COMCAST REPORTS 1st QUARTER 2025 RESULTS (Form 8-K)

COMCAST REPORTS 1st QUARTER 2025 RESULTS

PHILADELPHIA - April 24, 2025… Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended March 31, 2025.

"We had strong financial results in the first quarter, growing Adjusted EPS mid-single digits and generating $5.4 billion of free cash flow while investing in our six growth businesses and returning $3.2 billion to shareholders," said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. "Our connectivity businesses generated 4% revenue growth, fueling expansion in C&P EBITDA margins to 41.4%. We also achieved our highest wireless line additions in two years and have outperformed in Business Services with mid-single digit revenue and EBITDA growth and margins of roughly 57%. At the same time, momentum in streaming continues with 21% growth in Media EBITDA; and Theme Parks remain on an incredible growth trajectory. We could not be more excited for the grand opening of Epic Universe in Orlando next month and our plans to bring a new world-class theme park to the UK. With our significant free cash flow generation, disciplined approach to capital allocation and the strength of our diversified businesses, I am confident that we are well-positioned to navigate an evolving environment and capture future opportunities."

			($ in millions, except per share data)
						1st Quarter
			Consolidated Results			2025			2024			Change
			Revenue			$29,887			$30,058			(0.6		%)
			Net Income Attributable to Comcast			$3,375			$3,857			(12.5		%)
			Adjusted Net Income1			$4,132			$4,171			(0.9		%)
			Adjusted EBITDA2			$9,532			$9,355			1.9		%
			Earnings per Share3			$0.89			$0.97			(7.7		%)
			Adjusted Earnings per Share1			$1.09			$1.04			4.5		%
			Net Cash Provided by Operating Activities			$8,294			$7,848			5.7		%
			Free Cash Flow4			$5,421			$4,538			19.4		%

For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedule on Comcast's Investor Relations website at www.cmcsa.com.

1st Quarter 2025 Highlights:

•Consolidated Adjusted EBITDA Increased 1.9% to $9.5 Billion; Adjusted EPS Increased 4.5% to $1.09; Generated Free Cash Flow of $5.4 Billion

•Returned $3.2 Billion to Shareholders Through a Combination of $1.2 Billion in Dividend Payments and $2.0 Billion in Share Repurchases, Reducing Shares Outstanding by 5%

•At Connectivity & Platforms, Connectivity Revenue Increased 4.1% to $11.3 Billion, Reflecting Growth in Domestic Broadband, Domestic Wireless, International Connectivity and Business Services Connectivity

•Connectivity & Platforms Adjusted EBITDA Increased 1.5% to $8.3 Billion and Adjusted EBITDA Margin Increased 90 Basis Points to 41.4%. Excluding the Impact of Foreign Currency, Connectivity & Platforms Adjusted EBITDA Margin Increased 80 Basis Points

•Continued the Successful Execution of Our Domestic Network Upgrade and Expansion Strategy; Increased Our Converged Broadband and Wireless Footprint With 275,000 New Passings of Homes and Businesses in the First Quarter

•Media Adjusted EBITDA Increased 21% to $1.0 Billion, Driven by Peacock. Peacock Revenue Increased 16% to $1.2 Billion; Peacock Adjusted EBITDA Losses Improved by $424 Million Compared to the Prior Year Period

•Studios Adjusted EBITDA Increased 22% to $298 Million, Reflecting Strong Carryover from Wicked and Nosferatu

•Universal Epic Universe Debuts on May 22, 2025, as Our Most Ambitious Parks Experience Ever Created, Featuring Five Immersive Worlds and Over 50 Attractions That Will Transform Universal Orlando into a Premier Weeklong Destination. Recently Announced Our Intent to Build a Universal Theme Park and Resort in the United Kingdom and the August 2025 Opening Date for Universal Horror Unleashed in Las Vegas

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1st Quarter Consolidated Financial Results

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Revenue was consistent with the prior year period. Net Income Attributable to Comcast decreased 12.5%. Adjusted Net Income was consistent with the prior year period. Adjusted EBITDA increased 1.9%.

