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Comcast Reports 2nd Quarter 2025 Results
PHILADELPHIA, July 31, 2025--(BUSINESS WIRE)--Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended June 30, 2025. "We delivered solid financial results in the second quarter, growing Adjusted EPS by 3% and generating $4.5 billion of free cash flow, while continuing to invest in our growth businesses and returning $2.9 billion to shareholders," said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. "Importantly, we're pleased with the early progress we are seeing with our go-to-market pivot in residential broadband. In addition, our wireless business had its best quarter ever, adding 378,000 lines, further demonstrating our competitive advantage in convergence. And we continued to deliver strong performance in Business Services, where we grew revenue and Adjusted EBITDA by mid-single digits. In Content and Experiences, revenue grew 6% led by Theme Parks, with the successful opening of Epic Universe, which is having a positive impact on our overall Universal Orlando Resort. Peacock continues to differentiate itself with premium content and one of the most robust line-ups of live sports among streaming platforms, and we're excited to build on that leadership with the addition of NBA coverage this fall. With our strategic focus, world-class assets, and disciplined capital allocation, we are well-positioned for the future and confident in our path forward." ($ in millions, except per share data) 2nd Quarter Consolidated Results 2025 2024 Change Revenue $30,313 $29,688 2.1 % Net Income Attributable to Comcast $11,123 $3,929 183.1 % Adjusted Net Income1 $4,653 $4,735 (1.7 %) Adjusted EBITDA2 $10,283 $10,171 1.1 % Earnings per Share3 $2.98 $1.00 197.7 % Adjusted Earnings per Share1 $1.25 $1.21 3.3 % Net Cash Provided by Operating Activities $7,815 $4,724 65.4 % Free Cash Flow4 $4,501 $1,338 N M NM=comparison not meaningful. 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 2nd Quarter 2025 Highlights: Consolidated Adjusted EBITDA Increased 1.1% to $10.3 Billion; Adjusted EPS Increased 3.3% to $1.25; Generated Free Cash Flow of $4.5 Billion Returned $2.9 Billion to Shareholders Through a Combination of $1.2 Billion in Dividend Payments and $1.7 Billion in Share Repurchases, Reducing Shares Outstanding by 5% Compared to the Prior Year Period At Connectivity & Platforms, Connectivity Revenue Increased 5.4% to $11.5 Billion, Reflecting Growth in Domestic Broadband, Domestic Wireless, International Connectivity and Business Services Connectivity Pivoted Our Go-to-Market Strategy and Tactics, Including the Launch of New, National Internet Plans with Everyday Pricing (EDP) and Everything Included; a 5-Year Internet Price Guarantee; a Free Xfinity Unlimited Mobile Line Included for 1-Year; and a New Premium Unlimited Wireless Plan That Delivers Gigabit Speeds, Upgraded Features, and Significant Savings Domestic Wireless Customer Line Net Additions Were 378,000, the Best Quarterly Result on Record; Reached 14% Penetration of Our Domestic Residential Broadband Customers with a Total of 8.5 Million Lines Media EBITDA Increased 9.3% to $1.5 Billion, Driven by Peacock. Peacock Revenue Increased 18% to $1.2 Billion; Peacock EBITDA Losses of $101 Million Improved by $247 Million Compared to the Prior Year Period How to Train Your Dragon Debuted in June and Grossed Over $600 Million in Worldwide Box Office Year-to-Date, Pushing the Franchise's Cumulative Total Past $2 Billion; Jurassic World Rebirth Premiered in July as the Next Installment in the $6 Billion Film Series and Opened to Strong Worldwide Box Office Results Celebrated the Grand Opening of Epic Universe on May 22nd, Welcoming Thousands of Visitors to the Park's Five Immersive Worlds and Earning Strong Positive Guest Reactions; Universal Horror Unleashed Opens August 14th in Las Vegas, Expanding Our Parks Footprint with a Year-Round, Horror-Themed Entertainment Experience 2nd Quarter Consolidated Financial Results Revenue increased 2.1% compared to the prior year period. Net Income Attributable to Comcast was $11.1 billion, including a $9.4 billion gain from the sale of our interest in Hulu, compared to $3.9 billion in the prior year period. Adjusted Net Income decreased 1.7%. Adjusted EBITDA increased 1.1%. Earnings per Share (EPS) increased to $2.98, compared to $1.00 in the prior year period. Adjusted EPS increased 3.3% to $1.25. Capital Expenditures decreased 1.7% to $2.7 billion. Connectivity & Platforms' capital expenditures increased 3.4% to $1.9 billion, primarily reflecting higher spending on customer premise equipment and line extensions. Content & Experiences' capital expenditures decreased 13.1% to $734 million, as we opened Epic Universe in Orlando on May 22, 2025. Net Cash Provided by Operating Activities was $7.8 billion. Free Cash Flow was $4.5 billion. Dividends and Share Repurchases. 