Comcast : 1q25 earnings presentation
CMCSA
1st Quarter
2025 Results
A p r i l 2 4 , 2 0 2 5
Consolidated 1Q 2025 Financial Results
($ in billions, except per share data)
Revenue
(0.6%)
$30.1
$29.9
1Q24
1Q25
Adj. EBITDA
+1.9%
$9.4
$9.5
1Q24
1Q25
Adj. EPS
+4.5%
$1.04
$1.09
1Q24
1Q25
Free Cash Flow Generation of $5.4 Billion; Return of Capital to Shareholders of $3.2 Billion
3 See Notes on Slide 9
Connectivity
1Q 2025
1Q 2025
Revenue
Adj. EBITDA Commentary
& Platforms
($M)
y/y %
y/y %
• Residential Connectivity revenue +4%, with domestic wireless
Revenue ($B)
$20.3
$20.1
(0.5%)
Residential
Connectivity
& Platforms
1Q24
1Q25
Adj. EBITDA ($B)
$8.2
$8.3
Business
+1.5%
Services
+80 bps
41.4%
Connectivity
Adj.
EBITDA
Margin
1Q24
1Q25
revenue +16%, international connectivity revenue +11% and
domestic broadband revenue +2%
• Domestic residential broadband ARPU +3.3%
$17,642
$6,918
• Added 323K wireless lines; 13% penetration of domestic
(1.0%)
+1.0%
residential broadband customers
• Adj. EBITDA increased primarily due to lower programming
expenses
• Adj. EBITDA margin was 39.2%
• Revenue reflects growth in enterprise solutions offerings and
$2,496
$1,422
higher ARPU in small business driven by higher adoption of our
suite of advanced services
+3.7%
+4.1%
• Adj. EBITDA margin was 57.0%
All percentages represent year/year constant currency growth rates, except Adj. EBITDA margin. The change in Adjusted EBITDA margin is presented as a year/year constant currency basis point change in the rounded Adjusted EBITDA margin.
4 Beginning in 1Q25, commission revenue from the sale of certain DTC streaming services and revenue related to certain equipment are presented in video revenue. Previously, these amounts were presented in domestic broadband and international connectivity. Prior periods have been reclassified to reflect the current year presentation.
See Notes on Slide 9
Content & Experiences
Revenue ($B)
$10.4
$10.5
+0.8%
1Q24
1Q25
($M)
Theme Parks
1Q 2025
1Q 2025
Revenue
Adj. EBITDA
y/y %
y/y %
$1,876 $429
(5.2%) (32.1%)
Commentary
Adj. EBITDA ($B)
Media
$6,440
$1,004
•
Advertising declined 7% due to the volume and timing of sports
+1.1%
+21.5%
and tough political comparisons, but flat excluding these items
•
Media Adj. EBITDA growth driven by a decline in sports
programming costs due to lower volume compared to last year
$1.5
$1.5
(0.1%)
Studios
1Q24
1Q25
5 All percentages represent year/year growth rates. See Notes on Slide 9
including Peacock's exclusive NFL Wild Card game
$2,826
$298
• Adj. EBITDA growth was driven by the strong carryover
+3.0%
+22.3%
performance of Wicked and Nosferatu
Free Cash Flow & Capital Allocation
Capital Allocation Framework
Consolidated Capital ($B)*
Balance Sheet Statistics
Return of Capital
Total return of capital $3.2B in 1Q25; $13.1B over the last 12 months:
$3.3
$2.9
(13.2%)
1Q24
1Q25
Consolidated Net Leverage
Consolidated Net Debt ($B)
2.3x
2.3x
$86.8
$87.4
1Q24
1Q25
• $1.2B in dividends; $4.8B over the last 12 months
$1.24
$1.32
$1.16
$1.08
$0.92
$1.00
$0.76
$0.84
$0.50
$0.55
$0.63
Dividends per share
(split adjusted):
15
16
17
18
19
20
21
22
23
24
25
Free Cash Flow Generation of $5.4 Billion
6 *Capital reflects Capital expenditures plus Cash paid for capitalized software and other intangible assets as presented in our Trending Schedule. See Notes on Slide 9
APPENDIX
Free Cash Flow Generation
Adjusted EBITDA to Free Cash Flow Walk
1Q 2025 ($B)
Capital
Software &
Cash interest
Changes in
Noncash share-
Adjusted EBITDA
Cash taxes
operating assets
based compensation Free Cash Flow
expenditures
intangibles
expense
and liabilities
and Other
$9.5
($2.3) ($0.6)
($0.7)
$0.5
$5.4
($0.4)
($0.6)
8 See Notes on Slide 9
NOTES
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.
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. Refer to our April 24, 2025 Form 8-K (Quarterly Earnings Release) for a reconciliation and further details.
We define Adjusted EPS as our diluted earnings per common share attributable to Comcast Corporation shareholders 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. Refer to our April 24, 2025 Form 8-K (Quarterly Earnings Release) for a reconciliation and further details.
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 Statement of Cash Flows and are therefore excluded from capital expenditures and cash paid for intangible assets for Free Cash Flow. Refer to our April 24, 2025 Form 8-K (Quarterly Earnings Release) for a reconciliation and further details.
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 period presented, rather than the actual exchange rates that were in effect during the respective periods. Refer to our April 24, 2025 Form 8-K (Quarterly Earnings Release) for Connectivity & Platforms reconciliations and further details.
As of March 31, 2025 - Consolidated net debt of $87.4 billion represents current and noncurrent portion of debt (as stated in our Consolidated Balance Sheet), less cash and cash equivalents (as stated in our Consolidated Balance Sheet) and adjusted to exclude $3.5 billion of debt and $0.4 billion of cash at Universal Beijing Resort. Consolidated net leverage is calculated as net debt/trailing twelve month Adjusted EBITDA, adjusted to exclude Universal Beijing Resort. The denominator of $38.0 billion represents Adjusted EBITDA for the twelve months ended March 31, 2025 of $38.3 billion, as presented in our trending schedule, adjusted to exclude $0.2 billion of Universal Beijing Resort Adjusted EBITDA.
As of March 31, 2024 - Consolidated net debt of $86.8 billion represents current and noncurrent portion of debt (as stated in our Consolidated Balance Sheet), less cash and cash equivalents (as stated in our Consolidated Balance Sheet) and adjusted to exclude $3.5 billion of debt and $0.2 billion of cash at Universal Beijing Resort. Consolidated net leverage is calculated as net debt/trailing twelve month Adjusted EBITDA, adjusted to exclude Universal Beijing Resort. The denominator of $37.3 billion represents Adjusted EBITDA for the twelve months ended March 31, 2024 of $37.6 billion, as presented in our trending schedule, adjusted to exclude $0.2 billion of Universal Beijing Resort Adjusted EBITDA.
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Disclaimer
Comcast Corporation published this content on April 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2025 at 12:06 UTC.