Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter and year ended December 31, 2019.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, "We delivered strong operational and financial results in the fourth quarter, capping another great year for Comcast, including double-digit growth in full-year adjusted EPS, record free cash flow and 1.4 million broadband net additions in the U.S. Our teams at Cable, NBCUniversal and Sky continued to execute at a high level, strengthening our leadership position in our markets. Looking ahead, in 2020 we are leaning into exciting opportunities, including: further differentiating our broadband product in the U.S. through innovations like Flex and xFi Advanced Security; accelerating the deployment of Sky Q; launching a new broadband service in Italy; debuting Super Nintendo World at Universal Studios Japan; and introducing a world-class streaming service - Peacock - which leverages capabilities from across Comcast. Underscoring our confidence in the continued success of our company, we are pleased to announce a 10% increase in our dividend, our 12th consecutive annual increase."

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

4th Quarter

 

 

 

 

Full Year

 

 

Consolidated Results

2018 5

 

2019

 

Growth

 

 

 

 

2018 5

 

2019

 

Growth

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$27,846

 

$28,398

 

2.0

%

 

 

$94,507

 

$108,942

 

15.3

%

 

 

Net Income Attributable to Comcast

$2,511

 

$3,162

 

25.9

%

 

 

$11,731

 

$13,057

 

11.3

%

 

 

Adjusted EBITDA1

$8,191

 

$8,436

 

3.0

%

 

 

$30,165

 

$34,258

 

13.6

%

 

 

Earnings per Share2

$0.55

 

$0.68

 

23.6

%

 

 

$2.53

 

$2.83

 

11.9

%

 

 

Earnings per Share, Adjusted Basis3 (see Table 5)

$0.72

 

$0.79

 

9.7

%

 

 

$2.73

 

$3.13

 

14.7

%

 

 

Net Cash Provided by Operating Activities

$5,790

 

$6,235

 

7.7

%

 

 

$24,297

 

$25,697

 

5.8

%

 

 

Free Cash Flow4

$2,063

 

$2,484

 

20.4

%

 

 

$12,588

 

$13,394

 

6.4

%

 

 

 

 

 

 

 

 

 

 

 

 

For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedules on Comcast’s Investor Relations website at www.cmcsa.com.

Full Year 2019 Highlights:

  • Consolidated Adjusted EBITDA Increased 13.6%; Earnings per Share Increased 14.7% to $3.13, on an Adjusted Basis; Generated Free Cash Flow of $13.4 Billion
  • Cable Communications Adjusted EBITDA Increased 7.3% and Adjusted EBITDA per Customer Relationship Increased 3.5%
  • Cable Communications Total Customer Relationships Increased by 1.1 Million, the Best Result on Record; Total High-Speed Internet Customers Increased by 1.4 Million, the Best Result in 12 Years
  • NBCUniversal Filmed Entertainment Adjusted EBITDA Increased 13.5%
  • Sky Adjusted EBITDA Increased 7.1% on a Pro Forma Basis to $3.1 Billion; Excluding the Impact of Currency, Adjusted EBITDA Increased 12.2% on a Pro Forma Basis

4th Quarter 2019 Highlights:

  • Consolidated Adjusted EBITDA Increased 3.0%; Earnings per Share Increased 9.7% to $0.79, on an Adjusted Basis; Generated Free Cash Flow of $2.5 Billion
  • Cable Communications Adjusted EBITDA Increased 5.4%
  • Cable Communications Total Customer Relationship Net Additions were 372,000, the Best Quarterly Net Additions on Record; Total High-Speed Internet Customer Net Additions were 442,000
  • NBCUniversal Broadcast Television Adjusted EBITDA Increased 14.2%
  • Sky Total Customer Relationships Increased 1.7% Year-Over-Year to 24.0 Million, Including Net Additions of 77,000 in the Quarter

Dividends:

  • Dividends Paid Totaled $3.7 Billion in 2019; Increased Dividend by 10% to $0.92 per Share on an Annualized Basis for 2020


Consolidated Financial Results

The comparability of our consolidated results was impacted by the fourth quarter 2018 Sky transaction. Sky’s results of operations are included in our consolidated financial statements following the acquisition date.

Consolidated Revenue for the fourth quarter of 2019 increased 2.0% to $28.4 billion. Consolidated Net Income Attributable to Comcast increased 25.9% to $3.2 billion. Consolidated Adjusted EBITDA increased 3.0% to $8.4 billion.

For the twelve months ended December 31, 2019, consolidated revenue increased 15.3% to $109 billion compared to 2018. Consolidated net income attributable to Comcast increased 11.3% to $13.1 billion. Consolidated Adjusted EBITDA increased 13.6% to $34.3 billion.

Earnings per Share (EPS) for the fourth quarter of 2019 was $0.68, an increase of 23.6% compared to the fourth quarter of 2018. On an adjusted basis, EPS increased 9.7% to $0.79 (see Table 5).

For the twelve months ended December 31, 2019, EPS was $2.83, a 11.9% increase compared to the prior year. On an adjusted basis, EPS increased 14.7% to $3.13 (see Table 5).

Capital Expenditures decreased 2.5% to $3.1 billion in the fourth quarter of 2019. Cable Communications’ capital expenditures decreased 7.8% to $2.1 billion. NBCUniversal’s c