# Comcast (CMCSA) Q2 2026 earnings

Results filed 2026-07-23 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/cmcsa/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1166691/000162828026049274/0001628280-26-049274-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $29,940 | down 1.2% from a year ago | GAAP |
| Net Income Attributable to Comcast | $3,526 | down 68.3% from a year ago | GAAP |
| Diluted earnings per share | $0.99 | down 66.9% from a year ago | GAAP |
| Adjusted earnings per share | $1.04 | down 16.7% from a year ago | non-GAAP |
| Adjusted EBITDA | $8,902 | down 13.4% from a year ago | non-GAAP |
| Net cash provided by operating activities | $8,092 | up 3.5% from a year ago | GAAP |
| Free Cash Flow | $4,604 | up 2.3% from a year ago | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Peacock paid subscribers | 48 Million | 2 million net additions in the quarter |
| Domestic wireless lines | 10,187 | 448 thousand net additions |
| Business Services Connectivity revenue | $2,671 | up 3.7% |
| Media revenue | $5,691 | up 25.3% |
| Studios revenue | $3,040 | up 25.0% |
| Theme Parks revenue | $2,413 | up 2.7% |

## Key takeaways

1. **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.
2. **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.
3. **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.
4. **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.
5. **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.

## 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.