CMCSA

Comcast Corporation CMCSA outlined an extensive operational restructuring during its third-quarter 2026 earnings call, emphasizing cost reductions, customer retention and wireless expansion amid intensifying broadband competition. Although adjusted earnings exceeded the Zacks Consensus Estimate, management acknowledged continued pressure on broadband profitability. Peacock's improving performance and the planned NBCUniversal separation remain important strategic priorities. Comcast reported adjusted earnings of $1.07 per share, exceeding the Zacks Consensus Estimate of 98 cents by 9 cents. However, adjusted earnings declined 4% from $1.12 in the year-ago quarter. Quarterly revenues totaled $29.29 billion, marginally below the Zacks Consensus Estimate of $29.3 billion. Reported revenues declined 6.1% year over year, although pro forma revenues increased 0.5%. Comcast Corporation price-consensus-eps-surprise-chart | Comcast Corporation Quote Chief financial officer Jason Armstrong highlighted $4.2 billion in free cash flow. Adjusted EBITDA declined 5.8% to $9.1 billion, reflecting ongoing financial pressures despite improvement in certain operating businesses. Co-CEO Michael Cavanagh acknowledged persistent competitive pressure from fixed wireless providers and aggressive fiber promotions. Management continues prioritizing simpler pricing, customer retention and service improvements. Comcast lost 144,000 broadband subscribers during the quarter compared with 91,000 a year earlier. Domestic broadband revenues declined 4.7%, reflecting lower average rates and subscriber losses. During the Q&A session, a MoffettNathanson analyst questioned whether competitors' recent pricing increases indicated improving conditions. Armstrong maintained that competition remained intense, citing fiber promotions offering gigabit services for $30-$40 monthly. Connectivity & Platforms CEO Steven Croney emphasized wireless expansion as central to Comcast's customer retention strategy. The company added 368,000 wireless lines, bringing its total to 10.6 million. Approximately 70% of customers receiving promotional free wireless lines convert into paying relationships. Premium unlimited plans accounted for approximately 40% of postpaid phone connections, compared with 30% in the preceding quarter. Responding to a Citigroup analyst, Croney highlighted further expansion opportunities. Wireless penetration reached nearly 18% of residential broadband customers, while Comcast serves approximately 7% of addressable wireless lines within its footprint. Armstrong announced plans for a fourth-quarter restructuring charge exceeding $1 billion, supporting organizational simplification and operational changes entering 2027. Management identified cost improvement opportunities totaling billions of dollars over time. Initiatives include organizational redesign, accelerated artificial intelligence adoption and improved customer service efficiency. During discussions with an Evercore ISI analyst, Armstrong emphasized reinvestment rather than cost reductions alone. Potential growth opportunities include premium wireless services, enterprise solutions and longer-term edge computing initiatives. Peacock generated $261 million in adjusted EBITDA, improving $478 million year over year. Revenue reached $1.8 billion, while paid subscribers increased 17% to 48 million. Cavanagh highlighted stronger distribution revenue, advertising performance and successful implementation of a subscription price increase. Subscriber levels remained stable sequentially. In response to a UBS analyst's questions about profitability, Cavanagh cautioned that quarterly results could fluctuate depending on the timing of content rights. He expects continued annual profitability improvement and identified the upcoming YouTube Premium bundle as an opportunity to reach additional audiences. Theme park revenues declined 4.4%, while adjusted EBITDA fell 17.1%. Management attributed the weakness primarily to softer Orlando demand and continued challenges in Japan. Cavanagh identified marketing execution and capacity constraints at Epic Universe as additional pressures. Management is responding with targeted promotions, revised park packages and operational improvements. During a Goldman Sachs analyst's questions, Cavanagh indicated that Orlando weakness could persist through the first half of 2027. Management expects overall theme park performance to return to growth during the second half. Cavanagh reaffirmed plans to separate NBCUniversal and Sky by mid-2027. Armstrong reiterated that share repurchases remain suspended at least through the separation to preserve financial flexibility. Management's near-term priorities center on broadband retention, wireless monetization, restructuring execution and positioning both businesses for independent operations. CMCSA currently carries a Zacks Rank #4 (Sell), reflecting an unfavorable near-term earnings estimate revision outlook. Its Value Score of A indicates attractive valuation characteristics, while its Growth Score of C and Momentum Score of D reflect less favorable growth and price momentum characteristics. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. The stock's VGM Score of B reflects a favorable combined assessment of value, growth and momentum. However, its weaker Zacks Rank tempers those positive style signals. The Zacks Rank can change as analysts revise earnings estimates following the latest quarterly results. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Comcast Corporation (CMCSA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

For questions about this article or underlying research, email [email protected]. AT&T (T) shares fell 6.4% on October 21, 2026, the day the company reported fiscal Q3 2026. The S&P 500 rose 0.6% during the same session. That morning, AT&T raised its full-year profit outlook while leaving its free cash flow forecast and range for core profit growth untouched. So where did the higher outlook come from? AT&T's Higher Outlook Came From Lower Depreciation On the October 21 call, management said the raise primarily reflected lower depreciation under held-for-sale accounting for AT&T Mexico, a business the company has agreed to sell. AT&T now expects full-year adjusted EPS in the $2.40 range, up from its previous range of $2.25 to $2.35. That means most of the higher figure comes from how the company accounts for a departing business, rather than from adding customers or increasing sales. Earnings for the quarter beat forecasts, with adjusted EPS reaching $0.65 against a consensus of $0.61. Revenue matched expectations at $32.3 billion. Even so, the stock decline was far steeper than the drops its peers recorded during the same session. Verizon fell 2.2% and T-Mobile fell 2.5%. Did AT&T's Forecast For Its Business Change? Not by much. Management maintained its fiscal 2026 forecast for adjusted EBITDA growth, the company's core profit measure, at 3% to 4%. The company now expects to hit the upper portion of that range. The full-year free cash flow forecast stayed at $18 billion. This steady outlook follows a strong quarter. Service revenue grew 3.8% from a year earlier, marking what management called its best performance in more than four years. Adjusted EBITDA grew more than 5% for a second consecutive quarter. The fourth quarter looks harder. Management expects adjusted EBITDA growth in the period to suffer from year-over-year increases in marketing and other customer acquisition costs. These higher expenses are tied to an extended device launch cycle and a wider push to sell fiber. What AT&T Said About Fiber Prices Average revenue per fiber customer fell 4% from a year earlier in fiscal Q3 2026. Management tied the decline to introductory prices for new customers, discounts for subscribers who also buy AT&T wireless, and growth among lower-paying Quantum brand customers in territories acquired from Lumen. The company expects a similar year-over-year decline in the fourth quarter. AT&T is using lower prices to win households where it can later sell wireless service. By the end of the quarter, nearly 43% of its advanced home internet customers, a group including both fiber and Internet Air, also held a postpaid wireless account with the company. When the call turned to fiber prices in AT&T's established fiber markets, management said it did not want to focus on that alone, pointing to service revenue and customer growth. Average revenue per fiber customer is the figure to watch when AT&T reports fiscal Q4 2026, expected in January 2027. Is Too Much Of Your Wealth Riding On One Stock? One report just changed how AT&T looks to the people who own it. When one position grows into a large part of your wealth, a sharp fall can hurt your whole plan, and selling to spread the money out can bring a large tax bill. Our partner advisory firm offers a free strategy review of ways to protect a concentrated position and unwind it with less tax. Request A Free Strategy Review Spot an error or want more like this? Tell us in 10 seconds.

