Comcast earnings exceeded Wall Street expectations for the quarter ended September 30, 2026, as growth in media revenue helped offset weaker connectivity and theme-park performance. Adjusted earnings reached $1.07 per share against a 98-cent estimate, while revenue of $29.3 billion narrowly topped expectations of $29.28 billion. Shares closed more than 3% higher on October 22.
Key Takeaways
- Peacock posted its second quarterly adjusted EBITDA profit since launching in 2020.
- Media revenue grew 13%, while connectivity revenue fell and theme-park profitability weakened.
- Comcast maintained its mid-2027 target for the planned separation of NBCUniversal and Sky.
Table of Contents
- Comcast earnings show a mixed operating picture
- Peacock turns media growth into adjusted profit
- Mobile expands while broadband and cable lose customers
- Theme parks weaken as studio costs fall
- NBCUniversal and Sky separation remains planned for 2027
- Conclusion
Comcast earnings show a mixed operating picture
Comcast's third-quarter 2026 filing covers the July–September reporting period. Net income reached $3.45 billion, or 97 cents per share, compared with $3.33 billion, or 90 cents per share, a year earlier.
Reported revenue fell 6% year over year. Comcast said revenue was essentially flat after adjusting for the separation of Versant, which was completed in January 2026. That distinction matters: the headline decline includes a change in the businesses consolidated within Comcast, rather than solely reflecting weaker ongoing operations.
Adjusted earnings per share of $1.07 excluded one-time items, including adjustments related to investments and certain intangible assets. The analyst earnings comparison uses that adjusted measure, not reported earnings per share.
| Item | Details |
|---|---|
| Domestic residential broadband customers | Net loss of 144,000 in Q3 2026. |
| Cable customers | Net loss of 274,000 in Q3 2026. |
| Mobile customers | Net additions of 368,000 in Q3 2026. |
Peacock turns media growth into adjusted profit
Peacock generated $261 million in adjusted earnings before interest, taxes, depreciation and amortization on $1.8 billion in revenue. It was the streaming service's second quarterly profit on that measure since its 2020 launch, rather than a statement of net profitability.
Paid subscribers remained at 48 million, unchanged from the preceding quarter and up 17% year over year. Comcast said retention remained strong despite subscription-price increases in August.
The service continued to benefit from FIFA World Cup viewing, with the final games taking place early in the quarter and airing on Telemundo and Peacock. Media division revenue rose 13% to $5.4 billion, helping lift revenue at the broader content and experiences business by 6.5%.
Mobile expands while broadband and cable lose customers
Connectivity and platforms revenue fell 2.7% year over year. Domestic residential broadband and cable customer losses continued, while mobile added customers.
Comcast announced in January 2025 that it would put greater emphasis on mobile and more competitive pricing amid broadband competition from wireless providers. Steve Croney, chief executive of the connectivity and platforms division, described mobile as a capital-light growth opportunity that uses Comcast's existing broadband customer base.
Theme parks weaken as studio costs fall
Theme-park revenue declined 4.4% to $2.6 billion, while adjusted EBITDA fell 17%. Comcast attributed the revenue weakness to cyclical headwinds and lower admissions revenue associated with promotional activity.
Co-CEO Mike Cavanagh also cited stronger competitor marketing and technological challenges at Epic Universe. The weakness came despite the opening of a new coaster at Universal Studios Hollywood during the quarter and Epic Universe's opening in 2025.
Cavanagh said management expects park performance to strengthen through 2027, with a return to growth in the second half. That remains an outlook, not a completed recovery.
Studios revenue fell 1.1% to $2.97 billion as content licensing revenue dropped 23.7%. Lower operating expenses nevertheless helped studio adjusted EBITDA rise 18.6% to $402 million. The July release of The Odyssey supported theatrical performance.
NBCUniversal and Sky separation remains planned for 2027
Comcast announced in June 2026 that it planned to separate NBCUniversal and European media business Sky from its core cable, wireless and business-services operations. The transaction would create two separately traded public companies.
Cavanagh said on the October 22 earnings call that the company remained on track to complete the separation by mid-2027, while acknowledging that significant work remained. This planned transaction is distinct from the completed Versant separation.
Conclusion
Comcast earnings showed stronger streaming economics alongside continued pressure in connectivity and theme parks. The next scheduled strategic milestone is the planned NBCUniversal and Sky separation in mid-2027; management's expected second-half 2027 return to theme-park growth remains a separate operating target.
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