Comcast Q3 revenue down 2.7%; Peacock narrow losses
October 30, 2025
Comcast has reported results for the quarter ended September 30th 2025.
Revenue decreased 2.7 per cent to $31.2 billion (€26.9bn) reflecting an unfavourable comparison to the prior year period, which included incremental revenue from the Paris Olympics. Net Income Attributable to Comcast decreased 8.2 per cent. Adjusted Net Income decreased 4.9 per cent. Adjusted EBITDA was consistent with the prior year period.
Peacock, the streaming service operated by Comcast’s entertainment unit NBCUniversal, narrowed its Q3 losses to $217 million compared with $436 million in the year-ago period. Revenue for the service stood at $1.36 billion, down from $1.5 billion in Q3 2024. Subscriber numbers remained unchanged from Q2 at 41 million.
The company lost 104,000 domestic broadband customers during the quarter, bringing its total subscriber base to 31.4 million.
Theme Parks EBITDA Increased 13.1 per cent to $958 million; Fueled by the opening of Epic Universe in Orlando in May.
Further Q3 highlights:
- Generated Consolidated Adjusted EBITDA of $9.7 Billion, Adjusted EPS of $1.12, and Free Cash Flow of $4.9 Billion
- Returned $2.8 Billion to Shareholders Through a Combination of $1.2 Billion in Dividend Payments and $1.5 Billion in Share Repurchases, Reducing Shares Outstanding by 5 per cent Compared to the Prior Year Period
- At Connectivity & Platforms, Connectivity Revenue Increased 4.2 per cent to $11.5 Billion, Primarily Reflecting Growth in Domestic Wireless, International Connectivity and Business Services Connectivity
- Continued to Invest in New Go-to-Market Strategy and Tactics, Including National Internet Plans with Everyday Pricing and Everything Included; a 5-Year Internet Price Guarantee; a Free Xfinity Unlimited Mobile Line Included for 1-Year; and a Premium Unlimited Wireless Plan That Delivers Gigabit Speeds, Upgraded Features, and Significant Savings
- Domestic Wireless Customer Line Net Additions Were 414,000, the Best Quarterly Result on Record; Surpassed 14 per cent Penetration of Domestic Residential Broadband Customers with a Total of 8.9 Million Lines
- Business Services Connectivity Revenue Increased 6.2 per cent to $2.6 Billion, EBITDA Increased 4.5 per cent to $1.5 Billion and EBITDA Margin Was 56.4 per cent
- Jurassic World Rebirth Premiered in July and Grossed Nearly $900 Million in Worldwide Box Office Year-to-Date, Pushing the Jurassic Franchise’s Cumulative Total to $7 Billion
“We’re making steady progress as we reposition the company for long-term, sustained growth,” commented Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. “In Connectivity, we’re taking deliberate steps to strengthen our broadband foundation and accelerate wireless as a meaningful growth engine, adding a record 414,000 wireless lines this quarter – clear evidence of the value of our converged offerings. In addition, Business Services delivered another solid performance, with mid-single digit revenue and Adjusted EBITDA growth. In Content & Experiences, we’re building momentum across NBC and Peacock as we head into one of the most exciting stretches of live sports in our history, including robust NBA coverage which just began last week. The early success of Epic Universe contributed to 19 per cent revenue growth at our Theme Parks, reflecting the strength of our newest attractions and the enduring appeal of the Universal brand. We generated $4.9 billion of free cash flow this quarter and $14.9 billion year-to-date despite significant investment we’re making in repositioning our company, a testament to both the durability and resilience of our underlying business.”
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