Comcast Corporation
CMCSA · Nasdaq
Dec 2026
Next quarter
Expected to report Jan 28, 2027 — estimated from last year’s reporting date.
Consensus is $0.65 EPS for Dec 2026 across 8 estimates, ranging $0.58 to $0.75.
CMCSA Sep 2026
- 9.18%
- $0.98
- $1.07
- —
- $29.30B
Reported results
- $29.30B
- $5.32B
- 18.16%
- $3.45B
- $0.97
Highlights
- Adjusted EPS: $1.07 beat the $0.98 consensus by 9.18%; GAAP diluted EPS was $0.97, up 7.2% year over year from $0.90.
- Underlying growth: Revenue fell 6.1% to $29.30 billion and Adjusted EBITDA fell 5.8% to $9.11 billion as reported, but excluding Versant and sold German Sky operations, revenue rose 0.5% and Adjusted EBITDA rose 0.8%.
- Connectivity pressure: Connectivity & Platforms revenue declined 2.7% and Adjusted EBITDA 4.4%; domestic broadband lost 144,000 customers while wireless added 368,000 lines, bringing the total to 10.6 million.
- Peacock profitability: Peacock posted a second consecutive profitable quarter, with $1.8 billion in revenue and $261 million in Adjusted EBITDA, a $478 million year-over-year improvement; paid subscribers increased 17% to 48 million.
- Transformation: Comcast expects a fourth-quarter charge of more than $1 billion for its largest-ever operating and cost transformation, intended to simplify operations and create capacity to invest in growth.
- Theme Parks headwinds: Theme Parks revenue declined 4.4% to $2.60 billion and Adjusted EBITDA fell 17.1% to $780 million, as weaker demand in Orlando and Japan weighed on results.
- Cash and capital allocation: Free cash flow was $4.21 billion, down 14.8% year over year, including favorable timing effects management expects to reverse in Q4; Comcast paid $1.2 billion in dividends and paused share repurchases.
- Separation: The planned NBCUniversal and Sky spin-off remains on track for mid-2027, with standalone-company infrastructure work underway.
Analysis
Comcast’s third quarter combined a better-than-expected adjusted EPS result with continuing pressure in its largest connectivity business and uneven performance across content and experiences. Adjusted EPS of $1.07 topped the $0.98 consensus by 9.18%, while GAAP diluted EPS was $0.97 versus $0.90 a year earlier. Consolidated revenue declined 6.1% to $29.30 billion, partly reflecting the Versant separation and sale of German Sky; on a pro forma basis, revenue increased 0.5% and Adjusted EBITDA 0.8%. Compared with Q2, revenue fell from $29.94 billion, while operating income increased from $5.16 billion to $5.32 billion and net income attributable to Comcast declined from $3.53 billion to $3.45 billion.
The operating story was a strategic trade-off: go-to-market changes, pricing and wireless investment pressured connectivity results, but paid wireless conversion and premium-plan uptake advanced. Residential broadband lost 144,000 customers, while wireless added 368,000 lines; the segment’s Adjusted EBITDA declined 5.8%. In Content & Experiences, Peacock’s $261 million of Adjusted EBITDA and Universal’s theatrical success helped offset Theme Parks’ 17.1% EBITDA decline. Free cash flow of $4.21 billion fell 14.8% year over year, with management citing favorable timing that should reverse next quarter. Comcast also flagged a greater-than-$1 billion Q4 transformation charge and said the NBCUniversal and Sky separation remains on track for mid-2027.
Connectivity and wireless
- Segment results: Connectivity & Platforms revenue declined 2.7% to $19.66 billion and Adjusted EBITDA fell 4.4% to $7.59 billion year over year; its margin was 38.6%, down 70 basis points. Management attributed residential pressure to go-to-market investment and intense competition, including fiber promotions and a high volume of legacy broadband customers facing pricing transitions.
- Broadband and video: Residential Connectivity & Platforms revenue was down 3.5% to $17.02 billion and Adjusted EBITDA down 5.8% to $6.11 billion. Domestic broadband revenue fell 4.7% to $6.24 billion, reflecting lower average rates and fewer customers; the customer base lost 144,000 in the quarter and stood at 28.34 million. Video customers declined by 274,000 to 10.39 million, and video revenue fell 8.7% to $5.91 billion.
