Comcast has reported a 2.1 percent increase in revenue for Q2-2025 to $30.3 billion, driven by gains across its Media, Studios, and Theme Parks segments, despite largely flat results in its core connectivity business.
Net income of Comcast surged to $11.1 billion, bolstered by a $9.4 billion gain from the Hulu stake sale. Adjusted net income declined 1.7 percent to $4.65 billion, while adjusted EBITDA rose by 1.1 percent to $10.3 billion.
Connectivity & Platforms revenue remained nearly flat, with a marginal 0.7 percent increase to $20,389 million, as declines in video, advertising, and voice services were offset by strong growth in domestic wireless (up 17.3 percent), international connectivity (up 15.4 percent), and broadband (up 1.6 percent). Business services connectivity revenue grew 6.3 percent to $2,575 million driven by higher average rates and enterprise offerings, although margins declined slightly due to increased expenses.
Content & Experiences revenue rose 5.6 percent to $10,625 million, led by an 18.9 percent jump in Theme Parks following the successful launch of Epic Universe, and 8 percent growth in Studios due to higher content licensing and theatrical revenue.
Media revenue increased 1.8 percent to $6,440 million, supported by strong growth in international networks and Peacock, which posted 18 percent revenue growth and narrowed its EBITDA loss significantly.
Customers
Comcast experienced mixed results in customer trends during the second quarter of 2025. The company reported loss of 349,000 customers across its Connectivity & Platforms segment, primarily due to declines in residential broadband and video subscribers. Domestic broadband customers fell by 226,000, while domestic video subscribers declined by 325,000.
International residential customers also declined slightly by 102,000. Business Services Connectivity saw a reduction of 24,000 customers. In contrast, Comcast’s domestic wireless business delivered strong performance with 378,000 additions — the best quarterly result on record — bringing total wireless lines to 8.5 million and achieving 14 percent penetration among its domestic residential broadband base.
Capex
Comcast’s capital expenditures for the second quarter of 2025 totaled $2.7 billion, reflecting a decrease of 1.7 percent. Investments in the Connectivity & Platforms segment rose by 3.4 percent to $1.9 billion, primarily driven by increased spending on customer premise equipment and network line extensions.
In contrast, capital expenditures for the Content & Experiences segment declined by 13.1 percent to $734 million following the completion and opening of Epic Universe in Orlando.
Baburajan Kizhakedath
