Executive Summary

Q1 2025 delivered a clean beat vs S&P Global consensus: Adjusted EPS of $1.09 vs $0.99* and revenue of $29.9B vs $29.8B*, aided by C&P margin expansion to 41.4% and improved Peacock losses; GAAP EPS was $0.89 . Values with asterisks retrieved from S&P Global.
Connectivity momentum was mixed: domestic wireless lines added +323K (best in 2 years) while domestic broadband lost 199K; broadband ARPU grew 3.3% YoY per management .
Content & Experiences was bifurcated: Media Adj. EBITDA +21% (Peacock loss improved by $424M) and Studios +22% offset by Theme Parks -32% due to ~$100M Epic Universe pre-opening costs and Hollywood wildfire impacts .
Management is executing a multi-quarter convergence/pricing reset (five‑year price guarantee with bundled mobile; Nitel closed Apr 1); expect several quarters for traction; Business Services remains a mid‑single digit grower with ~57% margins .
Catalysts: Epic Universe opening May 22; converged pricing and mobile attach; continued Peacock loss improvement and NBA rights later in 2025 .

What Went Well and What Went Wrong

What Went Well
- C&P margin expansion and wireless momentum: C&P Adj. EBITDA margin rose 90 bps to 41.4% and wireless net adds were +323K, the highest in two years; management emphasized a refreshed go‑to‑market to drive mobile attach .
- Peacock inflection: Media Adj. EBITDA +21% to $1.0B, with Peacock revenue at $1.2B and EBITDA loss improved by $424M YoY; “momentum in streaming continues” (Roberts) .
- Studios execution: Adj. EBITDA +22% to $298M on strong carryover from Wicked/Nosferatu and digital sales; content licensing timing helped .
What Went Wrong
- Broadband pressure: Domestic broadband customers fell by 199K amid “intensely competitive” market and slight uptick in churn; management cited price transparency/ease-of-business as pain points being addressed .
- Theme Parks dip: Adj. EBITDA -32% to $429M, reflecting ~$100M Epic pre‑opening costs and Hollywood wildfire headwinds; Hollywood recovery expected to be gradual .
- Video and advertising declines: Residential video revenue -5.4% and advertising -7.4% YoY weighed on Residential C&P; management called out lower international and domestic political/nonpolitical ad demand .

Financial Results

Consolidated results (oldest → newest)

Metric	Q1 2024	Q4 2024	Q1 2025
Revenue ($B)	$30.06	$31.92	$29.89
Adjusted EBITDA ($B)	$9.36	$8.81	$9.53
Diluted EPS ($)	$0.97	$1.24	$0.89
Adjusted EPS ($)	$1.04	$0.96	$1.09
Free Cash Flow ($B)	$4.54	$3.26	$5.42

Q1 2025 vs S&P Global Wall Street consensus

Metric	Consensus	Actual	Beat/Miss
Revenue ($B)	$29.76*	$29.89	Beat*
Adjusted/Primary EPS ($)	$0.99*	$1.09	Beat*
Values with asterisks retrieved from S&P Global.

Connectivity & Platforms (C&P) – summary

Metric	Q1 2024	Q1 2025
Total C&P Revenue ($B)	$20.28	$20.14
Total C&P Adjusted EBITDA ($B)	$8.22	$8.34
Total C&P Adj. EBITDA Margin (%)	40.5%	41.4%

Residential C&P – revenue mix

Revenue ($B)	Q1 2024	Q1 2025
Domestic Broadband	$6.45	$6.56
Domestic Wireless	$0.97	$1.12
International Connectivity	$1.03	$1.13
Total Residential Connectivity	$8.45	$8.81
Video	$7.10	$6.72
Advertising	$0.95	$0.88
Other	$1.36	$1.23
Total Residential C&P Revenue	$17.87	$17.64
Residential C&P Adj. EBITDA ($B)	$6.85	$6.92
Residential C&P Adj. EBITDA Margin (%)	38.3%	39.2%

