Comcast Reports 2nd Quarter 2026 Results

Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended June 30, 2026.

“Second quarter results show continued progress against our strategic priorities," said Brian L. Roberts and Mike Cavanagh, co-CEOs of Comcast Corporation. "In Connectivity & Platforms, our strategic pivot in broadband is gaining traction, and we are seeing that progress extend across the broader connectivity portfolio. We delivered our best wireless quarter ever, surpassing 10 million total lines, while penetration remains below 7% of addressable wireless lines in our footprint - giving us substantial runway to deepen convergence and grow customer relationships. Business Services also continued its industry-leading growth, reinforcing the strength and breadth of our portfolio. Within Content & Experiences, Media delivered mid-single digit EBITDA growth and Peacock reached profitability for the first time, supported by a broad slate of sports, entertainment and major live events that drove strong engagement across our platforms. Our Studios continued to perform at a high level across franchises, animation, originals and specialty titles, capped by the recent success of The Odyssey. While we are seeing some near-term softness in Theme Parks, we remain confident in the long-term opportunity, supported by our world-class brands, attractive locations and proven ability to create attractions and experiences that drive real consumer demand. Across the company, we generated $4.6 billion of free cash flow, returned $2.1 billion to shareholders and announced our intention to separate NBCUniversal and Sky - an important step toward creating two focused companies with the financial strength and flexibility to pursue their respective growth strategies."

2nd Quarter 2026 Highlights:

• Generated Consolidated Adjusted EBITDA of $8.9 Billion, Adjusted EPS of $1.04 and Free Cash Flow of $4.6 Billion
• Returned $2.1 Billion to Shareholders Through a Combination of $1.2 Billion in Dividend Payments and $900 Million in Share Repurchases
• Continued to Gain Traction with Our New Go-to-Market Strategy Reflected by Domestic Residential Broadband Customer Net Losses Improving by 34,000 Year-over-Year, and Domestic Wireless Customer Line Net Additions of 448,000 - Our Best Quarterly Result on Record; Total Wireless Lines Increased to 10.2 Million, with Penetration at 7% of Total Addressable Wireless Lines in Our Footprint
• Business Services Connectivity Revenue Increased 3.7% to $2.7 Billion, EBITDA Increased 5.0% to $1.5 Billion and EBITDA Margin Was 56.7%
• Peacock Achieved Quarterly Profitability for the First Time Ever with EBITDA of $189 Million, Increasing $290 Million Year-over-Year; Paid Subscribers Increased by 2 Million Net Additions in the Quarter to 48 Million, Driven by NBA Playoffs, FIFA World Cup and Love Island USA
• Studios EBITDA Increased $141 Million Year-over-Year Driven by the Successful Theatrical Performances of The Super Mario Galaxy Movie, Obsession and the International Distribution of Michael; The Super Mario Galaxy Movie Grossed Over $1 Billion in Worldwide Box Office Year-to-Date, Pushing the Franchise's Cumulative Total Past $2 Billion; Obsession Grossed Over $400 Million in Worldwide Box Office Year-to-Date, Becoming Focus Features' Highest-Grossing Film in History
• FIFA World Cup 2026 Drove Record-Breaking Engagement Across Telemundo and Peacock, with the Top Ten Most-Watched Matches in Spanish Language History
• Announced the Intention to Separate into Two Publicly Traded Companies Through a Tax-Free Spin-off of NBCUniversal and Sky

2nd Quarter Consolidated Financial Results

Revenue decreased 1.2% compared to the prior year period. Net Income Attributable to Comcast was $3.5 billion, compared to $11.1 billion in the prior year period, which included a $9.4 billion gain from the sale of our interest in Hulu. Adjusted Net Income decreased 20.3%. Adjusted EBITDA decreased 13.4%. On a pro forma basis to reflect the Versant separation, which was completed on January 2, 2026, and the sale of our Sky operations in Germany, which was completed on May 31, 2026, revenue increased 4.7% and Adjusted EBITDA decreased 5.3%.

Earnings per Share (EPS) decreased 66.9% to $0.99. Adjusted EPS decreased 16.7% to $1.04.