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 $2.9 billion. Connectivity & Platforms ($ in millions) ConstantCurrencyChange6 2nd Quarter 2025 2024 Change Connectivity & Platforms Revenue Residential Connectivity & Platforms $17,814 $17,824 (0.1 %) (1.2 %) Business Services Connectivity 2,575 2,421 6.3 % 6.3 % Total Connectivity & Platforms Revenue $20,389 $20,245 0.7 % (0.4 %) Connectivity & Platforms Adjusted EBITDA Residential Connectivity & Platforms $7,082 $7,103 (0.3 %) (0.8 %) Business Services Connectivity 1,444 1,380 4.6 % 4.7 % Total Connectivity & Platforms Adjusted EBITDA $8,526 $8,483 0.5 % 0.1 % Connectivity & Platforms Adjusted EBITDA Margin Residential Connectivity & Platforms 39.8 % 39.9 % (10) bps 20 bps Business Services Connectivity 56.1 % 57.0 % (90) bps (80) bps Total Connectivity & Platforms Adjusted EBITDA Margin 41.8 % 41.9 % (10) bps 20 bps Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins. Revenue and Adjusted EBITDA for Connectivity & Platforms were consistent with the prior year period. Adjusted EBITDA margin was 41.8%. (in thousands) Net Additions / (Losses) 2nd Quarter 2Q25 2Q24 2025 2024 Customer Relationships Domestic Residential Connectivity & Platforms Customer Relationships 30,746 31,426 (223 ) (128 ) International Residential Connectivity & Platforms Customer Relationships 17,698 17,638 (102 ) (144 ) Business Services Connectivity Customer Relationships5 2,713 2,632 (24 ) (3 ) Total Connectivity & Platforms Customer Relationships 51,156 51,696 (349 ) (275 ) Domestic Broadband Residential Customers 28,989 29,583 (201 ) (110 ) Business Customers5 2,551 2,485 (25 ) (10 ) Total Domestic Broadband Customers 31,540 32,068 (226 ) (120 ) Total Domestic Wireless Lines 8,527 7,199 378 322 Total Domestic Video Customers 11,771 13,199 (325 ) (419 ) Total Customer Relationships for Connectivity & Platforms decreased by 349,000 to 51.2 million, primarily reflecting decreases in Residential Connectivity & Platforms customer relationships. Total domestic broadband customer net losses were 226,000, total domestic wireless line net additions were 378,000 and total domestic video customer net losses were 325,000. Residential Connectivity & Platforms ($ in millions) ConstantCurrencyChange6 2nd Quarter 2025 2024 Change Revenue Domestic Broadband $6,530 $6,429 1.6 % 1.6 % Domestic Wireless 1,195 1,019 17.3 % 17.3 % International Connectivity 1,219 1,056 15.4 % 9.3 % Total Residential Connectivity 8,945 8,505 5.2 % 4.4 % Video 6,722 7,013 (4.2 %) (5.7 %) Advertising 935 993 (5.8 %) (7.7 %) Other 1,213 1,313 (7.6 %) (9.0 %) Total Revenue $17,814 $17,824 (0.1 %) (1.2 %) Operating Expenses Programming $3,998 $4,248 (5.9 %) (7.4 %) Non-Programming 6,734 6,472 4.1 % 2.3 % Total Operating Expenses $10,733 $10,721 0.1 % (1.6 %) Adjusted EBITDA $7,082 $7,103 (0.3 %) (0.8 %) Adjusted EBITDA Margin 39.8 % 39.9 % (10) bps 20 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 was consistent with the prior year period but decreased when excluding the impact of foreign currency, driven by decreases in video, other and advertising revenue, offset by increases in domestic wireless, international connectivity and domestic broadband revenue. Domestic broadband revenue increased due to higher average rates, partially offset by a decline in the number of domestic broadband customers. 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, which includes the positive impact of foreign currency. Video revenue decreased due to a decline in the number of video customers, partially offset by an overall increase in average rates and the positive impact of foreign currency. Advertising revenue decreased due to lower domestic nonpolitical and political advertising and lower international advertising, partially offset by the positive impact of foreign currency. 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 was consistent with the prior year period reflecting lower revenue mostly offset by lower operating expenses when excluding the impact of foreign currency. 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, an increase in programming expenses for our international sports networks and the impact of foreign currency. Non-programming expenses increased primarily due to an increase in direct product costs mainly due to higher mobile device sales, as well as higher marketing and promotion costs driven by our new broadband and mobile offers introduced in April 2025, as well as the impact of foreign currency. Adjusted EBITDA margin was 39.8%. Business Services Connectivity ($ in millions) ConstantCurrencyChange6 2nd Quarter 2025 2024 Change Revenue $2,575 $2,421 6.3% 6.3% Operating Expenses 1,131 1,041 8.6% 8.5% Adjusted EBITDA $1,444 $1,380 4.6% 4.7% Adjusted EBITDA Margin ... 56.1 % 57.0 % (90) bps (80) bps Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins. Revenue for Business Services Connectivity increased due to an increase in revenue from enterprise solutions offerings, including the results from a recent acquisition, and an increase in revenue from small business customers driven by an increase in average rates due to higher adoption of our suite of advanced services. Adjusted EBITDA for Business Services Connectivity increased due to higher revenue, partially offset by higher operating expenses. The increase in operating expenses was primarily due to increases in direct product costs, which include the results from a recent acquisition. Adjusted EBITDA margin was 56.1%. Content & Experiences ($ in millions) 2nd Quarter 2025 2024 Change Content & Experiences Revenue Media $6,440 $6,324 1.8 % Studios 2,432 2,253 8.0 % Theme Parks 2,349 1,975 18.9 % Headquarters & Other 9 10 (9.5 %) Eliminations (606 ) (505 ) (20.0 %) Total Content & Experiences Revenue $10,625 $10,057 5.6 % Content & Experiences Adjusted EBITDA Media $1,482 $1,356 9.3 % Studios 85 124 (31.0 %) Theme Parks 658 632 4.1 % Headquarters & Other (263 ) (198 ) (32.4 %) Eliminations 56 