COMCAST REPORTS 2nd QUARTER 2026 RESULTS
COMCAST CORP (CCZ) filed an SEC Form 8-K — Results of Operations and Financial Condition. EX-99.1 2 ex991-6302026.htm EX-99.1 Document PRESS RELEASE COMCAST REPORTS 2nd QUARTER 2026 RESULTS PHILADELPHIA - July 23, 2026… Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended June 30, 2026. “ Second quarter results show continued progress again
How this was made
The 30-second read
Why it matters
Traders can update models using the reported quarterly financials (revenue, net income, adjusted EBITDA, EPS, free cash flow) and adjust longer-term assumptions around capital allocation and segment focus due to the planned separation.
Market read
The combination of weaker adjusted earnings metrics and strong free cash flow, plus the separation intention, creates a two-sided setup for both near-term and medium-term positioning.
What to watch
Comcast paused share repurchases while working through the separation, which can matter for near-term per-share support even as free cash flow remains strong.
Comcast reported second-quarter revenue of $29,940 million, down 1.2%, while pro forma revenue increased 4.7%; Adjusted EBITDA declined 13.4%, or 5.3% on a pro forma basis, and free cash flow increased 2.3% to $4,604 million.
Pro forma revenue growth, record domestic wireless line net additions, Business Services growth, Peacock profitability and higher free cash flow were offset by lower consolidated revenue, declining Adjusted EBITDA, declining Residential Connectivity & Platforms results and lower Theme Parks Adjusted EBITDA.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $29.94B | – | (1.2 %) |
| Pro Forma Revenuenon-GAAP | $29.57B | – | 4.7 % |
| Operating incomeGAAP | $5.16B | – | – |
| Net income attributable to Comcast CorporationGAAP | $3.53B | – | (68.3 %) |
| Adjusted Net Incomenon-GAAP | $3.71B | – | (20.3 %) |
| Diluted earnings per common share attributable to Comcast Corporation shareholdersGAAP | $0.99 | – | (66.9 %) |
| Adjusted EPSnon-GAAP | $1.04 | – | (16.7 %) |
| Adjusted EBITDAnon-GAAP | $8.90B | – | (13.4 %) |
| Pro Forma Adjusted EBITDAnon-GAAP | $8.92B | – | (5.3 %) |
| Net cash provided by operating activitiesGAAP | $8.09B | – | 3.5 % |
| Capital expendituresGAAP | $2.90B | – | 8.3 % |
| Cash paid for capitalized software and other intangible assetsGAAP | $587M | – | – |
| Free Cash Flownon-GAAP | $4.60B | – | 2.3 % |
| Total Domestic Broadband Residential Customersother | 28.49M | – | – |
| Total Domestic Broadband Residential Customer net lossesother | 167K | – | – |
| Total Domestic Wireless Linesother | 10.19M | – | – |
| Domestic Wireless Customer Line Net Additionsother | 448K | – | – |
| Total Domestic Video Customersother | 10.67M | – | – |
| Total Domestic Video Customer net lossesother | 280K | – | – |
| Peacock revenueother | $1.9B | – | – |
| Peacock Adjusted EBITDAnon-GAAP | $189M | – | – |
| Peacock paid subscribersother | 48M | 2 million net additions in the quarter | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Connectivity & PlatformsRevenue decreased, reflecting a decline in Residential Connectivity & Platforms that was partially offset by Business Services Connectivity growth. Adjusted EBITDA was $7,964 million, down (5.7 %), and Adjusted EBITDA margin was 40.2 %. | $19.80B | – | (3.0 %) |
| Residential Connectivity & PlatformsLower video, domestic broadband and other revenue was partially offset by growth in domestic wireless service, domestic wireless equipment, international connectivity and advertising. Adjusted EBITDA was $6,448 million, down (8.0 %), and margin was 37.7 %. | $17.12B | – | (4.0 %) |
| Business Services ConnectivityGrowth was primarily driven by increased enterprise solutions offerings. Adjusted EBITDA was $1,516 million, up 5.0 %, and margin was 56.7 %. | $2.67B | – | 3.7 % |
| Content & ExperiencesRevenue growth was driven by Media, including $440 million of incremental revenue from the FIFA World Cup, and Studios. Adjusted EBITDA was $1,329 million, up 7.1 %. | $10.73B | – | 22.9 % |
| MediaHigher domestic advertising and domestic distribution revenue drove growth. Revenue excluding FIFA World Cup was $5,250 million, up 15.6 %. Adjusted EBITDA was $708 million, up 3.7 %. | $5.69B | – | 25.3 % |
| StudiosHigher theatrical revenue from recent releases including The Super Mario Galaxy Movie, Obsession and international distribution of Michael drove growth. Adjusted EBITDA was $202 million, compared to $61 million. | $3.04B | – | 25.0 % |
| Theme ParksHigher Orlando revenue associated with the opening of Epic Universe in May 2025 was partially offset by lower international-park revenue. Adjusted EBITDA was $609 million, down (5.1 %). | $2.41B | – | 2.7 % |
| Corporate & OtherAdjusted EBITDA was ($374) million, compared to ($287) million, primarily reflecting higher corporate-function costs and lower regional sports network revenue. | $368M | – | 14.5 % |
| EliminationsAdjusted EBITDA was $3 million, compared to $20 million. | ($1,324) million | – | 8.8 % |
Capital returns
- Comcast paid dividends totaling $1.2 billion.
