Have you ever wondered how a company that basically wired America for cable can suddenly feel the heat from wireless internet and streaming giants? That’s exactly the story playing out right now with Comcast. The media and telecom powerhouse just dropped its Q4 2025 earnings, and let’s just say it’s a classic case of good news, bad news, and a whole lot in between. I’ve been tracking these reports for years, and this one really highlights how fast the ground is shifting under traditional cable providers.
The numbers came in this morning, and at first glance, they look decent. Adjusted earnings per share came in at 84 cents, comfortably above the 75 cents most analysts were expecting. That’s the kind of beat that usually gets investors nodding approvingly. But then you look at revenue—$32.31 billion—and it’s just a hair under the $32.35 billion consensus. Not a disaster, but enough to make you pause and dig deeper.
Breaking Down the Q4 Performance
What stands out most in this report isn’t just the headline figures; it’s the diverging trends across Comcast’s different businesses. Some areas are holding strong or even accelerating, while others are clearly feeling serious pain. Let’s unpack the key segments one by one.
Broadband Business Under Pressure
The domestic broadband segment continues to be the sore spot. Comcast reported losing 181,000 domestic broadband customers in the quarter. That’s not a small number, and it reflects the relentless competition from fixed wireless 5G providers and fiber rollouts by competitors. I’ve seen this coming for a while now—once those wireless options became reliable and cheaper, a lot of households started questioning why they needed traditional cable internet.
Revenue in the domestic broadband unit dipped about 1% to roughly $6.32 billion. The silver lining? Higher average rates helped cushion the blow from fewer subscribers. People who stay are paying more, but keeping and adding customers is getting tougher every quarter. In my view, this trend isn’t reversing anytime soon unless Comcast finds a way to differentiate beyond just speed.
- 181,000 domestic broadband customer losses
- Partial offset from international subscriber gains
- Revenue pressure despite ARPU increases
- Ongoing competition from 5G fixed wireless
It’s tough to watch because broadband has long been Comcast’s cash cow. When that starts shrinking, the whole financial picture changes. Analysts have been warning about this for months, and the numbers confirm those fears.
Mobile Segment Keeps Delivering
Flip the page, and the mobile business tells a much brighter story. Comcast added 364,000 mobile lines in the quarter, pushing the total past 9.3 million. That’s impressive momentum for a relatively young offering in a crowded market. Bundling mobile with broadband and video seems to be working for retention, even as standalone broadband weakens.
This part of the business feels like a genuine bright spot. It’s not just adding lines; it’s creating stickier customer relationships. When someone has their phone plan tied to their home internet, they’re less likely to jump ship over a $10 price difference somewhere else. Smart move by the company, and it’s paying off.
Mobile has become a key pillar in offsetting traditional connectivity pressures, providing both revenue diversification and customer loyalty benefits.
– Telecom industry analyst
I wouldn’t be surprised if we see even more aggressive promotions here in 2026. The growth trajectory looks sustainable, at least for the next few quarters.
Pay TV Continues Its Decline
On the video side, things aren’t much better. Comcast lost 245,000 pay TV customers during the period, bringing the total down to around 11.27 million. Cord-cutting isn’t news anymore, but the pace still stings. Traditional linear TV is fighting for relevance in a world dominated by on-demand streaming.
Revenue for the connectivity and platforms unit (which houses broadband, video, and mobile) fell 1% to $20.24 billion. The declines in broadband and video more than offset mobile strength. It’s a reminder that legacy businesses can drag down even the strongest growth engines if not managed carefully.
Media and NBCUniversal Show Resilience
Shifting gears to the content side, things look healthier. The media unit, including NBCUniversal, saw revenue climb 5.5% to $7.62 billion. Domestic advertising picked up 1.5%, partly thanks to the NBA moving to NBC. Live sports remain one of the last bastions of linear TV value, and securing those rights was a big win.
This was also the final quarter before the spin-off of most cable networks into Versant. Going forward, NBCUniversal’s results will look different without those assets. But the core pieces—studios, theme parks, and streaming—seem positioned for growth.