Business Services Connectivity

Metric	Q1 2024	Q1 2025
Revenue ($B)	$2.41	$2.50
Adjusted EBITDA ($B)	$1.37	$1.42
Adj. EBITDA Margin (%)	56.7%	57.0%

Content & Experiences (C&E)

Metric	Q1 2024	Q1 2025
C&E Revenue ($B)	$10.37	$10.46
Media Revenue ($B)	$6.37	$6.44
Media Adj. EBITDA ($B)	$0.83	$1.00
Studios Revenue ($B)	$2.74	$2.83
Studios Adj. EBITDA ($B)	$0.24	$0.30
Theme Parks Revenue ($B)	$1.98	$1.88
Theme Parks Adj. EBITDA ($B)	$0.63	$0.43

KPIs

KPI	Q1 2024	Q1 2025
Domestic broadband net adds (000s)	-65	-199
Total domestic wireless lines (000s)	6,877	8,148
Wireless net adds (000s)	+289	+323
Total domestic video customers (000s)	13,618	12,096
C&P customer relationships (000s)	51,971	51,381

Guidance Changes

Metric/Topic	Period	Previous Guidance (Q4 2024 call)	Current Update (Q1 2025)	Change
Convergence strategy & pricing	2025, multi‑qtrs	New simplified pricing/packaging to launch; lean into wireless; expect investment; broadband ARPU growth to remain healthy .	Five‑year price guarantee launched; 1 free mobile line for 12 months; expect several quarters for traction; investment to pressure near‑term EBITDA growth .	Implemented; reiterated multi‑quarter ramp
Business Services growth/Nitel	2025	Industry‑leading mid‑single‑digit growth; Nitel acquisition announced .	Nitel closed Apr 1; to add “a few hundred bps” to BS revenue growth in Q2 with minimal near‑term EBITDA impact .	Raised near‑term revenue growth via M&A
Theme Parks/Epic Universe	1H25	~$100M Q1 pre‑opening costs; stable Orlando trends; marketing to ramp .	~$100M Q1 pre‑opening costs realized; Hollywood wildfire recovery gradual; Epic opens May 22 .	On track; external LA headwind noted
Peacock losses trajectory	2025	Continued improvement in 2025; NBA to be added late ‘25 .	16% revenue growth; losses improved by $424M YoY in Q1; management expects continued improvement over time .	Reiterated improvement
Cable capex intensity	2025	“Just over 10%” target reiterated .	No change discussed in Q1; strategy unchanged .	Maintained
Dividend	2025	Raised to $1.32 annualized; $0.33 payable Apr 23, 2025 .	Ongoing quarterly dividend declared May 21 ($0.33 payable Jul 23) .	Maintained

Earnings Call Themes & Trends

Topic	Q-2 (Q3 2024)	Q-1 (Q4 2024)	Current (Q1 2025)	Trend
Convergence & mobile attach	Wireless +319K lines; C&P margin 40.9% .	Plan to “lean into wireless,” simplified bundles, Project Genesis network upgrades .	Mobile net adds accelerated to +323K; 13% penetration; free line promo; new premium plan .	Acceleration in mobile; multi‑quarter ramp
Pricing transparency	—	Announced move to all‑in, simplified pricing in upgraded markets .	Launched five‑year price guarantee with unlimited data and equipment included .	Implemented
Broadband competitive dynamics	ARPU +3.6% YoY; ACP headwinds .	Elevated competition; expect continued fiber overbuild and FWA selling into excess capacity .	Slight churn uptick; “intensely competitive;” addressing price transparency/ease of business .	Competitive pressure persists
Theme Parks/Epic	Q3 softness domestic parks; Epic announced May 2025 .	~$100M Q1 pre‑opening costs; stable Orlando; marketing ramp .	~$100M realized in Q1; stable Orlando; Hollywood wildfire impact; opening May 22 .	Near‑term costs; major opening catalyst
Media/Peacock	Olympics drove step‑up; Peacock rev +82% YoY .	Peacock rev +46% FY; losses improved by ~$1B; NBA coming .	Peacock rev $1.2B; loss improved by $424M; continued improvement expected .	Sustained improvement
SpinCo (cable nets)	Intent announced Nov 2024 .	Timing “end of year”; leadership named .	“No change” in timing; spin costs included in adjustments .	On track
Business Services	EBITDA margin ~57.4% .	+4.6% Adj. EBITDA; Nitel announced .	+4.1% Adj. EBITDA; Nitel closed; Q2 revenue uplift expected .	Consistent mid‑single digit growth

