Comcast Reports 4th Quarter 2025 Results

PHILADELPHIA--( BUSINESS WIRE)--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 Quarter

Full Year

Consolidated Results

2025

2024

Change

2025

2024

Change

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 Income 1

$3,062

$3,694

(17.1

$15,972

$16,937

(5.7

Adjusted EBITDA 2

$7,900

$8,807

(10.3

$37,384

$38,069

(1.8

Earnings per Share 3

$0.60

$1.24

(52.0

$5.39

$4.14

30.1

Adjusted Earnings per Share 1

$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 Flow 4

$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:

4th Quarter Consolidated Financial Results

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

Change 5

4th Quarter

2025

2024

Change

Connectivity & Platforms Revenue

Residential Connectivity & Platforms

$17,646

$18,016

(2.1

(3.1

Business Services Connectivity

2,590

2,448

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 Connectivity

1,405

1,363

3.1

Total Connectivity & Platforms Adjusted EBITDA

$7,503

$7,842

(4.3

(4.5

Connectivity & Platforms Adjusted EBITDA Margin

Residential Connectivity & Platforms

34.6

36.0

(140) bps

(110) bps

Business Services Connectivity

54.2

55.7

(150) bps

Total Connectivity & Platforms Adjusted EBITDA Margin

37.1

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%.

(in thousands)

Net Additions /(Losses)

4th Quarter

4Q25

4Q24

2025

2024

Customer Relationships

Domestic Residential Connectivity & Platforms Customer Relationships

30,439

31,172

(203

)

(151

)

International Residential Connectivity & Platforms Customer Relationships

17,624

17,811

Business Services Connectivity Customer Relationships

2,702

2,626

—

)

Total Connectivity & Platforms Customer Relationships

50,766

51,609

(181

)

(58

)

Domestic Broadband

Residential Customers

28,719

29,373

(178

)

(131

)

Business Customers

2,536

2,469

)

Total Domestic Broadband Customers

31,255

31,842

(181

)

(139

)

Total Domestic Wireless Lines

9,305

7,826

364

307

Total Domestic Video Customers

11,270

12,523

(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

Change 5

4th Quarter

2025

2024

Change

Revenue

Domestic Broadband

$6,316

$6,384

(1.1

Domestic Wireless

1,403

1,189

18.0

International Connectivity

1,337

1,263

5.8

1.8

Total Residential Connectivity

9,055

8,836

2.5

1.9

Video

6,356

6,736

(5.6

(7.1

Advertising

1,033

1,158

(10.8

(12.3

Other

1,203

1,286

(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-Programming

7,598

7,412

2.5

1.0

Total Operating Expenses

$11,548

$11,537

0.1

(1.4

Adjusted EBITDA

$6,099

$6,479

(5.9

(6.1

Adjusted EBITDA Margin

34.6

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. 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

Change 5

4th Quarter

2025

2024

Change

Revenue

$2,590

$2,448

5.8%

Operating Expenses

1,186

1,085

9.3%

9.2%

Adjusted EBITDA

$1,405

$1,363

3.1%

Adjusted EBITDA Margin

54.2

55.7

(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%.

Content & Experiences

($ in millions)

4th Quarter

2025

2024

Change

Content & Experiences Revenue

Media

$7,620

$7,222

5.5

Studios

3,027

3,269

(7.4

Theme Parks

2,893

2,374

21.9

Headquarters & Other

(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

Studios

351

569

(38.4

Theme Parks

1,035

838

23.5

Headquarters & Other

(306

)

(189

)

(62.2

Eliminations

(26

)

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

2025

2024

Change

Revenue

Domestic Advertising

$2,684

$2,645

1.5

Domestic Distribution

3,038

2,885

5.3

International Networks

1,297

1,090

19.0

Other

602

603

(0.1

Total Revenue

$7,620

$7,222

5.5

Operating Expenses

7,742

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 EBITDA 6 loss of $552 million related to Peacock, compared to $1.3 billion of revenue and an Adjusted EBITDA 6 loss of $372 million in the prior year period.

Studios

($ in millions)

4th Quarter

2025

2024

Change

Revenue

Content Licensing

$2,186

$2,383

(8.3

Theatrical

411

515

(20.2

Other

430

371

15.8

Total Revenue

$3,027

$3,269

(7.4

Operating Expenses

2,676

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

2025

2024

Change

Revenue

$2,893

$2,374

21.9%

Operating Expenses

1,858

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.

Corporate, Other and Eliminations

($ in millions)

4th Quarter

2025

2024

Change

Corporate & Other

Revenue

$858

$784

9.5

Operating Expenses

1,467

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.

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.

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.

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.

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.

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.

