Filing Flows › Comcast (CMCSA) › Q3 2025
Comcast (CMCSA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Comcast (CMCSA) reported revenue of $31.2B for the third quarter 2025 (Q3 2025), -3% from a year earlier and +3% from the quarter before. Operating margin was 17.7%, net earnings $3.3B (10.7% of revenue).
Comcast, Q3 2025: revenue $31.2B (-3% year over year), operating margin 17.7%, net earnings $3.3B, operating cash flow $8.7B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $31.2B | +3% | -3% |
| Operating profit | $5.5B | -8% | -6% |
| Net earnings | $3.3B | -70% | -8% |
| Operating cash flow | $8.7B | +11% | +24% |
| Free cash flow | $4.9B | — | +45% |
What changed
Revenue was $31.2B in Q3 2025, down 3% year over year and up 3% from the previous quarter.
Operating profit was $5.5B, a 17.7% margin (down 0.5 points year over year). Total costs fell 2% while revenue fell 3%. The fastest-growing cost line was Sales & marketing (+10%). Net earnings were $3.3B, down 8% year over year ($3.2B including minority interests, which bore $0.08B of losses). The effective tax rate was 27.3%.
Operating cash flow was $8.7B (up 24% year over year), 268% of net income including minority interests. Non-cash charges added back $4.0B of depreciation and amortization and $0.31B of share-based compensation. Working capital and other items added $1.1B. After capital expenditures ($3.1B) and cash paid for capitalized software and other intangible assets ($0.68B), free cash flow as the company reports it was $4.9B.
Questions
What was Comcast's revenue in the third quarter 2025?
Comcast (CMCSA) reported revenue of $31.2B for the third quarter 2025 (Q3 2025), -3% from a year earlier and +3% from the quarter before.
Was Comcast profitable in the third quarter 2025?
Operating profit was $5.5B (17.7% of revenue) and net earnings $3.3B.
Source: Comcast 10-Q on SEC EDGAR.