Comcast (CMCSA) earnings Q2 2025

Comcast beat Wall Street estimates on Thursday for second-quarter earnings and revenue. Yet the company saw a loss of broadband customers even as it shifted its market strategy for the segment.

Comcast and its cable peers have been suffering from a slowdown in broadband growth, which has impacted company stocks.

Still, Comcast stock was up about 3% in early trading as the company reported fewer-than-expected broadband subscriber losses, based on StreetAccount estimates. On an earnings conference call, Comcast executives mapped out initiatives that were introduced earlier this year meant to drive the broadband business.

“While it’s still early days, we like what we are seeing in our broadband business. It’s giving us confidence in the change that we’ve made and what’s still ahead,” said Mike Cavanagh, Comcast president. 

Here’s how Comcast did in its second quarter compared with Wall Street estimates, according to LSEG:

Earnings per share: $1.25 adjusted vs. $1.18 expectedRevenue: $30.31 billion vs. $29.81 billion expected

Revenue for Comcast’s connectivity and platforms business, which includes the Xfinity-branded broadband, mobile, pay TV and other services, totaled $20.39 billion, up nearly 1% from the same period last year. 

The company lost 226,000 total broadband customers during the quarter – the majority of which came from its residential customers. Comcast recently pivoted its broadband strategy – including new pricing plans – to address the continued industry woes and heightened competition from alternative providers like 5G, or so-called fixed wireless.

Wall Street had expected losses of nearly 257,000, according to StreetAccount.

Last week, cable peer Charter Communications, the second largest broadband provider in the U.S. behind Comcast, reported worse-than-expected customer losses sending its stock down 18%, its worst day ever.

“The competitive environment remains intense, as we had previewed,” said Comcast CFO Jason Armstrong during Thursday’s call with investors. However, he added that the company has been “encouraged by the early reaction to our new go-to-market initiatives.”

In addition to switching up its pricing strategy, Cavanagh said Thursday the company “simplified” its broadband speed tier offering. It also began offering a free mobile line for one year to all new and existing customers.

Comcast and Charter have been leaning on their mobile businesses for growth.

Comcast said it added a record 378,000 mobile customers during the second quarter, bringing its total lines to 8.5 million, or 14% penetration of its broadband customers.

The loss of pay TV customers continued for Comcast, with 325,000 dropping the bundle during the quarter.

Comcast’s overall revenue of $30.31 billion was a 2% increase year over year. 

For the second quarter, the company’s net income took a leap due to the sale of its stake in streaming service Hulu to Disney. As a result, net income was $11.12 billion, or $2.98 a share, compared with $3.93 billion, or $1 a share, in the same period last year. Adjusting for one-time items, including that Hulu sale, Comcast reported earnings of $1.25 per share. 

Adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, were up 1% to $10.28 billion. 

The company’s content and experiences business – which includes NBCUniversal, its film studios and theme parks – saw revenue rise 5.6% to $10.63 billion.

In particular revenue for the film studios was up 8% to $2.43 billion – lifted by the release of “How to Train Your Dragon,” which debuted in June and has taken in more than $600 million at the global box office so far.

Universal theme parks revenue was up 19% to $2.35 billion, following the opening of Epic Universe.

“We’re pleased with the early results as Epic is already driving higher per cap spending and attendance across the entirety of Universal Orlando Resort,” Cavanagh said, noting there’s been minimal impact on other Universal parks in Orlando.

The media business, or NBCUniversal, reported revenue of $6.44 billion, up nearly 2% from the same period last year.

Domestic advertising revenue was down 7% to $1.85 billion as the industry continues to suffer from a weak ad market for the pay TV business. Despite this, NBCUniversal announced a record Upfront this year as advertisers gravitated toward its upcoming slate of live sports programming.

NBCUniversal’s streaming platform, Peacock, saw subscribers stay flat from the first quarter at 41 million. Revenue for Peacock grew 18% to $1.2 billion – helping to offset the domestic advertising decline for the media segment. 

Cavanagh said Thursday Peacock represents “over a third of NBCUniversal’s total value.”

Peacock reported losses of $101 million for the quarter, an improvement from losses of $348 million during the same period last year. NBCUniversal has been working to make its streaming platform profitable. Other services have already reported being in the black. 

In July, NBCUniversal announced a $3 price increase for Peacock, similar to other streaming services that have raised prices to drive revenue and profitability.

The company is also about to take on higher sports programming expenses in the fourth quarter when it begins its contract to air NBA games.

“It’s a big investment,” said Cavanagh of the NBA deal. “In this first season we will take a full year’s worth of cost amortization related to the business.”

Media companies have been shelling out large sums for the rights to live sports as the category continues to nab the most viewers on both traditional TV and streaming. NBCUniversal will pay $2.45 billion annually over an 11-year deal to air NBA games.

“NBC is set up to be well positioned for growth,” Cavanagh said, noting the NBA deal as well as the recent move to spin off its portfolio of cable networks, including CNBC. That transaction is expected to be completed later this year.

Disclosure: Comcast is the parent company of CNBC.