Peacock Gains Momentum, But Losses Persist
Let’s talk streaming. Peacock added 3 million paid subscribers in the quarter, reaching 44 million total. After several periods of stagnation, that’s a welcome jump. Revenue climbed to $1.6 billion from $1.3 billion a year earlier. The content slate, including sports and originals, is finally resonating.
But profitability remains elusive. Losses widened to $552 million from $372 million in the prior year. Heavy investment in content and marketing is still weighing on the bottom line. In my experience following streamers, it often takes longer than expected to reach breakeven, but the subscriber trajectory here is encouraging.
- Secure exclusive sports rights to drive viewership
- Focus on original programming that stands out
- Improve user experience and personalization
- Gradually raise prices as value becomes clear
- Cross-promote with other Comcast services
Peacock isn’t there yet, but it’s moving in the right direction. The NBA deal should provide another boost in the coming years.
Universal Studios and Theme Parks Surge
Perhaps the biggest positive surprise came from the theme parks. Revenue jumped 22% to about $2.9 billion. The opening of Epic Universe last year clearly paid dividends, drawing huge crowds and boosting overall performance. Theme parks have been a bright spot for years, and this quarter reinforces that strength.
Meanwhile, the film studio side was softer, with revenue down 7.4% to $3.03 billion. Licensing and theatrical results lagged behind a strong prior-year comparison. Blockbusters are unpredictable, but the pipeline looks promising moving forward.
| Segment | Revenue Change | Key Driver |
| Broadband (Domestic) | -1% | Customer losses offset by higher rates |
| Mobile | Growth | 364,000 net additions |
| Peacock | +23% | Subscriber gains and content strength |
| Theme Parks | +22% | Epic Universe opening impact |
| Film Studio | -7.4% | Weaker theatrical and licensing |
This table captures the split personality of the quarter. Some areas thriving, others struggling—classic Comcast in 2025.
Broader Implications for Investors
So what does all this mean for shareholders? On one hand, the adjusted EBITDA fell 10% to $7.9 billion, and net income dropped sharply due to one-time items and comparisons. The market tends to focus on subscriber trends and forward guidance, and those broadband losses are hard to ignore.
Yet the growth engines—mobile, Peacock, theme parks—are gaining traction. The spin-off of legacy cable networks should simplify the story and unlock value. Management seems focused on the right areas: investing in streaming, expanding wireless, and capitalizing on experiential entertainment.
Perhaps the most interesting aspect is how Comcast is evolving from a traditional cable company into something more diversified. It’s not easy, and the transition is messy, but the pieces are there. In my view, patient investors could be rewarded if execution stays strong.
Of course, risks remain. Competition in broadband isn’t letting up, and streaming profitability is still a work in progress. Macro factors like consumer spending could also play a role, especially for theme parks and advertising.
Looking Ahead to 2026
As we head into the new year, several catalysts could shape Comcast’s trajectory. The full impact of the NBA partnership on Peacock and NBC should start showing up. Epic Universe will have a longer run rate, and mobile subscriber growth could continue its impressive run.
At the same time, broadband losses need to stabilize. If they keep accelerating, it could pressure margins and force more aggressive pricing or investment. Management has hinted at focusing on customer experience and transparent pricing—those initiatives will be crucial.
Overall, this quarter felt like a microcosm of the broader media/telecom landscape: legacy businesses declining, new growth areas emerging, and a lot riding on execution. Comcast isn’t out of the woods, but it’s far from down for the count. The next few reports will tell us whether the positive trends can outweigh the headwinds.
I’ve always believed that companies with strong assets and willingness to adapt can navigate these kinds of shifts. Comcast has both. Whether that’s enough to drive meaningful stock upside remains an open question, but the story is far from over.
Wrapping things up, Q4 2025 showed Comcast at a crossroads. The earnings beat on the bottom line provides some comfort, but the top-line miss and subscriber trends remind us that challenges are real. For investors, it’s about weighing the risks against the growth opportunities. Personally, I see more upside potential than downside if management keeps pushing the right levers.
What do you think—will mobile and streaming be enough to offset the broadband weakness long-term? Drop your thoughts below; I’d love to hear different perspectives on where this company is headed.