- Comcast repurchased 33.8 million of its shares for $900 million.
- Total return of capital to shareholders was $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.
What drove it
- Domestic wireless service revenue increased 14.2 % to $1,007 million due to an increase in customer lines.
- Domestic wireless equipment revenue increased 28.8 % to $404 million due to an increase in device sales.
- Business Services Connectivity revenue increased 3.7 % to $2,671 million, primarily due to enterprise solutions offerings.
- Media included $440 million of incremental revenue from the FIFA World Cup.
- Peacock achieved quarterly profitability for the first time with Adjusted EBITDA of $189 million and paid subscribers of 48 million.
- Studios theatrical revenue was $972 million, compared with $284 million, driven by recent theatrical releases.
Concerns
- Residential Connectivity & Platforms revenue decreased 4.0 % and Adjusted EBITDA decreased 8.0 %.
- Domestic broadband revenue decreased 5.5 % to $6,280 million due to lower average rates and a decline in domestic broadband customers.
- Total domestic broadband residential customer net losses were 167,000.
- Video revenue decreased 7.8 % to $6,092 million, and total domestic video customer net losses were 280,000.
- Theme Parks Adjusted EBITDA decreased 5.1 % to $609 million as higher operating expenses more than offset revenue growth.
- Consolidated Adjusted EBITDA decreased 13.4 %, while pro forma Adjusted EBITDA decreased 5.3 %.
What to watch
- Domestic broadband customer trends and the effect of the new go-to-market strategy on Residential Connectivity & Platforms revenue and margin.
- Domestic wireless line additions, which were 448,000 in the quarter, and penetration, which was 7% of total addressable wireless lines in Comcast's footprint.
- Business Services Connectivity enterprise solutions growth and its 56.7 % Adjusted EBITDA margin.
- Peacock's ability to sustain profitability following $189 million of quarterly Adjusted EBITDA.
- Theme Parks demand and operating expenses following the 5.1 % decline in Adjusted EBITDA.
- The proposed tax-free spin-off of NBCUniversal and Sky and the paused share repurchase program.
Balance sheet and cash flow
- Cash and cash equivalents were $7,661 million as of June 30, 2026, compared with $9,481 million as of December 31, 2025.
- Current portion of debt was $6,117 million as of June 30, 2026, compared with $5,958 million as of December 31, 2025.
- Noncurrent portion of debt was $84,264 million as of June 30, 2026, compared with $92,979 million as of December 31, 2025.
- Six-month net cash provided by operating activities was $14,983 million, compared with $16,109 million.
- Six-month capital expenditures were $5,253 million, compared with $4,930 million.
- Six-month Free Cash Flow was $8,505 million, compared with $9,921 million.
Analysis
Comcast's reported consolidated revenue declined 1.2 % to $29,940 million and Adjusted EBITDA fell 13.4 % to $8,902 million. The consolidated comparisons were affected by the Versant separation and sale of Sky operations in Germany. On the stated pro forma basis, revenue increased 4.7 % to $29,568 million and Adjusted EBITDA decreased 5.3 % to $8,923 million. GAAP net income attributable to Comcast Corporation declined to $3,526 million from $11,123 million, as the prior-year period included a $9.4 billion gain from the sale of Comcast's interest in Hulu. Adjusted Net Income decreased 20.3 % to $3,710 million and Adjusted EPS decreased 16.7 % to $1.04.
