Comcast’s fourth quarter results reflected ongoing transformation in both its connectivity and media businesses, as management continued to prioritize simplified broadband pricing, expanded wireless offerings, and investments in content and theme parks. CEO Brian Roberts and Co-CEO Michael J. Cavanagh emphasized that the shift toward four nationwide speed tiers, a five-year price guarantee, and transparent, all-in broadband pricing are beginning to lower customer churn and improve customer experience. Management also attributed momentum in wireless—highlighted by the addition of 1.5 million net lines this year—to targeted promotional activity and a renewed focus on convergence with broadband, which they believe will help drive customer loyalty and lifetime value.
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Comcast (CMCSA) Q4 CY2025 Highlights:
- Revenue: $32.31 billion vs analyst estimates of $32.35 billion (1.2% year-on-year growth, in line)
- Adjusted EPS: $0.84 vs analyst estimates of $0.76 (10.8% beat)
- Adjusted EBITDA: $7.9 billion vs analyst estimates of $7.95 billion (24.5% margin, 0.6% miss)
- Operating Margin: 10.8%, down from 15.6% in the same quarter last year
- Domestic Broadband Customers: 31.26 million, down 587,000 year on year
- Market Capitalization: $109.7 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Comcast’s Q4 Earnings Call
- Michael Ian Rollins (Citi): Asked about customer intake and retention under the new national broadband pricing, as well as opportunities in wireless. Co-CEO Michael J. Cavanagh cited lower churn and strong adoption of the five-year price guarantee, with management confident about long-term wireless growth.
- Craig Moffett (MoffettNathanson): Inquired about the company’s thinking on media scale, partnerships, and the implications of the Versant Media spin-off. CEO Brian Roberts said the focus is on building long-term value across distinct NBCUniversal businesses, while Cavanagh emphasized the benefits of an integrated approach.
- Jessica Reif Cohen (BofA Securities): Asked about structural approaches to media assets and the path to breakeven for Peacock. Cavanagh responded that there is no advantage in separating NBCUniversal from Comcast and highlighted multiple levers—pricing, advertising, and affiliate deals—to drive Peacock’s profitability.
- John Hodulik (UBS): Asked about the competitive environment in broadband and the investment outlook for EBITDA growth. Steve Crony acknowledged sustained fiber competition and said investment will focus on migrating customers to new pricing, with EBITDA improvement expected in the second half of the year.
- Kutgun Maral (Evercore ISI): Requested further details on theme park trends and strategy for Epic Universe. Cavanagh explained that Epic Universe has driven higher guest spending and occupancy in Orlando, with plans to sustain investment and expand the broader parks portfolio.
Catalysts in Upcoming Quarters
In the coming quarters, our analysts will watch (1) the pace at which Comcast migrates broadband customers to simplified pricing and packaging, (2) conversion rates of free wireless lines to paid relationships, particularly in the second half of the year, and (3) the ability of Peacock and NBCUniversal to monetize marquee live events and manage content investments. Execution on network upgrades and customer experience initiatives will also be crucial markers of success.
Comcast currently trades at $30.43, up from $28.41 just before the earnings. Is there an opportunity in the stock?Find out in our full research report (it’s free).
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