$CCZ · COMCAST CORP
Comcast filed an 8-K reporting Q3 2026 results. GAAP revenue declined 6.1% YoY to $29.3B, but pro forma revenue (excluding the Versant separation and Sky Germany sale) was flat at +0.5%. Net income attributable to Comcast rose 3.5% to $3.4B; Adjusted EBITDA fell 5.8% to $9.1B (pro forma +0.8%). Peacock delivered its second consecutive profitable quarter with $261M in EBITDA.
- GAAP revenue fell 6.1% YoY to $29.3B; pro forma revenue (excluding Versant separation and Sky Germany sale) rose 0.5% to $29.3B.
- GAAP EPS rose 7.2% to $0.97; Adjusted EPS fell 4.0% to $1.07.
- Peacock delivered $261M in Adjusted EBITDA, a $478M YoY swing, with paid subscribers up 17% to 48M.
- Free cash flow dropped 14.8% to $4.2B; dividends paid were $1.2B and share buybacks are suspended through the NBCU/Sky separation.
- Domestic broadband lost 144K net customers; wireless added 368K lines, reaching 10.6M total lines.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
Comcast's Q3 shows a company in transition: legacy broadband/video erosion offset by wireless growth and streaming profitability, with the NBCU/Sky separation as the structural catalyst ahead.
Comcast's results reflect the broader media/telecom pivot toward wireless bundling and streaming profitability. Peacock's second consecutive profitable quarter ($261M EBITDA) contrasts with earlier heavy streaming losses, while broadband subscriber erosion mirrors industry-wide pressure from fixed-w
Domestic broadband residential customer losses of 144K and video losses of 274K signal ongoing cord-cutting and competitive pressure. Free cash flow declined 14.8% YoY, and the buyback suspension through the separation removes a key support for shares.
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