COMCAST REPORTS 3rd QUARTER 2026 RESULTS
COMCAST CORP (CCZ) filed an SEC Form 8-K — Results of Operations and Financial Condition. PRESS RELEASE COMCAST REPORTS 3rd QUARTER 2026 RESULTS PHILADELPHIA - October 22, 2026… Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended September 30, 2026. “ We are taking decisive steps to strengthen our businesses and unlock the full potential o
How this was made
The 30-second read
Why it matters
The earnings mix of revenue decline and solid cash generation may lead to a modest re-rating, with dividend yield offering a floor for the stock.
Market read
First disclosure of Comcast's Q3 2026 financials, a material event for a large-cap telecom stock, influencing sector sentiment and dividend-focused investors.
What to watch
Growth in premium wireless plans and business services connectivity may offset short-term revenue weakness.
Comcast reports 3rd Quarter 2026 results with pro forma revenue growth of 0.5% and pro forma Adjusted EBITDA growth of 0.8%, while reported revenue declined 6.1%.
Pro forma revenue and Adjusted EBITDA increased, and Content & Experiences Adjusted EBITDA grew 29.3%, but reported revenue, Adjusted EBITDA, adjusted EPS, operating cash flow and free cash flow declined year-over-year. Connectivity & Platforms revenue and Adjusted EBITDA also declined.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, 3rd Quarter ($ in millions)GAAP | $29.30B | – | (6.1 %) |
| Pro Forma Revenue, 3rd Quarter ($ in millions)non-GAAP | $29.30B | – | 0.5 % |
| Operating income, 3rd Quarter ($ in millions)GAAP | $5.32B | – | – |
| Net income, 3rd Quarter ($ in millions)GAAP | $3.36B | – | – |
| Net income attributable to Comcast Corporation, 3rd Quarter ($ in millions)GAAP | $3.45B | – | 3.5 % |
| Adjusted Net Income, 3rd Quarter ($ in millions)non-GAAP | $3.82B | – | (7.3 %) |
| Diluted earnings per common share attributable to Comcast Corporation shareholders, 3rd QuarterGAAP | $0.97 | – | 7.2 % |
| Adjusted EPS, 3rd Quarternon-GAAP | $1.07 | – | (4.0 %) |
| Adjusted EBITDA, 3rd Quarter ($ in millions)non-GAAP | $9.11B | – | (5.8 %) |
| Pro Forma Adjusted EBITDA, 3rd Quarter ($ in millions)non-GAAP | $9.11B | – | 0.8 % |
| Net cash provided by operating activities, 3rd Quarter ($ in millions)GAAP | $7.90B | – | (9.1 %) |
| Capital expenditures, 3rd Quarter ($ in millions)GAAP | $3.06B | – | – |
| Cash paid for capitalized software and other intangible assets, 3rd Quarter ($ in millions)GAAP | $633M | – | – |
| Free Cash Flow, 3rd Quarter ($ in millions)non-GAAP | $4.21B | – | (14.8 %) |
| Revenue, Nine Months Ended September 30 ($ in millions)GAAP | $90.69B | – | (0.8) % |
| Operating income, Nine Months Ended September 30 ($ in millions)GAAP | $14.62B | – | – |
| Net income attributable to Comcast Corporation, Nine Months Ended September 30 ($ in millions)GAAP | $9.15B | – | (48.7 %) |
| Adjusted EBITDA, Nine Months Ended September 30 ($ in millions)non-GAAP | $25.94B | – | (12.0 %) |
| Diluted earnings per common share attributable to Comcast Corporation shareholders, Nine Months Ended September 30GAAP | $2.55 | – | (46.5 %) |
| Adjusted EPS, Nine Months Ended September 30non-GAAP | $2.90 | – | (16.1 %) |
| Net cash provided by operating activities, Nine Months Ended September 30 ($ in millions)GAAP | $22.89B | – | – |
| Free Cash Flow, Nine Months Ended September 30 ($ in millions)non-GAAP | $12.72B | – | – |
| Domestic broadband residential customer net losses, 3rd Quarterother | (144) | – | – |
| Domestic wireless line net additions, 3rd Quarterother | 368 | – | – |
| Total Domestic Wireless Lines, 3rd Quarter (in thousands)other | 10.55M | – | – |
| Total Domestic Video Customers, 3rd Quarter (in thousands)other | 10.39M | – | – |
| Peacock paid subscribersother | 48M | – | 17% Year-over-Year |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Connectivity & PlatformsRevenue 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. | $19.66B | – | (2.7 %) |
| Residential Connectivity & PlatformsRevenue decreased primarily reflecting lower video and domestic broadband revenue, partially offset by higher domestic wireless equipment, domestic wireless service, international connectivity and advertising revenue. | $17.02B | – | (3.5 %) |
| Business Services ConnectivityRevenue increased primarily due to an increase in revenue from enterprise solutions offerings. | $2.65B | – | 2.7 % |
| Content & ExperiencesRevenue increased primarily driven by Media, which included $224 million of incremental revenue from the FIFA World Cup. | $10.54B | – | 6.5 % |
| MediaRevenue increased primarily due to higher domestic distribution and domestic advertising revenue. Excluding $224 million of incremental revenue from the FIFA World Cup, Media revenue increased 8.3%. | $5.36B | – | 13.0 % |
| StudiosRevenue decreased primarily due to lower content licensing revenue, partially offset by higher theatrical revenue. | $2.97B | – | (1.1 %) |
| Theme ParksRevenue decreased primarily due to lower revenue from park admissions, including from the impact of increased promotional activity. | $2.60B | – | (4.4 %) |
| Headquarters & Other Content & ExperiencesIncludes overhead, personnel costs and costs associated with corporate initiatives. | $14 | – | (8.8 %) |
| Corporate & OtherCorporate & Other primarily includes overhead and personnel costs; regional sports networks; and Comcast Spectacor. | $341M | – | 8.2 % |
| EliminationsAmounts represent eliminations of transactions between Connectivity & Platforms, Content & Experiences and other businesses. | ($1,242) | – | (2.5 %) |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- Comcast paid dividends totaling $1.2 billion in the 3rd quarter.
