Full Breakdown
Comcast Q3 2026 Earnings: Profit Gains Offset by Broadband Losses and Ongoing Spin-Off
By Drooid · · How we work
Core Financial Results
Comcast posted third-quarter revenue of $29.3 billion, essentially flat year-over-year after the Versant spin-off. Adjusted earnings per share were $1.07, beating expectations by about 8½ %. Adjusted EBITDA reached $9.11 billion, delivering an operating margin of 18.2 %, up 1.3 percentage points. Free-cash-flow margin held at 14.4 %.
Segment Performance
- Media & Streaming – Peacock generated $261 million of adjusted EBITDA on $1.8 billion of revenue, its second consecutive profitable quarter. Paid-subscriber count held at 48 million, a 17 % YoY increase, helped by record FIFA World Cup viewership.
- Film Studios – Universal’s theatrical revenue surged 77 % to $1.13 billion, driven by *The Odyssey*, which has earned nearly $1.9 billion worldwide. Studios revenue fell 1.1 % to $2.97 billion, while content-licensing revenue declined 23.7 %.
- Theme Parks – Revenue slipped 4.4 % to $2.6 billion and operating profit fell 17 % to $780 million, reflecting cyclical headwinds despite recent capital investments.
- Connectivity & Platforms – Residential broadband lost 144,000 customers and cable video lost 274,000. Mobile lines added 368,000 customers, marking the wireless segment’s best quarter and strong conversion of promotional lines.
Strategic Restructuring and Spin-Off Plans
Comcast is moving ahead with a plan to separate NBCUniversal and Sky into an independent, publicly traded company. Co-CEO Mike Cavanagh will lead the NBCUniversal side, while former CFO Michael Angelakis will become CEO of the post-separation Comcast entity. The split is projected to take roughly one year.
Official Statements & Responses
Co-CEO and chair Brian Roberts said the spin-off is intended to unlock shareholder value and let each unit pursue its own growth strategy. CFO Jason Armstrong called rival broadband pricing “irrational,” suggesting low-price gigabit plans are unsustainable. Management highlighted cost-transformation progress and noted that wireless-line conversions and enterprise-service growth are delivering “meaningful improvements” in connectivity.
Data & Statistics
- Revenue (pro forma): $29.3 billion
- Adjusted EPS: $1.07 (vs. $0.98 estimate)
- Adjusted EBITDA: $9.11 billion (31.1 % margin)
- Operating margin: 18.2 %
- Peacock subscribers: 48 million (? 17 % YoY)
- Broadband net loss: 144,000 customers
- Cable video net loss: 274,000 customers
- Mobile net addition: 368,000 lines
- Theme-park revenue: $2.6 billion (? 4.4 %)
- Theme-park profit: $780 million (? 17 %)
- Universal film revenue: $1.13 billion (? 77 %)
Background & Context
In January 2025, Comcast refocused on its mobile business and completed the Versant Media Group spin-off. The current NBCUniversal-Sky separation builds on that restructuring.
Timeline
- January 2025 – Mobile refocus and Versant spin-off completed.
- August 19 2026 – Comcast logo displayed at 30 Rock, Rockefeller Center.
- August 4 2026 – Bloomberg reports a 12 % rise in user activity after product announcements.
- October 22 2026 (scheduled) – Earnings release and analyst call at 8:30 a.m. ET.
Why It Matters
The earnings beat shows that Comcast’s media assets can generate strong cash flow despite subscriber declines. Ongoing broadband erosion and modest theme-park performance highlight structural challenges, while the pending spin-off is positioned as a catalyst for unlocking value.
What’s Next
Comcast will host an earnings call on October 22 2026 at 8:30 a.m. ET, where executives will detail progress on the NBCUniversal-Sky separation and outline further cost-transformation measures. Analysts will watch broadband loss trends, wireless conversion rates, and guidance on the spin-off timeline.