PHILADELPHIA, PA — Comcast Corporation (NASDAQ: CMCSA) reported steady performance for the second quarter of 2025, bolstered by record wireless growth, robust free cash flow, and the successful launch of its new Epic Universe theme park in Orlando.
For the quarter ended June 30, Comcast posted adjusted earnings per share of $1.25, a 3.3% increase year-over-year, alongside $4.5 billion in free cash flow. Total revenue rose 2.1% to $30.7 billion, while net income surged to $11.1 billion, largely due to a $9.4 billion gain from the company’s sale of its Hulu stake. Adjusted net income, which excludes one-time items, declined slightly by 1.7%.
CEO Brian Roberts described the quarter as one of “solid financial results,” highlighting the company’s strategic investment in growth areas. “We’re pleased with the early progress in our broadband strategy, the record-setting wireless results, and strong momentum in Business Services,” Roberts said.
Broadband Pivot and Wireless Milestone
Comcast’s Connectivity & Platforms segment saw revenue increase 5.4% to $11.5 billion, driven by gains in broadband, wireless, and international connectivity. The company added 378,000 new wireless lines—a record high—bringing total lines to 8.5 million and achieving 14% penetration of its domestic broadband base.
However, total customer relationships declined by 349,000, including a loss of 226,000 broadband customers and 325,000 video subscribers. Comcast attributed this to a strategic shift in its go-to-market broadband approach, which now includes simplified pricing, bundled mobile offers, and a five-year price guarantee.
Media and Peacock Narrow Losses
In its Media division, revenue climbed 9.3% to $1.5 billion, with streaming platform Peacock showing notable improvement. Peacock’s revenue rose 18% to $1.2 billion, while EBITDA losses narrowed significantly to $101 million, down from a $348 million loss a year ago.
Peacock’s performance was buoyed by premium content and live sports, with Comcast preparing to add NBA coverage to its streaming portfolio this fall.
Epic Universe Boosts Theme Parks
The Content & Experiences segment benefited from strong performances at Universal’s Theme Parks, particularly the highly anticipated opening of Epic Universe in Orlando. The new attraction, which debuted in late May, helped lift domestic park revenues and earned enthusiastic feedback from visitors.
Theme Parks’ Adjusted EBITDA rose on the back of higher revenue, which offset increased operating costs tied to Epic Universe. International park revenues also improved, aided by favorable foreign exchange impacts.
Studios and Business Services
Studio revenue rose due to theatrical hits such as How to Train Your Dragon and the new Jurassic World film. Despite the box office success, higher production and marketing costs led to a decline in studio EBITDA.
On the enterprise front, Business Services Connectivity continued to perform well. Revenue increased due to expansion in enterprise solutions and steady growth among small businesses. EBITDA also grew, though partially offset by higher product costs.
Shareholder Returns and Dividend Declaration
Comcast returned $2.9 billion to shareholders during the quarter—$1.2 billion in dividends and $1.7 billion in share repurchases, reducing its outstanding shares by 5% year-over-year. The Board of Directors declared a quarterly cash dividend of $0.33 per share, payable October 22 to shareholders of record as of October 1.
Outlook
Despite some headwinds in customer retention, Comcast remains focused on high-margin growth areas, including wireless, streaming, and international connectivity. The company continues to invest in its transformation strategy while maintaining a disciplined approach to capital allocation.
With wireless growth accelerating and streaming losses narrowing, Comcast appears well-positioned to navigate a shifting media and broadband landscape.
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