- Repurchases of common stock under repurchase program and employee plans were $(2,517) million for the nine months ended September 30, 2026, compared to $(5,618) million for the nine months ended September 30, 2025.
- Dividends paid were $(3,606) million for the nine months ended September 30, 2026, compared to $(3,685) million for the nine months ended September 30, 2025.
- Comcast suspended its share repurchase program beginning in the third quarter and expects the pause to remain in place through the proposed separation of its businesses into two independent publicly traded companies.
What drove it
- Pro forma revenue was $29,298 in the 3rd quarter, compared to $29,151 in the prior year period, and pro forma Adjusted EBITDA was $9,106, compared to $9,038.
- Business Services Connectivity revenue increased 2.7% to $2.6 billion, led by enterprise solutions offerings.
- Domestic wireless service revenue increased 14.7%, reflecting customer-base growth and conversion of promotional free lines to paid service.
- Media revenue increased 13.0%, including $224 million of incremental revenue from the FIFA World Cup; Media revenue excluding the FIFA World Cup increased 8.3%.
- Peacock generated $1.8 billion of revenue and $261 million of Adjusted EBITDA, compared to $1.4 billion of revenue and an Adjusted EBITDA loss of $217 million in the prior year period.
- Studios Adjusted EBITDA increased 18.6% to $402 million, as lower operating expenses more than offset lower revenue.
Concerns
- Reported revenue decreased 6.1% and Adjusted EBITDA decreased 5.8%.
- Residential Connectivity & Platforms revenue decreased 3.5% and Adjusted EBITDA decreased 5.8%; its Adjusted EBITDA margin was 35.9%, down (90) bps.
- Domestic broadband revenue decreased 4.7% due to lower average rates and a decline in domestic broadband customers.
- Domestic broadband residential customer net losses were 144,000, and domestic video customer net losses were 274,000.
- Theme Parks revenue decreased 4.4% and Adjusted EBITDA decreased 17.1%, reflecting lower park-admissions revenue and higher operating expenses.
- Free Cash Flow decreased 14.8% to $4,211 million.
What to watch
- The conversion of promotional free wireless lines to paid service and adoption of premium wireless plans.
- Domestic broadband customer relationships, average rates and domestic broadband revenue.
- Business Services Connectivity growth from enterprise solutions offerings and the segment's Adjusted EBITDA margin.
- Peacock domestic distribution revenue, paid subscribers and profitability following the $261 million of Adjusted EBITDA reported in the quarter.
- Theme Parks admissions revenue and the impact of promotional activity.
- Progress on the proposed NBCUniversal and Sky separation, as well as the continuing suspension of the share repurchase program.
Balance sheet and cash flow
- Cash and cash equivalents were $7,596 million at September 30, 2026, compared to $9,481 million at December 31, 2025.
- Cash, cash equivalents and restricted cash were $7,676 million at September 30, 2026, compared to $9,371 million at September 30, 2025.
- Current portion of debt was $3,560 million at September 30, 2026, compared to $5,958 million at December 31, 2025.
- Noncurrent portion of debt was $83,806 million at September 30, 2026, compared to $92,979 million at December 31, 2025.
- Capital expenditures were $(8,311) million for the nine months ended September 30, 2026, compared to $(8,001) million for the nine months ended September 30, 2025.
- Cash paid for intangible assets was $(1,859) million for the nine months ended September 30, 2026, compared to $(1,934) million for the nine months ended September 30, 2025.
- Proceeds from borrowings were $1,990 million for the nine months ended September 30, 2026, compared to $2,494 million for the nine months ended September 30, 2025.
- Repurchases and repayments of debt were $(10,405) million for the nine months ended September 30, 2026, compared to $(4,366) million for the nine months ended September 30, 2025.
- Cash transferred to Versant, net was $(750) million for the nine months ended September 30, 2026.