Capital Expenditures increased 8.3% to $2.9 billion. Connectivity & Platforms’ capital expenditures increased 19.9% to $2.3 billion, primarily reflecting higher spending on scalable infrastructure and customer premise equipment. Content & Experiences' capital expenditures decreased 20.4% to $584 million, primarily reflecting the opening of Epic Universe in May 2025.

Net Cash Provided by Operating Activities was $8.1 billion. Free Cash Flow was $4.6 billion.

Dividends and Share Repurchases. Comcast paid dividends totaling $1.2 billion and repurchased 33.8 million of its shares for $900 million, resulting in a total return of capital to shareholders of $2.1 billion. On June 29, 2026, Comcast announced it would pause its share repurchase program as it works through the separation of its businesses into two independent publicly traded companies.

Connectivity & Platforms

Revenue for Connectivity & Platforms decreased compared to the prior year period. Adjusted EBITDA decreased due to a decline in Residential Connectivity & Platforms, partially offset by growth in Business Services Connectivity. Residential Connectivity & Platforms revenue and Adjusted EBITDA reflect the investment in our new go-to-market strategy. Adjusted EBITDA margin was 40.2%.

Total Customer Relationships for Residential Connectivity & Platforms decreased by 230,000 to 47.7 million, reflecting a decrease in domestic and international residential customer relationships. Total domestic broadband residential customer net losses were 167,000, total domestic wireless line net additions were 448,000 and total domestic video customer net losses were 280,000.

Residential Connectivity & Platforms

Revenue for Residential Connectivity & Platforms decreased compared to the prior year period, reflecting decreases in video, domestic broadband and other revenue, partially offset by increases in domestic wireless service, domestic wireless equipment, international connectivity and advertising revenue. Domestic broadband revenue decreased due to lower average rates and a decline in the number of domestic broadband customers. Domestic wireless service revenue increased due to an increase in the number of customer lines. Domestic wireless equipment revenue increased due to an increase in device sales. International connectivity revenue increased primarily due to an increase in wireless revenue, reflecting higher equipment and services revenue, as well as the positive impact of foreign currency. Video revenue decreased primarily due to a decline in the number of video customers. Advertising revenue increased primarily due to higher domestic political advertising and higher revenue from our advanced advertising business, partially offset by lower domestic nonpolitical advertising and lower international advertising. Other revenue decreased primarily due to lower residential wireline voice revenue, driven by a decline in the number of customers.

Adjusted EBITDA for Residential Connectivity & Platforms decreased due to lower revenue, partially offset by lower operating expenses. Programming expenses decreased primarily due to a decline in the number of domestic video customers. Non-programming expenses increased primarily reflecting an increase in direct product costs, mainly due to growth in our domestic wireless business, higher marketing and promotion costs and the impact of foreign currency. Adjusted EBITDA margin was 37.7%.

Business Services Connectivity

Revenue for Business Services Connectivity increased primarily due to an increase in revenue from enterprise solutions offerings.

Adjusted EBITDA for Business Services Connectivity increased due to higher revenue, partially offset by higher operating expenses. The increase in operating expenses was primarily due to increases in marketing and promotion expenses and direct product costs. Adjusted EBITDA margin was 56.7%.

Content & Experiences

Revenue for Content & Experiences increased compared to the prior year period driven by Media, which included $440 million of incremental revenue from the FIFA World Cup, and Studios. Adjusted EBITDA for Content & Experiences increased primarily due to growth in Studios and Media, partially offset by a decline in Theme Parks.

Media

Revenue for Media increased primarily due to higher domestic advertising and domestic distribution revenue. Excluding $440 million of incremental revenue from the FIFA World Cup, Media revenue increased 15.6%. Domestic advertising revenue increased, including the impact of the FIFA World Cup. Excluding the incremental revenue associated with this event, domestic advertising revenue increased reflecting the positive impact of the NBA this quarter and higher revenue at Peacock. Domestic distribution revenue increased primarily due to higher revenue at Peacock, driven by higher average rates and an increase in paid subscribers compared to the prior year period.

