Comcast Tops Profit Forecasts but Broadband Subscriber Loss Sends Shares Sliding

Comcast (NASDAQ:CMCSA) delivered stronger-than-expected earnings and cash flow for the first quarter of 2025, but a sharper-than-anticipated decline in broadband subscribers overshadowed the solid financial results, dragging the stock down more than 3% today.

The company reported earnings of $1.09 per share, well ahead of the $0.99 consensus. Revenue came in at $29.89 billion, narrowly beating analyst estimates. Operating cash flow rose to $8.29 billion, while adjusted EBITDA increased 1.9% year-over-year to $9.53 billion—both topping projections. Free cash flow surged 19% to $5.42 billion, far exceeding the expected $4.06 billion.

Despite these financial beats, investor sentiment turned negative due to continued subscriber erosion in key areas. Comcast lost 199,000 domestic broadband customers—more than the 144,000 expected and nearly triple the loss from the same period last year. The trend raises concerns about market saturation and competitive pressure from fiber and wireless internet alternatives.

The company also recorded a loss of 427,000 video subscribers, slightly worse than forecasts. On a more positive note, wireless additions remained strong, with 323,000 new lines added—beating expectations and rising 12% year-over-year.