Comcast Corp (CMCSA, Financial) released its Q3 2023 earnings report on October 26, 2023. The company reported strong financial results, with significant growth in Adjusted Earnings per Share (EPS) and Free Cash Flow. The company's strategic focus on innovation and financial discipline has positioned it competitively for both the present and future.
Financial Performance
Comcast Corp (CMCSA, Financial) reported a 0.9% increase in revenue, reaching $30,115 million in Q3 2023 from $29,849 million in Q3 2022. The company's net income swung to a profit of $4,046 million, compared to a loss of $4,598 million in the same period last year. Adjusted Net Income rose by 6.2% to $4,483 million, and Adjusted EBITDA increased by 5.1% to $9,962 million.
Shareholder Returns
The company returned $4.7 billion to shareholders through a combination of $1.2 billion in dividend payments and $3.5 billion in share repurchases. This demonstrates Comcast's commitment to delivering value to its shareholders.
Business Segment Performance
Comcast's Connectivity & Platforms segment saw a 3.0% increase in Adjusted EBITDA to $8.2 billion, and its Adjusted EBITDA margin expanded by 80 basis points to 40.6%. The company's Content & Experiences segment reported a 10.2% increase in Adjusted EBITDA to $2.0 billion, driven by Theme Parks and moderating Peacock losses.
Key Highlights
Among the many highlights from across the company, Comcast delivered another quarter of double-digit Adjusted EPS growth, continued to generate solid revenue growth in its connectivity businesses, and expanded its Adjusted EBITDA margin at Connectivity & Platforms. The company also reported the highest Adjusted EBITDA on record at Theme Parks and materially improved Peacock paid subscriber and financial metrics compared to the prior year period and on a sequential basis.
Outlook
Comcast Corp (CMCSA, Financial) continues to invest in long-term growth, accelerating share repurchase activity, and maintaining a healthy balance sheet. The company's strategic focus on innovation and financial discipline facilitated by consistent execution positions it competitively both now and into the future.
Explore the complete 8-K earnings release (here) from Comcast Corp for further details.
