Despite surpassing analyst expectations, Comcast revenue declined by 0.6% year-over-year to $29.9 billion in the first fiscal quarter of 2025 as the company lost broadband customers and video subscribers amid continued cord cutting. The profit for the media conglomerate diminished to $3.4 billion, representative of a 12.5% year-over-year reduction in the net income attributable to Comcast, an outcome that took place partially because of asset amortization. Adjusted EBITDA for the company in the three months ended March 31, 2025, however, augmented by 1.9% to $9.5 billion in the quarter as the company continued to grow its Xfinity Mobile service business and reduced streaming losses.
“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,” Brian L. Roberts, chairman and chief executive officer of Comcast Corporation, said in a statement “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.”
Revenue within content and experiences garnered a rise of 0.8% and finished at $10.5 billion for the quarter on the strength of gains within the studios and media divisions. Both categories also achieved rises in adjusted EBITDA by more than 20% each; however, the overall metric fell by 0.1% to $1.49 billion for the quarter.
The adjusted EBITDA for media, which finished at just over $1 billion, represented a 21.5% year-over-year rise and was attributed to lower sports programming costs at Peacock and domestic television networks due to “lower sports volumes compared to the prior year period.” Quarterly revenue for this unit finished at $6.4 billion, a 1.1% rise from this quarter last year. NBCUniversal extended its partnership with the International Olympic Committee through 2036 in the quarter, granting the company continued domestic rights surrounding the Olympic Games.
Peacock added 5 million subscribers as it compressed its loss to $215 million, indicative of a $424 million improvement from the previous year. Furthermore, the streaming platform accrued a 16% rise in revenue to $1.2 billion and ended the month of March with 41 million paid subscribers. A majority of these new subscribers occurred through a deal with Charter Communications that permitted the latter to provide free access to Peacock Premium at no additional cost for its Spectrum TV Select customers.
Peacock features exclusive shows and sports content, and it will be the home of an exclusive doubleheader on Monday nights during the National Basketball Association regular season starting in the fall. NBCUniversal, a subsidiary of Comcast, is preparing to begin an 11-year media rights deal with the league reportedly worth $2.45 billion per year. In addition, the company will continue its telecasts of the National Football League and Big Ten Conference and recently added in-market streaming for its regional networks.
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