36 54.8 % Total Content & Experiences Adjusted EBITDA $2,019 $1,949 3.6 % Revenue for Content & Experiences increased compared to the prior year period driven by Theme Parks, Studios and Media. Adjusted EBITDA for Content & Experiences increased primarily due to growth in Media and Theme Parks, partially offset by a decline in Studios. Media ($ in millions) 2nd Quarter 2025 2024 Change Revenue Domestic Advertising $1,848 $1,991 (7.2 %) Domestic Distribution 2,812 2,764 1.7 % International Networks 1,266 1,102 14.9 % Other 514 467 10.1 % Total Revenue $6,440 $6,324 1.8 % Operating Expenses 4,958 4,968 (0.2 %) Adjusted EBITDA $1,482 $1,356 9.3 % Revenue for Media increased primarily due to higher international networks and domestic distribution 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 increased primarily due to higher revenue at Peacock, partially 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 and the positive impact of foreign currency. Adjusted EBITDA for Media increased due to higher revenue and consistent operating expenses. The consistent operating expenses were primarily due to decreases in programming and production costs, offset by an increase in marketing and promotion expenses, each primarily related to Peacock. Media results include $1.2 billion of revenue and an Adjusted EBITDA7 loss of $101 million related to Peacock, compared to $1.0 billion of revenue and an Adjusted EBITDA7 loss of $348 million in the prior year period. Studios ($ in millions) 2nd Quarter 2025 2024 Change Revenue Content Licensing $1,805 $1,714 5.3 % Theatrical 284 237 20.0 % Other 343 302 13.5 % Total Revenue $2,432 $2,253 8.0 % Operating Expenses 2,347 2,130 10.2 % Adjusted EBITDA $85 $124 (31.0 %) Revenue for Studios increased primarily due to higher content licensing and theatrical revenue. Content licensing revenue increased primarily due to the timing of when content was made available by our television studios, partially offset by the timing of when content was made available by our film studios. Theatrical revenue increased primarily due to the successful performance of recent releases, including How to Train Your Dragon. Adjusted EBITDA for Studios decreased due to higher operating expenses, which more than offset higher revenue. The increase in operating expenses was primarily driven by higher programming and production expenses, mainly due to higher costs associated with content licensing sales, and higher marketing and promotion expenses due to increased spending on recent and upcoming theatrical film releases. Theme Parks ($ in millions) 2nd Quarter 2025 2024 Change Revenue $2,349 $1,975 18.9% Operating Expenses 1,691 1,343 25.9% Adjusted EBITDA $658 $632 4.1% Revenue for Theme Parks increased due to higher revenue at domestic theme parks, including the successful opening of Epic Universe, and international theme parks, which include the positive impact from foreign currency. Adjusted EBITDA for Theme Parks increased, reflecting higher revenue, which more than offset higher operating expenses. The increase in operating expenses was primarily due to operating costs associated with Epic Universe. Headquarters & Other Content & Experiences Headquarters & Other includes overhead, personnel costs and costs associated with corporate initiatives. Headquarters & Other Adjusted EBITDA loss in the second quarter was $263 million, compared to a loss of $198 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 $606 million, compared to $505 million in the prior year period, and Adjusted EBITDA eliminations were a benefit of $56 million, compared to a benefit of $36 million in the prior year period. Corporate, Other and Eliminations ($ in millions) 2nd Quarter 2025 2024 Change Corporate & Other Revenue $708 $706 0.3 % Operating Expenses 990 966 2.5 % Adjusted EBITDA ($282 ) ($260 ) (8.3 %) Eliminations Revenue ($1,410 ) ($1,320 ) 6.8 % Operating Expenses (1,430 ) (1,320 ) 8.4 % Adjusted EBITDA $20 ($1 ) N M 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 decreased primarily reflecting a decrease at Spectacor and higher costs related to corporate functions. 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, compared to $1.3 billion in the prior year period, and Adjusted EBITDA eliminations were a benefit of $20 million compared to a loss of $1 million in the prior year period. Notes: 1 We 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. 2 We 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. 3 All earnings per share amounts are presented on a diluted basis. 4 We 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. 5 Beginning in the second quarter of 2025, Business Services Connectivity customer relationships and Domestic Broadband Business customers include connections from the acquisition of Nitel and other conforming changes, resulting in an increase of 124,000 Business Services Connectivity customer relationships and an increase of 123,000 domestic broadband business customers as of April 1, 2025. Because these adjustments were made as of April 1, 2025, they are not reflected in prior period customer metrics or in net additions / (losses) in prior and current year periods. 6 Constant 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. 