- Wireless conversion: Comcast added 368,000 domestic wireless lines, ending the quarter with 10.56 million, up 18% year over year and equal to nearly 18% penetration of its residential broadband base. Domestic wireless service revenue rose 14.7% to $1.05 billion; management said 70% of promotional free lines convert to paid relationships. Premium unlimited plans made up about 40% of postpaid phone connects, up from 30% in Q2, and about 45% of broadband customers were on gig-plus speed tiers.
- Business services: Revenue grew 2.7% to $2.65 billion and Adjusted EBITDA rose 1.7% to $1.48 billion, driven primarily by enterprise solutions. The 55.9% EBITDA margin was 50 basis points lower year over year.
Transformation and separation
- Operating overhaul: Management expects a charge of more than $1 billion in Q4, mostly for transformation efforts. The plan is intended to simplify the organization, speed decision-making and create capacity to invest, with management describing a multiyear opportunity that could amount to billions of dollars over time.
- Customer operations: Comcast reported that technology and AI initiatives had reduced customer-service contact rates by about 20% and eliminated more than 30 million service interactions year to date. It expects slight further improvement in underlying Connectivity & Platforms trends in Q4, while continuing to migrate broadband customers to new pricing and packaging and offer free wireless lines.
- Spin-off timetable: The proposed separation of NBCUniversal and Sky is in its execution phase, with standalone public-company infrastructure being built. The company expects completion in mid-2027, subject to customary conditions.
- Capital returns and cash: Free cash flow was $4.21 billion versus $4.95 billion a year earlier; operating cash flow was $7.90 billion and capital expenditures were $3.06 billion. Management said the quarter’s free cash flow benefited from timing that should reverse in Q4. Comcast paid $1.2 billion in dividends and expects its share-repurchase pause, begun in Q3, to continue through the separation.
Peacock and media
- Peacock: The service generated $1.8 billion in revenue and $261 million in Adjusted EBITDA, versus a $217 million loss a year earlier. Revenue grew 34%, paid subscribers increased 17% to 48 million, distribution revenue rose 44%, and advertising revenue grew 23%. Management said subscribers remained stable sequentially despite a summer price increase and expects annual profitability to continue, while noting quarterly results can vary with programming and rights timing.
- Media segment: Revenue rose 13% to $5.36 billion and Adjusted EBITDA reached $769 million, up from $247 million. Excluding $224 million of incremental FIFA World Cup revenue, revenue increased 8.3%. Higher Peacock distribution and World Cup advertising supported results; the tournament generated $664 million of incremental advertising across Q2 and Q3.
Studios and theme parks
- Studios: Revenue edged down 1.1% to $2.97 billion as content licensing fell 23.7%, largely because of the timing of television-studio releases. Theatrical revenue rose 76.6% to $1.13 billion, and Adjusted EBITDA increased 18.6% to $402 million. The Odyssey reached nearly $1.8 billion in worldwide box office and became Universal’s highest-grossing film.
- Theme Parks: Revenue declined 4.4% to $2.60 billion and Adjusted EBITDA fell 17.1% to $780 million. Management cited weaker demand in Orlando and Japan, promotional activity, and capacity and ride-throughput challenges at Epic Universe. Orlando softness is expected to continue into the first half of 2027 before beginning to lap; management expects parks performance to strengthen as 2027 progresses.
Reported results
- Consolidated comparison: Revenue was $29.30 billion versus $31.20 billion a year earlier and $29.94 billion in Q2. Operating income was $5.32 billion, down from $5.53 billion year over year but up from $5.16 billion in Q2. Net income attributable to Comcast was $3.45 billion, compared with $3.33 billion a year earlier and $3.53 billion in Q2.
- Adjusted measures: Adjusted net income declined 7.3% year over year to $3.82 billion and Adjusted EPS fell 4.0% to $1.07, despite the consensus beat. Reported EPS increased year over year in part as diluted weighted-average shares declined from 3.689 billion to 3.562 billion.