Management Commentary

“We are focused on shifting our business mix toward growth by investing in six areas… residential broadband, wireless, business services, theme parks, streaming and premium content in our studios.” (Michael Cavanagh) .
“We are simplifying our pricing construct… our first‑ever nationwide price guarantee… locked in for 5 years with no annual contract required… option to add a free mobile line for 1 year.” (Cavanagh) .
“Wireless net line additions [were] the best quarter… in 2 years… penetration at just 13% of our residential broadband customer base, we have significant runway for growth.” (Jason Armstrong) .
“Theme Parks… impacted by the Hollywood wildfires… around $100 million of pre‑opening costs for Epic Universe.” (Armstrong) .
“Media results include $1.2 billion of [Peacock] revenue and an Adjusted EBITDA loss of $215 million, compared to… loss of $639 million in the prior year period.” (Press release) .

Q&A Highlights

Parks demand/macro: Orlando trends “stable” with ticket/hotel bookings “a little ahead of our expectations”; Hollywood recovery “gradual” post‑wildfires (Cavanagh) .
Handset tariffs/subsidy risk: Comcast positions as challenger with BYOD flexibility; focus on value over device subsidy escalation (Watson) .
Project Genesis impact: Network upgrades progressing; benefits expected as simplified pricing rolls out; bandwidth consumption +10% per subscriber (Watson) .
Broadband ARPU outlook: Expect “healthy” ARPU growth; convergence investments may temper near‑term EBITDA but increase LTV and reduce churn (Watson/Armstrong) .
Peacock outlook: Continued loss improvement expected; NBA to drive subs/monetization, with normalization over first season (Cavanagh) .

Estimates Context

Q1 2025 actuals vs S&P Global consensus: Revenue $29.89B vs $29.76B*, Adjusted/Primary EPS $1.09 vs $0.99* — both beats. Values with asterisks retrieved from S&P Global.
Where estimates may adjust: C&P margin outperformance and wireless net add strength support upward bias to 2025 C&P margin/EBITDA trajectories; Theme Parks near‑term EBITDA likely revised lower on Hollywood/ pre‑opening costs, with medium‑term lift tied to Epic ramp .

Key Takeaways for Investors

Convergence pivot is underway: the five‑year price guarantee and bundled free mobile should improve churn/LTV, but management flagged a multi‑quarter transition and modest near‑term EBITDA headwinds .
Wireless is becoming a material growth driver: +323K lines, only 13% penetration of broadband base, and a product/footprint advantage via WiFi offload; sustained net add acceleration is a potential re‑rating catalyst .
Peacock’s path to breakeven is clearer: revenue growth and materially lower losses in Q1, with NBA rights as a 2H catalyst to acquire/monetize high‑value audiences .
Parks near‑term dip sets up a powerful 2H/2026 recovery: ~$100M Q1 pre‑opening costs and LA wildfires mask stable Orlando; Epic Universe opening should drive multi‑year EBITDA growth .
Business Services compounding: mid‑single‑digit revenue and ~57% margins continue; Nitel adds a few hundred bps to Q2 revenue growth with minimal EBITDA drag, strengthening enterprise capabilities .
Capital returns remain robust alongside a strong balance sheet: $3.2B returned in Q1 and quarterly dividend maintained at $0.33 per share .
Narrative to watch: execution on simplified pricing/migration, sustained mobile attach momentum, and early Epic Universe attendance/spend metrics — likely the near‑term stock movers .

Notes: All company results and commentary are sourced from Comcast’s Q1 2025 8‑K/press release and earnings call transcript, plus relevant press releases as cited. Consensus/estimates marked with asterisks are retrieved from S&P Global.

COMCAST CORP (CMCSA)·Q1 2025 Earnings Summary