PHILADELPHIA, PA — Comcast Corporation (Nasdaq: CMCSA) reported Thursday that revenue edged higher in the fourth quarter, while profit fell sharply from a year earlier as the company cycled past a prior-year tax benefit, and it said it generated $4,369 million in free cash flow during the period.
Revenue rose 1.2% to $32,310 million for the quarter ended December 31, 2025, compared with $31,915 million a year earlier, according to the company’s release. Net income attributable to Comcast was $2,168 million, down from $4,778 million in the fourth quarter of 2024, while earnings per share fell to $0.60 from $1.24.
Comcast said the year-ago quarter included a $1.9 billion income tax benefit tied to an internal corporate reorganization, creating an unfavorable comparison for reported net income. Adjusted earnings per share were $0.84, down from $0.96, and consolidated adjusted EBITDA was $7,900 million, down from $8,807 million.
“2025 was a year of meaningful progress as we made decisive changes to position the company for long-term, sustainable growth,” co-CEOs Brian L. Roberts and Mike Cavanagh said in a prepared statement, pointing to wireless growth, broadband marketing changes, theme-park momentum tied to Epic Universe, and double-digit revenue growth at Peacock.
The company reported net cash provided by operating activities of $8,841 million and free cash flow of $4,369 million in the quarter, compared with $8,080 million and $3,260 million, respectively, a year earlier.
Comcast also reported returning $2.7 billion to shareholders in the quarter through $1.2 billion in dividend payments and $1.5 billion in share repurchases, and said full-year capital returned totaled $11.7 billion, including $6.8 billion in repurchases that reduced shares outstanding by 5%.
In segment results, Comcast said Content & Experiences revenue increased 5.4% to $12,736 million, driven primarily by Theme Parks and Media, though Content & Experiences adjusted EBITDA declined to $1,005 million from $1,491 million. Theme Parks revenue rose to $2,893 million from $2,374 million, and Theme Parks adjusted EBITDA increased to $1,035 million from $838 million.
The company said it is maintaining its dividend at $1.32 per share on an annualized basis for 2026. Comcast’s board declared a quarterly cash dividend of $0.33 per share, payable April 22, 2026, to shareholders of record as of the close of business April 1, 2026.
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