$CCZ · COMCAST CORP
Comcast filed its Q3 2026 10-Q, reporting revenue of $29.298B (-6.1% YoY) and GAAP EPS of $0.97 (+7.2% YoY). Net income attributable to Comcast was $3.448B for the quarter. For the nine months, revenue was $90.695B (-0.8%) while net income fell 48.7% to $9.148B, primarily due to the prior year's $9.7B investment gain related to the Versant separation. The company confirmed its plan to spin off NBCUniversal and Sky into an independent public company via a tax-free transaction expected to close in mid-2027.
- Q3 revenue fell 6.1% YoY to $29.298B, driven by declines in video subscribers and the absence of Versant revenue post-separation.
- Q3 GAAP EPS rose 7.2% YoY to $0.97; net income attributable to Comcast was $3.448B, up 3.5%.
- Nine-month net income dropped 48.7% to $9.148B vs. $17.830B, largely due to a $9.4B swing in investment income from the prior year's Versant
- Domestic broadband revenue declined 4.7% YoY to $6.241B; domestic wireless service grew 14.7% to $1.050B.
- Comcast announced a planned tax-free spin-off of NBCUniversal and Sky into a separate public company, expected to close mid-2027.
CCZ (the 2.0% Exchangeable Subordinated Debentures) traded down 0.60% to $65.10 in the regular session. The modest decline reflects a mixed quarter — EPS beat but revenue missed and the nine-month profit collapse from lapping the Versant gain tempers enthusiasm.
Comcast is navigating structural cord-cutting headwinds while engineering a historic breakup — the NBCU/Sky spin-off will reshape one of America's largest media conglomerates.
Comcast's broadband subscriber erosion mirrors broader cord-cutting and fixed-wireless competitive pressure across the cable industry. The NBCUniversal spin-off follows a wave of media conglomerate breakups (e.g., Warner Bros. Discovery, Paramount) aimed at unlocking sum-of-parts value.
The NBCUniversal spin-off may not occur at all or on the expected timeline; if it fails to qualify as tax-free, Comcast and shareholders face significant tax liability. Video subscriber losses and broadband revenue declines continue to pressure the core Connectivity & Platforms segment.
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