Comcast Reports Mixed Q4 Results, Theme Parks and Streaming Stand Out

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Comcast reported its fourth-quarter and full-year 2025 financial results, showing modest overall growth but clear momentum in key entertainment segments. Total revenue for the quarter rose 1.2% to roughly $32.31 billion, though net income declined by more than half compared with the prior year period. For the full year, the company reported revenue of $123.71 billion, slightly lower than the $123.73 billion posted in 2024.

Theme Parks Drive Growth

Universal’s theme parks delivered one of the strongest performances in the quarter, with revenue up nearly 22% year-over-year to about $2.9 billion and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) climbing more than 23%.

Comcast executives pointed to Epic Universe at Universal Orlando as a major driver of growth for its theme park business, noting that the park has attracted strong attendance and boosted per-guest spending.

“We’re really pleased with what we’re seeing from Epic [Universe], which continues to drive higher per-cap spending and attendance across the entirety of the resort while we are not yet operating at full run-rate capacity,” said Jason Armstrong, Chief Financial Officer of Comcast, in a conference call with market analysts after the earnings report was released.

Although the park is not yet at full capacity, the company said it has improved ride throughput and will expand attendance this year.

“We have made meaningful progress expanding ride throughput, and we remain focused on scaling further over the next several quarters with higher attendance, stronger per-caps and additional operating leverage over time,” said Armstrong.

“I think the plans continue to be to invest behind that park in the fullness of time,” said Brian Roberts, CEO of Comcast. “But I think this year is the year where we continue to drive the original agenda, which is to fill up our hotels.”

Comcast did not break out attendance or revenue figures for individual theme parks, nor did it share performance details for the new year-round Horror Unleashed haunt in Las Vegas. The company did, however, highlight the opening of Universal Kids Resort in Frisco, Texas, the opening of the Fast & Furious: Hollywood Drift roller coaster at Universal Studios Hollywood, and the groundbreaking of a future theme park in England.

Streaming Platform Sees More Subscribers, Wider Losses

Comcast’s Peacock streaming service added about 3 million paid subscribers in the fourth quarter, bringing its total to roughly 44 million subscribers. Revenue for the service increased by approximately 23% to around $1.6 billion. Despite subscriber growth and expanded sports content, the platform reported losses of $552 million for the fourth quarter, wider than the $372 million in losses it recorded in the prior year period, due in part to the impact of the NBA rights deal, which began during the quarter.

Media Business Sees Higher Revenue

Revenue for Comcast’s media business, which encompasses NBCUniversal, increased 5.5% to $7.62 billion. This quarter is the last in which NBCUniversal’s earnings reflect its full suite of cable networks, following Comcast’s spin-off of most cable channels, including USA Network, Syfy, CNBC, and MS NOW (formerly MSNBC), into a separate company.

Studios Business Faces Tough Comparisons

Universal’s studio revenue fell 7.4% to $3.03 billion, reflecting lower content licensing and softer theatrical results compared with the same quarter in 2024. This came despite releases such as Wicked: For Good and Black Phone 2, which did not match the results of the prior year’s Wicked and The Bad Robot.

Broadband Revenue Declines

Comcast’s connectivity and platforms segment, which covers Xfinity services across broadband, pay TV, and mobile, saw revenue slip 1% to $20.24 billion. Within that segment, domestic broadband revenue declined 1%, totaling approximately $6.32 billion. The drop was driven by a decrease in broadband subscribers, though higher average pricing helped partially offset the loss, according to the company.

Comcast also reported a net loss of 245,000 pay TV customers during the quarter, while adding new mobile subscribers. The company now serves a total of 11.27 million pay TV customers.