Comcast Q3 Net Income Dips 8% Amid Media Revenue Slide

TL;DR

**Comcast's Q3 is a mixed bag, with a big nine-month income jump masking a quarterly revenue and profit dip – the Versant spin-off is the real play here.**

AI Summary

Comcast Corporation reported a decrease in revenue for the three months ended September 30, 2025, to $31.198 billion, down from $32.070 billion in the prior year, a 2.7% decline. Net income attributable to Comcast Corporation also decreased to $3.332 billion, or $0.90 diluted EPS, compared to $3.629 billion, or $0.94 diluted EPS, in the same period of 2024. This 8.2% drop in net income was primarily driven by a significant reduction in Media segment revenue, which fell from $6.926 billion in Q3 2024 to $5.347 billion in Q3 2025. However, for the nine months ended September 30, 2025, net income attributable to Comcast Corporation surged to $17.830 billion, up from $11.415 billion in 2024, largely due to a substantial increase in 'Investment and other income (loss), net' to $9.705 billion from a loss of $140 million. Operating income for the quarter decreased by 5.5% to $5.534 billion from $5.859 billion. The company announced its intention to spin off Versant Media Group, Inc. in early 2026, which could significantly alter its business structure and financial reporting. Programming and production costs decreased by $1.561 billion, or 15.3%, for the quarter, while marketing and promotion costs increased by $207 million, or 10.4%.

Why It Matters

Comcast's Q3 2025 results show a concerning dip in net income and overall revenue, primarily driven by weakness in its Media segment. This signals potential challenges in the highly competitive content and advertising markets, impacting investor sentiment and future growth prospects. The proposed spin-off of Versant Media Group, Inc. could unlock value for shareholders by creating a more focused entity, but also introduces uncertainty regarding the remaining Comcast portfolio. Employees in the Media segment may face restructuring, while customers could see shifts in content offerings. The broader market will watch how this media giant navigates evolving consumption habits and competitive pressures from streaming services and other content providers.

Risk Assessment

Risk Level: medium — The risk level is medium due to declining quarterly revenue and net income, specifically a 2.7% revenue drop and an 8.2% net income decrease for Q3 2025. This is partially offset by a significant increase in nine-month net income, driven by a non-recurring 'Investment and other income (loss), net' of $9.705 billion. The proposed spin-off of Versant Media Group, Inc. introduces both opportunity and execution risk.

Analyst Insight

Investors should closely monitor the progress and terms of the Versant Media Group spin-off, as it represents a significant strategic shift. While the nine-month financial performance appears strong, the quarterly decline in core revenue and net income, particularly in the Media segment, warrants caution. Consider if the remaining Comcast assets post-spin-off offer sufficient growth potential to justify holding or increasing positions.

Financial Highlights

revenue

$31.198B

operating Margin

17.7%

net Income

$3.332B

eps

$0.90

revenue Growth

-2.7%

Revenue Breakdown

Key Numbers

• $31.198B — Q3 2025 Revenue (Down 2.7% from $32.070B in Q3 2024)
• $3.332B — Q3 2025 Net Income (Down 8.2% from $3.629B in Q3 2024)
• $0.90 — Q3 2025 Diluted EPS (Down from $0.94 in Q3 2024)
• $17.830B — Nine-Month 2025 Net Income (Up significantly from $11.415B in nine-month 2024)
• $9.705B — Nine-Month Investment and Other Income (Loss), Net (Major contributor to increased nine-month net income, up from $(140)M in 2024)
• $5.347B — Q3 2025 Media Segment Revenue (Down from $6.926B in Q3 2024, a key driver of overall revenue decline)
• $8.655B — Q3 2025 Programming and Production Costs (Decreased by $1.561B from $10.216B in Q3 2024)
• $2.196B — Q3 2025 Marketing and Promotion Costs (Increased by $207M from $1.989B in Q3 2024)
• 3,634,450,130 — Class A Common Stock Outstanding (As of October 15, 2025)
• 9,444,375 — Class B Common Stock Outstanding (As of October 15, 2025)

Key Players & Entities

• Comcast Corporation (company) — Registrant and parent company
• Versant Media Group, Inc. (company) — New independent company to be spun off
• $31.198 billion (dollar_amount) — Comcast's Q3 2025 revenue
• $32.070 billion (dollar_amount) — Comcast's Q3 2024 revenue
• $3.332 billion (dollar_amount) — Comcast's Q3 2025 net income attributable to Comcast Corporation
• $3.629 billion (dollar_amount) — Comcast's Q3 2024 net income attributable to Comcast Corporation
• $17.830 billion (dollar_amount) — Comcast's nine-month 2025 net income attributable to Comcast Corporation
• $9.705 billion (dollar_amount) — Investment and other income (loss), net for nine months ended September 30, 2025
• SEC (regulator) — U.S. Securities and Exchange Commission
• FASB (regulator) — Financial Accounting Standards Board

