Comcast Corp. (NASDAQ:CMCSA) reported upbeat first-quarter results Thursday, as strength in wireless and streaming helped offset continued declines in broadband and video subscribers.

The Philadelphia-based company posted revenue of $31.46 billion, beating the analyst consensus estimate of $30.43 billion and rising 5.3% from a year earlier. Adjusted earnings came in at 79 cents per share, topping estimates of 73 cents.

Comcast lost 65,000 broadband customers during the quarter, reflecting ongoing competitive pressure from telecom rivals. Video subscribers declined by 322,000 as consumers continued shifting to streaming platforms. However, total domestic wireless line net additions reached 435,000.

Media, Streaming and Theme Parks

The company's media segment reported revenue growth of 60.8% year over year to $7.28 billion, driven by higher domestic advertising and distribution revenue. Advertising gains were supported by the Milan Cortina Olympics and the NFL's Super Bowl.

Peacock revenue rose 71% year over year, surpassing $2 billion for the first time, while paid subscribers increased 12% to 46 million. Studio revenue climbed 21.2% to $3.43 billion, aided by higher content licensing revenue. Theatrical revenue declined due to stronger prior-year comparisons, including releases such as "Dog Man" and "Nosferatu."

Theme parks revenue increased 24.2% to $2.33 billion, driven by higher attendance in Orlando following the May 2025 opening of Epic Universe.

Connectivity & Platforms adjusted EBITDA declined 4.3% to $7.91 billion, with margins falling 140 basis points to 39.6%.

Co-CEOs Brian L. Roberts and Mike Cavanagh said broadband losses improved by more than 100,000 from a year earlier, while wireless additions reached a record level due to simplified offers and clearer pricing. They added that February highlighted the strength of Comcast's media portfolio, with the Winter Olympics and Super Bowl driving record advertising and Peacock growth.

Cash Flow and Capital Returns

Comcast generated $3.90 billion in free cash flow during the quarter. The company paid $1.2 billion in dividends and repurchased 42 million shares for $1.3 billion, returning a total of $2.5 billion to shareholders.

Connectivity & Platforms capital expenditures rose 13.4% to $1.8 billion, driven by investment in customer equipment and infrastructure. Content & Experiences capital spending fell 20.1% to $481 million, reflecting the completion of Epic Universe.

Earnings Call Highlights

Comcast reported an 11% increase in revenue for the first quarter, with significant contributions from the Winter Olympics and Super Bowl, and a low single-digit increase excluding these events.

The company has undergone a strategic pivot in its broadband and wireless businesses, focusing on simple pricing and premium wireless plans; it achieved record wireless net additions and improved broadband net losses year-over-year.

Comcast launched new initiatives including a mobile premium plan and leveraged major events like the Olympics and Super Bowl for marketing, contributing to high advertising sales and increased Peacock subscribers.

Parks and studios performed well, with strong growth driven by Epic Universe in Orlando and successful film releases like the Super Mario Galaxy movie.

Management is focused on leveraging its assets across NBCUniversal and maintaining competitiveness in the broadband market, while continuing to explore strategic opportunities for shareholder value.

CMCSA Price Action: Comcast shares were up 7.01% at $31.43 at the time of publication on Thursday, according to Benzinga Pro data.

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