In This Article:
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Revenue: Record revenue of $124 billion for 2024.
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Adjusted EBITDA: Record adjusted EBITDA of $38 billion in 2024.
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Adjusted EPS: Increased by 9% for the year.
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Free Cash Flow: Generated $12.5 billion for the year.
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Broadband Revenue: Grew 3% for the year.
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Convergence Revenue: Grew nearly 5% for the year.
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Wireless Revenue: Grew at a mid-teens rate, with 1.2 million new lines added.
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Business Services Revenue: Grew at mid-single digit rates, approaching $10 billion in revenue.
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Peacock EBITDA Losses: Improved by $1 billion.
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Net Broadband Subscriber Additions: Negative 139,000 in the fourth quarter.
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Adjusted EPS (Q4): Increased 14% to $0.96.
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Free Cash Flow (Q4): $3.3 billion.
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Capital Returned to Shareholders: $13.5 billion for the full year.
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Net Leverage: Ended the year at 2.3x.
Release Date: January 30, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Comcast Corp (NASDAQ:CMCSA) achieved record revenue of $124 billion and record adjusted EBITDA of $38 billion in 2024.
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The company reported a 9% growth in Adjusted EPS and generated substantial free cash flow of $12.5 billion.
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Wireless revenue grew at a mid-teens rate, adding 1.2 million lines, reaching 12% penetration of the broadband customer base.
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Peacock achieved a $1 billion improvement in EBITDA losses, with strong revenue growth of 46% for the full year.
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Comcast Business is nearly $10 billion in revenue, with plans to acquire Nitel to enhance capabilities in serving multisite enterprise and midmarket businesses.
Negative Points
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Net broadband subscriber additions were negative 139,000 in the fourth quarter, indicating intense competition.
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The company faces challenges from fixed wireless expansion and the end of the ACP program.
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Increased competition from fiber operators and fixed wireless is expected to continue, impacting broadband growth.
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The company anticipates significant costs leading up to the opening of Epic Universe, impacting short-term financials.
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Peacock's NBA content addition may initially increase costs, requiring strategic adjustments to absorb expenses.
Q & A Highlights
Q: Can you elaborate on your wireless strategy and the expected impact on net additions and investments? A: Mike Cavanagh, President, explained that Comcast is pushing harder into wireless, aiming to simplify bundles and attach mobile services to more broadband products. This strategy shift is expected to drive net additions and requires investment, as noted by Jason Armstrong, CFO. Brian L. Roberts, CEO, added that the industry dynamics, with fewer competitors, create a favorable environment for Comcast as a new entrant.