Comcast(CMCSA) - 2024 Q4 - Annual Results

Financial Performance - Comcast reported record revenue of $31,915 million for Q4 2024, a 2.1% increase from Q4 2023, and full-year revenue of$ 123,731 million, up 1.8% year-over-year[3][6] - Net income attributable to Comcast increased by 46.6% to $4,778 million in Q4 2024, and by 5.2% to$ 16,192 million for the full year[3][6] - Adjusted EBITDA rose 9.9% to $8,807 million in Q4 2024, and increased by 1.2% to$ 38,069 million for the full year[5][6] - Free cash flow reached $3,260 million in Q4 2024, a 90.9% increase, and totaled$ 12,543 million for the full year, down 3.2%[5][8] - Comcast Corporation reported Q4 2024 revenue of $31,915 million, a 2.1% increase from$ 31,253 million in Q4 2023[39] - Net income attributable to Comcast Corporation for Q4 2024 was $4,778 million, up 46.6% from$ 3,260 million in Q4 2023[48] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $38,069 million, a 1.2% increase from$ 37,633 million in 2023[45] - Free Cash Flow for the twelve months ended December 31, 2024, was $12,543 million, compared to$ 12,962 million in 2023, reflecting a decrease of 3.2%[44] - Comcast's diluted earnings per share for Q4 2024 was $1.24, a 54.1% increase from$ 0.81 in Q4 2023[48] Shareholder Returns - Comcast returned $3.2 billion to shareholders in Q4 2024 through$ 1.2 billion in dividends and $2.0 billion in share repurchases, with a total return of capital for the year at$ 13.5 billion[5][8] - Comcast announced a 6.5% increase in its dividend to $1.32 per share for 2025, marking the 17th consecutive annual increase[5][9] Revenue Growth by Segment - Connectivity revenue grew by 4.9% to$ 11.5 billion in Q4 2024 and by 5.7% to $45.1 billion for the full year, driven by domestic broadband and business services[5][10] - Peacock revenue surged 46% to$ 4.9 billion for the full year, with a 28% increase to $1.3 billion in Q4 2024[5][10] - Total Content & Experiences revenue reached$ 12,078 million, reflecting a 5.0% increase, driven primarily by Media and Studios[18] - Media revenue increased to $7,222 million, a 3.5% growth, primarily due to higher domestic distribution revenue[19] - Studios revenue grew by 6.7% to$ 3,269 million, with theatrical revenue increasing by 50.0% due to successful recent releases[21] - Theme Parks revenue remained stable at $2,374 million, with a slight increase of 0.1% year-over-year[23] - Corporate & Other revenue increased to$ 784 million, a 3.2% rise, while Adjusted EBITDA improved to a loss of $484 million, narrowing from a loss of$ 494 million[27] Customer Metrics - Total customer relationships for Connectivity & Platforms decreased by 58,000 to 51.6 million, primarily due to losses in domestic broadband customers[11][12] - Business Services Connectivity revenue increased to $2,448 million, a 3.7% year-over-year growth[15] - The total revenue for the residential connectivity segment was$ 8,620 million for the three months ended December 31, 2024, with a constant currency increase of $36 million[53] - The total revenue for the business services connectivity segment remained stable at$ 2,361 million for the three months ended December 31, 2024, with no significant changes year-over-year[53] Capital Expenditures and Investments - Capital expenditures rose 17.9% to $3.9 billion in Q4 2024, with significant investments in scalable infrastructure and the construction of the Epic Universe theme park[7][10] - Capital expenditures for the twelve months ended December 31, 2024, were$ 12,181 million, a slight decrease from $12,242 million in 2023[40] Cash Flow and Assets - Comcast's total current assets increased to$ 26,801 million in 2024 from $23,987 million in 2023, representing an increase of 11.8%[42] - Comcast's cash, cash equivalents, and restricted cash at the end of the period increased to$ 7,377 million in 2024 from $6,282 million in 2023[41] - The company reported a net cash provided by operating activities of$ 27,673 million for the twelve months ended December 31, 2024, down from $28,501 million in 2023[40] Other Financial Metrics - The company anticipates continued growth in enterprise solutions and small business customer segments, driven by higher average rates[16] - The equity in net income losses of investees improved to$ 141 million for the three months ended December 31, 2024, compared to a loss of $377 million in the same period of 2023[50] - The total operating expenses for the three months ended December 31, 2024, were$ 11,782 million, an increase of $80 million compared to the same period in 2023[53] - The total investments, net of tax, for the three months ended December 31, 2024, were$ 220 million, a significant recovery from a loss of $286 million in the same period of 2023[50]