Comcast Corp Q2 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Michael Rollins - Citi Infrastructure Investments LLC - Analyst : Thanks, and good morning. First, on broadband, you mentioned the early reaction that you've seen from the adjustments to your go-to-market. Curious if you'd give some more details on that, on the competitive landscape and how that influences the pace over which you'd expect to improve quarterly broadband performance going forward.

Question: Craig Moffett - Moffettnathanson LLC - Analyst : Hi. Thank you. Let me stay with broadband, if I could. Charter called out involuntary disconnects. There's non-pay disconnects as one of the headwinds. I wonder if you're seeing any of the same thing, which I suspect would point to some continuation of the market impact of discontinuing the ACP program. And then if I think about Project Genesis and where you are with your network upgrades, have you seen any material differences in the way you're competing in Project Genesis markets where you're finished versus where you're not finished yet? What kind of market impact is that having? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 31, 2025 / 12:30PM, CMCSA.OQ - Q2 2025 Comcast Corp Earnings Call

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Hey. Good morning. Thanks for the question. I just have two on broadband. First on pricing, I was just wondering if you could talk a little bit about this concept of everyday pricing as a potential drag to ARPU growth. How many of your broadband customers are on pricing that are above those headline everyday price rates today? I'm just trying to understand how long these ARPU headwinds may persist. And then second, I was just wondering if you could talk about whether we're back to seasonal on domestic broadband net adds. Could we see improving net additions next quarter just given back to school? Thank you.

Question: Jessica Reif Ehrlich - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Thank you. I guess it's time to get to parks. Could you maybe give us some more color on what you're seeing in the market dynamics in Orlando? Whether it's overall market growth -- you mentioned that you're not seeing that much cannibalization in your own parks. And maybe kind of ultimate operating leverage and how you see CapEx flowing through. You have great IP, but ultimately, you'll add more. And then maybe just stepping back, like a broader question for Brian. As you look out over the next couple of years, there's been so much going on in all of your businesses. What do you view as the most underappreciated growth levers for Comcast as a whole? And then, sorry, but Mike, a follow-up, you mentioned NBA, the costs kick in Q1. Why not Q4 of '25?

Question: John Hodulik - UBS AG - Analyst : Great. Thank you for fitting me in. Maybe first a follow-up on Brian's comments on the business market for Dave. It looks like you guys are seeing some additional pressure on subs there. Can you talk about the competitive market you're seeing in that segment? And as it relates to the T-Mobile MVNO, you've got 14% penetration on the resi side. Do you expect the penetration of mobile into the business segment to sort of follow a similar slope? And then for Jason, on the $1 billion in cash tax savings, can you talk a little bit about what you see in terms of CapEx trends maybe on the cable side, or are there opportunities to deploy additional capital maybe for further footprint expansion? And then how should we think of the CapEx as it relates to the parks, especially with all the new projects you guys have laid out. Thanks.