Comcast (CMCSA) · Media & Streaming
Comcast Q2 2026 earnings: summary, key numbers & outlook
Results filed 23 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Comcast's 2nd quarter 2026 revenue was $29,940 million, Adjusted EPS was $1.04 and Free Cash Flow was $4.6 Billion.
Comcast's revenue fell 1.2% to $29,940 million. Net income attributable to Comcast was $3,526 million, down from $11,123 million a year earlier, when it included a $9.4 billion gain from the Hulu sale. Adjusted EPS was $1.04, down 16.7%. Free cash flow was $4,604 million. Peacock was profitable for the first time, with EBITDA of $189 million. Domestic wireless net additions of 448,000 were a record. Broadband customers fell by 167,000.
Management gave no numeric guidance in the sources. It said it is gaining traction in broadband and is confident in the long-term theme park opportunity despite near-term softness. The main tension is that residential connectivity profit is falling while the company invests in its new go-to-market strategy. Comcast also plans to spin off NBCUniversal and Sky, and it paused share repurchases on June 29, 2026 while it works through the separation.
Key numbers
- Revenue · GAAP
- $29.9B
- Net Income Attributable to Comcast · GAAP
- $3.5B
- Diluted earnings per share · GAAP
- $0.99
- Adjusted earnings per share · non-GAAP
- $1.04
- Adjusted EBITDA · non-GAAP
- $8.9B
- Net cash provided by operating activities · GAAP
- $8.1B
- Free Cash Flow · non-GAAP
- $4.6B
down 1.2% from a year ago
down 68.3% from a year ago
down 66.9% from a year ago
down 16.7% from a year ago
down 13.4% from a year ago
up 3.5% from a year ago
up 2.3% from a year ago
| Segment or metric | Value | Change |
|---|---|---|
| Peacock paid subscribers | 48 Million | 2 million net additions in the quarter |
| Domestic wireless lines | $10.2M | 448 thousand net additions |
| Business Services Connectivity revenue | $2.7B | up 3.7% |
| Media revenue | $5.7B | up 25.3% |
| Studios revenue | $3.0B | up 25.0% |
| Theme Parks revenue | $2.4B | up 2.7% |
Where each number comes from
- Revenue: “Revenue | $29,940 | $30,313 | (1.2 | %) Pro Forma Revenue1 | $29,568 | $28,249 | 4.7%”
- Net Income Attributable to Comcast: “Net Income Attributable to Comcast | $3,526 | $11,123 | (68.3 | %) Adjusted Net Income2 | $3,710 | $4,653 | (20.3 | %)”
- Diluted earnings per share: “Earnings per Share4 | $0.99 | $2.98 | (66.9 | %) Adjusted Earnings per Share2 | $1.04 | $1.25 | (16.7 | %)”
- Adjusted earnings per share: “Earnings per Share4 | $0.99 | $2.98 | (66.9 | %) Adjusted Earnings per Share2 | $1.04 | $1.25 | (16.7 | %)”
- Adjusted EBITDA: “Adjusted EBITDA3 | $8,902 | $10,283 | (13.4 | %) Pro Forma Adjusted EBITDA1 | $8,923 | $9,423 | (5.3 | %)”
- Net cash provided by operating activities: “Net Cash Provided by Operating Activities | $8,092 | $7,815 | 3.5% Free Cash Flow5 | $4,604 | $4,501 | 2.3%”
- Free Cash Flow: “Net Cash Provided by Operating Activities | $8,092 | $7,815 | 3.5% Free Cash Flow5 | $4,604 | $4,501 | 2.3%”
- Peacock paid subscribers: “Paid Subscribers Increased by 2 Million Net Additions in the Quarter to 48 Million, Driven by NBA Playoffs, FIFA World Cup and Love Island USA”
- Domestic wireless lines: “Total Domestic Wireless Lines | 10,187 | 8,527 | 448 | 378 Total Domestic Video Customers | 10,668 | 11,771 | (280) | (325)”
- Business Services Connectivity revenue: “Revenue | $2,671 | $2,575 | 3.7% | 3.7% Operating Expenses | 1,155 | 1,131 | 2.1% | 2.1%”
- Media revenue: “Total Revenue | $5,691 | $4,543 | 25.3% Excluding FIFA World Cup10 | 5,250 | 4,543 | 15.6% Operating Expenses | 4,983 | 3,860 | 29.1%”
- Studios revenue: “Total Revenue | $3,040 | $2,432 | 25.0% Operating Expenses | 2,839 | 2,372 | 19.7% Adjusted EBITDA | $202 | $61 | NM”
- Theme Parks revenue: “Revenue | $2,413 | $2,349 | 2.7% Operating Expenses | 1,805 | 1,708 | 5.7% Adjusted EBITDA | $609 | $641 | (5.1 | %)”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $29.9B | −1.2% | −4.8% |
| Operating income | $5.2B | −13.9% | +24.8% |
| Net income | $3.5B | −68.3% | +62.2% |
| Diluted EPS | $0.99 | −66.8% | +65.0% |
| Free cash flow | $5.2B | +1.0% | +14.3% |
| Operating margin | 17.2% | −2.6 pts | +4.1 pts |
Calculated by code from XBRL, not by the model.
