Filing Flows › Comcast (CMCSA) › Q4 2025
Comcast (CMCSA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 3, 2026
Comcast (CMCSA) reported revenue of $32.3B for the fourth quarter 2025 (Q4 2025), +1% from a year earlier and +4% from the quarter before. Operating margin was 10.8%, net earnings $2.2B (6.7% of revenue).
Comcast, Q4 2025: revenue $32.3B (+1% year over year), operating margin 10.8%, net earnings $2.2B, operating cash flow $8.8B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $32.3B | +4% | +1% |
| Operating profit | $3.5B | -37% | -30% |
| Net earnings | $2.2B | -35% | -55% |
| Operating cash flow | $8.8B | +2% | +9% |
| Free cash flow | $4.4B | — | +34% |
What changed
Revenue was $32.3B in Q4 2025, up 1% year over year and up 4% from the previous quarter.
Operating profit was $3.5B, a 10.8% margin (down 4.8 points year over year). Operating profit fell $1.5B even though revenue rose $0.40B versus a year earlier, so costs grew faster than sales. Total costs grew 7% against revenue growth of 1%. The fastest-growing cost line was Sales & marketing (+13%). Net earnings were $2.2B, down 55% year over year ($2.1B including minority interests, which bore $0.10B of losses). The effective tax rate was 4.1%.
Operating cash flow was $8.8B (up 9% year over year), 427% of net income including minority interests. Non-cash charges added back $4.2B of depreciation and amortization and $0.27B of share-based compensation. Working capital and other items added $2.3B. After capital expenditures ($3.7B) and cash paid for capitalized software and other intangible assets ($0.72B), free cash flow as the company reports it was $4.4B.
Questions
What was Comcast's revenue in the fourth quarter 2025?
Comcast (CMCSA) reported revenue of $32.3B for the fourth quarter 2025 (Q4 2025), +1% from a year earlier and +4% from the quarter before.
Was Comcast profitable in the fourth quarter 2025?
Operating profit was $3.5B (10.8% of revenue) and net earnings $2.2B.
Source: Comcast 10-K on SEC EDGAR.