Comcast shares rise on strong wireless and streaming growth despite earnings fall

Comcast shares rose 5% in early trading in New York after the US media and telecommunications group reported record free cash flow and gains in its wireless and streaming divisions, despite a steep fall in quarterly profit.

Revenue for the fourth quarter ended December 31 rose to $32.3 billion, with full-year revenue reaching $123.7 billion.

Net income attributable to Comcast dropped to $2.2 billion in the fourth quarter from $4.8 billion a year earlier. Adjusted net income fell to $3.1 billion, while adjusted earnings before interest, tax, depreciation and amortisation declined 10.3% to $7.9 billion. Adjusted earnings per share were $0.84.

“2025 was a year of meaningful progress as we made decisive changes to position the company for long-term, sustainable growth,” said co-chief executives Brian L. Roberts and Mike Cavanagh.

They pointed to strength in the company’s wireless business, with 1.5 million net line additions over the year, bringing the total to more than nine million. The company also launched what it described as “the most significant broadband go-to-market shift” in its history, focused on simplifying customer sales and service.

Peacock, Comcast’s streaming platform, recorded 22% growth in paying subscribers year-on-year, reaching 44 million. Peacock’s revenue rose 23% to $1.6 billion in the fourth quarter and 10% to $5.4 billion for the full year. The company credited the growth to strong momentum in its sports and entertainment lineup, including the debut of the National Basketball Association on NBC and Peacock.

Theme parks also contributed to growth, with adjusted EBITDA in the segment rising 24% in the fourth quarter, surpassing $1.0 billion. Comcast said the opening of Epic Universe, its new Orlando attraction, had driven higher per-capita spending and attendance.

Free cash flow was $4.4 billion in the fourth quarter and $19.2 billion for the full year. Capital expenditures fell 4.2% to $3.7 billion.

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Connectivity & Platforms revenue totalled $20.2 billion in the quarter. However, total customer relationships in the division declined by 181,000 to 50.8 million. Domestic wireless net additions were 364,000 in the fourth quarter.

Comcast said it completed the spin-off of Versant Media during the year, creating a more focused NBCUniversal centred on streaming, live sports and premium content. The co-chief executives said the company maintained a strong balance sheet and would continue to focus on execution in 2026.

The Recap

• Comcast reported fourth-quarter and full-year 2025 financial results.
• Fourth-quarter revenue was $32,310 million, full-year $123,707 million.
• The company said it remains focused on execution in 2026.