Mixed fortunes for Comcast’s domestic connectivity business in Q2 2025 

Comcast posted solid Q2 2025 results, despite ongoing subscriber losses in its core broadband segment. Revenue grew 2.1% year-over-year to $30.31 billion, ahead of expectations. Net income surged to $11.12 billion, but this growth is mainly due to the $9.4 billion gain from the sale of its Hulu stake. Regarding domestic broadband, Comcast is still facing severe headwinds. The company lost a record of 226K broadband subscribers this quarter, continuing a concerning trend for cable operators, under pressure from fiber or FWA competitors. However, the broadband ARPU, which has become the most significant metric for cable operators, has increased by 3.5%, resulting in a 1.6% year-over-year rise in overall broadband revenue, despite subscriber losses. In the coming quarters, Comcast expects to capitalize on its new pricing strategy, introduced in late June, in an effort to reduce churn, re-attract residential clients, and shift consumer perception.  The “everyday pricing” replaces promotional pricing with simplified rate plans, with five-year price locks, free equipment, and a free mobile line. In wireless, the results follow the exact opposite trend, with a record addition of 378K new lines, which confirms cable operators’ success in growing their mobile subscriber base as part of their bundling strategy. On the streaming side, if Peacock failed to deliver subscriber growth, maintaining its subscriber base to 41 million, the results are still very encouraging. Indeed, the subscriber flatness must be seen in the light of a “seasonally light sports quarter”, but more importantly, EBITDA losses narrowed significantly and are getting closer to turning even (-$101M vs -$348M in 2024). Peacock remains crucial to Comcast’s direct-to-consumer strategy as legacy pay TV seems doomed to decline (shedding 325K video subs), and Comcast has high expectations from the upcoming new NBA rights (that they hold together with Disney and Amazon), starting from Q4 2025.  Overall, despite tough subscriber metrics, Comcast’s Q2 financial performance was strong and positive towards Comcast’s strategy of adapting its broadband business for long-term sustainability, while capitalizing on streaming and mobile as growth vectors in an increasingly competitive connectivity and video landscape.