FAQ

Risk Factors

• Competition in Video, High-Speed Internet, and Voice Services [high — market]: Comcast faces intense competition from various providers, including cable companies, telecommunications companies, satellite television providers, and over-the-top (OTT) streaming services. This competition can lead to pricing pressures and impact subscriber growth and retention.
• Government Regulation and Oversight [medium — regulatory]: The company operates in a highly regulated industry, subject to federal, state, and local regulations concerning cable television, broadband internet, and telecommunications. Changes in these regulations, such as net neutrality rules or content restrictions, could materially affect operations and profitability.
• Technological Changes and Innovation [high — operational]: Rapid technological advancements in the media and telecommunications industries require continuous investment in infrastructure and services. Failure to adapt to new technologies or innovate could result in a loss of competitive advantage.
• Debt Levels and Interest Rate Sensitivity [medium — financial]: Comcast carries a significant amount of debt. Fluctuations in interest rates can impact the cost of servicing this debt, affecting net income. As of September 30, 2025, total debt was substantial, though specific figures require further examination of the balance sheet.
• Content Licensing and Intellectual Property [medium — legal]: The company relies on content licensing agreements and owns significant intellectual property. Disputes over intellectual property rights or the inability to secure favorable content licenses could disrupt operations and impact revenue.
• Cybersecurity Threats [high — operational]: As a large technology and media company, Comcast is a target for cybersecurity threats. A significant data breach or cyberattack could result in financial losses, reputational damage, and regulatory penalties.
• Subscriber Churn and Retention [high — market]: The company's success depends on its ability to attract and retain subscribers across its various services. High churn rates, driven by competition or service issues, can negatively impact revenue and profitability.
• Performance of Investment and Other Income [medium — financial]: The significant increase in 'Investment and other income (loss), net' to $9.705 billion in the nine months of 2025, compared to a loss of $140 million in 2024, highlights a potential volatility or one-time gain that may not be sustainable, impacting future net income predictability.

Industry Context

Comcast operates in the highly competitive and rapidly evolving media and telecommunications industries. Key trends include the ongoing shift to streaming services, increasing demand for high-speed broadband, and consolidation among content providers. The company faces pressure from traditional cable competitors, telcos, and a growing number of Over-The-Top (OTT) players.

Regulatory Implications

Comcast operates under significant regulatory scrutiny, particularly concerning broadband deployment, net neutrality, and content. Potential changes in government policy or enforcement could impact its business model, pricing, and competitive landscape. The planned spin-off of Versant Media Group may also attract regulatory attention.

What Investors Should Do

1. Monitor the impact of the Versant Media Group spin-off.
2. Analyze the sustainability of the 'Investment and other income (loss), net'.
3. Evaluate the performance drivers of the Cable Communications segment.
4. Assess the impact of increased marketing and promotion costs.

Key Dates

• 2025-09-30: End of Third Quarter 2025 — Reporting period for the 10-Q, showing a 2.7% revenue decline and an 8.2% net income decrease compared to Q3 2024.
• 2026-01-01: Planned Spin-off of Versant Media Group, Inc. — This strategic move is expected to significantly alter Comcast's business structure and financial reporting, potentially impacting future segment performance and overall financial statements.

Glossary

Noncontrolling interests

Represents the portion of equity in a subsidiary that is not owned by the parent company. It's the ownership interest of 'other' shareholders in the consolidated financial statements. (The net income attributable to noncontrolling interests is subtracted to arrive at the net income attributable to Comcast Corporation shareholders, impacting the final reported profit.)

Investment and other income (loss), net

This line item includes gains or losses from investments, interest income, dividend income, and other miscellaneous income or expenses not directly related to the company's core operations. (A substantial increase to $9.705 billion in the nine months of 2025 significantly boosted net income, highlighting a key driver of year-to-date performance.)

Diluted earnings per common share

A measure of profitability that takes into account all potential common shares that could be issued, such as those from stock options or convertible securities. It represents the earnings per share if all dilutive securities were converted into common stock. (Reported at $0.90 for Q3 2025, down from $0.94 in Q3 2024, indicating a decrease in profitability on a per-share basis.)

Programming and production costs

Costs incurred by the company for acquiring, producing, and distributing content across its media and entertainment platforms. (A decrease of $1.561 billion (15.3%) in Q3 2025 compared to Q3 2024 suggests cost management efforts or changes in content strategy.)

Operating income

Profitability measure calculated by subtracting operating expenses (like cost of goods sold, selling, general, and administrative expenses) from revenue. It reflects the profitability of the company's core business operations. (Decreased by 5.5% to $5.534 billion in Q3 2025, indicating a decline in the profitability of core operations.)

Comprehensive income

Includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. It encompasses net income plus other comprehensive income (OCI), which includes items like currency translation adjustments and unrealized gains/losses on certain investments. (Comprehensive income attributable to Comcast Corporation saw a significant drop to $2.716 billion in Q3 2025 from $5.443 billion in Q3 2024, largely due to currency translation adjustments.)

