Comcast Corporation (NASDAQ:CMCSA, XETRA:CTP2) reported fourth quarter 2025 results that exceeded Wall Street expectations for adjusted earnings per share (EPS) but fell slightly short of revenue forecasts.
The company posted adjusted EPS of $0.84 for the quarter, above the consensus estimate of $0.75, while revenue came in at $32.31 billion, just below the anticipated $32.35 billion.
For the full year, Comcast reported adjusted EPS of $4.31 and consolidated adjusted EBITDA of $37.4 billion. Free cash flow reached $19.2 billion for the year, with $4.4 billion generated in the fourth quarter.
Comcast returned $2.7 billion to shareholders in the fourth quarter through $1.2 billion in dividends and $1.5 billion in share repurchases. Total capital returned for the year amounted to $11.7 billion, including $6.8 billion in share buybacks, reducing shares outstanding by 5%.
During Q4, the company saw growth across its Connectivity & Platforms segment, with revenue rising 3.2% to $11.6 billion and full-year revenue increasing 4.2% to $46 billion.
Domestic wireless recorded its strongest year to date, adding 1.5 million net lines and reaching 9.3 million total lines, surpassing 15% penetration of residential broadband customers.
Comcast also highlighted content and media developments, including the launch of NBA coverage across NBC and Peacock, which achieved the network’s best season start in 24 years. Peacock paid subscriptions rose 22% year-over-year to 44 million, while revenue grew 23% to $1.6 billion in the fourth quarter and 10% to $5.4 billion for the year.
Theme parks contributed to growth, with adjusted EBITDA for the fourth quarter surpassing $1 billion for the first time, driven by the opening of Epic Universe in May 2025. The film adaptation Wicked: For Good also performed strongly, grossing $1.3 billion worldwide.
"2025 was a year of meaningful progress as we made decisive changes to position the company for long-term, sustainable growth," Comcast co-CEOs Brian Roberts and Mike Cavanagh said in a statement.
Shares of Comcast traded higher on the results, up 3.9% at about $30.