Analysis
Comcast reported a mixed third quarter. Reported revenue decreased 6.1% to $29,298 million and Adjusted EBITDA decreased 5.8% to $9,106 million, reflecting the completed Versant Separation and sale of Sky operations in Germany. On the stated pro forma basis reflecting those transactions, revenue increased 0.5% to $29,298 million and Adjusted EBITDA increased 0.8% to $9,106 million. Net income attributable to Comcast Corporation increased 3.5% to $3,448 million and diluted EPS increased 7.2% to $0.97, while Adjusted Net Income decreased 7.3% to $3,824 million and Adjusted EPS decreased 4.0% to $1.07.
Connectivity & Platforms remained under pressure. Revenue decreased 2.7% to $19,663 million and Adjusted EBITDA decreased 4.4% to $7,588 million. Residential Connectivity & Platforms revenue declined 3.5% to $17,018 million, with lower video and domestic broadband revenue partially offset by wireless equipment, wireless service, international connectivity and advertising revenue. Domestic broadband revenue declined 4.7% to $6,241 million, domestic broadband residential customer net losses were 144,000, and domestic video customer net losses were 274,000. Wireless was the principal counterweight: domestic wireless service revenue increased 14.7% to $1,050 million, domestic wireless equipment revenue increased 43.6% to $475 million, and domestic wireless line net additions were 368,000. Business Services Connectivity revenue increased 2.7% to $2,645 million, but its Adjusted EBITDA margin declined to 55.9% from 56.4%.
Content & Experiences was the principal growth contributor. Revenue increased 6.5% to $10,537 million and Adjusted EBITDA increased 29.3% to $1,800 million. Media revenue increased 13.0% to $5,359 million, including $224 million of FIFA World Cup revenue. Media revenue excluding the FIFA World Cup increased 8.3%. Peacock delivered $1.8 billion of revenue and $261 million of Adjusted EBITDA, versus $1.4 billion of revenue and an Adjusted EBITDA loss of $217 million in the prior year period. Studios Adjusted EBITDA increased 18.6% to $402 million despite a 1.1% revenue decline, while Theme Parks revenue declined 4.4% to $2,597 million and Adjusted EBITDA declined 17.1% to $780 million.
Cash generation declined from the prior year period. Net cash provided by operating activities was $7,902 million, compared with $8,693 million, and Free Cash Flow was $4,211 million, compared with $4,945 million. Capital expenditures were $3,058 million, compared with $3,071 million. Comcast paid $1.2 billion in dividends during the quarter and suspended its share repurchase program beginning in the third quarter, with the pause expected to remain in place through the proposed separation of its businesses. Cash and cash equivalents were $7,596 million at September 30, 2026, while noncurrent debt was $83,806 million.
The filing did not provide forward financial guidance. Near-term attention is centered on the investment in Connectivity & Platforms, including domestic broadband retention, wireless monetization and Business Services growth, alongside the sustainability of Media and Peacock profitability and the recovery path for Theme Parks. The company also stated that the separation of NBCUniversal and Sky remains on track.
Management, verbatim
In Connectivity & Platforms, our near-term financial results reflect the investments we're making to navigate an increasingly dynamic environment.
Brian L. Roberts and Mike Cavanagh, co-CEOs of Comcast Corporation
Peacock delivered its second consecutive profitable quarter, generating $261 million in Adjusted EBITDA on $1.8 billion in revenue, driven by strong growth in distribution.
Brian L. Roberts and Mike Cavanagh, co-CEOs of Comcast Corporation
Despite near-term cyclical headwinds in Theme Parks, we remain confident in the business's long-term growth potential.
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
- Previous-release outlook for comparison
- Gross margin
- Quarterly cash balance comparison with a prior-year quarter
- Quarterly debt balance comparison with a prior-year quarter
- Sequential revenue, earnings, margin and customer-metric comparisons
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
Comcast's Q3 2026 earnings release provides the latest financial snapshot, highlighting both challenges in residential connectivity and strengths in business services and streaming.
Ticker impact
Comcast reported Q3 2026 results with revenue down 6.1% YoY and adjusted EPS of $1.07, marking the first public disclosure of these figures.
likely modest downside as investors price in revenue decline, offset by dividend and cash flow strength
Large-cap earnings with both negative (revenue drop) and positive (cash flow, dividend) elements typically lead to limited price movement; traders may adjust positions accordingly.
Market effects
Telecom and media sector may see slight pressure as a major player reports revenue decline, prompting analysts to reassess growth forecasts.
U.S. markets may experience modest pullback in communication services stocks during after-hours trading.
Limited, primarily affecting U.S. telecom equities and related dividend-focused investors.
Counterpoint
Despite revenue decline, the strong free cash flow and dividend payout could make the stock attractive for income investors.
Key entities
- companyComcast Corporation
U.S.-listed telecommunications and media conglomerate reporting Q3 2026 results.
- executiveBrian L. Roberts
Co-CEO of Comcast, quoted in the earnings release.
