Comcast reported a wider-than-expected loss of broadband customers in Q4 2025, with 181,000 domestic net losses as fibre overbuild and fixed wireless access intensify competition in its core US market. Revenue for the quarter rose 1.2% to $32.31bn (€27.0bn).
Connectivity & Platforms revenue slipped 1.1% to $20.24bn (€16.9bn), with domestic broadband revenue down 1.1% to $6.32bn (€5.27bn). Domestic broadband customers ended 2025 at 31.255m, down from 31.842m a year earlier.
Management is now attempting to stabilise the base with a new national pricing and packaging approach, including holding broadband prices in 2026, revamped bundles and promotions that include free mobile lines, with a view to converting those lines to paid relationships later in the year. Comcast added 364,000 domestic wireless lines in the quarter, taking the total to 9.305m.
Alongside the reset, Comcast has frozen its dividend at $1.32 (€1.10) per share for 2026, ending a run of annual increases.
The quarter also marks the first full period of Comcast’s new shape post-Versant, following the spin-out of most NBCUniversal cable networks into the newly listed company). Versant is led by Mark Lazarus and houses brands including USA Network and CNBC, alongside digital assets such as Fandango and Rotten Tomatoes; Comcast has previously said the portfolio generates about $7bn (€5.84bn) in annual revenue.
Peacock was again the growth engine inside NBCUniversal, adding 3m paid subscribers in the quarter to reach 44m, with revenue up more than 20% to $1.6bn (€1.33bn). However, Peacock’s quarterly loss widened to $552m (€461m), with Comcast pointing to the cost of major sports rights as it builds out a larger live offering.
For Sky, Comcast reported international residential customer relationships of 17.624 million (down year-on-year, but up 22,000 in Q4) and international connectivity revenue up 5.8% to $1.337bn (€1.12bn). Comcast reports Sky’s connectivity operations within its Connectivity & Platforms structure, with Sky remaining a key part of the group’s European footprint.