- Interested in Comcast Corporation? Here are five stocks we like better. - Q3 results were mixed: Comcast reported flat revenue, about 1% adjusted EBITDA growth, $1.07 in adjusted EPS and $4.2 billion in free cash flow. Connectivity & Platforms revenue fell 2.6% as the company lost 144,000 broadband subscribers amid intense fiber and fixed-wireless competition, though wireless lines grew strongly. - Media performance improved substantially: Media EBITDA rose to $769 million, helped by World Cup advertising and Peacock's second consecutive profitable quarter. Peacock revenue increased 34% and its subscriber base reached 48 million. - Comcast is pursuing a major transformation and planned separation: The company expects a fourth-quarter charge exceeding $1 billion and remains on track to separate NBCUniversal and Sky by mid-2026. Theme parks remained a weak spot, with revenue down 4% due to softness in Orlando and Japan, while share repurchases remain paused. - 3 Stocks Standing Out and 2 Losing Momentum as the Tech Rally Cracks Comcast (NASDAQ:CMCSA) reported flat pro forma third-quarter revenue and approximately 1% growth in adjusted EBITDA, as investments in broadband pricing, packaging and customer experience continued to weigh on its Connectivity & Platforms segment. The company generated adjusted earnings per share of $1.07 and $4.2 billion in free cash flow during the quarter. Co-CEO Mike Cavanagh said Comcast remains on track to separate NBCUniversal and Sky into a standalone public company by the middle of next year. The company is building the infrastructure for the new entity and named Chris Halpin as NBCUniversal's chief financial officer earlier in the quarter. → Aurora Rejects Curaleaf's Higher Bid, But the Takeover Fight Isn't Over - Why the Comcast Spin-Off Won't Fix What's Actually Broken "We have a clear path to completion and remain focused on creating two companies with the strategic flexibility, financial strength, and leadership to compete and grow independently," Cavanagh said. Connectivity & Platforms revenue declined 2.6% and EBITDA fell 4.4%, reflecting the financial effects of changes to Comcast's go-to-market approach. The company has been simplifying pricing and packaging, expanding wireless offers and seeking to improve the customer experience, though those initiatives have created near-term pressure on results. → Could Quantinuum's Breakthrough Make Its Sell-Off a Bargain? - Comcast's NBCUniversal Split Puts Broadband Back in Focus Comcast lost 144,000 broadband subscribers in the quarter while adding 368,000 net wireless lines. Management cited aggressive fixed-wireless and fiber competition, including promotional fiber pricing in certain markets, as well as an unusually high number of customers rolling off legacy promotional broadband offers. CFO Jason Armstrong said some fiber competitors were offering service for $30 to $40 in certain markets, which Comcast considers difficult to sustain given the cost of network construction. He characterized the competitive environment as more intense in the second half of the year than in the first half. → IonQ's Bold Expansion Could Leave Shareholders Paying the Price Comcast said it is refining its retention offers and placing more emphasis on convergence between broadband and mobile. Convergence revenue declined 2%, while convergence average revenue per account fell 0.5%. However, wireless service revenue rose nearly 15% year over year. - Comcast ended the quarter with 10.6 million total wireless lines, up 18% from a year earlier. - Wireless penetration reached nearly 18% of the residential broadband customer base. - About 70% of free wireless lines are converting to paid relationships, according to the company. - Premium unlimited plans represented about 40% of postpaid phone connects, up from 30% in the prior quarter. Steve Croney, CEO of Connectivity and Platforms, said mobile remains a major growth opportunity because the capital-light model relies on Comcast's broadband customer base and Wi-Fi network. The company said roughly 90% of Xfinity Mobile traffic travels over Wi-Fi. Comcast is undertaking what Cavanagh described as the company's most significant operating and cost transformation, aiming to simplify its organization, accelerate product development and create more capacity to invest in growth. Armstrong said Comcast expects to record a fourth-quarter charge of more than $1 billion, largely tied to transformation efforts. The company has already made leadership changes in customer experience, growth and marketing, and is expanding the use of artificial intelligence in network management and customer service. Armstrong said service contact rates have been reduced by roughly 20%, eliminating more than 30 million customer service interactions year to date compared with the prior year. Management said the effort is not solely a cost-cutting initiative. It is intended to support investments in areas including premium wireless plans, multi-line mobile relationships, business services and potential longer-term opportunities such as edge computing. Comcast operates 1,400 headends with 250 megawatts of capacity, according to Armstrong. Business services revenue increased 2.7% and EBITDA rose 1.7%. Growth in enterprise solutions, including advanced connectivity, managed networking and security services, remained the principal driver. Small-business revenue was essentially flat. Media revenue increased 13% and EBITDA rose by more than $500 million to $769 million, driven primarily by Peacock and World Cup advertising. Peacock recorded its second consecutive profitable quarter, generating $261 million in EBITDA, a $478 million year-over-year improvement. Peacock revenue grew 34%, with distribution revenue up 44% and advertising revenue up 23%. The platform ended the period with 48 million subscribers, while paid subscribers increased by 7 million year over year and remained stable sequentially after a price increase earlier in the quarter. The FIFA World Cup generated $224 million of incremental advertising revenue in the third quarter and $664 million across the second and third quarters. Cavanagh said advertising conditions were relatively stable after adjusting for the World Cup and programming comparisons, with technology strength offsetting weaker consumer-driven categories. Cavanagh said Comcast expects Peacock's annual profitability to continue improving, though quarterly results may vary based on the timing of programming and other factors. He also highlighted the company's forthcoming YouTube Premium bundle with Peacock, which is designed to reach younger and incremental audiences while complementing Peacock's direct-to-consumer strategy. At Studios, revenue declined 1% because of the timing of lower-margin television licensing deals, but theatrical revenue increased 77% and EBITDA rose 19%. Universal surpassed $5 billion at the global box office during the year. Management said The Odyssey generated $1.8 billion in worldwide box office, becoming Universal's biggest film ever. Theme parks revenue declined 4% and EBITDA fell 17%, primarily because of weaker results in Orlando and Japan. Cavanagh said Orlando demand has been pressured by macroeconomic conditions, comparisons following the opening of Epic Universe and challenges involving capacity and ride throughput at the new park. In Japan, China-related travel restrictions continued to affect attendance and financial performance. Comcast expects to begin lapping the initial Japan pressure in the fourth quarter, while Hollywood could benefit from its recently opened Fast & Furious coaster. Still, Orlando softness and difficult comparisons are expected to remain fourth-quarter headwinds. Management expects parks performance to strengthen through 2027, with a return to growth anticipated in the second half of the year. Cavanagh said attendance, guest spending and financial performance in Orlando remain materially above levels from two years ago, while guest satisfaction has continued to improve. Comcast paid $1.2 billion in dividends during the quarter and said its share repurchase pause, which began July 1, will remain in effect at least through the NBCUniversal and Sky separation. The company said it is prioritizing balance-sheet flexibility and investment-grade credit ratings for both post-separation businesses. Comcast Corporation is a global media and communications company headquartered in Philadelphia, Pennsylvania. Founded in 1963 as American Cable Systems, the company grew through the expansion of cable television and broadband services and adopted the Comcast name in 1969. Through its Connectivity & Platforms businesses, Comcast provides residential and business customers with broadband internet, video, voice, mobile and related services. Its Xfinity brand offers internet, television, streaming and wireless products in the United States, while Comcast Business serves commercial and enterprise customers with connectivity, communications and technology solutions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Comcast Q3 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for October 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. - Management is executing a separation of NBCUniversal and Sky into a standalone public company by mid-2025 to enhance strategic flexibility and independent growth. - The Connectivity business is undergoing a fundamental 'operating and cost transformation' expected to yield billions in savings by redesigning decision-making and resource allocation. - Broadband performance is currently pressured by 'irrational' fiber pricing and aggressive fixed wireless competition, leading to higher churn and near-term financial headwinds. - Wireless is being utilized as a capital-light 'challenger' model to deepen broadband relationships, with 90% of traffic offloaded to Wi-Fi to maintain attractive economics. - NBCUniversal is adopting an 'open architecture' strategy, prioritizing partnerships like the YouTube bundle over a 'walled garden' approach to maximize content reach. - Theme park softness in Orlando and Japan is viewed as temporary, attributed to macroeconomic factors and capacity/throughput challenges at the technologically complex Epic Universe. - Business Services is pivoting toward the enterprise segment, taking share from legacy providers by offering integrated networking and security solutions. - A significant restructuring charge exceeding $1 billion is expected in Q4 2024 to facilitate the company's operational transformation and 2027 growth targets. - Theme park performance is projected to strengthen through 2027, with a Parks performance is expected to strengthen throughout 2027 as the company laps the initial headwinds from the Epic Universe opening and introduces new attractions like the Fast & Furious coaster to its other Orlando parks. - The company expects to continue converting 70% of free wireless lines into paying relationships, focusing on upselling customers to premium unlimited plans. - Management anticipates that network virtualization and upgrades to multi-gigabit symmetrical speeds will maintain product leadership at attractive unit economics. - Share repurchases remain paused until at least the completion of the spin-off to ensure both resulting entities maintain strong investment-grade balance sheets. - A higher-than-typical volume of legacy broadband customers are currently facing pricing transitions from two-year promotional roll-offs, contributing to elevated churn. - The company is actively addressing capacity and ride throughput challenges at Epic Universe to improve guest experience and operational reliability. - Geopolitical and macroeconomic headwinds continue to impact international theme park attendance, particularly from China-related travel restrictions in Japan. - Management flagged 'pockets of irrational pricing' in the fiber market, specifically citing $30-$40 gigabit offers as unsustainable relative to construction costs. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. - Management characterized $30-$40 fiber pricing as 'irrational' given the $1,500+ per-home construction costs. - Comcast intends to compete through product differentiation and value-added services rather than matching unsustainable price points. - With only 7% penetration of addressable lines in their footprint, management sees a 'long runway' for wireless growth. - The 'free line' strategy successfully increased awareness, with 70% of those users converting to paid status and showing similar usage patterns to traditional subscribers. - Management expects Peacock to drive annual profitability growth despite 'lumpy' quarterly results tied to content cycles. - The YouTube bundle is designed to reach a younger, incremental audience that consumes NBC content on YouTube but does not yet subscribe to Peacock. - Management believes broadband is well-positioned against AI 'agents' because data usage is increasing 10% annually, making the service less commoditized. - Comcast is using AI internally to reduce customer service contact rates by 20% and eliminate 30 million service interactions year-to-date.

