Comcast reported revenue of $31.2 billion for the third quarter of 2025, down 2.7 percent year-over-year, primarily reflecting a tough comparison with the prior year that included the Paris Olympics. Net income fell 8.2 percent to $3.3 billion.
Chairman and CEO Brian L. Roberts said: “We’re taking deliberate steps to strengthen our broadband foundation and accelerate wireless as a meaningful growth engine, adding a record 414,000 wireless lines this quarter – clear evidence of the value of our converged offerings.”
Connectivity and Platforms: Wireless Expansion Offsets Broadband Pressure
Comcast’s Connectivity and Platforms segment generated $20.2 billion in revenue, down 0.6 percent year-over-year. Comcast’s Connectivity revenue rose 4.2 percent to $11.5 billion, primarily reflecting growth in domestic wireless, international connectivity and business services connectivity.
Residential revenue declined 1.5 percent to $17.60 billion due to video and advertising losses, but domestic wireless and international connectivity provided strong offsets.
Domestic broadband revenue increased 0.5 percent to $6.433 billion due to higher average rates. Total domestic broadband customer losses were 104,000. Domestic wireless line additions were 414,000 and domestic video customer losses were 257,000 during Q3-2025.
Wireless revenue rose 14 percent to $1.25 billion as total lines reached 8.9 million.
Average revenue per broadband customer increased, though total domestic broadband customers fell by 104,000 to 31.4 million. Comcast added a record 414,000 wireless lines, surpassing 14 percent penetration of its residential broadband base.
Business Services Connectivity delivered solid results, with revenue rising 6.2 percent to $2.6 billion, reflecting growth in enterprise solutions and improved customer retention.
Comcast continues to invest in its connectivity platform, with capital expenditures up 19.5 percent to $2.3 billion. The company’s new go-to-market approach includes “everyday pricing,” five-year internet price guarantees, and bundled offers that include free mobile lines and gigabit-speed wireless plans.
Content and Experiences: Peacock and Theme Parks Lead Growth
Content and Experiences revenue declined 6.8 percent to $11.7 billion, reflecting the absence of Olympic revenue. Excluding that impact, Media revenue grew 4.2 percent, driven by Peacock. Peacock posted $1.4 billion in revenue.
NBCUniversal Studios revenue rose 6.1 percent to $3 billion, led by higher content licensing and theatrical sales, including the success of Jurassic World Rebirth, which grossed nearly $900 million globally.
Theme Parks revenue jumped 18.7 percent to $2.7 billion, supported by the opening of Epic Universe in Orlando.
Strategic Focus on Investment and Efficiency
Comcast said capital expenditures totaled $3.1 billion, up 5.4 percent, driven by network upgrades and customer premise investments.
Comcast’s strategy for 2026 and beyond focuses on four key areas:
Expanding wireless and AI-driven broadband services with value-focused pricing and bundled offers
Enhancing business connectivity through enterprise and international solutions
Strengthening streaming growth through Peacock’s monetization and premium content lineup
Driving high-margin revenue through Universal Theme Parks and global studio franchises
With steady cash generation, rising ARPU, and record wireless growth, Comcast aims to maintain financial flexibility while investing in its next phase of connectivity and content innovation.
Fasna Shabeer