7 Adjusted 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. Conference Call and Other Information Comcast Corporation will host a conference call with the financial community today, July 31, 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 A replay of the call will be available today, July 31, 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 and on our corporate website, To automatically receive Comcast financial news by email, please visit and subscribe to email alerts. Caution Concerning Forward-Looking Statements This press release includes statements that may constitute forward-looking statements. In evaluating these statements, readers should consider various factors, including the risks and uncertainties we describe in the "Risk Factors" sections of our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission (SEC). Factors that could cause our actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; consumer acceptance of our content; programming costs; key distribution and/or licensing agreements; use and protection of our intellectual property; our reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather-related and other uncontrollable events; loss of key personnel; labor disputes; laws and regulations; adverse decisions in litigation or governmental investigations; and other risks described from time to time in reports and other documents we file with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. The amount and timing of any dividends and share repurchases are subject to business, economic and other relevant factors. Non-GAAP Financial Measures In this discussion, we sometimes refer to financial measures that are not presented according to generally accepted accounting principles in the U.S. (GAAP). Certain of these measures are considered "non-GAAP financial measures" under the SEC regulations; those rules require the supplemental explanations and reconciliations that are in Comcast's Form 8-K (Quarterly Earnings Release) furnished to the SEC. About Comcast Corporation Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit for more information. TABLE 1 Condensed Consolidated Statements of Income (Unaudited) Three Months Ended Six Months Ended (in millions, except per share data) June 30, June 30, 2025 2024 2025 2024 Revenue $30,313 $29,688 $60,199 $59,746 Costs and expenses Programming and production 7,576 7,961 15,991 16,784 Marketing and promotion 2,168 1,922 4,239 3,940 Other operating and administrative 10,422 9,630 20,314 19,487 Depreciation 2,349 2,153 4,580 4,328 Amortization 1,805 1,387 3,423 2,762 24,320 23,053 48,548 47,301 Operating income 5,992 6,635 11,650 12,445 Interest expense (1,105) (1,026) (2,155) (2,028) Investment and other income (loss), net Equity in net income (losses) of investees, net (29) (444) (222) (286) Realized and unrealized gains (losses) on equity securities, net 136 (89) 112 (141) Other income (loss), net 9,652 99 9,754 290 9,760 (434) 9,644 (137) Income before income taxes 14,647 5,175 19,139 10,280 Income tax expense (3,603) (1,336) (4,799) (2,663) Net income 11,044 3,839 14,340 7,616 Less: Net income (loss) attributable to noncontrolling interests (79) (89) (158) (169) Net income attributable to Comcast Corporation $11,123 $3,929 $14,498 $7,785 Diluted earnings per common share attributable to Comcast Corporation shareholders $2.98 $1.00 $3.86 $1.97 Diluted weighted-average number of common shares 3,727 3,920 3,756 3,956 TABLE 2 Consolidated Statements of Cash Flows (Unaudited) Six Months Ended (in millions) June 30, 2025 2024 OPERATING ACTIVITIES Net income $14,340 $7,616 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 8,003 7,091 Share-based compensation 703 689 Noncash interest expense (income), net 253 218 Net (gain) loss on investment activity and other (9,390) 391 Deferred income taxes 2,556 240 Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Current and noncurrent receivables, net 1,023 750 Film and television costs, net 188 23 Accounts payable and accrued expenses related to trade creditors 34 (648) Other operating assets and liabilities (1,602) (3,798) Net cash provided by operating activities 16,109 12,572 INVESTING ACTIVITIES Capital expenditures (4,930) (5,354) Cash paid for intangible assets (1,257) (1,341) Construction of Universal Beijing Resort (3) (109) Acquisitions, net of cash acquired (1,279) — Proceeds from sales of businesses and investments 659 557 Purchases of investments (1,132) (706) Other 39 73 Net cash (used in) investing activities (7,903) (6,879) FINANCING ACTIVITIES Proceeds from borrowings 2,494 3,266 Repurchases and repayments of debt (1,856) (1,911) Repurchases of common stock under repurchase program and employee plans (4,066) (4,930) Dividends paid (2,462) (2,418) Other 9 175 Net cash (used in) financing activities (5,881) (5,817) Impact of foreign currency on cash, cash equivalents and restricted cash 46 (17) Increase (decrease) in cash, cash equivalents and restricted cash 2,371 (141) Cash, cash equivalents and restricted cash, beginning of period 7,377 6,282 Cash, cash equivalents and restricted cash, end of period $9,748 $6,141 TABLE 3 Condensed Consolidated Balance Sheets (Unaudited) (in millions) June 30, December 31, 2025 2024 ASSETS Current Assets Cash and cash equivalents $9,687 $7,322 Receivables, net 13,040 13,661 Other current assets 6,309 5,817 Total current assets 29,036 26,801 Film and television costs 12,640 12,541 Investments 8,463 8,647 Property and equipment, net 64,025 62,548 Goodwill 61,812 58,209 Franchise rights 59,365 59,365 Other intangible assets, net 24,612 25,599 Other noncurrent assets, net 