Comcast (CMCSA) earnings Q3 2025

Comcast topped Wall Street earnings and revenue estimates for the third quarter on Thursday, but revealed widespread pressures in its broadband unit that spooked investors.

The company said it lost 104,000 domestic broadband customers during the period, bringing its total subscriber base to roughly 31.4 million. This marked the fourth quarter in a row that Comcast failed to grow its broadband customer base. 

Earlier this year the company outlined initiatives meant to drive broadband growth — the cornerstone of Comcast’s business — as it has faced fraught competition from alternative providers, namely 5G companies. The company, soon to be led by co-CEOs Brian Roberts and Mike Cavanagh, will be even more reliant on connectivity in the new year after its planned Versant transaction to offload cable network assets. 

During Thursday’s call with investors, Cavanagh reiterated the “broadband environment remains intensely competitive.”

Comcast leadership on Thursday’s call noted that the broadband business will experience a decline in earnings, noting it began this quarter and will carry through future quarters. CFO Jason Armstrong also added that average revenue per user, or ARPU, wasn’t expected to grow as the company focuses on initiatives to maintain and grow its customer base.

Also on Thursday the company announced Steve Croney would take over as CEO of the connectivity and platforms division, succeeding longtime leader Dave Watson. Croney has been serving as the chief operating officer of the group amid its new strategic push.

Shares of the company were down about 9% in premarket trading.

Still, Comcast’s overall business, which consists of the Xfinity-branded broadband, cable TV and mobile group as well as NBCUniversal, outperformed Wall Street’s estimates. 

Here’s how Comcast performed for the period compared with average analyst estimates, according to LSEG:

• Earnings per share: $1.12 adjusted vs. $1.10 expected
• Revenue: $31.2 billion vs. $30.70 billion expected

For the quarter ended Sept. 30, net income attributable to Comcast decreased 8% to $3.33 billion, or 90 cents per share, compared with $3.63 billion, or 94 cents per share, a year earlier. 

Adjusting for one-time items, such as interest expense and the value of certain assets, Comcast reported earnings per share of $1.12 for the quarter. 

The company’s adjusted earnings before interest, taxes, depreciation and amortization was down roughly 1% to $9.7 billion. 

Overall revenue fell nearly 3% to $31.2 billion, compared with $32.1 billion in the same period last year. 

Revenue for the company’s connectivity and platforms business – or broadband, mobile, pay TV and other services – came in at $20.18 billion, down nearly 1% from the same period last year. 

Comcast once again said it added a record number of mobile customers – 414,000 during the third quarter, bringing its total to 8.9 million lines. Cable companies like Comcast have been leaning on their mobile businesses for growth…