- Comcast plans major job cuts across its cable TV, broadband and wireless businesses. - Analysts expect Comcast to report $29.21 billion in revenue and $0.99 adjusted EPS in Q3. - On Stocktwits, retail sentiment turned 'bearish'. Comcast Corp. (CMCSA) stock slipped in Thursday's premarket ahead of its fiscal third-quarter earnings. Mounting broadband subscriber losses, a reported sweeping corporate reorganization with impending job cuts, an upcoming NBCUniversal cable network spinoff, and aggressive satellite competition from SpaceX's (SPCX) Starlink have driven bearish retail trader sentiment. Comcast stock edged 0.3% lower in Thursday's premarket. See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox Comcast approaches its critical Q3 earnings report under heavy scrutiny, with Wall Street modeling revenue of $29.21 billion and adjusted EPS of $0.99, according to Fiscal.ai. The premarket weakness follows a report from Bloomberg revealing that Comcast is preparing workforce reductions as part of a major structural overhaul spanning its cable-TV, domestic broadband, and wireless operating units. The corporate rightsizing comes as the company prepares to spin off its previously announced linear NBCUniversal cable networks—including MSNBC, CNBC, USA Network, and E!—into a standalone public entity. Adding to sector-wide anxiety, peer AT&T (T) saw its stock tumble over 6% on Wednesday despite delivering a Q3 top-and-bottom-line beat, as investors panicked over slowing postpaid customer additions and rising disruption risks from SpaceX's expanding Starlink Mobile and direct-to-cell satellite connectivity. Earlier this month, Bernstein analyst Laurent Yoon reduced the price target for Comcast to $23 from $28 while retaining a Market Perform rating. The analyst pointed to SpaceX's expansion into internet and wireless services as a growing competitive threat. The analyst also added that Comcast also faces pressure from pricing changes among established telecom providers, while typical seasonal trends could weigh on Q4 performance. Scotiabank lowered its price target on Comcast to $27.50 from $29 and kept a 'Sector Perform' rating. The firm said telecom stocks have faced pressure over the past year as investors reassessed the valuations of companies across the sector and added that competition from SpaceX has contributed to those concerns. On Stocktwits, retail sentiment around the stock declined to 'bearish' from 'neutral' territory the previous day. The stock saw a 433% increase in message volume over the past 24 hours. CMCSA stock has gained over 5% year-to-date. Read Next: META Stock In Focus: Morningstar Sees 22% Upside As Meta Muse AI Adoption Boosts Confidence Along With Ad Growth For updates and corrections, email newsroom[at]stocktwits[dot]com. Shivani Kumaresan has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy. This article was originally published on StockTwits. Related: - WDC Slides Overnight Post-Earnings Despite Goldman's Upside Call — CEO Sees Top Customers' Storage Demand Into 2031 - DECK Stock Tumbles Overnight: HOKA Maker Sees 'Measured Growth' Over Next 2 Quarters As Consumers Seek Discounts - SOXX, SOXL, SMH Plunge As Chip Stocks Sell Off Amid Supply Chain Concerns

Comcast's (CMCSA) third-quarter results surpassed Wall Street's expectations Thursday even as the media giant continued to lose domestic broadband subscribers. Revenue fell 6.1% year over year to about $29.3 billion in the September quarter, but exceeded the FactSet-polled consensus of $29.22 billion. Adjusted earnings dropped to $1.07 a share from $1.12 a year earlier, but topped the Street's $0.99 views. The company's shares were up 4% in afternoon trade, but have fallen nearly 18% so far this year. Third-quarter revenue from the connectivity and platforms unit decreased 2.7% year over year to $19.66 billion amid a 3.5% drop the residential component to $17.02 billion. Comcast lost 144,000 domestic residential broadband customers in the quarter, compared with 91,000 losses a year earlier, while video customer losses widened to 274,000 from 257,000. Domestic wireless net additions reached 368,000, down from 414,000. The content and experiences division's revenue increased 6.5% to $10.54 billion. Sales in the studios and theme park divisions declined in the September quarter from a year earlier. In June, the company outlined plans to split into two publicly traded companies, separating its NBCUniversal and Sky media businesses from its broadband and connectivity operations. "We are on track to complete the transaction by the middle of next year and are well into the execution phase, which includes building the standalone public company infrastructure," Comcast co-Chief Executive Mike Cavanagh said on an earnings conference call Thursday, according to a FactSet transcript. "While there is still significant work ahead, we have a clear path to completion." Comcast expects to take a charge of more than $1 billion in the fourth quarter related mostly to the company's "transformation efforts," Chief Financial Officer Jason Armstrong said on the call. "We're challenging established ways of working and redesigning how we make decisions, allocate resources and run the business to create a more agile, efficient organization that can compete more effectively and invest more decisively in growth," Cavanagh told analysts. Last month, KeyBanc Capital Markets downgraded its rating on Comcast's shares and said it didn't believe the NBCUniversal spinoff would be a catalyst to the stock as the fundamentals of both businesses' key assets are deteriorating with potential "multiple compression." On Wednesday, telecommunications giant AT&T (T) raised its full-year earnings outlook following stronger-than-expected third-quarter results, though its postpaid phone subscriber growth missed projections. Verizon Communications (VZ) is scheduled to release its third-quarter results Oct. 26, followed by T-Mobile US (TMUS) Oct. 28.

PHILADELPHIA, October 22, 2026--(BUSINESS WIRE)--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 of their structural advantages," said Brian L. Roberts and Mike Cavanagh, co-CEOs of Comcast Corporation. "In Connectivity & Platforms, our near-term financial results reflect the investments we're making to navigate an increasingly dynamic environment. We're encouraged by improving customer satisfaction, strong conversion of free wireless lines to paid relationships, growing adoption of premium wireless plans across our 10.6 million total wireless lines and healthy growth in Business Services, led by Enterprise, where there is substantial opportunity ahead. At the same time, we're transforming our operations to move faster, improve efficiency and fully capitalize on the strength of our businesses. In Content & Experiences, 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, while Universal surpassed $5 billion at the global box office, led by the record-breaking success of The Odyssey, now Universal's highest-grossing film of all time. Despite near-term cyclical headwinds in Theme Parks, we remain confident in the business's long-term growth potential. We generated $4.2 billion in free cash flow and are making meaningful progress on the separation of NBCUniversal and Sky, which remains on track to create two independent companies with the financial strength and flexibility to pursue their respective growth strategies." | | | | | | | | ($ in millions, except per share data) | | | | | | | | 3rd Quarter | | Consolidated Results | 2026 | | 2025 | | Change | | | | | | | | | Revenue | $29,298 | | $31,198 | | (6.1 | %) | | Pro Forma Revenue1 | $29,298 | | $29,151 | | 0.5 | % | | Net Income Attributable to Comcast | $3,448 | | $3,332 | | 3.5 | % | | Adjusted Net Income2 | $3,824 | | $4,125 | | (7.3 | %) | | Adjusted EBITDA3 | $9,106 | | $9,669 | | (5.8 | %) | | Pro Forma Adjusted EBITDA1 | $9,106 | | $9,038 | | 0.8 | % | | Earnings per Share4 | $0.97 | | $0.90 | | 7.2 | % | | Adjusted Earnings per Share2 | $1.07 | | $1.12 | | (4.0 | %) | | Net Cash Provided by Operating Activities | $7,902 | | $8,693 | | (9.1 | %) | | Free Cash Flow5 | $4,211 | | $4,945 | | (14.8 | %) | | | | | | | | For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedule on Comcast's Investor Relations website at www.cmcsa.com. 3rd Quarter 2026 Highlights: - Generated Consolidated Adjusted EBITDA of $9.1 Billion, Adjusted EPS of $1.07 and Free Cash Flow of $4.2 Billion - Paid $1.2 Billion in Dividend Payments to Shareholders - Domestic Wireless Customer Line Net Additions Were 368,000 and 1.6 Million Over the Last 12 Months; Total Wireless Lines Increased to 10.6 Million, Reaching Nearly 18% Penetration of Our Domestic Residential Broadband Customers and 7% of Total Addressable Wireless Lines in Our Footprint - Continued to Drive Adoption of Higher-Value Products; Nearly 45% of Our Broadband Customers Are Now on Gig-Plus Speed Tiers, Up Nearly 10 Percentage Points Year-over-Year, and Premium Unlimited Plans Represented Approximately 40% of Postpaid Phone Connects - Launched Xfinity Shield, a First-of-its-Kind Platform That Transforms Xfinity Wi-Fi into an Always-On Layer of Cybersecurity, Home and Family Protection - Business Services Connectivity Revenue Increased 2.7% to $2.6 Billion, EBITDA Increased 1.7% to $1.5 Billion and EBITDA Margin Was 55.9% - Peacock Delivered EBITDA of $261 Million, Increasing $478 Million Year-over-Year; Paid Subscribers Increased 17% Year-over-Year to 48 Million - The Odyssey Premiered in July and Became Universal's Highest Grossing Film of All Time with Nearly $1.8 Billion in Worldwide Box Office Year-to-Date; Universal Became the First Studio to Reach $5 Billion at the Global Box Office in 2026; Studios EBITDA Increased 18.6% to $402 Million - Opened Fast & Furious: Hollywood Drift at Universal Studios Hollywood, the Park's First-Ever High-Speed Outdoor Roller Coaster and the Fastest Roller Coaster in the Universal Destinations & Experiences Portfolio 3rd Quarter Consolidated Financial Results Revenue decreased 6.1% compared to the prior year period. Net Income Attributable to Comcast increased 3.5%. Adjusted Net Income decreased 7.3%. Adjusted EBITDA decreased 5.8%. 