Connectivity & Platforms remained the principal drag. Residential Connectivity & Platforms revenue declined 4.0 % to $17,124 million and Adjusted EBITDA declined 8.0 % to $6,448 million, with the margin falling to 37.7 %. Domestic broadband revenue decreased 5.5 % to $6,280 million amid lower average rates and fewer domestic broadband customers. The company reported 167,000 domestic broadband residential customer net losses. Wireless continued to provide the offset: domestic wireless service revenue increased 14.2 % to $1,007 million, equipment revenue increased 28.8 % to $404 million, and domestic wireless line net additions reached 448,000. Business Services Connectivity added another growth source, with revenue up 3.7 % and Adjusted EBITDA up 5.0 % to $1,516 million.
Content & Experiences delivered reported growth. Revenue increased 22.9 % to $10,728 million and Adjusted EBITDA increased 7.1 % to $1,329 million. Media revenue increased 25.3 %, including $440 million of incremental FIFA World Cup revenue; excluding that event, Media revenue increased 15.6 %. Peacock generated Adjusted EBITDA of $189 million, compared with an Adjusted EBITDA loss of $101 million, alongside 48 million paid subscribers. Studios revenue increased 25.0 % and Adjusted EBITDA rose to $202 million from $61 million, supported by theatrical releases. Theme Parks revenue grew 2.7 %, but Adjusted EBITDA declined 5.1 % as higher operating expenses more than offset revenue growth.
Cash generation increased in the quarter despite earnings pressure. Net cash provided by operating activities increased 3.5 % to $8,092 million, and Free Cash Flow increased 2.3 % to $4,604 million. Capital expenditures increased 8.3 % to $2,902 million, driven by a 19.9 % increase in Connectivity & Platforms capital expenditures to $2.3 billion, primarily for scalable infrastructure and customer premise equipment. Comcast returned $2.1 billion to shareholders through $1.2 billion of dividends and $900 million of share repurchases, but announced on June 29, 2026 that it would pause repurchases during the separation process.
The filing provided no numerical forward outlook. The operating focus is the announced intention to separate NBCUniversal and Sky into two publicly traded companies through a tax-free spin-off, following the completed Versant separation and sale of Sky operations in Germany. The near-term financial points requiring attention are whether the broadband strategy improves customer and revenue trends, whether wireless and Business Services can continue to offset residential pressure, whether Peacock profitability persists, and whether Theme Parks margins stabilize.
Management, verbatim
Second quarter results show continued progress against our strategic priorities.
Brian L. Roberts and Mike Cavanagh, co-CEOs of Comcast Corporation
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.
Brian L. Roberts and Mike Cavanagh, co-CEOs of Comcast Corporation
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.
Brian L. Roberts and Mike Cavanagh, co-CEOs of Comcast Corporation
Not in the filing
stated, not guessed- Forward revenue guidance
- Forward gross-margin guidance
- Forward operating-expense guidance
- Forward tax-rate guidance
- Forward EPS or Adjusted EBITDA guidance
- Prior-quarter comparisons for reported quarterly metrics
- Consolidated gross margin
- Consolidated gross profit
- Quarterly cash balance comparison
- Dividend per share
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC Form 8-K with Comcast’s 2Q26 results press release, including segment KPIs and a stated intention to separate NBCUniversal and Sky.
Ticker impact
Comcast reported 2Q26 results with revenue down 1.2% and EPS down 66.9%, plus $4.6B free cash flow and a plan to separate NBCUniversal and Sky.
Likely choppy reaction: downside risk from weaker adjusted profitability (Adjusted EBITDA and EPS declines) offset by strong free cash flow and the NBCUniversal-Sky separation headline.
The article provides concrete quarterly financials (revenue, net income, adjusted EBITDA, EPS, FCF) and a new strategic corporate action (intention to separate), which can drive both immediate sentiment and medium-term positioning.
Market effects
Broadband and media peers may see read-across on wireless line growth, broadband churn trends, and the market’s appetite for large media separations.
Limited direct regional spillover beyond US cable and media investor sentiment.
Sky separation intent and international content engagement (Peacock/Telemundo, FIFA World Cup) can influence global media multiples and deal expectations.
Counterpoint
The headline separation intention may be more narrative than execution timing; near-term valuation could still be dominated by residential connectivity softness and margin compression.
Key entities
- companyComcast Corporation
Reported 2Q26 results and announced intention to separate NBCUniversal and Sky into two publicly traded companies.
- business_unitNBCUniversal
Planned to be separated via a tax-free spin-off as part of Comcast’s restructuring intention.
- business_unitSky
Planned to be separated alongside NBCUniversal into a separate publicly traded company.
- platformPeacock
Reached profitability for the first time in the quarter, with EBITDA of $189 million and 48 million paid subscribers.