Year-Over-Year Comparison

Comcast reported a 2.7% decrease in revenue for Q3 2025 compared to Q3 2024, driven primarily by a significant drop in the Media segment. Net income also fell by 8.2%, although the nine-month net income saw a substantial increase due to a large gain in 'Investment and other income (loss), net'. Operating income declined by 5.5%, reflecting pressures on core operations. Programming and production costs decreased, while marketing and promotion costs rose, indicating a shift in operational spending priorities.

Key Financial Figures

• $0.01 — which registered Class A Common Stock, $0.01 par value CMCSA The Nasdaq Stock Market

Filing Documents

• cmcsa-20250930.htm (10-Q) — 1760KB
• ex101-9302025.htm (EX-10.1) — 34KB
• ex31-9302025.htm (EX-31) — 18KB
• ex32-9302025.htm (EX-32) — 6KB
• cmcsa-20250930_g1.jpg (GRAPHIC) — 8KB
• 0001166691-25-000054.txt ( ) — 6936KB
• cmcsa-20250930.xsd (EX-101.SCH) — 41KB
• cmcsa-20250930_cal.xml (EX-101.CAL) — 76KB
• cmcsa-20250930_def.xml (EX-101.DEF) — 162KB
• cmcsa-20250930_lab.xml (EX-101.LAB) — 514KB
• cmcsa-20250930_pre.xml (EX-101.PRE) — 329KB
• cmcsa-20250930_htm.xml (XML) — 1022KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Statements of Income (Unaudited) 1 Condensed Consolidated Statements of Comprehensive Income (Unaudited) 2 Condensed Consolidated Statements of Cash Flows (Unaudited) 3 Condensed Consolidated Balance Sheets (Unaudited) 4 Condensed Consolidated Statements of Changes in Equity (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6 Note 1: Condensed Consolidated Financial Statements 6 Note 2: Segment Information 6 Note 3: Revenue 9 Note 4: Programming and Production Costs 10 Note 5: Debt 10 Note 6: Significant Transactions 11 Note 7: Investments and Variable Interest Entities 11 Note 8: Equity and Share-Based Compensation 1 2 Note 9: Supplemental Financial Information 1 3 Note 10: Commitments and Contingencies 1 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 31

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Exhibits

Item 6. Exhibits 32

SIGNATURES

SIGNATURES 33 Explanatory Note This Quarterly Report on Form 10-Q is for the three and nine months ended September 30, 2025. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The U.S. Securities and Exchange Commission ("SEC") allows us to "incorporate by reference" information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report on Form 10-Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10-Q. Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast and its consolidated subsidiaries as "Comcast," "we," "us" and "our." Numerical information in this report is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding. CAUTION CONCERNING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q includes statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. These may include estimates, projections and statements relating to our business plans, objectives and expected operating results, which are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements are generally identified by words such as "believe," "project

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

: FINANCIAL STATEMENTS

ITEM 1: FINANCIAL STATEMENTS Comcast Corporation Condensed Consolidated Statements of Income (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share data) 2025 2024 2025 2024 Revenue $ 31,198 $ 32,070 $ 91,397 $ 91,817 Costs and Expenses: Programming and production 8,655 10,216 24,646 27,000 Marketing and promotion 2,196 1,989 6,435 5,929 Other operating and administrative 10,795 10,128 31,109 29,615 Depreciation 2,353 2,219 6,934 6,548 Amortization 1,666 1,659 5,089 4,421 Total costs and expenses 25,665 26,211 74,213 73,512 Operating income 5,534 5,859 17,184 18,304 Interest expense ( 1,128 ) ( 1,037 ) ( 3,283 ) ( 3,065 ) Investment and other income (loss), net 61 ( 3 ) 9,705 ( 140 ) Income before income taxes 4,468 4,819 23,607 15,099 Income tax expense ( 1,218 ) ( 1,243 ) ( 6,017 ) ( 3,906 ) Net income 3,249 3,576 17,590 11,192 Less: Net income (loss) attributable to noncontrolling interests ( 83 ) ( 53 ) ( 241 ) ( 222 ) Net income attributable to Comcast Corporation $ 3,332 $ 3,629 $ 17,830 $ 11,415 Basic earnings per common share attributable to Comcast Corporation shareholders $ 0.91 $ 0.94 $ 4.79 $ 2.92 Diluted earnings per common share attributable to Comcast Corporation shareholders $ 0.90 $ 0.94 $ 4.78 $ 2.90 See accompanying notes to condensed consolidated financial statements. 1 Table of Contents Comcast Corporation Condensed Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2025 2024 2025 2024 Net income $ 3,249 $ 3,576 $ 17,590 $ 11,192 Other comprehensive income (loss), net of tax (expense) benefit: Currency translation adjustments, net of deferred taxes of $ 4 , $( 31 ), $ 202 and $( 74 ) ( 590 ) 1,889 2,120 1,322 Cash flow hedges: Deferred gains (losses), net of deferred taxes of $ 3 , $ 3 , $( 12 ), and $ 1 ( 12 ) ( 19 ) ( 15 ) 5 Realized (gains) losses reclass

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