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 and Adjusted EBITDA were consistent with the prior year period. Earnings per Share (EPS) increased 7.2% to $0.97. Adjusted EPS decreased 4.0% to $1.07. Capital Expenditures were consistent at $3.1 billion. Connectivity & Platforms' capital expenditures increased 3.6% to $2.4 billion, primarily reflecting higher spending on customer premise equipment. Content & Experiences' capital expenditures decreased 10.6% to $639 million. Net Cash Provided by Operating Activities was $7.9 billion. Free Cash Flow was $4.2 billion. Dividends. Comcast paid dividends totaling $1.2 billion. As previously announced, Comcast suspended its share repurchase program beginning in the third quarter and expects the pause to remain in place through the proposed separation of its businesses into two independent publicly traded companies. Connectivity & Platforms | | | | | | | | | | | | | | | | | | | ($ in millions) | | | | | | | Constant Currency Change7 | | | 3rd Quarter | | | | 2026 | | | 20256 | | | Change | | | | | | | | | | | | Connectivity & Platforms Revenue | | | | | | | | | Residential Connectivity & Platforms | $17,018 | | | $17,636 | | | (3.5 | %) | | (3.4 | %) | | Business Services Connectivity | 2,645 | | | 2,576 | | | 2.7 | % | | 2.7 | % | | Total Connectivity & Platforms Revenue | $19,663 | | | $20,212 | | | (2.7 | %) | | (2.6 | %) | | | | | | | | | | | Connectivity & Platforms Adjusted EBITDA | | | | | | | | | Residential Connectivity & Platforms | $6,110 | | | $6,484 | | | (5.8 | %) | | (5.8 | %) | | Business Services Connectivity | 1,478 | | | 1,454 | | | 1.7 | % | | 1.7 | % | | Total Connectivity & Platforms Adjusted EBITDA | $7,588 | | | $7,938 | | | (4.4 | %) | | (4.4 | %) | | | | | | | | | | | Connectivity & Platforms Adjusted EBITDA Margin | | | | | | | | | Residential Connectivity & Platforms | 35.9 | % | | 36.8 | % | | (90) bps | | (90) bps | | Business Services Connectivity | 55.9 | % | | 56.4 | % | | (50) bps | | (50) bps | | Total Connectivity & Platforms Adjusted EBITDA Margin | 38.6 | % | | 39.3 | % | | (70) bps | | (70) bps | | | | | | | | | | Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins. 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 performance reflect the investment in our go-to-market strategy. Adjusted EBITDA margin was 38.6%. | | | | | | | | | | (in thousands) | | | | | Net Additions / (Losses) | | | | | | | | | | | 3rd Quarter | | | 3Q26 | | 3Q25 | | 2026 | | | 2025 | | | Residential Connectivity & Platforms Customer Relationships | | | | | | | | | Domestic Residential Connectivity & Platforms Customer Relationships | 30,040 | | 30,642 | | (139 | ) | | (103 | ) | | International Residential Connectivity & Platforms Customer Relationships8 | 17,712 | | 17,477 | | 173 | | | (95 | ) | | Total Residential Connectivity & Platforms Customer Relationships8 | 47,751 | | 48,120 | | 33 | | | (199 | ) | | | | | | | | | | | Total Domestic Broadband Residential Customers | 28,343 | | 28,897 | | (144 | ) | | (91 | ) | | | | | | | | | | | Total Domestic Wireless Lines | 10,555 | | 8,941 | | 368 | | | 414 | | | | | | | | | | | | Total Domestic Video Customers | 10,394 | | 11,515 | | (274 | ) | | (257 | ) | | | | | | | | | | Total Customer Relationships for Residential Connectivity & Platforms increased by 33,000 to 47.8 million, reflecting an increase in international residential customer relationships, partially offset by a decrease in domestic residential customer relationships. Total domestic broadband residential customer net losses were 144,000, total domestic wireless line net additions were 368,000 and total domestic video customer net losses were 274,000. Residential Connectivity & Platforms | | | | | | | | | | ($ in millions) | | | | | | | Constant Currency Change7 | | | 3rd Quarter | | | | 2026 | | | 20256, 9 | | | Change | | | | | | | | | | | | Revenue | | | | | | | | | Domestic Broadband | $6,241 | | | $6,550 | | | (4.7 | %) | | (4.7 | %) | | Domestic Wireless Service | 1,050 | | | 915 | | | 14.7 | % | | 14.7 | % | | Domestic Convergence Revenue | 7,292 | | | 7,466 | | | (2.3 | %) | | (2.3 | %) | | Domestic Wireless Equipment | 475 | | | 331 | | | 43.6 | % | | 43.6 | % | | International Connectivity | 1,314 | | | 1,275 | | | 3.1 | % | | 3.5 | % | | Total Residential Connectivity | 9,081 | | | 9,071 | | | 0.1 | % | | 0.2 | % | | Video | 5,910 | | | 6,475 | | | (8.7 | %) | | (8.5 | %) | | Advertising | 918 | | | 893 | | | 2.9 | % | | 3.1 | % | | Other | 1,109 | | | 1,197 | | | (7.3 | %) | | (7.2 | %) | | Total Revenue | $17,018 | | | $17,636 | | | (3.5 | %) | | (3.4 | %) | | | | | | | | | | | Operating Expenses | | | | | | | | | Programming | $3,624 | | | $3,952 | | | (8.3 | %) | | (8.1 | %) | | Non-Programming | 7,284 | | | 7,200 | | | 1.2 | % | | 1.4 | % | | Total Operating Expenses | $10,908 | | | $11,152 | | | (2.2 | %) | | (2.0 | %) | | | | | | | | | | | Adjusted EBITDA | $6,110 | | | $6,484 | | | (5.8 | %) | | (5.8 | %) | | Adjusted EBITDA Margin | 35.9 | % | | 36.8 | % | | (90) bps | | (90) bps | | | | | | | | | | Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins. Revenue for Residential Connectivity & Platforms decreased compared to the prior year period, primarily reflecting lower video and domestic broadband revenue, partially offset by higher domestic wireless equipment, domestic wireless service, 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, reflecting growth in the customer base and the conversion of promotional free lines to paid service. Domestic wireless equipment revenue increased, driven by higher device sales. International connectivity revenue increased due to higher wireless revenue, primarily reflecting higher equipment revenue. 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 international advertising and lower domestic nonpolitical 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, partially offset by lower technical and support costs. Adjusted EBITDA margin was 35.9%. Business Services Connectivity | | | | | | | | | | ($ in millions) | | | | | | | Constant Currency Change7 | | | 3rd Quarter | | | | 2026 | | | 2025 | | | Change | | | | | | | | | | | | Revenue | $2,645 | | | $2,576 | | | 2.7% | | 2.7% | | Operating Expenses | 1,167 | | | 1,122 | | | 4.0% | | 4.0% | | Adjusted EBITDA | $1,478 | | | $1,454 | | | 1.7% | | 1.7% | | Adjusted EBITDA Margin | 55.9 | % | | 56.4 | % | | (50) bps | | (50) bps | | | | | | | | | | Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins. Revenue for Business Services Connectivity increased primarily due to an increase in revenue from enterprise solutions offerings. Adjusted EBITDA for Business Services Connectivity increased due to higher revenue, partially offset by higher operating expenses. The increase in operating expenses was primarily due to increases in direct product costs and marketing and promotion expenses. Adjusted EBITDA margin was 55.9%. Content & Experiences | | | | | | | | | | | | | | | ($ in millions) | | | | | | | | 3rd Quarter | | | 2026 | | | 20256 | | | Change | | Content & Experiences Revenue | | | | | | | Media | $5,359 | | | $4,744 | | | 13.0 | % | | Excluding FIFA World Cup10 | 5,136 | | | 4,744 | | | 8.3 | % | | Studios | 2,967 | | | 3,000 | | | (1.1 | %) | | Theme Parks | 2,597 | | | 2,717 | | | (4.4 | %) | | Headquarters & Other | 14 | | | 15 | | | (8.8 | %) | | Eliminations | (400 | ) | | (579 | ) | | 30.9 | % | | Total Content & Experiences Revenue | $10,537 | | | $9,898 | | | 6.5 | % | | | | | | | | | Content & Experiences Adjusted EBITDA | | | | | | | Media | $769 | | | $247 | | | N | M | | Studios | 402 | | | 339 | | | 18.6 | % | | Theme Parks | 780 | | | 940 | | | (17.1 | %) | | Headquarters & Other | (191 | ) | | (204 | ) | | 6.2 | % | | Eliminations | 40 | | | 69 | | | 42.2 | % | | Total Content & Experiences Adjusted EBITDA | $1,800 | | | $1,392 | | | 29.3 | % | | NM=comparison not meaningful. | | | | | | Revenue for Content & Experiences increased compared to the prior year period primarily driven by Media, which included $224 million of incremental revenue from the FIFA World Cup. Adjusted EBITDA for Content & Experiences increased primarily due to growth in Media and Studios, partially offset by a decline in Theme Parks. Media | | | | | | | | ($ in millions) | | | | | | | | 3rd Quarter | | | 2026 | | 20256 | | Change | | Revenue | | | | | | | Domestic Advertising | $1,783 | | $1,556 | | 14.6 | % | | Excluding FIFA World Cup10 | 1,560 | | 1,556 | | 0.3 | % | | Domestic Distribution | 2,069 | | 1,690 | | 22.4 | % | | International Networks | 1,270 | | 1,239 | | 2.5 | % | | Other | 236 | | 259 | | (8.9 | %) | | Total Revenue | $5,359 | | $4,744 | | 13.0 | % | | Excluding FIFA World Cup10 | 5,136 | | 4,744 | | 8.3 | % | | Operating Expenses | 4,590 | | 4,497 | | 2.1 | % | | Adjusted EBITDA | $769 | | $247 | | N | M | | NM=comparison not meaningful. | | | | | | Revenue for Media 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%. Domestic advertising revenue increased primarily due to the impact of the FIFA World Cup. Excluding the incremental revenue associated with this event, domestic advertising revenue was consistent primarily reflecting higher revenue at Peacock, offset by lower revenue at our networks. 