Full Breakdown
Comcast Q3 2026 Earnings Show Media Gains Amid Broadband Decline
By Drooid · · How we work
Core Event: Quarterly Financial Snapshot
Comcast reported third-quarter revenue of $29.3 billion, a 6.1 % decline year over year, while net income rose to $3.45 billion and adjusted earnings per share hit $1.07, beating the consensus of 98 cents. The connectivity and platforms segment slipped 2.7 %, reflecting a loss of 144,000 broadband residential customers and 274,000 video customers.
The media division posted a 13 % revenue increase to $5.36 billion, driven by strong FIFA World Cup advertising (U.S. ad sales up 14.6 %) and the box-office success of “The Odyssey.” Peacock generated $1.82 billion in revenue and $261 million in adjusted EBITDA, its second profitable quarter. Theme-park revenue fell 4.4 % to $2.60 billion, below the LSEG estimate of $2.71 billion.
Background & Context
Comcast spun off its cable assets as Versant Media in January 2026 and sold Sky Deutschland to RTL Group in May 2026. A further separation of NBCUniversal’s film, television, theme-park and streaming assets is slated for mid-2027. Management has been shifting toward wireless services and simplified pricing after flat broadband growth.
Data & Statistics
| Metric | Q3 2026 | Year-Ago | Analyst Expectation |
|---|---|---|---|
| Total revenue | $29.3 B | $31.2 B | $29.28 B |
| Adjusted EPS | $1.07 | $0.90 | $0.98 |
| Broadband net change | –144,000 users | –91,000 | –116,800 (FactSet) |
| Video net change | –274,000 customers | –257,000 | — |
| Media revenue | $5.36 B | — | — |
| Peacock revenue | $1.82 B | — | — |
| Peacock adjusted EBITDA | $261 M | –$217 M (loss) | — |
| Theme-park revenue | $2.60 B | — | $2.71 B (LSEG) |
| U.S. ad sales (World Cup) | +14.6 % | — | — |
Official Statements & Responses
Executives attributed broadband erosion to “irrational” pricing from fiber competitors and said aggressive discounting may force deeper promotions. Management noted that over 70 % of promotional free mobile lines are converting to paid plans and total wireless lines grew by 368,000 in the quarter.
Internal sources indicated Comcast plans significant job cuts within its cable, broadband, and wireless units ahead of the NBCUniversal spinoff, aiming to free cash for growth. The company promoted Steve Croney to chief executive of the broadband and wireless business and hired Jon Gieselman as chief growth officer.
Conflicting Reports & Gaps
Broadband subscriber loss (-144,000) and media-segment revenue growth are consistently reported. The timeline and scale of the job-cut program remain undisclosed pending a formal announcement.
What’s Next
Comcast’s earnings call is set for October 22. Analysts will look for details on the cost-transformation plan, workforce reductions, and updates on the mid-2027 NBCUniversal spinoff. The firm’s ability to offset broadband headwinds with wireless growth and media profitability will be a key focus for investors.