Comcast released their fourth quarter 2025 earnings, including $2.9 billion in revenue for Universal theme parks. This is up 22% from Q4 2024 thanks to Epic Universe, which opened in May 2025.
Universal Theme Park Revenue
The adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for theme parks increased 24% to $1.035 billion.
Comcast’s revenue for the full year was about even with last year at $123.7 billion. The adjusted EBITDA was $37.4 billion.
The year and quarter also included the release of Wicked: For Good. The franchise has grossed $1.3 billion worldwide.
Comcast co-CEOs Brian L. Roberts and Mike Cavanagh said:
2025 was a year of meaningful progress as we made decisive changes to position the company for long-term, sustainable growth. It was also our best year ever in wireless, with 1.5 million net line additions and more than 9 million total lines, clear evidence of the strength of our converged connectivity strategy. We launched the most significant broadband go-to-market shift in our history, simplifying how we sell to and serve customers, and we are seeing encouraging early results. Epic Universe is off to a terrific start, driving higher per-cap spending and attendance across Orlando; and Peacock delivered double-digit revenue growth, underscoring the momentum of its sports and entertainment lineup, including the debut of the NBA on NBC and Peacock. We also completed the spin of Versant Media, creating a more focused NBCUniversal centered on streaming, live sports, and premium content. Even as we invested behind these initiatives, we generated record levels of free cash flow and maintained a strong balance sheet, reflecting a disciplined approach to capital allocation as we remain focused on execution in 2026.
2026 will mark the first full year of Epic Universe in operation, as well as the opening of Universal Kids Resort. Universal Studios Hollywood will also see the opening of Fast & Furious Hollywood Drift, and ground will break on the new park in Great Britain.
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