Comcast’s Q4 saw tough Wicked on Wicked studio comps, Peacock added subscribers but grew losses, and Epic Universe buoyed theme parks amid a dramatic parent company pivot to revive broadband.
Numbers for the last three months of 2025 were mixed but generally in line with Wall Street forecasts. Revenue of $32.3 billion nosed up 1.2%. Earnings slumped against a $1.9 billion one-time tax benefit the year earlier.
Streamer Peacock ended 2025 with 44 million subscribers, up from 41 million the previous quarter and a 22% increase from the year earlier. Media results include $1.6 billion of revenue and $552 million in adjusted losses related to Peacock, compared to $1.3 billion of revenue and a loss of $372 million for the streamer in the prior year period on costs of the new NBA rights deal (ten years, $27 billion). Total media results include $1.6 billion of revenue and an adjusted loss of $552 million related to Peacock, compared to $1.3 billion of revenue and a loss of $372 million in the prior year period.
NBC Sports and Peacock are now on the cusp of what they’re calling Legendary February – a trifecta the Milan Cortina Winter Olympics, Super Bowl LX and the NBA All-Star Weekend in rapid succession.
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Studios revenue eased 7% with theatrical flattish as Wicked: For Good fell short of 4Q24’s better performing Wicked. Theatrical revenue fell 20%. The upcoming solid film slate includes animated tentpoles Super Mario Galaxy Movie and Minions 3 and big-budget action films in Steven Spielberg’s Disclosure Day and Christopher Nolan’s The Odyssey.
Theme Parks ebidta rose 24% topping $1 billion for the first time with a second full quarter contribution from Epic Universe in Orlando and higher per cap spending and attendance. Revenue jumped 22% to $2.9 billion.
The fourth quarter was somewhat transitional. Comcast lost a bid to buy Warner Bros.. It gathered most of the NBCUniversal cable networks into Versant, which it spun out early this month.
“2025 was a year of meaningful progress as we made decisive changes to position the company for long-term, sustainable growth,” said co-CEOs Brian Roberts and Mike Cavanagh. “It was also our best year ever in wireless, with 1.5 million net line additions and more than 9 million total lines, clear evidence of the strength of our converged connectivity strategy. We launched the most significant broadband go-to-market shift in our history, simplifying how we sell to and serve customers, and we are seeing encouraging early results. Epic Universe is off to a terrific start, driving higher per-cap spending and attendance across Orlando; and Peacock delivered double-digit revenue growth, underscoring the momentum of its sports and entertainment lineup, including the debut of the NBA on NBC and Peacock.
“We also completed the spin of Versant Media, creating a more focused NBCUniversal centered on streaming, live sports, and premium content. Even as we invested behind these initiatives, we generated record levels of free cash flow and maintained a strong balance sheet, reflecting a disciplined approach to capital allocation as we remain focused on execution in 2026.”
The two are hosting a call at 8:30 ET, the fist where Mike Cavanagh will join Brian Roberts as co-CEO in a notable move.
Investors will likely look for progress on the reset in connectivity as the company seeks to stem broadband losses with new packages and pricing in the face of blistering competition.
Connectivity & Platforms revenue and profit decreased with domestic broadband customer net losses of 181,000. Total domestic wireless line net additions were 364,000 as that business continues to grow.
The execs may also speak more to the Warner Bros. situation. Comcast took a shot but lost a bidding war for the studio and streaming assets. It would have combined Warner with NBCUniversal in a mostly stock deal. The WBD board opted for what is now a $27.75 a share all cash agreement with Netflix with Paramount hotly pursuing a hostile takeover.
Amid ongoing linear television challenges, Comcast spun out Versant on Jan. 5, so Q4 was the last to include cable networks and a handful of other businesses — which generated $7 billion in revenue and $1.4 billion in net income in 2024 according to SEC filing. Versant now trades on the Nasdaq under the stock symbol VSNT.
Comcast maintained its dividend in 2026. The shares are trending slightly higher premarket after the numbers, up 0.32% at $28.50.
\More to come