$CMCSA earnings report

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.

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.