COMCAST CORP Earnings Summary — Q3 FY2026

• Comcast announced its intention to separate NBCUniversal and Sky into a new independent publicly traded company through a tax-free spin-off.
• Peacock achieved quarterly profitability for the first time ever with Adjusted EBITDA of $189 million on 48 million paid subscribers.
• Domestic wireless segment delivered its best quarter on record with 448,000 net line additions, reaching 10.2 million total lines.
• Theme Parks revenue grew 2.7% to $2.4 billion, though EBITDA declined 5.1% due to higher domestic operating costs following Epic Universe's opening.
• Connectivity & Platforms residential broadband customer losses improved by 34,000 year-over-year, showing traction in new go-to-market strategies.
• The company generated $4.6 billion in free cash flow and returned $2.1 billion to shareholders in the quarter.
• Share repurchases were paused as of June 29, 2026, to facilitate the upcoming corporate separation.

The company is focusing on its strategic pivot in broadband and the execution of its separation into two focused companies. It highlighted a 'substantial runway' for wireless growth, currently at 7% penetration of its addressable footprint.

Improving

The milestone of Peacock reaching profitability and record wireless growth offsets the noise of a one-time gain comparison and the strategic clarity provided by the spin-off announcement.

The outlook is defined by the separation of the media and connectivity businesses, higher infrastructure spending on 10G upgrades, and continued expansion of the Universal theme park portfolio.