# Comcast Corporation (CMCSA) Q2 2025 Financial Results Summary
Comcast Corporation (NASDAQ: CMCSA) released its financial results for the second quarter on July 31, 2025, showcasing a strong performance across various segments.
## Key Financial Highlights
– **Consolidated Revenue:** Increased by **2.1%** to **$30.31 billion** from **$29.69 billion** in Q2 2024.
– **Net Income Attributable to Comcast:** Dramatically rose by **183.1%** to **$11.12 billion**, compared to **$3.93 billion** a year ago, bolstered by a major gain from the sale of Hulu.
– **Adjusted Net Income:** Decreased by **1.7%** to **$4.65 billion** from **$4.74 billion** in the same quarter last year.
– **Adjusted EBITDA:** Increased by **1.1%** to **$10.28 billion** from **$10.17 billion** in Q2 2024.
– **Earnings per Share (EPS):** Skyrocketed by **197.7%** to **$2.98** vs. **$1.00** from the previous year.
– **Adjusted EPS:** Slightly improved by **3.3%** to **$1.25** vs. **$1.21** in Q2 2024.
– **Net Cash Provided by Operating Activities:** Increased significantly by **65.4%** to **$7.82 billion**, from **$4.72 billion** a year prior.
– **Free Cash Flow:** Marked a noteworthy increase to **$4.50 billion** from **$1.34 billion** in the previous year, representing a significant improvement.
## Shareholder Returns
– **Total Return to Shareholders:** Reached **$2.9 billion** through a combination of:
– **Dividends:** $1.2 billion paid out to shareholders.
– **Share Repurchases:** $1.7 billion used to repurchase **49.3 million shares**, decreasing shares outstanding by **5%** compared to Q2 2024.
## Performance by Segment
### Connectivity & Platforms
– **Segment Revenue:** Increased by **0.7%** to **$20.39 billion** from **$20.25 billion**.
– **Domestic Wireless Line Net Additions:** Achieved a record high of **378,000** for the quarter.
– **Connectivity Revenue:** Grew **5.4%** to **$11.5 billion**, benefitting from expansions in domestic broadband and wireless.
– **Adjusted EBITDA Margin:** Remained robust at **41.8%**.
### Content & Experiences
– **Total Segment Revenue:** Improved by **5.6%** to **$10.63 billion** from **$10.06 billion**.
– **Media EBITDA:** Increased **9.3%** to **$1.48 billion**, driven primarily by Peacock’s performance.
– **Theme Parks Revenue:** Rose by **18.9%** to **$2.35 billion**, significantly supported by the opening of Epic Universe.
### Corporate and Other
– **Corporate Revenue:** Increased moderately by **0.3%** to **$708 million**.
– **Corporate Adjusted EBITDA:** Reported a loss of **$282 million**, widening from a loss of **$260 million** in Q2 2024.
## Future Outlook
– Comcast has initiated a strategic go-to-market pivot, including the launch of new internet plans and promotional offers aimed at enhancing customer retention and acquisition, which reflects the company’s focus on maintaining competitive positioning in broadband and wireless sectors.
– The company is optimistic about sustaining growth in its business segments while effectively managing shareholder returns through disciplined capital allocation.
Comcast demonstrates resilience and adaptability in an evolving media and technology landscape, reaffirming its commitment to delivering value to shareholders and maintaining robust financial health.
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This financial summary highlights key performance metrics and developments, essential for understanding Comcast’s performance in Q2 2025.
| Three Months Ended | Six Months Ended | |||||
|---|---|---|---|---|---|---|
| June 30, 2025 | 2024 | Change | June 30, 2025 | 2024 | Change | |
| Revenue | $30,313 | $29,688 | $60,199 | $59,746 | ||
| Costs and expenses | ||||||
| Programming and production | 7,576 | 7,961 | 15,991 | 16,784 | ||
| Marketing and promotion | 2,168 | 1,922 | 4,239 | 3,940 | ||
| Other operating and administrative | 10,422 | 9,630 | 20,314 | 19,487 | ||
| Depreciation | 2,349 | 2,153 | 4,580 | 4,328 | ||
| Amortization | 1,805 | 1,387 | 3,423 | 2,762 | ||
| 24,320 | 23,053 | 48,548 | 47,301 | |||
| Operating income | 5,992 | 6,635 | 11,650 | 12,445 | ||
| Interest expense | -1,105 | -1,026 | -2,155 | -2,028 | ||
| Investment and other income (loss), net | ||||||
| Equity in net income (losses) of investees, net | -29 | -444 | -222 | -286 | ||
| Realized and unrealized gains (losses) on equity securities, net | 136 | -89 | 112 | -141 | ||
| Other income (loss), net | 9,652 | 99 | 9,754 | 290 | ||
| 9,760 | -434 | 9,644 | -137 | |||
| Income before income taxes | 14,647 | 5,175 | 19,139 | 10,280 | ||
| Income tax expense | -3,603 | -1,336 | -4,799 | -2,663 | ||
| Net income | 11,044 | 3,839 | 14,340 | 7,616 | ||
| Less: Net income (loss) attributable to noncontrolling interests | -79 | -89 | -158 | -169 | ||
| Net income attributable to Comcast Corporation | $11,123 | $3,929 | $14,498 | $7,785 | ||
| Diluted earnings per common share attributable to Comcast Corporation shareholders | $2.98 | $1.00 | $3.86 | $1.97 | ||
| Diluted weighted-average number of common shares | 3,727 | 3,920 | 3,756 | 3,956 | ||
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current Assets | ||
| Cash and cash equivalents | $9,687 | $7,322 |
| Receivables, net | 13,040 | 13,661 |
| Other current assets | 6,309 | 5,817 |
| Total current assets | 29,036 | 26,801 |
| Film and television costs | 12,640 | 12,541 |
| Investments | 8,463 | 8,647 |
| Property and equipment, net | 64,025 | 62,548 |
| Goodwill | 61,812 | 58,209 |
| Franchise rights | 59,365 | 59,365 |
| Other intangible assets, net | 24,612 | 25,599 |
| Other noncurrent assets, net | 13,897 | 12,501 |
| $273,850 | $266,211 | |
| LIABILITIES AND EQUITY | ||
| Current Liabilities | ||
| Accounts payable and accrued expenses related to trade creditors | $11,826 | $11,321 |
| Deferred revenue | 4,031 | 3,507 |
| Accrued expenses and other current liabilities | 10,215 | 10,679 |
| Current portion of debt | 5,720 | 4,907 |
| Advance on sale of investment | — | 9,167 |
| Total current liabilities | 31,792 | 39,581 |
| Noncurrent portion of debt | 95,808 | 94,186 |
| Deferred income taxes | 27,692 | 25,227 |
| Other noncurrent liabilities | 21,100 | 20,942 |
| Redeemable noncontrolling interests | 231 | 237 |
| Equity | ||
| Comcast Corporation shareholders’ equity | 96,851 | 85,560 |
| Noncontrolling interests | 376 | 477 |
| Total equity | 97,228 | 86,038 |
| $273,850 | $266,211 |
