Comcast reported second quarter 2025 revenue of $30.3 billion, up 2.1% year-over-year, with net income jumping to $11.1 billion due to a $9.4 billion gain from the sale of its Hulu stake. Adjusted net income slipped 1.7% to $4.7 billion, while Adjusted EBITDA edged up 1.1% to $10.3 billion. Free cash flow surged to $4.5 billion compared to $1.3 billion last year. Comcast returned $2.9 billion to shareholders through dividends and buybacks, reducing shares outstanding by 5% from the prior year.
Connectivity remained a central focus. Comcast launched new nationwide internet plans with everyday pricing, a five-year price guarantee, and bundled mobile incentives. Domestic broadband revenue rose 1.6% despite customer losses of 226,000, while wireless recorded its best-ever quarter with 378,000 net line additions, reaching 14% penetration of broadband households. Business services connectivity revenue grew 6.3% to $2.6 billion, driven by enterprise solutions and higher adoption among small businesses.
Content and experiences also delivered strong results. Media EBITDA grew 9.3% to $1.5 billion, led by Peacock, where revenue rose 18% to $1.2 billion and losses narrowed to $101 million. Theatrical releases like How to Train Your Dragon and Jurassic World Rebirth drove box office momentum. Theme parks revenue grew 6%, boosted by the May opening of Epic Universe in Orlando, while Universal prepares to expand further with Universal Horror Unleashed in Las Vegas this August.
• Revenue: $30.3 billion, up 2.1% YoY
• Net income: $11.1 billion, boosted by Hulu stake sale
• Adjusted EPS: $1.25, up 3.3% YoY
• Free cash flow: $4.5 billion
• Wireless: 378,000 line adds, best quarter on record
• Broadband: 226,000 net customer losses, offset by higher ARPU
• Business services: revenue up 6.3% to $2.6 billion
• Peacock: revenue up 18% to $1.2 billion; narrowing losses
• Theme parks: revenue up 6% with Epic Universe launch
“We delivered solid financial results in the second quarter, growing Adjusted EPS by 3% and generating $4.5 billion of free cash flow, while continuing to invest in our growth businesses and returning $2.9 billion to shareholders,” said Brian L. Roberts, Chairman and CEO of Comcast.
Some notes from the company’s quarterly investor call:
Subscriber Trends
- Comcast lost 226,000 broadband subscribers in Q2 due to competition from fiber and fixed wireless and seasonal weakness .
- Executives said new pricing plans and offers (5-year price guarantees, free mobile line for one year, premium unlimited plan) are showing early signs of stabilization in churn and connect activity .
- Roughly half of new customers chose the 5-year price guarantee, and 20% of new customers opted for gigabit-plus tiers, boosting ARPU by 3.5% in the quarter .
- Wireless growth offset broadband losses, with record net additions of 378,000 lines, reaching 8.5 million total and 14% penetration of residential broadband households .
- Executives expect broadband ARPU growth to moderate over the next couple of quarters as more customers migrate to everyday pricing, though they reiterated expectations for “healthy” long-term growth .
- Seasonal patterns remain evident, with management positioning for stronger back-to-school net additions in Q3.
CAPEX and Network Infrastructure
- Comcast continues to add 1.2 million new home passings per year, extending its broadband footprint .
- Executives emphasized preparing for a market where “two multi-gig symmetrical wires” (cable and fiber) compete in most households, alongside fixed wireless .
- The company is ahead of plan on Project Genesis upgrades, including mid-splits and DOCSIS 4.0, with rollout progressing quickly .
- Wi-Fi remains a differentiator, with advanced gateways positioned as integral to the network experience .
- Recent U.S. tax legislation restoring bonus depreciation provides Comcast with about $1 billion in annual cash tax benefits, most of which will support further infrastructure investments .
- CAPEX will remain focused on broadband upgrades and expansion, while park investments moderate after the opening of Epic Universe until the next wave of projects (e.g., London park) ramps up later this decade .
🌐 Why it Matters: Comcast’s results highlight the ongoing transition in U.S. connectivity markets as traditional video declines but broadband and wireless convergence strengthen the growth engine. The company is leaning heavily on bundled services, streaming, and theme park expansion to diversify revenue and offset pressure in its core cable TV base.
