PHILADELPHIA, PA — Comcast Corporation (NASDAQ: CMCSA) reported third-quarter 2025 results showing strong cash generation and continued progress in transforming its business for long-term growth. Despite a modest revenue decline due to last year’s Paris Olympics, the company posted significant gains in free cash flow and steady earnings performance across key divisions.
Comcast generated $4.9 billion in free cash flow for the quarter, a 45.2% increase year-over-year, driven by higher operating cash and disciplined capital management. Adjusted EBITDA held nearly flat at $9.7 billion, and adjusted earnings per share remained unchanged at $1.12. Net income attributable to Comcast declined 8.2% to $3.33 billion, reflecting the prior year’s Olympic comparison.
Chairman and CEO Brian L. Roberts said the company is “making steady progress” as it repositions for “long-term, sustained growth.” Roberts pointed to record results in Comcast’s wireless segment, adding 414,000 new lines and surpassing 14% penetration among domestic broadband customers. “These results are clear evidence of the value of our converged offerings,” he said.
Connectivity & Platforms revenue reached $20.2 billion, consistent with the prior year, with Business Services Connectivity growing 6.2% to $2.6 billion. Media operations, led by Peacock, saw EBITDA rise 28% to $832 million, while the company’s Theme Parks division surged 19% in revenue to $2.7 billion, driven by the successful opening of Epic Universe in Orlando. The blockbuster “Jurassic World Rebirth,” which grossed nearly $900 million globally, contributed to strong performance in Comcast’s Studios segment.
Although total company revenue fell 2.7% to $31.2 billion, Comcast maintained profitability while investing heavily in new growth areas. Capital expenditures increased 5.4% to $3.1 billion, with much of the spending focused on scalable infrastructure and next-generation customer technologies.
Comcast returned $2.8 billion to shareholders during the quarter through dividends and share repurchases, reducing shares outstanding by 5% compared to the same period last year.
Roberts emphasized the company’s financial resilience as it invests in future expansion, noting Comcast’s ability to generate nearly $15 billion in free cash flow year-to-date despite “significant investment” in repositioning efforts. “It’s a testament to both the durability and resilience of our underlying business,” he said.
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