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 was primarily driven by higher other expenses, partially offset by lower programming and production costs. Other expenses increased primarily due to costs related to Peacock. Programming and production costs decreased primarily due to lower programming costs at Peacock and our international networks, partially offset by costs associated with the FIFA World Cup. Media results include $1.8 billion of revenue and Adjusted EBITDA11 of $261 million related to Peacock, which includes amounts attributable to the FIFA World Cup, compared to $1.4 billion of revenue and an Adjusted EBITDA11 loss of $217 million in the prior year period. Studios | | | | | | | | ($ in millions) | | | | | | | | 3rd Quarter | | | 2026 | | 20256 | | Change | | Revenue | | | | | | | Content Licensing | $1,553 | | $2,035 | | (23.7 | %) | | Theatrical | 1,129 | | 639 | | 76.6 | % | | Other | 285 | | 326 | | (12.7 | %) | | Total Revenue | $2,967 | | $3,000 | | (1.1 | %) | | Operating Expenses | 2,565 | | 2,661 | | (3.6 | %) | | Adjusted EBITDA | $402 | | $339 | | 18.6 | % | | | | | | | | | Revenue for Studios decreased primarily due to lower content licensing revenue, partially offset by higher theatrical revenue. Content licensing revenue decreased primarily due to the timing of when content was made available by our television studios. Theatrical revenue increased primarily due to the successful performance of recent releases, including The Odyssey and Minions & Monsters, as well as the carryover benefit of Obsession. Adjusted EBITDA for Studios increased due to lower operating expenses, which more than offset lower revenue. The decrease in operating expenses was primarily driven by lower programming and production expenses, mainly due to lower content licensing sales at our television studios, partially offset by higher film costs, as well as lower marketing and promotion expenses due to the timing of spending on recent and upcoming theatrical film releases. Theme Parks | | | | | | | | ($ in millions) | | | | | | | | 3rd Quarter | | | 2026 | | 20256 | | Change | | | | | | | | | Revenue | $2,597 | | $2,717 | | (4.4%) | | Operating Expenses | 1,817 | | 1,777 | | 2.3% | | Adjusted EBITDA | $780 | | $940 | | (17.1%) | | | | | | | | Revenue for Theme Parks decreased primarily due to lower revenue from park admissions, including from the impact of increased promotional activity. Adjusted EBITDA for Theme Parks decreased reflecting lower revenue and higher operating expenses. The increase in operating expenses was primarily due to operating costs associated with our domestic parks, partially offset by a decrease in operating costs at our international parks. Headquarters & Other Content & Experiences Headquarters & Other includes overhead, personnel costs and costs associated with corporate initiatives. Headquarters & Other Adjusted EBITDA loss in the third quarter was $191 million, compared to a loss of $204 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 $400 million, compared to $579 million in the prior year period, and Adjusted EBITDA eliminations were a benefit of $40 million, compared to a benefit of $69 million in the prior year period. Corporate, Other and Eliminations | | | | | | | | | | | | | | | ($ in millions) | | | | | | | | 3rd Quarter | | | 2026 | | | 20256 | | | Change | | Corporate & Other | | | | | | | Revenue | $341 | | | $315 | | | 8.2 | % | | Operating Expenses | 640 | | | 587 | | | 8.9 | % | | Adjusted EBITDA | ($299 | ) | | ($272 | ) | | (9.7 | %) | | | | | | | | | Eliminations | | | | | | | Revenue | ($1,242 | ) | | ($1,273 | ) | | (2.5 | %) | | Operating Expenses | (1,260 | ) | | (1,254 | ) | | 0.5 | % | | Adjusted EBITDA | $18 | | | ($19 | ) | | N | M | | NM=comparison not meaningful. | | | | | | Amounts for 2025 exclude the impacts of Versant and our Sky operations in Germany. Amounts for 2026 exclude the impacts of our Sky operations in Germany through the date of sale. See Table 8 for the reconciliation to consolidated results. 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 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 $1.2 billion, compared to $1.3 billion in the prior year period, and Adjusted EBITDA eliminations were a benefit of $18 million compared to a loss of $19 million in the prior year period. Notes: 1 | | Certain financial information is presented on a pro forma basis in connection with the separation of Versant, which was completed on January 2, 2026 (the "Versant Separation"), and the sale of our Sky operations in Germany, which was completed on May 31, 2026 (the "Sale"). The pro forma financial measures are non-GAAP financial measures and are presented as if the Versant Separation and the Sale had both occurred on January 1, 2024. The pro forma information is primarily based on historical results of operations and includes pro forma adjustments in accordance with Article 11 of Regulation S-X that are directly attributable to the Versant Separation and the Sale. For the Versant Separation, this includes adjustments related to the commercial services agreement for the sale and use of Versant's advertising and promotional inventory. This pro forma information is not necessarily indicative of future results. See Table 8 for reconciliations of non-GAAP financial measures. 2 | | We define Adjusted Net Income and Adjusted EPS as net income attributable to Comcast Corporation and diluted earnings per common share attributable to Comcast Corporation shareholders, respectively, adjusted to exclude the effects of the amortization of acquisition-related intangible assets, investments that investors may want to evaluate separately (such as based on fair value) and the impact of certain events, gains, losses or other charges that affect period-over-period comparisons. See Table 5 for reconciliations of non-GAAP financial measures. 3 | | We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. See Table 4 for reconciliation of non-GAAP financial measure. 4 | | All earnings per share amounts are presented on a diluted basis. 5 | | We define Free Cash Flow as net cash provided by operating activities (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant legal settlements) that affect period-to-period comparability. Cash payments related to certain capital or intangible assets, such as the construction of Universal Beijing Resort, are presented separately in our Consolidated Statement of Cash Flows and are therefore excluded from capital expenditures and cash paid for intangible assets for Free Cash Flow. See Table 4 for reconciliation of non-GAAP financial measure. 6 | | Beginning in the first quarter of 2026, we updated the composition of our segments to align with the segment-level information that is regularly provided to our chief operating decision maker, including (1) adjusting the Media segment to exclude the historical results of Versant; (2) reclassifying the results of our regional sports networks to Corporate and other from the Media segment; (3) reclassifying the results of Xumo, our streaming platform joint venture with Charter Communications, to the Residential Connectivity & Platforms segment from Corporate and other; (4) reclassifying certain shared expenses into the related Media, Studios and Theme Parks segments from Content & Experiences Headquarters & Other; and (5) adjusting the Media segment and Versant for the effects of our commercial services agreement. Prior periods have been reclassified to reflect the current year presentation. 7 | | Constant currency growth rates are calculated by comparing the results for each comparable prior year period adjusted to reflect the average exchange rates from each current year period presented rather than the actual exchange rates that were in effect during the respective periods. See Table 6 for reconciliations of non-GAAP financial measures. 8 | | Residential Connectivity & Platforms customer relationships and International Residential Connectivity & Platforms customer relationships were updated in the first quarter of 2026 due to a conforming change in methodology, resulting in a decrease of 125,000 customers. There was no impact to net additions and information for all periods have been recast on a comparable basis. 9 | | Beginning in the first quarter of 2026, commission revenue from the sale of certain direct to consumer ("DTC") streaming services is presented in domestic broadband revenue or video revenue based on whether a customer is entitled to receive the DTC streaming service through a broadband or video service offering. Domestic broadband revenue also includes revenue from streaming devices available to our broadband customers. Previously, all of these amounts were in video revenue. Prior periods have been reclassified to reflect the current year presentation. 10 | | From time to time, we may present adjusted information (e.g., Adjusted Revenues) to exclude the impact of certain events, gains, losses or other charges affecting period-to-period comparability of our operating performance. See Table 7 for reconciliations of non-GAAP financial measures. 11 | | Adjusted EBITDA is the measure of profit or loss for our segments. From time to time, we may present Adjusted EBITDA for components of our reportable segments, such as Peacock. We believe these measures are useful to evaluate our financial results and provide a basis of comparison to others, although our definition of Adjusted EBITDA may not be directly comparable to similar measures used by other companies. Adjusted EBITDA for components are presented on a consistent basis with the respective segments and disaggregated in accordance with GAAP. | | Numerical information is presented on a rounded basis using actual amounts, unless otherwise noted. The change in Peacock paid subscribers is calculated using rounded paid subscriber amounts. Minor differences in totals and percentage calculations may exist due to rounding. Conference Call and Other Information Comcast Corporation will host a conference call with the financial community today, October 22, 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, October 22, 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. TABLE 1 | | | | | | | | Condensed Consolidated Statements of Income (Unaudited) | | | | | | | | | | Three Months Ended | | Nine Months Ended (in millions, except per share data) | | September 30, | | September 30, | | 2026 | | 2025 | | 2026 | | 2025 Revenue | | $29,298 | | $31,198 | | $90,695 | | $91,397 | | | | | | | | Costs and expenses | | | | | | | | Programming and production | | 7,515 | | 8,655 | | 26,789 | | 24,646 Marketing and promotion | | 2,119 | | 2,196 | | 