Should Comcast’s 2025 Earnings Beat and Shift Toward Wireless and Streaming Require Action From CMCSA Investors?

• Comcast reported its fourth-quarter and full-year 2025 results, with quarterly revenue of US$32,310 million, full-year net income of US$19,998 million, a maintained annual dividend of US$1.32 per share, and continued share repurchases under its long-running buyback program.
• Behind the headline figures, pressure in the core broadband business was balanced by growth in wireless, Peacock streaming, and theme parks, while new technology launches like RealTime4K and leadership changes point to a company leaning more on content and connectivity innovation than traditional cable.
• Against this backdrop, we’ll examine how Comcast’s earnings beat and growing wireless and streaming businesses shape its evolving investment narrative.

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What Is Comcast's Investment Narrative?

To own Comcast here, you have to believe the company can slowly pivot from a pressured cable and broadband core into a steadier mix of connectivity, wireless, streaming and parks, while still throwing off cash for dividends and buybacks. The latest quarter broadly supports that story: FY 2025 earnings of US$19,998 million and EPS growth over 2024 came alongside continued broadband subscriber losses, but wireless, Peacock and theme parks helped offset the drag. Management underlined that balance by maintaining the US$1.32 per-share dividend and buying back another 53.6 million shares, signalling confidence despite mixed Q4 margins and a US$240 million legal judgment. Near term, the key swing factors remain broadband competition, wireless momentum and Peacock’s path toward better profitability; this earnings beat and capital return stance reinforce those catalysts, rather than fundamentally changing them.

However, the broadband pressure that management itself highlights is not something investors can ignore. Comcast's shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.

Exploring Other Perspectives

Ten private investors in the Simply Wall St Community currently see Comcast’s fair value anywhere between about US$28 and over US$84 per share, with opinions spread right across that range. Set against that diversity, the latest results and steady dividend show how much faith is being placed in wireless and streaming to counter a shrinking broadband base and rising content costs, which could matter a lot for how the story ultimately plays out.

Explore 10 other fair value estimates on Comcast - why the stock might be worth over 2x more than the current price!

Build Your Own Comcast Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Comcast research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Comcast research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Comcast's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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