13,897 12,501 $273,850 $266,211 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses related to trade creditors $11,826 $11,321 Deferred revenue 4,031 3,507 Accrued expenses and other current liabilities 10,215 10,679 Current portion of debt 5,720 4,907 Advance on sale of investment — 9,167 Total current liabilities 31,792 39,581 Noncurrent portion of debt 95,808 94,186 Deferred income taxes 27,692 25,227 Other noncurrent liabilities 21,100 20,942 Redeemable noncontrolling interests 231 237 Equity Comcast Corporation shareholders' equity 96,851 85,560 Noncontrolling interests 376 477 Total equity 97,228 86,038 $273,850 $266,211 TABLE 4 Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA (Unaudited) Three Months EndedJune 30, Six Months EndedJune 30, (in millions) 2025 2024 2025 2024 Net income attributable to Comcast Corporation $11,123 $3,929 $14,498 $7,785 Net income (loss) attributable to noncontrolling interests (79) (89) (158) (169) Income tax expense 3,603 1,336 4,799 2,663 Interest expense 1,105 1,026 2,155 2,028 Investment and other (income) loss, net (9,760) 434 (9,644) 137 Depreciation 2,349 2,153 4,580 4,328 Amortization 1,805 1,387 3,423 2,762 Adjustments (1) 137 (3) 162 (9) Adjusted EBITDA $10,283 $10,171 $19,815 $19,526 Reconciliation from Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited) Three Months EndedJune 30, Six Months EndedJune 30, (in millions) 2025 2024 2025 2024 Net cash provided by operating activities $7,815 $4,724 $16,109 $12,572 Capital expenditures (2,679) (2,724) (4,930) (5,354) Cash paid for capitalized software and other intangible assets (636) (662) (1,257) (1,341) Free Cash Flow $4,501 $1,338 $9,921 $5,877 Alternate Presentation of Free Cash Flow (Unaudited) Three Months EndedJune 30, Six Months EndedJune 30, (in millions) 2025 2024 2025 2024 Adjusted EBITDA $10,283 $10,171 $19,815 $19,526 Capital expenditures (2,679) (2,724) (4,930) (5,354) Cash paid for capitalized software and other intangible assets (636) (662) (1,257) (1,341) Cash interest expense (1,129) (1,082) (1,803) (1,813) Cash taxes (1,685) (4,219) (2,085) (4,568) Changes in operating assets and liabilities 22 (585) (614) (1,526) Noncash share-based compensation 321 316 703 689 Other (2) 3 123 93 264 Free Cash Flow $4,501 $1,338 $9,921 $5,877 (1) Adjusted EBITDA excludes transaction and transaction-related costs associated with the proposed spin-off of Versant, as well as other operating and administrative expenses related to our investment portfolio. Transaction costs are incremental costs directly related to effectuating the proposed spin-off and primarily include legal, audit and advisory fees as well as legal entity separation costs. Transaction-related costs are incremental costs incurred in anticipation of the separation, including costs that reflect strategic decisions about how the standalone Versant business will be structured or operated, which may be different than if it remained part of Comcast. Transaction-related costs primarily include certain spin-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs. Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Transaction-related costs $75 $— $77 $— Transaction costs 36 — 55 — Costs related to our investment portfolio 26 (3) 29 (9) Total $137 ($3) $162 ($9) (2) 2nd quarter and year to date 2025 includes adjustments of $(110) and $(132) million, respectively, of transaction and transaction-related costs associated with the proposed spin-off of Versant and $(26) and $(29) million, respectively, of other operating and administrative expenses related to our investment portfolio, as these amounts are excluded from Adjusted EBITDA. 2nd quarter and year to date 2024 includes adjustments of $3 and $9 million, respectively, of other operating and administrative expenses related to our investment portfolio, as these amounts are excluded from Adjusted EBITDA. TABLE 5 Reconciliations of Adjusted Net Income and Adjusted EPS (Unaudited) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 (in millions, except per share data) $ EPS $ EPS $ EPS $ EPS Net income attributable to Comcast Corporation and diluted earnings per share attributable to Comcast Corporation shareholders $11,123 $2.98 $3,929 $1.00 $14,498 $3.86 $7,785 $1.97 Change 183.1% 197.7% 86.2% 96.2% Amortization of acquisition-related intangible assets (1) 622 0.17 433 0.11 1,228 0.33 870 0.22 Investments (2) (96) (0.03) 373 0.10 36 0.01 250 0.06 Items affecting period-over-period comparability: Gain related to investment(3) (7,072) (1.90) — — (7,072) (1.88) — — Tax benefit from internal corporate reorganization (4) (177) (0.05) — — (177) (0.05) — — Long-lived asset impairments(5) 155 0.04 — — 155 0.04 — — Transaction-related costs(6) 66 0.02 — — 67 0.02 — — Transaction costs(7) 31 0.01 — — 49 0.01 — — Adjusted Net income and Adjusted EPS $4,653 $1.25 $4,735 $1.21 $8,784 $2.34 $8,906 $2.25 Change (1.7%) 3.3% (1.4%) 3.9% (1) Acquisition-related intangible assets are recognized as a result of the application of Accounting Standards Codification Topic 805, Business Combinations (such as customer relationships), and their amortization is significantly affected by the size and timing of our acquisitions. Amortization of intangible assets not resulting from business combinations (such as software and acquired intellectual property rights used in our theme parks) is included in Adjusted Net Income and Adjusted EPS. Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Amortization of acquisition-related intangible assets before income taxes $810 $563 $1,600 $1,133 Amortization of acquisition-related intangible assets, net of tax $622 $433 $1,228 $870 (2) Adjustments for investments include realized and unrealized (gains) losses on equity securities, net (as stated in Table 1), as well as the equity in net (income) losses of investees, net, for certain equity method investments, including Atairos and Hulu and costs related to our investment portfolio. Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Realized and unrealized (gains) losses on equity securities, net ($136) $89 ($112) $141 Equity in net (income) losses of investees, net and other 8 403 156 189 Investments before income taxes (128) 493 44 329 Investments, net of tax ($96) $373 $36 $250 (3) 2nd quarter and year to date 2025 net income attributable to Comcast Corporation includes a $9.4 billion pre-tax gain in other income (loss), net, $7.1 billion net of tax, related to the sale of our interest in Hulu. (4) 2nd quarter and year to date 2025 net income attributable to Comcast Corporation includes a $177 million income tax benefit due to an internal corporate reorganization. (5) 2nd quarter and year to date 2025 net income attributable to Comcast Corporation includes $155 million of long-lived asset impairments. (6) 2nd quarter and year to date 2025 net income attributable to Comcast Corporation includes $75 and $77 million, $66 and $67 million net of tax, respectively, of transaction-related costs related to the proposed spin-off of Versant. Transaction-related costs are incremental costs incurred in anticipation of the separation, including costs that reflect strategic decisions about how the standalone Versant business will be structured or operated, which may be different than if it remained part of Comcast. Transaction-related costs primarily include certain spin-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs. (7) 2nd quarter and year to date 2025 net income attributable to Comcast Corporation includes $36 and $55 million, $31 and $49 million net of tax, respectively, of transaction costs related to the proposed spin-off of Versant. Transaction costs are incremental costs directly related to effectuating the proposed spin-off and primarily include legal, audit and advisory fees, and legal entity separation costs. TABLE 6 Reconciliation of Constant Currency (Unaudited) Three Months EndedJune 30, 2024 Six Months EndedJune 30, 2024 Effects of Constant Effects of Constant As Foreign Currency As Foreign Currency (in millions) Reported Currency Amounts Reported Currency Amounts Reconciliation of Connectivity & Platforms Constant Currency Connectivity & Platforms Revenue Residential Connectivity & Platforms $17,824 $216 $18,040 $35,692 $173 $35,865 Business Services Connectivity 2,421 1 2,422 4,829 1 4,830 Total Connectivity & Platforms Revenue $20,245 $217 $20,462 $40,521 $174 $40,695 Connectivity and Platforms Adjusted EBITDA Residential Connectivity & Platforms $7,103 $33 $7,136 $13,955 $32 $13,986 Business Services Connectivity 1,380 — 1,380 2,746 — 2,746 Total Connectivity & Platforms Adjusted EBITDA $8,483 $33 $8,516 $16,701 $31 $16,732 Connectivity & Platforms Adjusted EBITDA Margin Residential Connectivity & Platforms 39.9% (30) bps 39.6% 39.1% (10) bps 39.0% Business Services Connectivity 57.0% (10) bps 56.9% 56.9% (10) bps 56.8% Total Connectivity & Platforms Adjusted EBITDA Margin 41.9% (30) bps 41.6% 41.2% (10) bps 41.1% Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Effects of Constant Effects of Constant As Foreign Currency As Foreign Currency (in millions) Reported Currency Amounts Reported Currency Amounts Reconciliation of Residential Connectivity & Platforms Constant Currency Revenue Domestic broadband $6,429 $— $6,429 $12,875 $— $12,875 Domestic wireless 1,019 — 1,019 1,991 — 1,991 International connectivity 1,056 59 1,116 2,090 50 2,140 Total residential connectivity $8,505 $59 $8,564 $16,956 $50 $17,006 Video 7,013 117 7,130 14,117 90 14,208 Advertising 993 20 1,013 1,944 16 1,960 Other 1,313 19 1,333 2,675 16 2,691 Total Revenue $17,824 $216 $18,040 $35,692 $173 $35,865 Operating Expenses Programming $4,248 $69 $4,317 $8,654 $52 $8,706 Non-Programming 6,472 114 6,586 13,083 90 13,173 Total Operating Expenses $10,721 $183 $10,903 $21,737 $142 $21,879 Adjusted EBITDA $7,103 $33 $7,136 $13,955 $32 $13,986 Adjusted EBITDA Margin 39.9% (30) bps 39.6% 39.1% (10) bps 39.0% View source version on Contacts Investor Contacts: Marci Ryvicker (215) 286-4781Jane Kearns (215) 286-4794Marc Kaplan (215) 286-6527 Press Contacts: Jennifer Khoury (215) 286-7408John Demming (215) 286-8011 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
24-07-2025
- Business
- Bloomberg
Comcast Spinoff's Board Nominees Have Deals, AI Experience
Comcast Corp. named the board members of the planned spinoff Versant Media Group Inc., moving forward on separating cable channels from its NBCUniversal business. The Philadelphia-based internet and cable-TV provider announced in November that it planned to spin off the channels, while keeping the NBC broadcast network, Bravo and the Peacock streaming platform. Versant will be publicly traded and home to MSNBC, CNBC, Golf Channel, USA Network, Oxygen and E!, among other assets. Comcast Chief Executive Officer Brian Roberts will still hold a significant share of the voting rights in the new business.