Key takeaways
Peacock turned profitable for the first time
Peacock Adjusted EBITDA was $189 million, an improvement of $290 million year over year. Paid subscribers rose by 2 million to 48 million.
Wireless growth offsets broadband losses
Domestic wireless line net additions were 448,000, the best quarter on record, while domestic broadband net losses were 167,000, improved by 34,000 year over year.
Residential connectivity profit fell on new strategy
Residential Connectivity & Platforms Adjusted EBITDA decreased 8.0% to $6,448 million, and its margin fell to 37.7% from 39.3% as Comcast invested in its go-to-market strategy.
Theme Parks profit declined despite higher revenue
Theme Parks revenue rose 2.7% to $2,413 million but Adjusted EBITDA fell 5.1% to $609 million. Higher domestic operating costs outweighed the revenue gain.
NBCUniversal and Sky spin-off pauses buybacks
Comcast announced its intention to separate NBCUniversal and Sky in a tax-free spin-off. It paused its share repurchase program on June 29, 2026, after repurchasing $900 million of shares in the quarter.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $31.9B * |
| Q1 2025 | $29.9B |
| Q2 2025 | $30.3B |
| Q3 2025 | $31.2B |
| Q4 2025 | $32.3B * |
| Q1 2026 | $31.5B |
| Q2 2026 | $29.9B |
| Q3 2026 | $29.3B |
Data
| Q1 2025 | $0.89 |
| Q2 2025 | $2.98 |
| Q3 2025 | $0.90 |
| Q1 2026 | $0.60 |
| Q2 2026 | $0.99 |
| Q3 2026 | $0.97 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | 15.6% |
| Q1 2025 | 18.9% |
| Q2 2025 | 19.8% |
| Q3 2025 | 17.7% |
| Q4 2025 | 10.8% |
| Q1 2026 | 13.1% |
| Q2 2026 | 17.2% |
| Q3 2026 | 18.2% |
Data
| Q4 2024 | $4.2B |
| Q1 2025 | $6.0B |
| Q2 2025 | $5.1B |
| Q3 2025 | $5.6B |
| Q4 2025 | $5.1B |
| Q1 2026 | $4.5B |
| Q2 2026 | $5.2B |
| Q3 2026 | $4.8B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Comcast's headline Q2 2026 results?
Revenue was $29,940 million, down 1.2%. Net income attributable to Comcast was $3,526 million, or $0.99 per diluted share, and Adjusted EPS was $1.04.
Why did net income fall so sharply from a year ago?
The prior-year quarter included a $9.4 billion gain from the sale of Comcast's interest in Hulu. Net income was $3.5 billion this quarter versus $11.1 billion a year ago.
How much free cash flow did Comcast generate and what did it return to shareholders?
Free Cash Flow was $4,604 million, up 2.3%. Comcast returned $2.1 billion, made up of $1.2 billion in dividends and $900 million in share repurchases.
How did Peacock and the media business perform?
Peacock reached quarterly profitability for the first time, with EBITDA of $189 million, and grew paid subscribers to 48 million. Media revenue rose 25.3% to $5,691 million, or 15.6% excluding $440 million of FIFA World Cup revenue.
What is Comcast doing with its corporate structure and buybacks?
Comcast intends to separate NBCUniversal and Sky into a separate publicly traded company through a tax-free spin-off. It paused its share repurchase program on June 29, 2026 while it works through the separation.
Documents
SEC filing