Earnings per Share (EPS) decreased 7.7% to $0.89. Adjusted EPS increased 4.5% to $1.09.

Capital Expenditures decreased 14.4% to $2.3 billion. Connectivity & Platforms' capital expenditures decreased 13.8% to $1.6 billion, primarily reflecting lower spending on customer premise equipment and scalable infrastructure. Content & Experiences' capital expenditures decreased 10.8% to $602 million, as we near completion of the construction of Epic Universe theme park in Orlando, which is scheduled to open on May 22, 2025.

Net Cash Provided by Operating Activities was $8.3 billion. Free Cash Flow was $5.4 billion.

Dividends and Share Repurchases. Comcast paid dividends totaling $1.2 billion and repurchased 56.2 million of its shares for $2.0 billion, resulting in a total return of capital to shareholders of $3.2 billion.

Connectivity & Platforms

			($ in millions)												Constant Currency Change5
						1st Quarter
						2025			2024			Change
			Connectivity & Platforms Revenue
			Residential Connectivity & Platforms			$17,642			$17,868			(1.3		%)	(1.0		%)
			Business Services Connectivity			2,496			2,407			3.7		%	3.7		%
			Total Connectivity & Platforms Revenue			$20,138			$20,275			(0.7		%)	(0.5		%)
			Connectivity & Platforms Adjusted EBITDA
			Residential Connectivity & Platforms			$6,918			$6,852			1.0		%	1.0		%
			Business Services Connectivity			1,422			1,366			4.1		%	4.1		%
			Total Connectivity & Platforms Adjusted EBITDA			$8,340			$8,218			1.5		%	1.5		%
			Connectivity & Platforms Adjusted EBITDA Margin
			Residential Connectivity & Platforms			39.2		%	38.3		%	90 bps			80 bps
			Business Services Connectivity			57.0		%	56.7		%	30 bps			30 bps
			Total Connectivity & Platforms Adjusted EBITDA Margin			41.4		%	40.5		%	90 bps			80 bps

Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.

Revenue for Connectivity & Platforms was consistent with the prior year period. Adjusted EBITDA increased due to growth in both Residential Connectivity & Platforms Adjusted EBITDA and Business Services Adjusted EBITDA. Adjusted EBITDA margin increased to 41.4%.

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			(in thousands)									Net Additions / (Losses)
												1st Quarter
						1Q25			1Q24			2025			2024
			Customer Relationships
			Domestic Residential Connectivity & Platforms Customer Relationships			30,969			31,555			(204)			(94)
			International Residential Connectivity & Platforms Customer Relationships			17,800			17,782			(11)			(65)
			Business Services Connectivity Customer Relationships			2,613			2,634			(13)			(7)
			Total Connectivity & Platforms Customer Relationships			51,381			51,971			(228)			(166)
			Domestic Broadband
			Residential Customers			29,190			29,693			(183)			(55)
			Business Customers			2,453			2,495			(17)			(10)
			Total Domestic Broadband Customers			31,643			32,188			(199)			(65)
			Total Domestic Wireless Lines			8,148			6,877			323			289
			Total Domestic Video Customers			12,096			13,618			(427)			(487)

Total Customer Relationships for Connectivity & Platforms decreased by 228,000 to 51.4 million, primarily reflecting decreases in Residential Connectivity & Platforms customer relationships. Total domestic broadband customer net losses were 199,000, total domestic wireless line net additions were 323,000 and total domestic video customer net losses were 427,000.

