Filing Flows › Comcast (CMCSA) › Q2 2025
Comcast (CMCSA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Comcast (CMCSA) reported revenue of $30.3B for the second quarter 2025 (Q2 2025), +2% from a year earlier and +1% from the quarter before. Operating margin was 19.8%, net earnings $11.1B (36.7% of revenue).
Comcast, Q2 2025: revenue $30.3B (+2% year over year), operating margin 19.8%, net earnings $11.1B, operating cash flow $7.8B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $30.3B | +1% | +2% |
| Operating profit | $6.0B | +6% | -10% |
| Net earnings | $11.1B | +230% | +183% |
| Operating cash flow | $7.8B | -6% | +65% |
| Free cash flow | $4.5B | — | +236% |
What changed
Revenue was $30.3B in Q2 2025, up 2% year over year and up 1% from the previous quarter.
Operating profit was $6.0B, a 19.8% margin (down 2.6 points year over year). Operating profit fell $0.64B even though revenue rose $0.62B versus a year earlier, so costs grew faster than sales. Total costs grew 6% against revenue growth of 2%. The fastest-growing cost line was Sales & marketing (+13%). Net earnings were $11.1B, up 183% year over year ($11.0B including minority interests, which bore $0.08B of losses). The effective tax rate was 24.6%. Non-operating items added $8.7B, 59% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $7.8B (up 65% year over year), 71% of net earnings. Non-cash charges added back $4.2B of depreciation and amortization and $0.32B of share-based compensation. Working capital and other items used $7.7B. After capital expenditures ($2.7B) and cash paid for capitalized software and other intangible assets ($0.64B), free cash flow as the company reports it was $4.5B.
Questions
What was Comcast's revenue in the second quarter 2025?
Comcast (CMCSA) reported revenue of $30.3B for the second quarter 2025 (Q2 2025), +2% from a year earlier and +1% from the quarter before.
Was Comcast profitable in the second quarter 2025?
Operating profit was $6.0B (19.8% of revenue) and net earnings $11.1B.
Source: Comcast 10-Q on SEC EDGAR.