Comcast Sees Q3 Profit Drop, Facing Comparisons With 2024 Olympics, Cord Cutting

Comcast Corporation has reported a decline in its third-quarter profit, grappling with the ongoing trend of cord-cutting and an unfavorable comparison to a robust prior-year period that included significant revenue from the 2024 Paris Olympics. The media and cable giant’s Q3 2025 results indicate a challenging landscape, though some segments showcased resilience and growth.

Financial Overview and Key Performance Indicators

For the third quarter ended September 30, 2025, Comcast’s net income attributable to shareholders fell by 8.2% to $3.33 billion, down from $3.63 billion in the same quarter last year. Earnings per share (EPS) also decreased to $0.90, compared to $0.94 a year ago. Adjusted net income saw a 4.9% decrease, totaling $4.13 billion. Consolidated revenue for the quarter was $31.2 billion, a 2.7% decrease year-over-year from $32.07 billion. This revenue dip was largely anticipated, primarily reflecting the tough comparison to the prior-year period which benefited from approximately $1.9 billion in incremental revenue from the 2024 Paris Olympics. Despite the profit decline, Comcast’s adjusted earnings per share of $1.12 surpassed Wall Street estimates of $1.10.

Adjusted EBITDA remained largely consistent, decreasing only 0.7% to $9.67 billion. The company also reported strong free cash flow, which surged 45.2% year-over-year to $4.95 billion.

The Impact of Cord Cutting and Shifting Subscriber Trends

Comcast continues to navigate the challenges posed by cord-cutting, which impacted its core connectivity and platforms division. The company reported a loss of 104,000 domestic broadband customers in Q3, marking the fourth consecutive quarter of subscriber declines in this key area. This brings its total broadband subscriber base to approximately 31.4 million. In its pay-TV segment, Comcast shed 257,000 video subscribers, bringing the total to 11.5 million domestic customers. While still a significant loss, this represents an improvement from the 365,000 video customers lost in the prior-year period.

The shift away from traditional cable TV and towards streaming services remains a persistent industry trend, influencing these subscriber metrics.

Strategic Adjustments and Emerging Growth Areas

In response to these market dynamics, Comcast is emphasizing strategic initiatives aimed at long-term growth. A significant bright spot in the third quarter was the performance of its wireless business. The company added a record 414,000 domestic wireless lines, bringing its total to 8.9 million and surpassing 14% penetration of its residential broadband customers. This growth in wireless revenue, which increased 14% to $1.25 billion, partly offset the broadband customer losses.

Comcast is also focusing on its content and experiences segment, particularly NBCUniversal. Media revenue, which includes NBCUniversal, decreased 19.9% to $6.59 billion, largely due to the absence of Olympic-related revenue from the prior year. However, excluding the impact of the Paris Olympics, media revenue would have increased by 4.2%. The company’s streaming service, Peacock, continued to show improvements in profitability, narrowing its EBITDA losses to $217 million in Q3 2025, a significant improvement from the $436 million loss in the prior-year period. Peacock maintained approximately 41 million paid subscribers, remaining sequentially flat. The company is banking on robust sports coverage, including a new NBA partnership, to further boost engagement and potentially subscriber numbers for Peacock.

Leadership Transition in Connectivity & Platforms

Comcast also announced a significant leadership transition within its cable systems division. Effective January 1, 2026, Dave Watson will be elevated to Vice Chairman of Comcast Corporation, advising the company and leading strategic initiatives. Steve Croney, who previously served as Chief Financial Officer and Chief Operating Officer of Connectivity & Platforms, will succeed Watson as CEO of the Connectivity & Platforms division. Croney has been instrumental in the division’s operational transformation and new go-to-market strategies, including national packaging and pricing.

Performance of Other Segments

Beyond connectivity and media, Comcast found bright spots in its film and theme park operations. Studios revenue rose 6.1% to $3 billion, primarily driven by content licensing and successful theatrical releases, notably “Jurassic World Rebirth,” which premiered in July and has grossed nearly $900 million worldwide.

Theme Parks revenue saw impressive growth, increasing 18.7% to $2.72 billion. This was primarily fueled by the successful opening of the new Epic Universe theme park in Orlando in May 2025. Theme Parks’ EBITDA also increased by 13.1% to $958 million.

Conclusion

Comcast’s third-quarter results reflect a company in transition, navigating the dual pressures of an evolving media landscape marked by cord-cutting and the absence of a major event like the 2024 Paris Olympics that boosted revenue in the comparative prior-year period. While traditional segments like broadband and pay-TV continue to face subscriber losses, the company demonstrates strategic agility through record growth in its wireless segment and improved performance in its streaming service, Peacock. The strong showings from its film studio and theme parks further highlight diversified revenue streams. With new leadership in its Connectivity & Platforms division and ongoing investments in converged products and content, Comcast is repositioning itself for sustained growth in a competitive environment.