Residential Connectivity & Platforms

			($ in millions)												Constant Currency Change5
						1st Quarter
						2025			2024			Change
			Revenue
			Domestic Broadband			$6,558			$6,446			1.7		%	1.7		%
			Domestic Wireless			1,123			972			15.6		%	15.6		%
			International Connectivity			1,132			1,033			9.5		%	10.5		%
			Total Residential Connectivity			8,813			8,451			4.3		%	4.4		%
			Video			6,718			7,104			(5.4		%)	(5.1		%)
			Advertising			881			951			(7.4		%)	(7.0		%)
			Other			1,230			1,362			(9.7		%)	(9.5		%)
			Total Revenue			$17,642			$17,868			(1.3		%)	(1.0		%)
			Operating Expenses
			Programming			$4,107			$4,405			(6.8		%)	(6.4		%)
			Non-Programming			6,617			6,611			0.1		%	0.5		%
			Total Operating Expenses			$10,724			$11,016			(2.7		%)	(2.3		%)
			Adjusted EBITDA			$6,918			$6,852			1.0		%	1.0		%
			Adjusted EBITDA Margin			39.2		%	38.3		%	90 bps			80 bps

Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.

Beginning in the first quarter of 2025, commission revenue from the sale of certain direct to consumer ("DTC") streaming services and revenue related to certain equipment are presented in video revenue. Previously, these amounts were presented in domestic broadband and international connectivity. Prior periods have been reclassified to reflect the current year presentation.

Revenue for Residential Connectivity & Platforms decreased compared to the prior year period, reflecting decreases in video, other and advertising revenue, partially offset by increases in domestic wireless, domestic broadband and international connectivity revenue. Domestic broadband revenue increased due to higher average rates. Domestic wireless revenue increased primarily due to an increase in the number of customer lines and device sales. International connectivity revenue increased due to increases in broadband revenue from higher average rates and in wireless revenue, reflecting higher sales of wireless services. Video revenue decreased due to a decline in the number of video customers, partially offset by an overall increase in average rates. Advertising revenue decreased due to lower international advertising

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and domestic political and nonpolitical advertising. Other revenue decreased primarily due to lower residential wireline voice revenue, driven by a decline in the number of customers.

Adjusted EBITDA for Residential Connectivity & Platforms increased due to lower operating expenses. Programming expenses decreased primarily due to a decline in the number of domestic video customers, partially offset by rate increases under our domestic programming contracts and an increase in programming expenses for our international sports networks. Non-programming expenses were consistent primarily reflecting an increase in direct product costs and marketing and promotion costs, offset by lower technical and support and customer service costs. Adjusted EBITDA margin increased to 39.2%.

Business Services Connectivity

			($ in millions)												Constant Currency Change5
						1st Quarter
						2025			2024			Change
			Revenue			$2,496			$2,407			3.7		%	3.7		%
			Operating Expenses			1,074			1,041			3.1		%	3.1		%
			Adjusted EBITDA			$1,422			$1,366			4.1		%	4.1		%
			Adjusted EBITDA Margin			57.0		%	56.7		%	30 bps			30 bps

Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.

Revenue for Business Services Connectivity increased due to an increase in revenue from enterprise solutions offerings and an increase in revenue from small business customers driven by an increase in average rates due to higher adoption of our suite of advanced services.

Adjusted EBITDA for Business Services Connectivity increased due to higher revenue, partially offset by higher operating expenses. The increase in operating expenses was primarily due to increases in direct product costs. Adjusted EBITDA margin increased to 57.0%.

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Content & Experiences

			($ in millions)
						1st Quarter
						2025			2024			Change
			Content & Experiences Revenue
			Media			$6,440			$6,371			1.1		%
			Studios			2,826			2,743			3.0		%
			Theme Parks			1,876			1,979			(5.2		%)
			Headquarters & Other			11			12			(9.1		%)
			Eliminations			(697)			(731)			4.7		%
			Total Content & Experiences Revenue			$10,457			$10,374			0.8		%
			Content & Experiences Adjusted EBITDA
			Media			$1,004			$827			21.5		%
			Studios			298			244			22.3		%
			Theme Parks			429			632			(32.1		%)
			Headquarters & Other			(255)			(243)			(4.7		%)
			Eliminations			14			33			(57.8		%)
			Total Content & Experiences Adjusted EBITDA			$1,490			$1,493			(0.1		%)

Revenue for Content & Experiences was consistent compared to the prior year period primarily reflecting an increase in Studios and Media, offset by a decrease in Theme Parks. Adjusted EBITDA for Content & Experiences was consistent compared to the prior year period primarily due to a decline in Theme Parks, offset by growth in Media and Studios.

