The mixed Q2 results and spin-off announcement create a complex setup. The beat on adjusted EPS and Peacock profitability are positive, but the GAAP revenue decline, broadband subscriber losses, and paused buyback are headwinds. Monitor the spin-off details and Q3 broadband trends for directional clarity.
Price Chart
Executive Summary
Comcast Q2 2026 adjusted EPS of $1.04 beat consensus of $0.97 by 7.2%, but GAAP revenue declined 1.2% YoY to $29.94B (below $30.31B) due to the Versant spin-off and Sky Germany sale. The headline miss on GAAP revenue and a 16.7% drop in adjusted EPS are negative, partially offset by strong wireless subscriber growth and Peacock's first profitable quarter. The announced intention to spin off NBCUniversal and Sky adds a major strategic catalyst, but the pause in share repurchases and softness in Theme Parks create uncertainty.
Key Financial Metrics
Key Facts
- Adjusted EPS of $1.04 beat consensus of $0.97 by 7.2%
- GAAP revenue fell 1.2% YoY to $29.94B; pro forma revenue (ex-Versant/Sky Germany) grew 4.7%
- Adjusted EBITDA fell 13.4% to $8.90B; pro forma Adj. EBITDA fell 5.3%
- Domestic broadband lost 167K net customers (improved from -201K YoY)
- Record wireless net additions of 448K, total lines surpassing 10M
- Peacock achieved first-ever quarterly profit with $189M EBITDA vs -$101M loss last year
- Announced intention to spin off NBCUniversal and Sky via tax-free spin-off
- Share repurchase program paused on June 29, 2026 due to planned separation
- Free cash flow of $4.6B, up 2.3% YoY
- Theme Parks EBITDA fell 5.1% YoY to $609M on higher operating costs
Financial Impact
Adjusted EPS beat by $0.07 (7.2%) vs consensus; GAAP revenue miss of ~$680M vs consensus; pro forma revenue growth of 4.7%
Risk Factors
- Execution risk on the NBCUniversal/Sky spin-off and potential tax complications
- Continued broadband subscriber losses and pricing pressure in connectivity
- Near-term softness in Theme Parks and higher programming costs from NBA/FIFA rights
- Paused share repurchase removes a key capital return support for the stock
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-049274 |
| Exhibit: ex992-6302026.htm | 0001628280-26-049274 |
| Document: cmcsa-20260723.htm | 0001628280-26-049274 |
| Document: 0001628280-26-049274-index-headers.html | 0001628280-26-049274 |
| Document: 0001628280-26-049274-index.html | 0001628280-26-049274 |
| Document: 0001628280-26-049274.txt | 0001628280-26-049274 |
| 8-K Data (Synthetic) | 0001628280-26-049274 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | EFFECT | $25.20 $26.33 | ▲ +4.48% | ▲ +5.40% | $21.50 (−14.66%) |
Jul 23, 2026 10w ago | 8-K | $21.92 $26.42 | ▲ +20.53% | ▲ +17.22% | $21.50 (−1.89%) |
Jun 10, 2026 16w ago | Court Ruling | $23.97 $23.35 | ▼ −2.61% | ▼ −6.23% | $21.50 (−10.28%) |
Mar 27, 2026 27w ago | Court Ruling | $28.33 $27.47 | ▼ −3.04% | ▼ −15.78% | $21.50 (−24.08%) |
Feb 28, 2026 30w ago | Institutional Cluster | $30.80 $28.89 | ▲ +6.20% | ▼ −1.74% | $21.50 (+30.17%) |
Feb 17, 2026 32w ago | Court Ruling | $31.55 $30.08 | ▼ −4.66% | ▼ −2.89% | $21.50 (−31.84%) |
US Market Status
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