6,540 | | 6,435 Other operating and administrative | | 10,645 | | 10,795 | | 31,498 | | 31,109 Depreciation | | 2,385 | | 2,353 | | 7,108 | | 6,934 Amortization | | 1,314 | | 1,666 | | 4,144 | | 5,089 | | 23,978 | | 25,665 | | 76,079 | | 74,213 | | | | | | | | Operating income | | 5,320 | | 5,534 | | 14,616 | | 17,184 | | | | | | | | Interest expense | | (962) | | (1,128) | | (3,108) | | (3,283) | | | | | | | | Investment and other income (loss), net | | | | | | | | Equity in net income (losses) of investees, net | | 129 | | (90) | | 23 | | (312) Realized and unrealized gains (losses) on equity securities, net | | (46) | | (60) | | (65) | | 52 Other income (loss), net | | 6 | | 212 | | 325 | | 9,966 | | 88 | | 61 | | 283 | | 9,705 | | | | | | | | Income before income taxes | | 4,446 | | 4,468 | | 11,791 | | 23,607 | | | | | | | | Income tax (expense) benefit | | (1,084) | | (1,218) | | (2,983) | | (6,017) | | | | | | | | Net income | | 3,362 | | 3,249 | | 8,807 | | 17,590 | | | | | | | | Less: Net income (loss) attributable to noncontrolling interests | | (87) | | (83) | | (341) | | (241) | | | | | | | | Net income attributable to Comcast Corporation | | $3,448 | | $3,332 | | $9,148 | | $17,830 | | | | | | | | | | | | | | | | Diluted earnings per common share attributable to Comcast Corporation shareholders | | $0.97 | | $0.90 | | $2.55 | | $4.78 | | | | | | | | Diluted weighted-average number of common shares | | 3,562 | | 3,689 | | 3,583 | | 3,733 TABLE 2 Consolidated Statements of Cash Flows (Unaudited) | | | | | | Nine Months Ended (in millions) | | September 30, | | 2026 | | 2025 | | | | OPERATING ACTIVITIES | | | | Net income | | $8,807 | | $17,590 Adjustments to reconcile net income to net cash provided by operating activities: | | | | Depreciation and amortization | | 11,252 | | 12,023 Share-based compensation | | 1,134 | | 1,014 Noncash interest expense (income), net | | 314 | | 359 Net (gain) loss on investment activity and other | | (7) | | (9,282) Deferred income taxes | | 1,523 | | 3,250 Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | | | | Current and noncurrent receivables, net | | (1,000) | | 716 Film and television costs, net | | 251 | | (168) Accounts payable and accrued expenses related to trade creditors | | 890 | | (135) Other operating assets and liabilities | | (278) | | (566) | | | | Net cash provided by operating activities | | 22,886 | | 24,802 | | | | INVESTING ACTIVITIES | | | | Capital expenditures | | (8,311) | | (8,001) Cash paid for intangible assets | | (1,859) | | (1,934) Construction of Universal Beijing Resort | | — | | (3) Acquisitions, net of cash acquired | | — | | (1,279) Proceeds from sales of businesses and investments | | 128 | | 644 Purchases of investments | | (668) | | (1,226) Other | | 461 | | 80 | | | | Net cash (used in) investing activities | | (10,249) | | (11,720) | | | | FINANCING ACTIVITIES | | | | Proceeds from borrowings | | 1,990 | | 2,494 Repurchases and repayments of debt | | (10,405) | | (4,366) Repurchases of common stock under repurchase program and employee plans | | (2,517) | | (5,618) Dividends paid | | (3,606) | | (3,685) Cash transferred to Versant, net | | (750) | | — Other | | (236) | | 51 | | | | Net cash (used in) financing activities | | (15,525) | | (11,124) | | | | Impact of foreign currency on cash, cash equivalents and restricted cash | | 6 | | 35 | | | | Increase (decrease) in cash, cash equivalents and restricted cash | | (2,882) | | 1,994 | | | | Cash, cash equivalents and restricted cash, beginning of period | | 10,559 | | 7,377 | | | | Cash, cash equivalents and restricted cash, end of period | | $7,676 | | $9,371 TABLE 3 Condensed Consolidated Balance Sheets (Unaudited) | | | | (in millions) | | September 30, | | December 31, | | 2026 | | 2025 ASSETS | | | | | | | | Current Assets | | | | Cash and cash equivalents | | $7,596 | | $9,481 Receivables, net | | 13,542 | | 13,869 Other current assets | | 4,085 | | 6,217 Total current assets | | 25,223 | | 29,567 | | | | Film and television costs | | 11,095 | | 12,214 | | | | Investments | | 7,860 | | 7,952 | | | | Property and equipment, net | | 66,957 | | 65,680 | | | | Goodwill | | 53,239 | | 61,502 | | | | Franchise rights | | 59,365 | | 59,365 | | | | Other intangible assets, net | | 19,073 | | 22,474 | | | | Other noncurrent assets, net | | 14,956 | | 13,877 | | | | | | $257,769 | | $272,631 | | | | LIABILITIES AND EQUITY | | | | | | | | Current Liabilities | | | | Accounts payable and accrued expenses related to trade creditors | | $11,932 | | $11,058 Deferred revenue | | 3,958 | | 4,097 Accrued expenses and other current liabilities | | 11,269 | | 12,410 Current portion of debt | | 3,560 | | 5,958 Total current liabilities | | 30,719 | | 33,524 | | | | Noncurrent portion of debt | | 83,806 | | 92,979 | | | | Deferred income taxes | | 29,022 | | 27,788 | | | | Other noncurrent liabilities | | 21,554 | | 20,965 | | | | Redeemable noncontrolling interests | | 171 | | 224 | | | | Equity | | | | Comcast Corporation shareholders' equity | | 92,529 | | 96,903 Noncontrolling interests | | (33) | | 249 Total equity | | 92,497 | | 97,151 | | | | | | $257,769 | | $272,631 TABLE 4 Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA (Unaudited) | | | | | | | | | | | Three Months Ended September 30, | | | Nine Months Ended September 30, (in millions) | | 2026 | | 2025 | | | 2026 | | 2025 Net income attributable to Comcast Corporation | | $3,448 | | $3,332 | | | $9,148 | | $17,830 Net income (loss) attributable to noncontrolling interests | | (87) | | (83) | | | (341) | | (241) Income tax expense (benefit) | | 1,084 | | 1,218 | | | 2,983 | | 6,017 Interest expense | | 962 | | 1,128 | | | 3,108 | | 3,283 Investment and other (income) loss, net | | (88) | | (61) | | | (283) | | (9,705) Depreciation | | 2,385 | | 2,353 | | | 7,108 | | 6,934 Amortization | | 1,314 | | 1,666 | | | 4,144 | | 5,089 Transaction costs(1) | | 22 | | 26 | | | 73 | | 82 Transaction-related costs(2) | | 4 | | 90 | | | 4 | | 166 Other adjustments (3) | | 61 | | — | | | (7) | | 29 Adjusted EBITDA | | $9,106 | | $9,669 | | | $25,938 | | $29,484 Reconciliation from Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited) | | | | | | | Three Months Ended September 30, | | | Nine Months Ended September 30, (in millions) | | 2026 | | 2025 | | | 2026 | | 2025 Net cash provided by operating activities | | $7,902 | | $8,693 | | | $22,886 | | $24,802 Capital expenditures | | (3,058) | | (3,071) | | | (8,311) | | (8,001) Cash paid for capitalized software and other intangible assets | | (633) | | (677) | | | (1,859) | | (1,934) Free Cash Flow | | $4,211 | | $4,945 | | | $12,716 | | $14,866 (1) | | Transaction costs are incremental costs directly related to effectuating the Versant Separation and the proposed NBCUniversal Spin-off and primarily include advisory, legal and audit fees, as well as legal entity separation costs. The three and nine months ended September 30, 2026 include $22 million of transaction costs related to the proposed NBCUniversal Spin-off. The nine months ended September 30, 2026 also include $51 million of transaction costs related to the Versant Separation. The three and nine months ended September 30, 2025 include $26 million and $82 million, respectively, of transaction costs related to the Versant Separation. | | | | | | | | | | (2) | | Transaction-related costs are incremental costs incurred related to the Versant Separation and the proposed NBCUniversal Spin-off, including costs that reflect strategic decisions about how the related stand-alone businesses will be structured or operated, which may be different than if they remained part of Comcast. Transaction-related costs primarily include certain separation-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs. The three and nine months ended September 30, 2026 include $4 million of transaction-related costs related to the proposed NBCUniversal Spin-off. The three and nine months ended September 30, 2025 include $90 million and $166 million, respectively, of transaction-related costs related to the Versant Separation. | | | | | | | | | | (3) | | Amounts represent the impact of certain other events, gains, losses or other charges that are excluded from Adjusted EBITDA. The three and nine months ended September 30, 2026 include certain share-based compensation expenses and costs related to our investment portfolio. The nine months ended September 30, 2026 also include a gain related to a legal settlement. The three and nine months ended September 30, 2025 include costs related to our investment portfolio. TABLE 5 Reconciliations of Adjusted Net Income and Adjusted EPS (Unaudited) | | | | | | | Three Months Ended September 30, | | | Nine Months Ended September 30, | | 2026 | | 2025 | | | 2026 | | 2025 (in millions, except per share data) | | | | | | | | | | | | | | | | | | | $ | | EPS | | $ | | EPS | | | $ | | EPS | | $ | | EPS | | | | | | | | | | | | | | | | | Net income attributable to Comcast Corporation and diluted earnings per share attributable to Comcast Corporation shareholders | | $3,448 | | $0.97 | | $3,332 | | $0.90 | | | $9,148 | | $2.55 | | $17,830 | | $4.78 Change | | 3.5% | | 7.2% | | | | | | | (48.7%) | | (46.5%) | | | | | | | | | | | | | | | | | | | | | Amortization of acquisition-related intangible assets(1) | | 402 | | 0.11 | | 633 | | 0.17 | | | 1,211 | | 0.34 | | 1,861 | | 0.50 Investments(2) | | (95) | | (0.03) | | 43 | | 0.01 | | | (88) | | (0.02) | | 79 | | 0.02 Items affecting period-over-period comparability: | | | | | | | | | | | | | | | | | Long-lived asset impairments(3) | | — | | — | | — | | — | | | 130 | | 0.04 | | 155 | | 0.04 Transaction costs(4) | | 19 | | 0.01 | | 23 | | 0.01 | | | 64 | | 0.02 | | 72 | | 0.02 Transaction-related costs(5) | | 4 | | — | | 79 | | 0.02 | | | 4 | | — | | 146 | | 0.04 Sale of Sky operations in Germany(6) | | — | | — | | — | | — | | | (68) | | (0.02) | | — | | — Gain related to investment(7) | | — | | — | | 15 | | — | | | — | | — | | (7,057) | | (1.89) Tax benefit from