Media

			($ in millions)
						1st Quarter
						2025			2024			Change
			Revenue
			Domestic Advertising			$1,886			$2,025			(6.8		%)
			Domestic Distribution			2,922			2,906			0.6		%
			International Networks			1,162			1,021			13.9		%
			Other			470			420			11.8		%
			Total Revenue			$6,440			$6,371			1.1		%
			Operating Expenses			5,436			5,545			(2.0		%)
			Adjusted EBITDA			$1,004			$827			21.5		%

Revenue for Media increased primarily driven by higher international networks revenue, partially offset by lower domestic advertising revenue. Domestic advertising revenue decreased primarily due to lower revenue at our networks, partially offset by an increase in revenue at Peacock. Domestic distribution revenue was consistent primarily reflecting higher revenue at Peacock, offset by lower revenue at our networks. International networks revenue increased primarily due to an increase in revenue associated with the distribution of sports networks.

Adjusted EBITDA for Media increased due to lower operating expenses and higher revenue. The decrease in operating expenses was primarily due to lower sports programming costs at Peacock and our domestic television networks, mainly reflecting lower sports volumes compared to the prior year period, partially offset by higher content costs at our entertainment television networks and an increase in sports costs for our international networks. Media results include $1.2 billion of revenue and an Adjusted EBITDA6 loss of $215 million related to Peacock, compared to $1.1 billion of revenue and an Adjusted EBITDA6 loss of $639 million in the prior year period.

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Studios

			($ in millions)
						1st Quarter
						2025			2024			Change
			Revenue
			Content Licensing			$2,174			$2,101			3.5		%
			Theatrical			286			330			(13.3		%)
			Other			366			312			17.5		%
			Total Revenue			$2,826			$2,743			3.0		%
			Operating Expenses			2,528			2,499			1.2		%
			Adjusted EBITDA			$298			$244			22.3		%

Revenue for Studios increased due to higher content licensing and other revenue, partially offset by lower theatrical revenue. Content licensing revenue increased primarily due to the timing of when content was made available by our film and television studios. Other revenue increased primarily driven by digital sales of Wicked. Theatrical revenue decreased primarily due to higher revenue from releases in the prior year period, including Kung Fu Panda 4 and Migration, compared to releases in the current quarter, including Dog Man, as well as the carryover benefit of Wicked and Nosferatu.

Adjusted EBITDA for Studios increased due to higher revenue, which more than offset higher operating expenses. Programming and production expenses increased, mainly driven by higher costs associated with content licensing sales this quarter compared to the prior year period. Marketing and promotion expenses decreased due to the timing of spending on recent and upcoming theatrical film releases.

Theme Parks

			($ in millions)
						1st Quarter
						2025			2024			Change
			Revenue			$1,876			$1,979			(5.2		%)
			Operating Expenses			1,447			1,347			7.5		%
			Adjusted EBITDA			$429			$632			(32.1		%)

Revenue for Theme Parks decreased primarily due to lower revenue at our domestic theme parks, driven by lower guest attendance including the impact of the Hollywood wildfires.

Adjusted EBITDA for Theme Parks decreased, reflecting lower revenue and higher operating expenses, including around $100 million of pre-opening costs for Epic Universe ahead of the scheduled opening in May 2025.

Headquarters & Other

Content & Experiences Headquarters & Other includes overhead, personnel costs and costs associated with corporate initiatives. Headquarters & Other Adjusted EBITDA loss in the first quarter was $255 million, compared to a loss of $243 million in the prior year period.

Eliminations

Amounts represent eliminations of transactions between our Content & Experiences segments, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses. Revenue eliminations were $697 million, compared to $731 million in the prior year period, and Adjusted EBITDA eliminations were a benefit of $14 million, compared to a benefit of $33 million in the prior year period.

