Comcast Sees Revenues Increase in Q4, Peacock Hits 44 Million Subs

In Q4, Comcast Corporation saw its revenues rise 1.2 percent year-over-year to $32.3 billion, with full-year revenues remaining stable at $123.7 billion.

The company saw Peacock’s paid subscribers increase 22 percent year-over-year to 44 million, with revenues growing 23 percent to $1.6 billion in the fourth quarter. For the full-year, Peacock’s revenues rose 10 percent to $5.4 billion.

Media revenues in Q4 rose 1.5 percent to $2.7 billion due to higher international networks, domestic distribution and domestic advertising revenues. Domestic advertising revenues rose primarily due to an increase in revenues at Peacock, partially offset by lower revenues at the networks. The increase in ad revenues includes the positive impact from the launch of the NBA. The increase in domestic distribution revenues was also driven by higher revenues at Peacock. International network revenues increased due to an increase in revenues associated with the distribution of sports networks.

The studio’s side of the business saw an 8.3 percent decrease in revenues to $2.2 billion due to lower content licensing and theatrical revenues. Theatrical revenues decreased primarily due to tougher comparisons against prior-year releases, which included Wicked and The Wild Robot, versus Q4 titles Wicked: For Good and Black Phone 2.

Revenues for theme parks rose 21.9 percent to $2.9 billion, driven by the successful opening of Epic Universe in May 2025.

“2025 was a year of meaningful progress as we made decisive changes to position the company for long-term, sustainable growth,” said co-CEOs Brian L. Roberts and Mike Cavanagh. “It was also our best year ever in wireless, with 1.5 million net line additions and more than 9 million total lines, clear evidence of the strength of our converged connectivity strategy. We launched the most significant broadband go-to-market shift in our history, simplifying how we sell to and serve customers, and we are seeing encouraging early results. Epic Universe is off to a terrific start, driving higher per-cap spending and attendance across Orlando, and Peacock delivered double-digit revenue growth, underscoring the momentum of its sports and entertainment lineup, including the debut of the NBA on NBC and Peacock. We also completed the spin of Versant Media, creating a more focused NBCUniversal centered on streaming, live sports and premium content. Even as we invested behind these initiatives, we generated record levels of free cash flow and maintained a strong balance sheet, reflecting a disciplined approach to capital allocation as we remain focused on execution in 2026.”