internal corporate reorganization(8) | | — | | — | | — | | — | | | — | | — | | (177) | | (0.05) Other adjustments(9) | | 46 | | 0.01 | | — | | — | | | (2) | | — | | — | | — | | | | | | | | | | | | | | | | | Adjusted Net income and Adjusted EPS | | $3,824 | | $1.07 | | $4,125 | | $1.12 | | | $10,398 | | $2.90 | | $12,909 | | $3.46 Change | | (7.3%) | | (4.0%) | | | | | | | (19.5%) | | (16.1%) | | | | (1) | | Acquisition-related intangible assets are recognized as a result of the application of Accounting Standards Codification Topic 805, Business Combinations (such as customer relationships), and their amortization is significantly affected by the size and timing of our acquisitions. Amortization of intangible assets not resulting from business combinations (such as software and acquired intellectual property rights used in our theme parks) is included in Adjusted Net Income and Adjusted EPS. | | | | | | | | | | | Three Months EndedSeptember 30, | | | Nine Months EndedSeptember 30, | | | | 2026 | | 2025 | | | 2026 | | 2025 | | Amortization of acquisition-related intangible assets before income taxes | | $524 | | $824 | | | $1,576 | | $2,424 | | Amortization of acquisition-related intangible assets, net of tax | | $402 | | $633 | | | $1,211 | | $1,861 (2) | | Adjustments for investments include realized and unrealized (gains) losses on equity securities, net (as stated in Table 1), as well as the equity in net (income) losses of investees, net, for certain equity method investments, including Atairos and Hulu and costs related to our investment portfolio. | | | | | | | | | | | Three Months EndedSeptember 30, | | | Nine Months EndedSeptember 30, | | | | 2026 | | 2025 | | | 2026 | | 2025 | | Realized and unrealized (gains) losses on equity securities, net | | $46 | | $60 | | | $65 | | ($52) | | Equity in net (income) losses of investees, net and other | | (172) | | (4) | | | (182) | | 152 | | Investments before income taxes | | (126) | | 57 | | | (117) | | 101 | | Investments, net of tax | | ($95) | | $43 | | | ($88) | | $79 | | (3) | | Year to date 2026 net income attributable to Comcast Corporation includes $171 million, $130 million net of tax, of long-lived asset impairments. Year to date 2025 net income attributable to Comcast Corporation includes $155 million of long-lived asset impairments. (4) | | 3rd quarter and year to date 2026 net income attributable to Comcast Corporation includes $22 million, $19 million net of tax, of transaction costs related to the proposed NBCUniversal Spin-off. Year to date 2026 also includes $51 million, $45 million net of tax, of transaction costs related to the Versant Separation. 3rd quarter and year to date 2025 net income attributable to Comcast Corporation includes $26 million and $82 million, $23 million and $72 million net of tax, respectively, of transaction costs related to the Versant Separation. Transaction costs are incremental costs directly related to effectuating the Versant Separation and the proposed NBCUniversal Spin-off and primarily include advisory, legal and audit fees, and legal entity separation costs. (5) | | 3rd quarter and year to date 2026 net income attributable to Comcast Corporation includes $4 million, $4 million net of tax, of transaction-related costs related to the proposed NBCUniversal Spin-off. 3rd quarter and year to date 2025 net income attributable to Comcast Corporation includes $90 million and $166 million, $79 million and $146 million net of tax, respectively, of transaction-related costs related to the Versant Separation. Transaction-related costs are incremental costs incurred related to the Versant Separation and the proposed NBCUniversal Spin-off, including costs that reflect strategic decisions about how the related stand-alone businesses will be structured or operated, which may be different than if they remained part of Comcast. Transaction-related costs primarily include certain separation-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs. (6) | | Year to date 2026 net income attributable to Comcast Corporation includes a loss of $9 million in depreciation expense, $7 million net of tax, due to the sale of our Sky operations in Germany. Year to date 2026 also includes a $75 million income tax benefit, related to assets of our Sky operations in Germany that were sold on May 31, 2026. (7) | | Year to date 2025 net income attributable to Comcast Corporation includes a $9.4 billion pre-tax gain in other income (loss), net, $7.1 billion net of tax, related to the sale of our interest in Hulu, net of an adjustment for related transaction and other costs of $20 million, $15 million net of tax, recognized in the 3rd quarter of 2025. (8) | | Year to date 2025 net income attributable to Comcast Corporation includes a $177 million income tax benefit due to an internal corporate reorganization. (9) | | 3rd quarter 2026 net income attributable to Comcast Corporation includes $61 million, $46 million net of tax, related to certain share-based compensation expenses. Year to date 2026 net income attributable to Comcast Corporation includes $(5) million, $(2) million net of tax, of other adjustments, which includes a gain related to a legal settlement and certain share-based compensation expenses. TABLE 6 Reconciliation of Constant Currency (Unaudited) | | | | | | | Three Months EndedSeptember 30, 2025 | | | Nine Months EndedSeptember 30, 2025 | | | | | | | | | | | | | | | | | | | | Effects of | | Constant | | | | | Effects of | | Constant | | As | | Foreign | | Currency | | | As | | Foreign | | Currency (in millions) | | Reported | | Currency | | Amounts | | | Reported | | Currency | | Amounts Reconciliation of Connectivity & Platforms Constant Currency | | | | | | | | | | | | | | | | | | | | | | | | | | Connectivity & Platforms Revenue | | | | | | | | | | | | | Residential Connectivity & Platforms | | $17,636 | | ($22) | | $17,613 | | | $53,140 | | $325 | | $53,466 Business Services Connectivity | | 2,576 | | — | | 2,576 | | | 7,647 | | 2 | | 7,648 Total Connectivity & Platforms Revenue | | $20,212 | | ($22) | | $20,189 | | | $60,787 | | $327 | | $61,114 | | | | | | | | | | | | | Connectivity and Platforms Adjusted EBITDA | | | | | | | | | | | | | Residential Connectivity & Platforms | | $6,484 | | $— | | $6,485 | | | $20,332 | | $46 | | $20,378 Business Services Connectivity | | 1,454 | | — | | 1,454 | | | 4,320 | | (1) | | 4,318 Total Connectivity & Platforms Adjusted EBITDA | | $7,938 | | $— | | $7,939 | | | $24,652 | | $44 | | $24,696 | | | | | | | | | | | | | Connectivity & Platforms Adjusted EBITDA Margin | | | | | | | | | | | | | Residential Connectivity & Platforms | | 36.8% | | — bps | | 36.8% | | | 38.3% | | (20) bps | | 38.1% Business Services Connectivity | | 56.4% | | — bps | | 56.4% | | | 56.5% | | — bps | | 56.5% Total Connectivity & Platforms Adjusted EBITDA Margin | | 39.3% | | — bps | | 39.3% | | | 40.6% | | (20) bps | | 40.4% | | | | | | | | | | | | | | | Three Months EndedSeptember 30, 2025 | | | Nine Months EndedSeptember 30, 2025 | | | | | | | | | | | | | | | | | | | | Effects of | | Constant | | | | | Effects of | | Constant | | As | | Foreign | | Currency | | | As | | Foreign | | Currency (in millions) | | Reported | | Currency | | Amounts | | | Reported | | Currency | | Amounts Reconciliation of Residential Connectivity & Platforms Constant Currency | | | | | | | | | | | | | | | | | | | | | | | | | | Revenue | | | | | | | | | | | | | Domestic broadband | | $6,550 | | $ — | | $6,550 | | | $19,878 | | $ — | | $19,878 Domestic wireless service | | 915 | | — | | 915 | | | 2,647 | | — | | 2,647 Domestic convergence revenue | | 7,466 | | — | | 7,466 | | | 22,525 | | — | | 22,525 Domestic wireless equipment | | 331 | | — | | 331 | | | 917 | | — | | 917 International connectivity | | 1,275 | | (5) | | 1,270 | | | 3,626 | | 89 | | 3,715 Total residential connectivity | | $9,071 | | ($5) | | $9,066 | | | $27,068 | | $89 | | $27,157 Video | | 6,475 | | (14) | | 6,461 | | | 19,681 | | 182 | | 19,864 Advertising | | 893 | | (2) | | 891 | | | 2,743 | | 29 | | 2,772 Other | | 1,197 | | (1) | | 1,195 | | | 3,649 | | 25 | | 3,673 Total Revenue | | $17,636 | | ($22) | | $17,613 | | | $53,140 | | $325 | | $53,466 | | | | | | | | | | | | | Operating Expenses | | | | | | | | | | | | | Programming | | $3,952 | | ($9) | | $3,943 | | | $12,057 | | $119 | | $12,176 Non-Programming | | 7,200 | | (14) | | 7,186 | | | 20,751 | | 160 | | 20,912 Total Operating Expenses | | $11,152 | | ($23) | | $11,129 | | | $32,808 | | $280 | | $33,088 | | | | | | | | | | | | | Adjusted EBITDA | | $6,484 | | $— | | $6,485 | | | $20,332 | | $46 | | $20,378 Adjusted EBITDA Margin | | 36.8% | | — bps | | 36.8% | | | 38.3% | | (20) bps | | 38.1% TABLE 7 Reconciliation of Media Revenue Excluding Olympics, Super Bowl and FIFA World Cup (Unaudited) | | | | | | | | | | | | | | | Three Months EndedSeptember 30, | | | Nine Months EndedSeptember 30, | | | (in millions) | | 2026 | | 2025 | | Change | | | 2026 | | 2025 | | Change | | | | | | | | | | | | | Revenue | | $5,359 | | $4,744 | | 13.0% | | | $18,330 | | $13,813 | | 32.7% | | | | | | | | | | | | | Milan Cortina Olympics | | — | | — | | | | | 1,420 | | — | | | | | | | | | | | | | | | 2026 Super Bowl | | — | | — | | | | | 758 | | — | | | | | | | | | | | | | | | 2026 FIFA World Cup | | 224 | | — | | | | | 664 | | — | | | | | | | | | | | | | | | Revenue excluding Olympics, Super Bowl and FIFA World Cup | | $5,136 | | $4,744 | | 8.3% | | | $15,488 | | $13,813 | | 12.1% | | | | | | | | | | | | | Reconciliation of Media Domestic Advertising Revenue Excluding Olympics, Super Bowl and FIFA World Cup (Unaudited) | | | | | | | | | | | | | | | Three Months EndedSeptember 30, | | | Nine Months EndedSeptember 30, | | | (in millions) | | 2026 | | 2025 | | Change | | | 2026 | | 2025 | | Change | | | | | | | | | | | | | Revenue | | $1,783 | | $1,556 | | 14.6% | | | $7,399 | | $4,418 | | 67.5% | | | | | | | | | | | | | Milan Cortina Olympics | | — | | — | | | | | 1,159 | | — | | | | | | | | | | | | | | | 2026 Super