Comcast had another rather mixed quarter to end 2025, with declines in several key measures, but the NBC Sports parent company said it continues to see its live sports rights as “one of our most durable strengths.”
The company’s fourth-quarter report included a 55% decline in net income to $2.17 billion, a 17% drop in adjusted net income to $4.78 billion, and continued declines in broadband and cable subscribers. Even a welcome jump in Peacock subscribers to 44 million, after staying flat for the prior three quarters, was countered by $552 million adjusted losses related to the streaming service during the quarter, 48% worse than the comparable $372 million loss in 2024’s fourth quarter.
Comcast attributed that much of the increased loss, and heightened expenses across its media business, to the beginning of its NBA coverage during the period.
Still, Comcast lauded its battery of live rights as a foundational element of the company. Those holdings will coalesce in unprecedented fashion in the next several weeks with its coverage of Super Bowl LX, the 2026 Winter Olympics in Italy, and the NBA All-Star Game. In particular, the NFL game is expected to set a new viewership record for U.S. television. The upcoming Super Bowl will additionally cap what has already been the best NFL season ever for the network.
“Sports remains one of our most durable strengths, with the full breadth of that portfolio on display, beginning with ‘Legendary February’ featuring the Super Bowl on NBC on Peacock, followed by the Winter Olympics in Milan and the NBA All-Star Game, all sold out,” in advertising inventory, said Comcast co-CEO Mike Cavanagh.
“Later in the year, Major League Baseball returns to NBC and Peacock under a new agreement, followed by the World Cup on Telemundo. And at Peacock, we expect another year of meaningful [earnings] improvement as we continue progress toward break-even, even as we absorb the NBA rights,” he said.
Overall, Comcast’s revenue rose 1.2% during the quarter to $32.3 billion. The company countered the declines in the cable and broadband operations with more growth in its wireless business, something that is a growing corporate focus—even in and around its sports holdings. Comcast reported 364,000 net wireless additions during the quarter, and 1.5 million for all of 2025, to reach 9.3 million lines.
Better Together
This fourth-quarter report was also the final one for Comcast with the assets that are now part of Versant. That spinoff, involving many of the company’s legacy cable holdings, was completed early this month.
Cavanagh, however, said there was no merit in considering a further separation of NBCUniversal, which includes the broadcast network and sports assets, from the rest of Comcast.
“We don’t see that there’s a strategic advantage or making NBCUniversal stronger by separating it from the cable side of the house or putting it outside of Comcast,” Cavanagh said. “The advantages we have, it’s sitting inside the company. It doesn’t get stronger by being smaller as a standalone entity is our view.”
Comcast shares rose more than 5% in early Thursday trading.
