Comcast Corporation reported results for the quarter ended June 30, 2026, with sales of $29.940 billion beating the analyst consensus estimate of $29.301 billion by 2.18 percent. Adjusted earnings per share of $1.04 surpassed the analyst estimate of $0.97 by 7.22 percent. The company also announced a landmark plan to separate NBCUniversal and Sky into independent publicly traded companies.

Consolidated Financial Results

Revenue decreased 1.2% compared to the prior year period to $29,940 million. Net Income Attributable to Comcast was $3,526 million, compared to $11,123 million in the prior year period, which included a $9.4 billion gain from the sale of the company's interest in Hulu. Adjusted Net Income decreased 20.3% to $3,710 million and Adjusted EBITDA decreased 13.4% to $8,902 million. On a pro forma basis to reflect the Versant separation and the sale of Sky operations in Germany, revenue increased 4.7% and Adjusted EBITDA decreased 5.3%.

Earnings per Share decreased 66.9% to $0.99, while Adjusted EPS decreased 16.7% to $1.04. Capital expenditures increased 8.3% to $2.9 billion. Connectivity & Platforms' capital expenditures increased 19.9% to $2.3 billion, primarily reflecting higher spending on scalable infrastructure and customer premise equipment. Content & Experiences' capital expenditures decreased 20.4% to $584 million, primarily reflecting the opening of Epic Universe in May 2025.

Net Cash Provided by Operating Activities was $8.1 billion and Free Cash Flow was $4.6 billion. Comcast paid dividends totaling $1.2 billion and repurchased 33.8 million of its shares for $900 million, resulting in a total return of capital to shareholders of $2.1 billion. On June 29, 2026, Comcast announced it would pause its share repurchase program as it works through the separation of its businesses into two independent publicly traded companies.

Connectivity & Platforms

The Connectivity & Platforms segment reported total revenue of $19,795 million, a decrease of 3.0% compared to the prior year period. Adjusted EBITDA decreased 5.7% to $7,964 million, resulting in an Adjusted EBITDA margin of 40.2%.

Customer Metrics

Total Customer Relationships for Residential Connectivity & Platforms decreased by 230,000 to 47.7 million. Domestic wireless line net additions of 448,000 represented the best quarterly result on record, with total domestic wireless lines increasing to 10,187 thousand. Domestic broadband residential customer net losses were 167,000, an improvement of 34,000 year-over-year.

Content & Experiences

Revenue for Content & Experiences increased 22.9% to $10,728 million, driven by Media and Studios. Adjusted EBITDA for Content & Experiences increased 7.1% to $1,329 million.

Media and Peacock

Media revenue increased 25.3% to $5,691 million, with domestic advertising revenue rising 55.0% to $2,163 million, including the impact of the FIFA World Cup. Excluding $440 million of incremental FIFA World Cup revenue, Media revenue increased 15.6%. Domestic distribution revenue increased 22.1% to $1,993 million, primarily due to higher revenue at Peacock driven by higher average rates and an increase in paid subscribers.

Peacock achieved quarterly profitability for the first time, with Adjusted EBITDA of $189 million—an improvement of $290 million year-over-year—compared to an Adjusted EBITDA loss of $101 million in the prior year period. Peacock revenue reached $1.9 billion in the quarter. Paid subscribers increased by 2 million net additions to 48 million, driven by NBA Playoffs, FIFA World Cup, and Love Island USA.

Studios

Studios revenue increased 25.0% to $3,040 million, driven by higher theatrical revenue from The Super Mario Galaxy Movie, Obsession, and the international distribution of Michael. Studios Adjusted EBITDA increased $141 million year-over-year to $202 million.

Theme Parks

Theme Parks revenue increased 2.7% to $2,413 million, primarily due to higher revenue at domestic parks in Orlando driven by the successful opening of Epic Universe in May 2025, partially offset by lower revenue at international parks. Theme Parks Adjusted EBITDA decreased 5.1% to $609 million, reflecting higher operating expenses associated with domestic parks.

Strategic Separation Announcement

Comcast announced its intention to separate into two publicly traded companies through a tax-free spin-off of NBCUniversal and Sky. This separation is described as an important step toward creating two focused companies with the financial strength and flexibility to pursue their respective growth strategies.

RBC Capital analyst Jonathan Atkin has revised the price target for Comcast while maintaining the stock's rating. The firm lowered the price objective from $32 to $27. Comcast continues to carry a Sector Perform designation from RBC Capital.

Rating and Price Action

The adjustment reflects a revised outlook on the company's valuation. The following table details the changes:

The stock trades on the NASDAQ under the ticker symbol CMCSA.