Comcast (CMCSA) Q4 FY2025 earnings: revenue $32.3 billion, up 1.2% on the year

Comcast Corp. (CMCSA) reported revenue of $32.3 billion for Q4 FY2025, the quarter ended 31 December 2025, up 1.2% on the same quarter a year earlier. Net income was $2.2 billion, down 54.6% on the year, and diluted earnings per share $0.60. The figures are the company's own, from the 10-K it filed with the SEC on 3 February 2026.

Revenue

$32.3 billion

+1.2% on the year · +3.6% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

10.8%

15.6% a year earlier

Q1 FY2024Q4 FY2025

Net income

$2.2 billion

-54.6% on the year · -34.9% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.60

-51.6% on the year · -33.3% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Fourth-quarter revenue rose 1.2%: Quarterly revenue was $32.3 billion against $31.9 billion a year earlier. Adjusted EBITDA fell 10.3% to $7.9 billion, and adjusted EPS was $0.84 against $0.96.
Residential EBITDA fell on go-to-market spend: Residential Connectivity & Platforms Adjusted EBITDA fell 5.9% to $6.1 billion, with margin down 140 basis points to 34.6%. Residential revenue fell 2.1% to $17.6 billion.
Wireless lines set annual record: Domestic wireless added 364,000 lines in the fourth quarter. Wireless revenue rose 18.0% to $1.4 billion, and lines passed 15% penetration of residential broadband customers.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	32,309	31,198	31,915	+3.6%	+1.2%
Operating income	3,488	5,534	4,993	-37.0%	-30.1%
Operating margin	10.8%	17.7%	15.6%
Interest expense	1,126	1,128	1,069	-0.2%	+5.3%
Pre-tax income	2,159	4,468	3,574	-51.7%	-39.6%
Income tax	89.0	1,218	-1,111	-92.7%
Effective tax rate	4.1%	27.3%	-31.1%
Net income	2,168	3,332	4,777	-34.9%	-54.6%
Net margin	6.7%	10.7%	15.0%
Diluted EPS	$0.60	$0.90	$1.24	-33.3%	-51.6%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	8,841	8,693	8,080	+1.7%	+9.4%
Capital expenditure	3,749	3,071	3,914	+22.1%	-4.2%
Free cash flow	5,092	5,622	4,166	-9.4%	+22.2%
Free cash flow margin	15.8%	18.0%	13.1%
Cash from investing	-4,437	-3,817	-5,111
Cash from financing	-3,222	-5,243	-4,424
Depreciation and amortisation	4,188	4,019	3,833	+4.2%	+9.3%
Share-based compensation	274	269	305	+1.9%	-10.2%
Buybacks	1,537	1,552	2,183	-1.0%	-29.6%
Dividends paid	1,209	1,223	1,190	-1.1%	+1.6%
Dividend per share	n/a	$0.33	n/a
Diluted shares, weighted	3,636m	3,689m	3,842m	-1.4%	-5.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	96,903	97,081	85,560	-0.2%	+13.3%
Non-controlling interest	249	335	477	-25.7%	-47.8%
Redeemable equity	224	220	237	+1.8%	-5.5%
Debt	98,937	99,063	99,093	-0.1%	-0.2%
Operating lease liabilities	5,410	n/a	5,569		-2.9%
Other liabilities	70,908	76,296	75,275	-7.1%	-5.8%
Total liabilities and equity	272,631	272,995	266,211	-0.1%	+2.4%
Fixed assets	65,680	64,773	62,548	+1.4%	+5.0%
Goodwill	61,502	61,406	58,209	+0.2%	+5.7%
Investments	7,966	8,346	8,668	-4.6%	-8.1%
Cash and equivalents	9,481	9,325	7,322	+1.7%	+29.5%
Receivables	13,869	13,214	13,661	+5.0%	+1.5%
Other assets	114,133	115,931	115,803	-1.6%	-1.4%
Total assets	272,631	272,995	266,211	-0.1%	+2.4%

Questions

What was Comcast's revenue in Q4 FY2025?

Comcast (CMCSA) reported revenue of $32.3 billion for Q4 FY2025, the quarter ended 31 December 2025, up 1.2% on the same quarter a year earlier.

How much did Comcast earn in Q4 FY2025?

Net income for Q4 FY2025 was $2.2 billion, down 54.6% on the year, and diluted earnings per share $0.60.

When did Comcast report Q4 FY2025 results?

Comcast filed its 10-K for the year that ended with the quarter on 3 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	30,336	31,010	30,016	29,849	30,552	29,691	30,513	30,115	31,253	30,058	29,688	32,070	31,915	29,887	30,313	31,198	32,309	31,457	29,940	29,298
Operating income	4,821	5,569	6,367	-2,425	4,530	5,646	6,709	6,475	4,484	5,810	6,635	5,859	4,993	5,658	5,992	5,534	3,488	4,135	5,160	5,320
Operating margin	16%	18%	21%	-8%	15%	19%	22%	22%	14%	19%	22%	18%	16%	19%	20%	18%	11%	13%	17%	18%
Interest expense	1,120	993	968	960	975	1,010	998	1,060	1,019	1,002	1,026	1,037	1,069	1,050	1,105	1,128	1,126	1,094	1,052	962
Pre-tax income	3,886	4,764	4,502	-3,652	3,670	5,243	5,726	5,465	4,044	5,105	5,175	4,819	3,574	4,492	14,647	4,468	2,159	2,733	4,612	4,446
Tax rate	23%	27%	28%	n/a	22%	28%	27%	27%	22%	26%	26%	26%	-31%	27%	25%	27%	4%	26%	26%	24%
Net income	3,057	3,549	3,396	-4,598	3,023	3,834	4,248	4,046	3,260	3,857	3,929	3,629	4,777	3,375	11,123	3,332	2,168	2,174	3,526	3,448
Net margin	10%	11%	11%	-15%	10%	13%	14%	13%	10%	13%	13%	11%	15%	11%	37%	11%	7%	7%	12%	12%
Diluted EPS	$0.67	$0.78	$0.76	-$1.05	$0.70	$0.91	$1.02	$0.98	$0.81	$0.97	$1.00	$0.94	$1.24	$0.89	$2.98	$0.90	$0.60	$0.60	$0.99	$0.97
Operating cash flow	7,689	7,257	6,327	6,946	5,883	7,228	7,198	8,153	5,922	7,848	4,724	7,021	8,080	8,294	7,815	8,693	8,841	6,891	8,092	7,903
Capital expenditure	3,029	1,856	2,414	2,791	3,565	2,664	2,963	3,295	3,320	2,630	2,724	2,913	3,914	2,252	2,678	3,071	3,749	2,351	2,902	3,058
Free cash flow	4,660	5,401	3,913	4,155	2,318	4,564	4,235	4,858	2,602	5,218	2,000	4,108	4,166	6,042	5,137	5,622	5,092	4,540	5,190	4,845
Buybacks	2,055	3,223	3,065	3,525	3,515	2,176	2,051	3,543	3,521	2,664	2,266	1,990	2,183	2,240	1,826	1,552	1,537	1,502	1,005	10.0
Dividends paid	1,145	1,166	1,211	1,194	1,170	1,174	1,213	1,199	1,180	1,193	1,225	1,206	1,190	1,224	1,238	1,223	1,209	1,248	1,184	1,174
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 3 February 2026: the filing.