Comcast Corp. delivered a tale of two businesses in its fourth-quarter 2025 earnings, beating Wall Street on adjusted earnings per share while revenue fell just shy of expectations amid deepening pressures on its cornerstone broadband operations. Adjusted EPS came in at 84 cents, surpassing the 75-cent consensus from analysts tracked by LSEG, as reported by CNBC. Revenue reached $32.31 billion, up more than 1% from the prior year but missing the $32.35 billion forecast. The results underscore a pivotal shift for the Philadelphia-based media and telecom giant, as subscriber losses in domestic broadband accelerated to 181,000, outpacing estimates of 168,194 losses according to FactSet data cited in posts from LiveSquawk on X.

Net income plunged 54.6% to $2.17 billion, dragged by one-time charges including intangible asset impairments and investment writedowns, contrasting sharply with $4.78 billion a year earlier. Adjusted EBITDA dropped 10% to $7.9 billion, reflecting the strain across segments. “2025 was a year of meaningful progress as we made decisive changes to position the company for long-term, sustainable growth,” co-CEOs Brian Roberts and Mike Cavanagh stated in remarks shared by Yahoo Finance. Yet, the numbers paint a picture of a core connectivity business under siege from fixed-wireless rivals and fiber overbuilders.

Domestic broadband revenue dipped 1% to $6.32 billion, propped up partially by higher average revenue per user from rate hikes, even as the subscriber base shrank. Total domestic broadband customers stood at roughly 31.26 million after international gains offset some domestic erosion, per details in TheWrap. Pay-TV subscriber losses compounded the woes, with 245,000 customers departing to leave 11.27 million total, signaling relentless cord-cutting.

Connectivity’s Slow-Motion Decline

A bright spot emerged in mobile, where Comcast added 364,000 lines to push the total past 9.3 million, building on record Q3 gains of 414,000 as noted in prior reports. The Connectivity and Platforms segment, encompassing Xfinity broadband, video, and wireless, posted $20.24 billion in revenue, down 1%, with adjusted EBITDA sliding to $7.5 billion from higher promotional spending and competitive pricing pressures. Comcast’s strategy of bundling mobile with broadband—now penetrating 14% of its residential base—aims to stem churn, but average revenue per user faces headwinds from free-line promotions and price guarantees.

Executives on the earnings call emphasized ongoing investments in pricing simplification and network upgrades to counter 5G fixed-wireless alternatives from T-Mobile and Verizon. This marks the fourth straight quarter of domestic broadband losses, following 104,000 in Q3 2025, as highlighted in earlier coverage by CNBC. Wall Street’s focus remains laser-sharp on stabilization, with analysts like those at Barclays slashing price targets pre-earnings due to fears of persistent erosion.

The segment’s woes ripple through free cash flow dynamics, though Comcast generated $4.4 billion for the quarter and returned $11.7 billion to shareholders over 2025 via dividends and buybacks. The board declared a quarterly dividend of 33 cents per share, maintaining the $1.32 annual payout unchanged for 2026, signaling confidence amid turbulence.

Media Unit’s Final Pre-Spin Bow

NBCUniversal’s media division, reporting its last full-quarter results before spinning out cable networks like CNBC and MSNBC into Versant Media earlier in January, lifted revenue 5.5% to $7.62 billion. Domestic advertising edged up 1.5%, buoyed by NBA games on NBC, but the unit faced mixed undercurrents. Comcast shareholders received one Versant share for every 25 Comcast shares held as of Dec. 16, 2025; Versant projects $6.6 billion in 2025 revenue, with $2.2 billion EBITDA and $1.4 billion free cash flow, per TheWrap.

Peacock streaming added 3 million paid subscribers to reach 44 million, with revenue climbing to $1.6 billion from $1.3 billion, yet EBITDA losses ballooned to $552 million from $372 million, exacerbated by pricey NBA rights kicking in during the quarter. Expectations had pegged losses narrower at $456 million, per X posts from MarketNewsFeed. Studios revenue tumbled 7.4% to $3.03 billion, hit by softer theatricals like “Wicked: For Good” and “Black Phone 2,” which trailed prior hits.

Theme parks shone brightest, with revenue surging 22% to about $2.9 billion and profits up 23.5% to $1.04 billion, fueled by Universal Orlando’s Epic Universe opening in May 2025. “Strong financial performance at theme parks driven by Universal Orlando and the opening of Epic Universe,” noted X user John Deen in reaction to the call.

Strategic Repositioning Amid Headwinds

Comcast’s Q4 encapsulates a company in flux: broadband, once an unstoppable cash cow, now contends with overbuilds and 5G alternatives, prompting aggressive bundling and pricing resets. Mobile’s momentum offers a counterweight, while content arms like Peacock chase scale at profitability’s expense. The Versant spinoff streamlines focus on high-growth avenues like parks and streaming, shedding legacy cable assets amid linear TV’s fade.

Analyst reactions on X highlighted the dichotomy: LiveSquawk flagged the EPS beat and broadband shortfall, while TENET RESEARCH noted theme parks and Peacock as offsets. Shares rose about 1% premarket post-earnings, per Yahoo Finance, but face scrutiny on whether connectivity stabilization takes hold. Co-CEOs Roberts and Cavanagh reiterated positioning with “the right assets, the right strategy,” echoing sentiments from LightShed’s Walter Piecyk on X.

For industry watchers, Comcast’s path forward hinges on executing broadband retention via converged services and leveraging Epic Universe’s draw. As fixed-wireless expands and fiber footprints grow, the cable era’s endurance test intensifies, with 2026 poised to reveal if promotions yield loyalty or merely delay the inevitable subscriber drain.