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Corporate, Other and Eliminations

			($ in millions)
						1st Quarter
						2025			2024			Change
			Corporate & Other
			Revenue			$741			$767			(3.4		%)
			Operating Expenses			1,052			1,096			(4.0		%)
			Adjusted EBITDA			($311)			($329)			5.6		%
			Eliminations
			Revenue			($1,449)			($1,358)			6.7		%
			Operating Expenses			(1,461)			(1,332)			9.7		%
			Adjusted EBITDA			$12			($26)			NM
			NM=comparison not meaningful.

Corporate & Other

Corporate & Other primarily includes overhead and personnel costs; our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo. Corporate & Other Adjusted EBITDA increased primarily due to an increase related to Sky operations in Germany.

Eliminations

Amounts represent eliminations of transactions between Connectivity & Platforms, Content & Experiences and other businesses, the most significant being distribution of television network programming between the Media and Residential Connectivity & Platforms segments. Revenue eliminations were $1.4 billion, consistent with the prior year period, and Adjusted EBITDA eliminations were a benefit of $12 million compared to a loss of $26 million in the prior year period.

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Notes:

1We define Adjusted Net Income and Adjusted EPS as net income attributable to Comcast Corporation and diluted earnings per common share attributable to Comcast Corporation shareholders, respectively, adjusted to exclude the effects of the amortization of acquisition-related intangible assets, investments that investors may want to evaluate separately (such as based on fair value) and the impact of certain events, gains, losses or other charges that affect period-over-period comparisons. See Table 5 for reconciliations of non-GAAP financial measures.

2We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. See Table 4 for reconciliation of non-GAAP financial measure.

3All earnings per share amounts are presented on a diluted basis.

4We define Free Cash Flow as net cash provided by operating activities (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant legal settlements) that affect period-to-period comparability. Cash payments related to certain capital or intangible assets, such as the construction of Universal Beijing Resort, are presented separately in our Consolidated Statement of Cash Flows and are therefore excluded from capital expenditures and cash paid for intangible assets for Free Cash Flow. See Table 4 for reconciliation of non-GAAP financial measure.

5Constant currency growth rates are calculated by comparing the results for each comparable prior year period adjusted to reflect the average exchange rates from each current year period presented rather than the actual exchange rates that were in effect during the respective periods. See Table 6 for reconciliations of non-GAAP financial measures.

6Adjusted EBITDA is the measure of profit or loss for our segments. From time to time, we may present Adjusted EBITDA for components of our reportable segments, such as Peacock. We believe these measures are useful to evaluate our financial results and provide a basis of comparison to others, although our definition of Adjusted EBITDA may not be directly comparable to similar measures used by other companies. Adjusted EBITDA for components are presented on a consistent basis with the respective segments and disaggregated in accordance with GAAP.

Numerical information is presented on a rounded basis using actual amounts, unless otherwise noted. The change in Peacock paid subscribers is calculated using rounded paid subscriber amounts. Minor differences in totals and percentage calculations may exist due to rounding.

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Conference Call and Other Information

Comcast Corporation will host a conference call with the financial community today, April 24, 2025, at 8:30 a.m. Eastern Time (ET). The conference call and related materials will be broadcast live and posted on our Investor Relations website at www.cmcsa.com. A replay of the call will be available today, April 24, 2025, starting at 11:30 a.m. ET on the Investor Relations website.

From time to time, we post information that may be of interest to investors on our website at www.cmcsa.com and on our corporate website, www.comcastcorporation.com. To automatically receive Comcast financial news by email, please visit www.cmcsa.com and subscribe to email alerts.

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Investor Contacts:									Press Contacts:
Marci Ryvicker			(215) 286-4781						Jennifer Khoury			(215) 286-7408
Jane Kearns			(215) 286-4794						John Demming			(215) 286-8011
Marc Kaplan			(215) 286-6527

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