Comcast reported third-quarter results that surpassed Wall Street forecasts, supported by strength in its media operations even as other business segments faced challenges.
The company’s Peacock streaming service achieved profitability for the second time since its 2020 launch, generating $261 million in adjusted EBITDA on $1.8 billion in revenue. The platform maintained 48 million paid subscribers, unchanged from the prior quarter but representing 17% year-over-year growth. Comcast highlighted strong subscriber retention despite price increases implemented in August, with the service benefiting from elevated viewership during the FIFA World Cup broadcasts in the early part of the quarter. The media division overall, which encompasses Peacock and other operations, posted revenue of $5.4 billion, reflecting a 13% increase compared with the same quarter last year.
However, Comcast’s connectivity and platforms sector continued to struggle, with revenue declining 2.7% year over year. The company reported a net loss of 144,000 domestic broadband residential customers and a net loss of 274,000 cable customers during the period, though its mobile business added 368,000 customers. This ongoing weakness in traditional connectivity services reflects persistent competitive pressures from wireless carriers. In response, Comcast has prioritized its mobile business and shifted toward more competitive pricing strategies following an announcement earlier in 2025.
The theme parks division also presented headwinds, with revenue falling 4.4% to $2.6 billion, attributed to cyclical market challenges and promotional pressures affecting admissions. Adjusted EBITDA for the division declined 17%. Management acknowledged competitive marketing challenges and technological issues at Epic Universe property as contributing factors but expressed confidence in performance recovery during the latter portion of 2027.
Comcast reported net income of $3.45 billion, or 97 cents per share, for the quarter. The company is proceeding with previously announced plans to separate NBCUniversal and Sky from its core businesses, with executives stating the transaction remains on track for completion by mid-2027. Comcast shares closed up more than 3% on the day of the earnings announcement.
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