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CMCSA reported Q2 adjusted EPS of $1.25, up 3.3% Y/Y, surpassing estimates by 6.84%.
Revenues grew 2.1% Y/Y to $30.31B, fueled by gains in Content & Experiences and Business Services.
Peacock subscribers rose 24.2% Y/Y to 41M, with 18% revenue growth to $1.2B in the quarter.
Comcast (CMCSA - Free Report) reported second-quarter 2025 adjusted earnings of $1.25 per share, which beat the Zacks Consensus Estimate by 6.84% and increased 3.3% year over year.
Consolidated revenues increased 2.1% year over year to $30.31 billion. The figure beat the Zacks Consensus Estimate by 1.6%.
Comcast Corporation Price, Consensus and EPS Surprise
Connectivity & Platforms revenues (67.3% of revenues) increased 0.7% year over year to $20.39 billion in the reported quarter.
Under the segment, Residential Connectivity & Platforms revenues decreased 0.1% year over year at $17.81 billion. Business Services Connectivity revenues rose 6.4% year over year to $2.58 billion.
Total Customer Relationships for Connectivity & Platforms decreased 349K to 51.2 million, primarily reflecting a decline in Residential Connectivity & Platforms customer relationships.
Total domestic broadband customer net losses were 226K. Total domestic wireless line net additions were 378K, while total domestic video customer net losses were 325K.
Content & Experiences revenues (35% of revenues) increased 5.6% year over year to $10.62 billion.
Under the segment, Media revenues rose 1.8% year over year to $6.44 billion, primarily driven by higher international networks and domestic distribution revenues, partially offset by lower domestic advertising revenues.
Peacock’s paid subscribers increased 24.2% year over year to 41 million. Peacock’s revenues in the second quarter jumped 18% to $1.2 billion.
Studios revenues rose 7.9% year over year to $2.43 billion due to higher content licensing and theatrical revenues. Theatrical revenues increased primarily due to the success of its recent releases, including How to Train Your Dragon.
Theme Parks revenues increased 18.9% year over year to $2.35 billion, primarily due to higher revenues at domestic theme parks, including the successful opening of Epic Universe, and also international theme parks.
CMCSA's Operating Details
Costs and expenses in the second quarter of 2025 grew 5.5% year over year to $24.32 billion.
Programming & production costs decreased 4.8% from the year-ago quarter to $7.58 billion. Marketing and promotional expenses increased 12.8% year over year to $2.17 billion.
Adjusted EBITDA increased 1.1% from the year-ago quarter to $10.28 billion.
Total Connectivity & Platforms adjusted EBITDA rose 0.5% year over year to $8.53 billion. Content & Experiences adjusted EBITDA was $2.02 billion, up 3.6% year over year.
CMCSA's Cash Flow & Liquidity
As of June 30, 2025, cash and cash equivalents were $9.69 billion, which increased from $8.59 billion as of March 31, 2025.
As of June 30, 2025, consolidated total debt was $101.53 billion compared with $99.12 billion as of March 31, 2025.
In the second quarter of 2025, Comcast generated $7.82 billion in cash from operations, which decreased from $8.29 billion reported in the previous quarter. Free cash flow was $4.5 billion in the reported quarter, which decreased from $5.42 billion reported in the previous quarter.
Comcast paid dividends totaling $1.2 billion and repurchased 49.3 million of its shares for $1.7 billion, resulting in a total return of capital to shareholders of $2.9 billion.
Zacks Rank & Stocks to Consider
Currently, Comcast carries a Zacks Rank #4 (Sell).
Image: Bigstock
Comcast's Q2 Earnings Surpass Estimates, Revenues Increase Y/Y
Key Takeaways
Comcast (CMCSA - Free Report) reported second-quarter 2025 adjusted earnings of $1.25 per share, which beat the Zacks Consensus Estimate by 6.84% and increased 3.3% year over year.
Consolidated revenues increased 2.1% year over year to $30.31 billion. The figure beat the Zacks Consensus Estimate by 1.6%.
Comcast Corporation Price, Consensus and EPS Surprise
Comcast Corporation price-consensus-eps-surprise-chart | Comcast Corporation Quote
CMCSA’s Quarter Details
Connectivity & Platforms revenues (67.3% of revenues) increased 0.7% year over year to $20.39 billion in the reported quarter.
Under the segment, Residential Connectivity & Platforms revenues decreased 0.1% year over year at $17.81 billion. Business Services Connectivity revenues rose 6.4% year over year to $2.58 billion.
Total Customer Relationships for Connectivity & Platforms decreased 349K to 51.2 million, primarily reflecting a decline in Residential Connectivity & Platforms customer relationships.
Total domestic broadband customer net losses were 226K. Total domestic wireless line net additions were 378K, while total domestic video customer net losses were 325K.
Content & Experiences revenues (35% of revenues) increased 5.6% year over year to $10.62 billion.
Under the segment, Media revenues rose 1.8% year over year to $6.44 billion, primarily driven by higher international networks and domestic distribution revenues, partially offset by lower domestic advertising revenues.
Peacock’s paid subscribers increased 24.2% year over year to 41 million. Peacock’s revenues in the second quarter jumped 18% to $1.2 billion.
Studios revenues rose 7.9% year over year to $2.43 billion due to higher content licensing and theatrical revenues. Theatrical revenues increased primarily due to the success of its recent releases, including How to Train Your Dragon.
Theme Parks revenues increased 18.9% year over year to $2.35 billion, primarily due to higher revenues at domestic theme parks, including the successful opening of Epic Universe, and also international theme parks.
CMCSA's Operating Details
Costs and expenses in the second quarter of 2025 grew 5.5% year over year to $24.32 billion.
Programming & production costs decreased 4.8% from the year-ago quarter to $7.58 billion. Marketing and promotional expenses increased 12.8% year over year to $2.17 billion.
Adjusted EBITDA increased 1.1% from the year-ago quarter to $10.28 billion.
Total Connectivity & Platforms adjusted EBITDA rose 0.5% year over year to $8.53 billion. Content & Experiences adjusted EBITDA was $2.02 billion, up 3.6% year over year.
CMCSA's Cash Flow & Liquidity
As of June 30, 2025, cash and cash equivalents were $9.69 billion, which increased from $8.59 billion as of March 31, 2025.
As of June 30, 2025, consolidated total debt was $101.53 billion compared with $99.12 billion as of March 31, 2025.
In the second quarter of 2025, Comcast generated $7.82 billion in cash from operations, which decreased from $8.29 billion reported in the previous quarter. Free cash flow was $4.5 billion in the reported quarter, which decreased from $5.42 billion reported in the previous quarter.
Comcast paid dividends totaling $1.2 billion and repurchased 49.3 million of its shares for $1.7 billion, resulting in a total return of capital to shareholders of $2.9 billion.
Zacks Rank & Stocks to Consider
Currently, Comcast carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader Zacks Consumer Discretionary sector are American Public Education (APEI - Free Report) , Central Garden & Pet (CENT - Free Report) and Amer Sports (AS - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of American Public Education have gained 33.9% year to date. American Public Education is set to report second-quarter 2025 results on Aug. 6.
Shares of Central Garden & Pet have risen 1.3% year to date. Central Garden & Pet is slated to report third-quarter fiscal 2025 results on Aug. 6.
Shares of Amer Sports have jumped 37.8% year to date. Amer Sports is set to report second-quarter 2025 results on Aug. 19.