Condensed Consolidated Statements of Income (Unaudited)

Three Months Ended

Twelve Months Ended

(in millions, except per share data)

December 31,

2025

2024

2025

2024

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 promotion

2,427

2,144

8,862

8,073

Other operating and administrative

11,903

10,918

43,013

40,533

Depreciation

2,393

2,182

9,327

8,729

Amortization

1,794

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), net

148

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 income

2,070

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 shares

3,636

3,842

3,709

3,908

Consolidated Statements of Cash Flows (Unaudited)

Twelve Months Ended

(in millions)

December 31,

2025

2024

OPERATING ACTIVITIES

Net income

$19,660

$15,877

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

16,210

14,802

Share-based compensation

1,288

Noncash interest expense (income), net

488

464

Net (gain) loss on investment activity and other

(8,853)

1,088

Deferred income taxes

2,674

(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, net

338

290

Accounts payable and accrued expenses related to trade creditors

(20)

(758)

Other operating assets and liabilities

1,994

(4,611)

Net cash provided by operating activities

33,643

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 investments

670

771

Purchases of investments

(1,302)

(1,082)

Other

199

Net cash (used in) investing activities

(16,157)

(15,670)

FINANCING ACTIVITIES

Proceeds from borrowings

3,494

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 cash

(26)

Increase (decrease) in cash, cash equivalents and restricted cash

3,182

1,095

Cash, cash equivalents and restricted cash, beginning of period

7,377

6,282

Cash, cash equivalents and restricted cash, end of period

$10,559

$7,377

Condensed Consolidated Balance Sheets (Unaudited)

(in millions)

December 31,

2025

2024

ASSETS

Current Assets

Cash and cash equivalents

$9,481

$7,322

Receivables, net

13,869

13,661

Other current assets

6,217

5,817

Total current assets

29,567

26,801

Film and television costs

12,214

12,541

Investments

7,952

8,647

Property and equipment, net

65,680

62,548

Goodwill

61,502

58,209

Franchise rights

59,365

Other intangible assets, net

22,474

25,599

Other noncurrent assets, net

13,877

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 revenue

4,097

3,507

Accrued expenses and other current liabilities

12,410

10,679

Current portion of debt

5,958

4,907

Advance on sale of investment

—

9,167

Total current liabilities

33,524

39,581

Noncurrent portion of debt

92,979

94,186

Deferred income taxes

27,788

25,227

Other noncurrent liabilities

20,965

20,942

Redeemable noncontrolling interests

224

237

Equity

Comcast Corporation shareholders' equity

96,903

85,560

Noncontrolling interests

249

477

Total equity

97,151

86,038

$272,631

$266,211

Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA (Unaudited)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

(in millions)

2025

2024

2025

2024

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)

(1,111)

6,106

2,796

Interest expense

1,126

1,069

4,409

4,134

Investment and other (income) loss, net

202

350

(9,503)

490

Depreciation

2,393

2,182

9,327

8,729

Amortization

1,794

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)

2025

2024

2025

2024

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)

2025

2024

2025

2024

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) received

1,623

(1,108)

(755)

(7,096)

Changes in operating assets and liabilities

232

1,093

(551)

(1,559)

Noncash share-based compensation

274

305

1,288

Other (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,

2025

2024

2025

2024

Transaction-related costs

$208

$—

$374

$—

Transaction costs

109

Costs related to our investment portfolio

(10)

(25)

(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.

TABLE 5

Reconciliations of Adjusted Net Income and Adjusted EPS (Unaudited)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2025

2024

2025

2024

(in millions, except per share data)

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)

643

0.18

610

0.16

2,504

0.68

2,104

0.54

Investments (2)

199

0.05

220

0.06

278

0.07

553

0.14

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)

183

0.05

—

329

0.09

—

Transaction costs (7)

0.01

—

0.03

—

Long-lived asset impairments (8)

—

155

0.04

—

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,

2025

2024

2025

2024

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,

2025

2024

2025

2024

Realized and unrealized (gains) losses on equity securities, net

$72

$150

$20

$313

Equity in net (income) losses of investees, net and other

188

141

340

417

Investments before income taxes

260

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.

TABLE 6

Reconciliation of Constant Currency (Unaudited)

Three Months Ended

December 31, 2024

Twelve Months Ended

December 31, 2024

Effects of

Constant

Effects of

Constant

Foreign

Currency

Foreign

Currency

(in millions)

Reported

Currency

Amounts

Reported

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

2,448

9,701

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

—

1,363

5,500

(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) bps

35.7%

38.2%

(20) bps

38.0%

Business Services Connectivity

55.7%

- bps

55.7%

56.7%

- bps

56.7%

Total Connectivity & Platforms Adjusted EBITDA Margin

38.3%

(30) bps

38.0%

40.4%

(20) bps

40.2%

Three Months Ended

December 31, 2024

Twelve Months Ended

December 31, 2024

Effects of

Constant

Effects of

Constant

Foreign

Currency

Foreign

Currency

(in millions)

Reported

Currency

Amounts

Reported

Currency

Amounts

Reconciliation of Residential Connectivity & Platforms Constant Currency

Revenue

Domestic broadband

$6,384

$—

$6,384

$25,660

$—

$25,660

Domestic wireless

1,189

—

1,189

4,273

—

4,273

International connectivity

1,263

1,314

4,503

145

4,648

Total residential connectivity

$8,836

$50

$8,887

$34,435

$145

$34,581

Video

6,736

109

6,845

27,791

296

28,087

Advertising

1,158

1,178

4,089

4,137

Other

1,286

1,300

5,259

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-Programming

7,412

110

7,522

27,355

289

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 Margin

36.0%

(30) bps

35.7%

38.2%

(20) bps

38.0%