Comcast (CMCSA) Q4 FY25 earnings call

Earnings call· Dec 2025 (Q4 FY25)· Communication Services· Jan 29, 2026

Source: earnings call transcript

Comcast is undergoing a significant strategic pivot, focusing on six growth drivers and repositioning its broadband and media businesses for sustained growth amidst intense competition. The company is investing in customer experience, simplified pricing, and wireless convergence, while also scaling its streaming platform and theme parks. Management expressed confidence in the long-term strategy despite near-term EBITDA pressure from these investments.

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CMCSA operating KPIs by quarter

CMCSA operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Mar 2025 Q1 FY25	This call Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Sep 2026 Q3 FY26	Change vs prior quarter
Paid subscribers Wireless	8.1M This resulted in the best quarter of new wireless net additions in 2 years, bringing our total wireless lines to 8.1 million. Source: earnings call transcript	—	—	—	10.6M We ended the quarter with 10.6 million total wireless lines, up 18% year-over-year and 40% over 2 years. Source: earnings call transcript	—
Paid subscriber net additions Broadband	-199K This contributed to the loss of 199,000 customers in the quarter, while broadband ARPU grew 3.3%, leading to growth in broadband revenue of 1.7%. Source: earnings call transcript	-181K Subscriber losses were 181,000 as the early traction we're seeing from our new initiatives was more than offset by continued competitive intensity. Source: earnings call transcript	-65K Broadband subscriber losses improved by 117,000 year-over-year to 65,000. Source: earnings call transcript	—	-144K We lost 144,000 broadband subscribers and added 368,000 net wireless lines in the quarter. Source: earnings call transcript	—
Paid subscriber net additions Wireless	323K We accelerated wireless net line additions to 323,000 in the quarter, both an improvement year-over-year and sequentially, bringing our total wireless lines to 8.1 million. Source: earnings call transcript	364K We added 364,000 wireless lines and similar to last quarter, nearly half of our residential postpaid connects came from customers taking a free line. Source: earnings call transcript	435K We added 435,000 net wireless lines, our strongest quarter on record with nearly half of our residential postpaid phone connects coming from customers taking a free line. Source: earnings call transcript	—	368K We lost 144,000 broadband subscribers and added 368,000 net wireless lines in the quarter. Source: earnings call transcript	—
Paid subscribers Peacock	41M We ended the quarter at 41 million paid subscribers with net additions in the quarter, driven by the entitlements from the Charter bundle we introduced at the end of the quarter. Source: earnings call transcript	44M Peacock revenue grew more than 20% to a record $1.6 billion, supported by strong distribution revenue growth of over 30% as paid subscribers increased 8 million year-over-year and 3 million sequentially, reaching 44 million as of December 31st. Source: earnings call transcript	—	48M Peacock added another 2 million paid subscribers in this quarter, bringing us to 48 million paid subscribers and had its biggest viewership month ever in June, fueled by the World Cup and Love Island. Source: earnings call transcript	48M Now reflecting on this quarter, in media, Peacock was profitable for the second consecutive quarter and ended the period with 48 million subscribers. Source: earnings call transcript	0%
Paid subscriber net additions Peacock	—	3M Peacock revenue grew more than 20% to a record $1.6 billion, supported by strong distribution revenue growth of over 30% as paid subscribers increased 8 million year-over-year and 3 million sequentially, reaching 44 million as of December 31st. Source: earnings call transcript	2M We added 2 million net new subscribers in the quarter with revenue up more than 70%, putting Peacock on track to approach profitability for the first time next quarter. Source: earnings call transcript	2M In just 6 years, we've built Peacock into a streaming business with real scale in the US We've added 2 million paid subscribers in each of the last 2 quarters, had our biggest viewership month ever in June and reach profitability, all anchored by what NBCUniversal does best: premium entertainment, live sports, news and extraordinary storytelling. Source: earnings call transcript	—	0%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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