of tax$199 $220 $278 $553 


(3)Full year 2025 net income attributable to Comcast Corporation includes a $9.4 billion pre-tax gain in other income (loss), net, $7.1 billion net of tax, related to the sale of our interest in Hulu.
(4)Full year 2025 net income attributable to Comcast Corporation includes a $177 million income tax benefit due to an internal corporate reorganization. 4th quarter and full year 2024 net income attributable to Comcast Corporation includes a $1.9 billion income tax benefit due to an internal corporate reorganization.
(5)4th quarter and full year 2025 net income attributable to Comcast Corporation includes $154 million income tax benefit related to assets classified as held for sale as of December 31, 2025.
(6)4th quarter and full year 2025 net income attributable to Comcast Corporation includes $208 and $374 million, $183 and $329 million net of tax, respectively, of transaction-related costs related to the separation of Versant. Transaction-related costs are incremental costs incurred in anticipation of the separation, including costs that reflect strategic decisions about how the standalone Versant business will be structured or operated, which may be different than if it remained part of Comcast. Transaction-related costs primarily include certain separation-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs.
(7)4th quarter and full year 2025 net income attributable to Comcast Corporation includes $27 and $109 million, $24 and $96 million net of tax, respectively, of transaction costs related to the separation of Versant. Transaction costs are incremental costs directly related to effectuating the separation and primarily include advisory, legal and audit fees, and legal entity separation costs.
(8)Full year 2025 net income attributable to Comcast Corporation includes $155 million of long-lived asset impairments.


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TABLE 6
Reconciliation of Constant Currency (Unaudited)
Three Months Ended
December 31, 2024		Twelve Months Ended
December 31, 2024
(in millions)As ReportedEffects of Foreign CurrencyConstant Currency AmountsAs ReportedEffects of Foreign CurrencyConstant Currency Amounts
Reconciliation of Connectivity & Platforms Constant Currency
Connectivity & Platforms Revenue
Residential Connectivity & Platforms $18,016$193$18,209$71,574$533 $72,107
Business Services Connectivity 2,4481 2,4489,7012 9,703
Total Connectivity & Platforms Revenue$20,464$194 $20,657$81,275$535 $81,811
Connectivity and Platforms Adjusted EBITDA
Residential Connectivity & Platforms $6,479$16 $6,495$27,338$71 $27,409
Business Services Connectivity 1,363— 1,3635,500(1)5,499
Total Connectivity & Platforms Adjusted EBITDA$7,842$16 $7,858$32,838$71 $32,909
Connectivity & Platforms Adjusted EBITDA Margin
Residential Connectivity & Platforms 36.0%(30) bps35.7%38.2%(20) bps38.0%
Business Services Connectivity55.7% - bps55.7%56.7%- bps56.7%
Total Connectivity & Platforms Adjusted EBITDA Margin38.3%(30) bps38.0%40.4%(20) bps40.2%
Three Months Ended
December 31, 2024		Twelve Months Ended
December 31, 2024
(in millions)As ReportedEffects of Foreign CurrencyConstant Currency AmountsAs ReportedEffects of Foreign CurrencyConstant Currency Amounts
Reconciliation of Residential Connectivity & Platforms Constant Currency
Revenue
Domestic broadband$6,384$— $6,384$25,660$— $25,660
Domestic wireless1,189— 1,1894,273— 4,273
International connectivity1,26350 1,3144,503145 4,648
Total residential connectivity$8,836$50 $8,887$34,435$145 $34,581
Video6,736109 6,84527,791296 28,087
Advertising1,15820 1,1784,08948 4,137
Other1,28614 1,3005,25944 5,303
Total Revenue$18,016$193 $18,209$71,574$533 $72,107
Operating Expenses
Programming$4,125$67 $4,192$16,881$172 $17,054
Non-Programming7,412110 7,52227,355289 27,644
Total Operating Expenses$11,537$177 $11,714$44,237$461 $44,698
Adjusted EBITDA$6,479$16 $6,495$27,338$71 $27,409
Adjusted EBITDA Margin36.0%(30) bps35.7%38.2%(20) bps38.0%

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