Adjusted EBITDA for Media increased due to higher revenue partially offset by higher operating expenses. The increase in operating expenses primarily reflects higher programming costs associated with NBA rights and the FIFA World Cup in the current year period. Media results include $1.9 billion of revenue and Adjusted EBITDA¹¹ of $189 million related to Peacock, which includes amounts attributable to the FIFA World Cup, compared to $1.2 billion of revenue and an Adjusted EBITDA¹¹ loss of $101 million in the prior year period.

Studios

Revenue for Studios increased due to higher theatrical revenue, driven by the successful performance of recent releases, including The Super Mario Galaxy Movie, Obsession and the international distribution of Michael. Content licensing revenue was consistent as lower content licensing revenue at our film studios was offset by higher content licensing revenue at our television studios.

Adjusted EBITDA for Studios increased due to higher revenue, which more than offset higher operating expenses. The higher operating expenses reflected higher programming and production expenses, primarily due to higher costs associated with theatrical releases, as well as higher marketing and promotion expenses primarily due to increased spending on recent and upcoming theatrical releases.

Theme Parks

Revenue for Theme Parks increased primarily due to higher revenue at our theme parks in Orlando driven by the successful opening of Epic Universe in May 2025, partially offset by lower revenue at our international parks.

Adjusted EBITDA for Theme Parks decreased, reflecting higher operating expenses, which more than offset higher revenue. The increase in operating expenses was primarily due to operating costs associated with our domestic parks.

Headquarters & Other

Content & Experiences Headquarters & Other includes overhead, personnel costs and costs associated with corporate initiatives. Headquarters & Other Adjusted EBITDA loss in the second quarter was $214 million, compared to a loss of $201 million in the prior year period.

Eliminations

Amounts represent eliminations of transactions between our Content & Experiences segments, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses. Revenue eliminations were $435 million, compared to $604 million in the prior year period, and Adjusted EBITDA eliminations were a benefit of $25 million, compared to a benefit of $56 million in the prior year period.

Corporate, Other and Eliminations

Corporate & Other

Corporate & Other primarily includes overhead and personnel costs; our regional sports networks; and Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania. Corporate & Other Adjusted EBITDA decreased primarily reflecting higher costs related to corporate functions and lower revenue associated with our regional sports networks.

Eliminations

Amounts represent eliminations of transactions between Connectivity & Platforms, Content & Experiences and other businesses, the most significant being distribution of television network programming between the Media and Residential Connectivity & Platforms segments. Revenue eliminations were $1.3 billion, compared to $1.2 billion in the prior year period, and Adjusted EBITDA eliminations were a benefit of $3 million compared to a benefit of $20 million in the prior year period.

Conference Call and Other Information

Comcast Corporation will host a conference call with the financial community today, July 23, 2026, at 8:30 a.m. Eastern Time (ET). The conference call and related materials will be broadcast live and posted on our Investor Relations website at www.cmcsa.com. A replay of the call will be available today, July 23, 2026, starting at 11:30 a.m. ET on the Investor Relations website.

From time to time, we post information that may be of interest to investors on our website at www.cmcsa.com and on our corporate website, www.comcastcorporation.com. To automatically receive Comcast financial news by email, please visit www.cmcsa.com and subscribe to email alerts.

Caution Concerning Forward-Looking Statements

This press release includes statements that may constitute forward-looking statements. In evaluating these statements, readers should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission (SEC). Factors that could cause our actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; consumer acceptance of our content; programming costs; key distribution and/or licensing agreements; use and protection of our intellectual property; our reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather-related and other uncontrollable events; loss of key personnel; labor disputes; significant tax liability if the separation of Versant is not tax-free; laws and regulations; adverse decisions in litigation or governmental investigations; risks related to our intention to separate NBCUniversal and Sky in a spin-off; and other risks described from time to time in reports and other documents we file with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. The amount and timing of any dividends and share repurchases are subject to business, economic and other relevant factors.

Non-GAAP Financial Measures

In this discussion, we sometimes refer to financial measures that are not presented according to generally accepted accounting principles in the U.S. (GAAP). Certain of these measures are considered “non-GAAP financial measures” under the SEC regulations; those rules require the supplemental explanations and reconciliations that are in Comcast’s Form 8-K (Quarterly Earnings Release) furnished to the SEC.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit www.comcastcorporation.com for more information.