Bowl | | — | | — | | | | | 758 | | — | | | | | | | | | | | | | | | 2026 FIFA World Cup | | 224 | | — | | | | | 664 | | — | | | | | | | | | | | | | | | Revenue excluding Olympics, Super Bowl and FIFA World Cup | | $1,560 | | $1,556 | | 0.3% | | | $4,819 | | $4,418 | | 9.1% | | | | | | | | | | | | | Reconciliation of Media Domestic Distribution Revenue Excluding Olympics (Unaudited) | | | | | | | | | | | | | | | Three Months EndedSeptember 30, | | | Nine Months EndedSeptember 30, | | | (in millions) | | 2026 | | 2025 | | Change | | | 2026 | | 2025 | | Change | | | | | | | | | | | | | Revenue | | $2,069 | | $1,690 | | 22.4% | | | $6,345 | | $4,990 | | 27.2% | | | | | | | | | | | | | Milan Cortina Olympics | | — | | — | | | | | 262 | | — | | | | | | | | | | | | | | | Revenue excluding Olympics | | $2,069 | | $1,690 | | 22.4% | | | $6,084 | | $4,990 | | 21.9% TABLE 8 Reconciliation of Pro Forma Consolidated Revenue (Unaudited) | | | | | | | Three Months EndedSeptember 30, | | | Nine Months EndedSeptember 30, | | (in millions) | | 2026 | | 2025 | | Change | | | 2026 | | 2025 | | Change | | | | | | | | | | | | | Consolidated Revenue | | $29,298 | | $31,198 | | (6.1) % | | | $90,695 | | $91,397 | | (0.8) % | | | | | | | | | | | | | Less: Versant | | — | | 1,731 | | | | | — | | 5,270 | | | | | | | | | | | | | | | Less: Sky operations in Germany | | — | | 568 | | | | | 966 | | 1,639 | | | | | | | | | | | | | | | Less: Eliminations | | — | | (252) | | | | | (29) | | (776) | | | | | | | | | | | | | | | Pro Forma Consolidated Revenue | | $29,298 | | $29,151 | | 0.5 % | | | $89,758 | | $85,265 | | 5.3 % | | | | | | | | | | | | | Reconciliation of Pro Forma Consolidated Adjusted EBITDA (Unaudited) | | | | | | | | | | | | | | | Three Months EndedSeptember 30, | | | Nine Months EndedSeptember 30, | | (in millions) | | 2026 | | 2025 | | Change | | | 2026 | | 2025 | | Change | | | | | | | | | | | | | Net income attributable to Comcast Corporation | | $3,448 | | $3,332 | | | | | $9,148 | | $17,830 | | Net income (loss) attributable to noncontrolling interests | | (87) | | (83) | | | | | (341) | | (241) | | Income tax expense (benefit) | | 1,084 | | 1,218 | | | | | 2,983 | | 6,017 | | Interest expense | | 962 | | 1,128 | | | | | 3,108 | | 3,283 | | Investment and other (income) loss, net | | (88) | | (61) | | | | | (283) | | (9,705) | | Depreciation | | 2,385 | | 2,353 | | | | | 7,108 | | 6,934 | | Amortization | | 1,314 | | 1,666 | | | | | 4,144 | | 5,089 | | Transaction costs(1) | | 22 | | 26 | | | | | 73 | | 82 | | Transaction-related costs(2) | | 4 | | 90 | | | | | 4 | | 166 | | Other adjustments (3) | | 61 | | — | | | | | (7) | | 29 | | Adjusted EBITDA | | $9,106 | | $9,669 | | (5.8%) | | | $25,938 | | $29,484 | | (12.0%) | | | | | | | | | | | | | Less: Versant | | — | | 554 | | | | | — | | 2,177 | | | | | | | | | | | | | | | Less: Sky operations in Germany | | — | | 69 | | | | | (59) | | 130 | | | | | | | | | | | | | | | Less: Eliminations | | — | | 8 | | | | | — | | 21 | | | | | | | | | | | | | | | Pro Forma Consolidated Adjusted EBITDA | | $9,106 | | $9,038 | | 0.8 % | | | $25,996 | | $27,156 | | (4.3) % (1) | | Transaction costs are incremental costs directly related to effectuating the Versant Separation and the proposed NBCUniversal Spin-off and primarily include advisory, legal and audit fees, as well as legal entity separation costs. The three and nine months ended September 30, 2026 include $22 million of transaction costs related to the proposed NBCUniversal Spin-off. The nine months ended September 30, 2026 also include $51 million of transaction costs related to the Versant Separation. The three and nine months ended September 30, 2025 include $26 million and $82 million, respectively, of transaction costs related to the Versant Separation. (2) | | Transaction-related costs are incremental costs incurred related to the Versant Separation and the proposed NBCUniversal Spin-off, including costs that reflect strategic decisions about how the related stand-alone businesses will be structured or operated, which may be different than if they remained part of Comcast. Transaction-related costs primarily include certain separation-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs. The three and nine months ended September 30, 2026 include $4 million of transaction-related costs related to the proposed NBCUniversal Spin-off. The three and nine months ended September 30, 2025 include $90 million and $166 million, respectively, of transaction-related costs related to the Versant Separation. (3) | | Amounts represent the impact of certain other events, gains, losses or other charges that are excluded from Adjusted EBITDA. The three and nine months ended September 30, 2026 include certain share-based compensation expenses and costs related to our investment portfolio. The nine months ended September 30, 2026 also include a gain related to a legal settlement. The three and nine months ended September 30, 2025 include costs related to our investment portfolio. View source version on businesswire.com: https://www.businesswire.com/news/home/20261022733080/en/ Contacts Investor Contacts: Marci Ryvicker [email protected] Jane Kearns [email protected] Press Contacts: Jennifer Khoury [email protected] (215) 531-3296 John Demming [email protected] (215) 429-4744

This article first appeared on GuruFocus. Comcast (NASDAQ:CMCSA) delivered another profitable quarter for Peacock and strong results from Universal Studios in the third quarter, helping offset continued weakness in its traditional broadband business. The company reported $29.3 billion in third-quarter revenue, down 6.1% year over year on a reported basis. On a pro forma basis accounting for the Versant separation and sale of Sky's German operations, revenue increased 0.5%. Adjusted EBITDA fell 5.8% to $9.1 billion, while adjusted EPS declined 4% to $1.07. - Warning! GuruFocus has detected 1 Warning Sign with CMCSA. - Is CMCSA fairly valued? Test your thesis with our free DCF calculator. One of the clearest positives came from Peacock. The streaming service generated $261 million in adjusted EBITDA on $1.8 billion of revenue, marking its second consecutive profitable quarter. That represented a $478 million improvement in EBITDA from a year earlier, while paid subscribers increased 17% to 48 million. Universal's film business also had a strong quarter. The Odyssey became Universal's highest-grossing movie ever with nearly $1.8 billion in worldwide box-office sales year to date, helping Universal become the first studio to surpass $5 billion globally in 2026. Studios adjusted EBITDA rose 18.6% to $402 million, while theatrical revenue jumped 76.6%. The traditional connectivity business was considerably weaker. Comcast lost 144,000 domestic broadband customers during the quarter, while domestic broadband revenue fell 4.7% to $6.24 billion. Residential Connectivity & Platforms adjusted EBITDA dropped 5.8% and its margin contracted 90 basis points to 35.9%. Wireless continued to provide some offset, with 368,000 net line additions and total domestic wireless lines reaching 10.6 million. Theme parks were another weak spot. Revenue declined 4.4% to $2.6 billion and adjusted EBITDA fell 17.1% to $780 million, which Comcast attributed partly to weaker admissions revenue and increased promotional activity. I think this quarter increasingly shows two different Comcasts moving in opposite directions. Peacock is finally turning from a cash-burning streaming bet into a meaningful profit contributor, while Universal's film business is showing considerable momentum. But broadband remains the bigger concern. Customer losses, lower average rates and declining broadband revenue are pressuring what has historically been one of Comcast's most valuable cash-generating businesses. Comcast still produced $4.2 billion of free cash flow in the quarter, but that was down 14.8% year over year. The company has also suspended share repurchases while it works toward separating its businesses into two independent public companies. For investors, the key things to watch are broadband customer losses, Peacock profitability, wireless conversion, theme-park trends and whether the planned separation can unlock more value from Comcast's increasingly divergent businesses.

Comcast (CMCSA) came out with quarterly earnings of $1.07 per share, beating the Zacks Consensus Estimate of $0.98 per share. This compares to earnings of $1.12 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +9.18%. A quarter ago, it was expected that this cable provider would post earnings of $0.97 per share when it actually produced earnings of $1.04, delivering a surprise of +7.22%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Comcast, which belongs to the Zacks Cable Television industry, posted revenues of $29.3 billion for the quarter ended September 2026, missing the Zacks Consensus Estimate by 0.18%. This compares to year-ago revenues of $31.2 billion. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Comcast shares have lost about 26.1% since the beginning of the year versus the S&P 500's gain of 13.3%. While Comcast has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Comcast was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.70 on $30.32 billion in revenues for the coming quarter and $3.49 on $120.18 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Cable Television is currently in the bottom 11% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Cable One (CABO), has yet to report results for the quarter ended September 2026. This telecommunications company is expected to post quarterly earnings of $7.26 per share in its upcoming report, which represents a year-over-year change of +40.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Cable One's revenues are expected to be $341.35 million, down 9.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Comcast Corporation (CMCSA) : Free Stock Analysis Report Cable One, Inc. (CABO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research