Globe and Mail
21-07-2025
- Business
- Globe and Mail
Onto Innovation to Report Second Quarter 2025 Financial Results on August 7, 2025
Onto Innovation Inc. (NYSE: ONTO) will release its 2025 second quarter results shortly after the market closes on August 7, 2025. Onto Innovation will host a conference call and audio webcast in connection with its release of the financial results. Michael P. Plisinski, chief executive officer, and Brian Roberts, chief financial officer, will host the call. The call will take place: Thursday, August 7, 2025, at 4:30 p.m. (ET) To participate in the call, please dial (888) 394-8218 or international: +1 (646) 828-8193 and reference conference ID 8788805 at least five (5) minutes prior to the scheduled start time. A live webcast will also be available on the Company's website at To listen to the live webcast, please go to the website at least 15 minutes early to register, download and install any necessary audio software. There will be a replay of the conference call available for one year on the Company's website at About Onto Innovation Inc. Onto Innovation is a leader in process control, combining global scale with an expanded portfolio of leading-edge technologies that include: Un-patterned wafer quality; 3D metrology spanning chip features from nanometer scale transistors to large die interconnects; macro defect inspection of wafers and packages; metal interconnect composition; factory analytics; and lithography for advanced semiconductor packaging. Our breadth of offerings across the entire semiconductor value chain combined with our connected thinking approach results in a unique perspective to help solve our customers' most difficult yield, device performance, quality, and reliability issues. Onto Innovation strives to optimize customers' critical path of progress by making them smarter, faster and more efficient. With headquarters and manufacturing in the U.S., Onto Innovation supports customers with a worldwide sales and service organization. Additional information can be found at
Business Wire
21-07-2025
- Business
- Business Wire
Onto Innovation to Report Second Quarter 2025
WILMINGTON, Mass.--(BUSINESS WIRE)--Onto Innovation Inc. (NYSE: ONTO) will release its 2025 second quarter results shortly after the market closes on August 7, 2025. Onto Innovation will host a conference call and audio webcast in connection with its release of the financial results. Michael P. Plisinski, chief executive officer, and Brian Roberts, chief financial officer, will host the call. The call will take place: Thursday, August 7, 2025, at 4:30 p.m. (ET) To participate in the call, please dial (888) 394-8218 or international: +1 (646) 828-8193 and reference conference ID 8788805 at least five (5) minutes prior to the scheduled start time. A live webcast will also be available on the Company's website at To listen to the live webcast, please go to the website at least 15 minutes early to register, download and install any necessary audio software. There will be a replay of the conference call available for one year on the Company's website at About Onto Innovation Inc. Onto Innovation is a leader in process control, combining global scale with an expanded portfolio of leading-edge technologies that include: Un-patterned wafer quality; 3D metrology spanning chip features from nanometer scale transistors to large die interconnects; macro defect inspection of wafers and packages; metal interconnect composition; factory analytics; and lithography for advanced semiconductor packaging. Our breadth of offerings across the entire semiconductor value chain combined with our connected thinking approach results in a unique perspective to help solve our customers' most difficult yield, device performance, quality, and reliability issues. Onto Innovation strives to optimize customers' critical path of progress by making them smarter, faster and more efficient. With headquarters and manufacturing in the U.S., Onto Innovation supports customers with a worldwide sales and service organization. Additional information can be found at Source: Onto Innovation Inc. ONTO-I
New York Times
08-07-2025
- Business
- New York Times
NBA saw its first 7-team trade this summer. Here's how — and why — it unfolded
How does a seven-team trade come together? Much like that old saying about how to eat an elephant: one bite at a time. Having been on the inside as many transactions have developed (I was vice president of basketball operations for the Memphis Grizzlies from 2012-19), I can tell you that an NBA blockbuster of this size is usually just an amalgamation of several smaller deals. Advertisement Let's start with the basics that help explain why: Sometimes it's a lot more advantageous for a team to construct a multi-team trade rather than doing the same deals sequentially. This is because the trade exception available in what the collective bargaining agreement terms a 'simultaneous trade' is larger than the one available if deals are done sequentially, even if the second trade happens mere minutes after the first. To give you an example, the Grizzlies had a deal set up at the 2016 trade deadline to send Courtney Lee to the Charlotte Hornets for Brian Roberts, P.J. Hairston and two second-round picks. However, the two incoming players made less than what Lee made, which meant we could legally stuff a lot more money into the trade, and we had enough room under the luxury tax to do so. So we were incentivized to try to get more money into the deal if somebody would pay us to do it. If we did a straight Lee-for-Roberts trade, the trade exception we created would have only been for the difference between their salaries ($1.6 million at the time). But if we traded Lee for other salaries at the same time, we could take back up to 150 percent of what he made. (That was the rule at the time; it has since become more liberal regarding simultaneous trade exceptions, and the 2023 CBA allows the nontaxpayer midlevel exception to be converted to a trade exception.) So … we found more salary. Enter the Miami Heat, who were over the luxury tax, facing the CBA's repeater penalty and needed to reduce their payroll. We agreed to send Roberts to them and take back Chris Andersen, who made nearly twice as much, in return for a second-round pick and another protected second-rounder. We couldn't have traded Roberts for Anderson any other way. Voila, a three-team trade. Critically, the deal met the league's 'touching' requirements for three-team deals because each part of the Memphis-Charlotte-Miami triangle had consideration going their way. Advertisement That's how three-team deals start, and from there, they can often mushroom into something larger. Take the seven-team deal