The EPS beat was driven by Content Experiences (Media/Studios) strength and lower programming costs, but the core Connectivity Platforms business continues to lose broadband subscribers and see revenue decline. The NBCUniversal/Sky spin-off timeline and any update on broadband subscriber trends on the conference call will determine near-term direction.
Price Chart
Executive Summary
Comcast reported Q3 2026 adjusted EPS of $1.07, beating consensus of $0.98 by 9.2%, but total revenue declined 6.1% YoY to $29.3B (below $29.87B consensus) due to the Versant separation and sale of Sky Germany. On a pro forma basis, revenue was flat (+0.5%) and adjusted EBITDA was flat (+0.8%). The core Connectivity Platforms segment saw revenue decline 2.7% YoY with domestic broadband customer losses of 144K, while Content Experiences grew 6.5% driven by Media and Studios. The NBCUniversal/Sky spin-off remains on track, with share repurchases paused.
Key Financial Metrics
Key Facts
- Adjusted EPS $1.07 beat consensus $0.98 by 9.2%
- Revenue $29.3B declined 6.1% YoY (below $29.87B consensus)
- Pro forma revenue flat at +0.5%, pro forma adjusted EBITDA flat at +0.8%
- Domestic broadband residential customer net losses of 144K (worse than 91K loss in Q3 2025)
- Domestic wireless line net additions of 368K, total lines reached 10.6M
- Peacock delivered second consecutive profitable quarter with $261M adjusted EBITDA
- Content Experiences adjusted EBITDA grew 29.3% YoY to $1.8B
- Theme Parks revenue declined 4.4% and adjusted EBITDA declined 17.1% YoY
- Free cash flow $4.2B, down 14.8% YoY
- Share repurchase program remains paused through proposed NBCUniversal/Sky separation
Financial Impact
Revenue declined 6.1% YoY ($29.3B vs $31.2B), adjusted EPS beat consensus by $0.09, free cash flow down 14.8% to $4.2B
Risk Factors
- Continued domestic broadband subscriber losses accelerating vs prior year
- Theme Parks cyclical headwinds persisting into Q4 2026
- Free cash flow declining YoY
- Spin-off execution risk and potential disruption to convergence strategy
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-066783 |
| Exhibit: ex992-9302026.htm | 0001628280-26-066783 |
| Document: cmcsa-20261022.htm | 0001628280-26-066783 |
| Document: 0001628280-26-066783-index-headers.html | 0001628280-26-066783 |
| Document: 0001628280-26-066783-index.html | 0001628280-26-066783 |
| Document: 0001628280-26-066783.txt | 0001628280-26-066783 |
| 8-K Data (Synthetic) | 0001628280-26-066783 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 8-K | $22.84 | awaiting T+60 | awaiting T+60 | $21.84 (−4.38%) |
Oct 20, 2026 7d ago | Institutional Cluster | $22.08 | awaiting T+60 | awaiting T+60 | $21.84 (−1.09%) |
Aug 10, 2026 11w ago | EFFECT | $25.20 | awaiting T+60 | awaiting T+60 | $21.84 (−13.33%) |
Jul 23, 2026 13w ago | 8-K | $21.92 $21.77 | ▼ −0.68% | ▼ −5.24% | $21.84 (−0.36%) |
Jun 10, 2026 20w ago | Court Ruling | $23.97 $26.33 | ▲ +9.85% | ▲ +6.02% | $21.84 (−8.89%) |
Mar 27, 2026 30w ago | Court Ruling | $28.90 $22.69 | ▼ −21.49% | ▼ −37.68% | $21.84 (−24.43%) |
Feb 28, 2026 34w ago | Institutional Cluster | $30.80 $25.15 | ▲ +18.33% | ▲ +27.66% | $21.84 (+29.08%) |
Feb 17, 2026 36w ago | Court Ruling | $31.60 $25.17 | ▼ −20.35% | ▼ −29.36% | $21.84 (−30.89%) |
US Market Status
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