Telecommunications and media company Comcast (NASDAQ: CMCSA) met Wall Streets revenue expectations in Q4 CY2025, with sales up 1.2% year on year to $32.31 billion. Its non-GAAP profit of $0.84 per share was 10.8% above analysts’ consensus estimates.
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Comcast (CMCSA) Q4 CY2025 Highlights:
- Revenue: $32.31 billion vs analyst estimates of $32.35 billion (1.2% year-on-year growth, in line)
- Adjusted EPS: $0.84 vs analyst estimates of $0.76 (10.8% beat)
- Adjusted EBITDA: $7.9 billion vs analyst estimates of $7.95 billion (24.5% margin, 0.6% miss)
- Operating Margin: 10.8%, down from 15.6% in the same quarter last year
- Free Cash Flow Margin: 13.5%, up from 10.2% in the same quarter last year
- Domestic Broadband Customers: 31.26 million, down 587,000 year on year (in line)
- Market Capitalization: $103.5 billion
Company Overview
Formerly known as American Cable Systems, Comcast (NASDAQ: CMCSA) is a multinational telecommunications company offering a wide range of services.
Revenue Growth
Examining a company’s long-term performance can provide clues about its quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Regrettably, Comcast’s sales grew at a weak 3.6% compounded annual growth rate over the last five years. This fell short of our benchmark for the consumer discretionary sector and is a tough starting point for our analysis.
We at StockStory place the most emphasis on long-term growth, but within consumer discretionary, a stretched historical view may miss a company riding a successful new product or trend. Comcast’s recent performance shows its demand has slowed as its revenue was flat over the last two years. 
We can dig further into the company’s revenue dynamics by analyzing its number of domestic broadband customers and domestic video customers, which clocked in at 31.26 million and 11.27 million in the latest quarter. Over the last two years, Comcast’s domestic broadband customers averaged 1.3% year-on-year declines while its domestic video customers averaged 11.1% year-on-year declines. 
This quarter, Comcast grew its revenue by 1.2% year on year, and its $32.31 billion of revenue was in line with Wall Street’s estimates.
Looking ahead, sell-side analysts expect revenue to remain flat over the next 12 months. This projection doesn't excite us and suggests its newer products and services will not catalyze better top-line performance yet.
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Operating Margin
Comcast’s operating margin has been trending down over the last 12 months and averaged 17.8% over the last two years. The company’s profitability was mediocre for a consumer discretionary business and shows it couldn’t pass its higher operating expenses onto its customers.
In Q4, Comcast generated an operating margin profit margin of 10.8%, down 4.8 percentage points year on year. This contraction shows it was less efficient because its expenses grew faster than its revenue.
Earnings Per Share
Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions.
Comcast’s EPS grew at a weak 10.5% compounded annual growth rate over the last five years. This performance was better than its flat revenue but doesn’t tell us much about its business quality because its operating margin didn’t improve.
In Q4, Comcast reported adjusted EPS of $0.84, down from $0.96 in the same quarter last year. Despite falling year on year, this print easily cleared analysts’ estimates. Over the next 12 months, Wall Street expects Comcast’s full-year EPS of $4.30 to shrink by 9.3%.
Key Takeaways from Comcast’s Q4 Results
Domestic broadband customers was just in line, same with revenue. Adjusted EBITDA missed, but EPS managed to beat. Overall, this print was mixed. The stock remained flat at $28.39 immediately after reporting.
Is Comcast an attractive investment opportunity at the current price? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