featuring Kevin Durant that was completed Sunday, for example. It stemmed almost entirely from five different trades agreed to the week of the draft, with only the final addition of the Atlanta Hawks having any connection to free agency. Theoretically, the other four deals could have happened sequentially after the first; it was just a lot cleaner for everyone to do it as a multi-team trade. But that's not the only way a huge multi-team deal can happen. A year earlier, Golden State's Klay Thompson was signed and traded to the Dallas Mavericks in a deal that ended up involving six teams, as each step in the chain made another deal to take advantage of the trade exception from the first one. At the trade deadline in 2024, a four-team deal between Golden State, Portland, Detroit and Atlanta nearly blew up over a failed physical by Gary Payton II. July 6 (when teams can begin officially signing free agents to contracts) and the trade deadline are usually the only times we see deals mushroom beyond three teams … and for opposite reasons. On July 6, it's because teams have all the time in the world between the draft and the end of the free-agency moratorium to improve upon deals that were already negotiated, potentially combining completely separate transactions in ways that maximize trade exceptions. At the trade deadline, however, it's because there's no time left; you couldn't do a sequential trade even if you wanted, because it will never get approved by the league in time for the next one to beat the deadline buzzer. This offseason, Houston negotiated a straightforward deal with Phoenix to send the 10th pick, five second-round picks, Dillon Brooks and Jalen Green to Phoenix for Durant. However, the Rockets had two weeks — and the entire draft — before they needed to officially execute the deal. They realized they could stuff more money into the trade if they added another contract when free agency started and recruited Atlanta to join a sign-and-trade involving big man Clint Capela. The teams completed the 'touching' requirement, as well as the requirement that each team both give and receive something in a trade, by having Atlanta send two-way player Daeqwon Plowden to Phoenix and Houston send two-way player David Roddy to Atlanta. (Both players were immediately waived after the trade was official. Fun times!) Conditions for a seven-team trade ensued when the Suns began spraying those second-round picks from Houston all over the league on draft night, using four of them on subsequent trades. The 59th pick in the draft that originated with Houston went to Phoenix, then Golden State, then Memphis. (The Grizzlies weren't part of the seven-team deal and completed their portion with the Warriors afterward.) Advertisement Meanwhile, the Suns' own second-round pick, at No. 52, was also sent to Golden State to give the Suns the 41st pick. So now the Warriors were team No. 4 for our trade, meeting 'touching' requirements with one pick from Houston and one pick from Phoenix. The rights to pick No. 41 (Koby Brea), pick No. 52 (Alex Toohey) and pick No. 59 (Jahmai Mashack) were in the deal. But wait, there's more! The Suns put two other future second-round picks from Houston in play to acquire the 36th pick from the Brooklyn Nets. And then they traded that pick and another to the Minnesota Timberwolves to move up to No. 31 and draft Rasheer Fleming. And then Minnesota traded that 36th pick to the Los Angeles Lakers for cash and the 45th pick (Rocco Zikarsky). So now, we had Brooklyn, Minnesota and the Lakers involved, and they all had triangles that allowed a multi-team trade. The Lakers were sending cash and the 45th pick to the Wolves but getting pick No. 36 from Brooklyn. (L.A. had previously obtained the pick in a straight two-team draft-night transaction with the Bulls.) The Wolves were getting the 45th pick from L.A. but sending pick No. 31 to Phoenix and also receiving two future seconds from the Suns. Finally, the Nets were sending out the 35th pick to the Lakers but receiving two future seconds that originated in Houston. The real mystery here is why Memphis didn't join the fray and make it an eight-team trade. The Grizzlies sent out their own pick (56th) to Golden State and received the 59th pick that originated in Houston, as well as consideration from the Warriors. Based on my admittedly brief and not exhaustive investigation into this crucial topic, it seems at least one of the two teams might have wanted to keep this trade on the side in case they needed it as a starting point for their own multi-team trade. We saw a similar dynamic at work a year earlier in the 2024 Thompson deal, except it was perhaps even more complicated and fun because it wasn't the result of a playing 52-pickup from draft night. Those trades were glued together because of valuable trade exceptions, similar to my Memphis example above, and show why we'll probably see this more in the future. The Warriors' deal with Buddy Hield was converted to a sign-and-trade that benefited the Philadelphia 76ers by generating a trade exception for them. At the same time, the more permissive rules for trade exceptions meant the Warriors could put Hield into the Thompson trade and still stuff in another contract, so they piled in a sign-and-trade with Minnesota for Kyle Anderson. Right away, we had a four-team banger, but then we had Dallas' side of the Thompson deal. The Hornets sent two second-round picks to Dallas for Josh Green, which enabled Dallas to do the Thompson deal as a three-team sign-and-trade if one of those picks ended up in Golden State. Via creative rerouting of other second-round picks in the deal, it was easy to loop in Minnesota and Philly. Advertisement The final leg was Denver, which had its own side deal with Charlotte to send two seconds to the Hornets to salary-dump Reggie Jackson. But one of those picks was destined for Dallas and then points beyond, so Denver was in the deal, too; it just required a third team to send a small trinket (in this case, cash) back to the Nuggets. So that, my friends, is how you end up with a six- or seven-team trade. Most executives don't wake up in the morning and say, 'Hey, I have this great idea for a seven-team deal!' (I can think of two or three exceptions whom I will not name, but they know who they are.) As I alluded to above, I expect deals like this to happen much more often. And unlike this most recent seven-team deal, I think they're more likely to follow the example of the 2024 Thompson trade and involve a lot of active NBA players too. We've had our multi-team fun for 2025, but get your popcorn ready for next summer. (Illustration: Kelsea Petersen / The Athletic; Alex Slitz, Tim Warner, Barry Gossage / Getty Images)
