Comcast (CMCSA) FY2025 results: revenue $123.7 billion, unchanged on the year

Comcast sells broadband, wireless, video and voice connections, makes and distributes entertainment, sports and news, and runs theme parks. The connectivity brands are Xfinity, Comcast Business, Sky and NOW; the content brands include NBC, Telemundo, Universal, Peacock and Sky. The business is split in two. Connectivity & Platforms holds broadband, wireless, video and wireline voice in the United States, the United Kingdom and Italy, plus the Sky-branded entertainment television networks, reported as Residential Connectivity & Platforms and Business Services Connectivity. Content & Experiences holds the media, studio and theme park businesses, reported as Media, Studios and Theme Parks.

Residential connectivity

Domestic broadband runs over a hybrid fibre-optic and coaxial network with direct fibre to the premises for some customers, at service levels up to gigabit-plus downstream speeds across nearly the whole footprint; internationally it runs over networks owned by third-party telecommunications providers, mainly as fibre to the premises or to the cabinet. Internet Essentials and Internet Essentials Plus offer qualifying low-income customers downstream speeds of up to 75 and 100 megabits per second, and prepaid broadband up to 200 megabits per second is sold under the NOW brand. Customers get a proprietary wireless gateway combining modem and Wi-Fi router, apps to manage the home network, and access to the company's Wi-Fi hotspots. Wireless service for handsets, tablets and watches runs as a mobile virtual network operator, domestically over Verizon's network and the company's own hotspots, sold initially only as part of a bundle to qualifying broadband customers, with devices bought outright or financed interest-free over 24 to 36 months domestically.

Business connectivity

Comcast Business sells broadband, wireline voice and wireless to small businesses, and enterprise solutions to medium-sized customers and larger multi-site enterprises, with the United Kingdom operation trading as Sky Business. Domestic fibre services deliver symmetrical speeds up to 100 gigabits per second, and up to 400 gigabits per second for certain customers. Small business offerings add cloud-based cybersecurity, wireless backup connectivity, advanced Wi-Fi, video monitoring and other cloud services. Domestic business wireless runs over Verizon's network, and the filing states that from 2026 T-Mobile's network will be used as well.

Media

A combined television and streaming business holding NBCUniversal's national and regional cable networks, the NBC and Telemundo broadcast networks and owned local stations, the Peacock streaming service and international networks including Sky Sports in the United Kingdom and Italy. It earns from advertising, priced on audience size, demographics and ratings and the number of units available, and from distribution fees paid by traditional and virtual multichannel video providers, generally under multiyear agreements based on subscriber numbers and a per subscriber fee, with some networks on a fixed fee. Peacock subscription fees come directly from customers or through companies selling it on the company's behalf, and there is further income from licensing owned content and technology.

Studios and theme parks

Studios covers the NBCUniversal and Sky film and television production and distribution operations, with production facilities at the owned Universal City site in Los Angeles and leased studios in Atlanta and Elstree. It earns from licensing owned film and television content worldwide, from theatrical distribution of produced and acquired films, from physical and digital home entertainment, from live stage plays and from distributing third-party content. Theme Parks covers Universal Orlando Resort, which holds Universal Studios Florida, Islands of Adventure, Epic Universe, which opened in May 2025, the Volcano Bay water park and Universal CityWalk Orlando; Universal Studios Hollywood with its own CityWalk; Universal Studios Japan in Osaka; and Universal Beijing Resort, owned with a consortium of Chinese state-owned companies. Newer formats include Universal Horror Unleashed, which opened in Las Vegas in August 2025, and Universal Kids Resort in Frisco, Texas.

The Versant separation and people

On 2 January 2026 the company completed the separation of Versant Media Group, Inc. as an independent public company listed on Nasdaq, distributing 100% of its shares to Comcast shareholders of record on 16 December 2025 in a transaction structured to qualify as a tax-free spin-off. Versant holds former cable television networks including MS NOW, CNBC, USA Network, Golf Channel, E!, SYFY and Oxygen, along with digital platforms including GolfNow, Fandango, Rotten Tomatoes and SportsEngine. Those businesses sat in the Media segment and are included in the 2025 results. The company had approximately 179,000 full-time and part-time employees on a full-time equivalent basis at 31 December 2025, approximately 30% of them in over 30 countries outside the United States.

From Comcast's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 3 February 2026: read the full 10-K.