Comcast (CMCSA) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 was $29.94B, down 1.2% year-over-year, but pro forma revenue (excluding Versant and Sky Germany) increased 4.7% to $29.6B, reflecting the Versant separation and sale of Sky Germany.

• Net income attributable to shareholders was $3.53B, down 68.3% year-over-year, primarily due to the Versant spin-off and lower Connectivity & Platforms performance.

• Adjusted EBITDA was $8.9B, down 13.4% year-over-year; free cash flow was $4.6B.

• Announced the planned separation of NBCUniversal and Sky into an independent, publicly traded company via a tax-free spin-off within 12 months, with share repurchase program paused.

• Peacock achieved profitability for the first time, with $189M EBITDA and 2M net new paid subscribers, reaching 48M total.

Financial highlights

• Adjusted EPS was $1.04, down 16.7% year-over-year; reported EPS was $0.99, down 66.9%.

• Capital expenditures rose 8.3% to $2.9B, driven by higher investment in scalable infrastructure and customer premise equipment.

• $2.1B returned to shareholders via $1.2B in dividends and $900M in share repurchases; share repurchase program paused pending separation.

• Net cash from operating activities was $8.1B.

• Domestic wireless net additions hit a record 448,000, up 25% year-to-date, reaching 10.2M total lines.

Outlook and guidance

• Expect modest improvements in ARPU and EBITDA starting in the third quarter as initial go-to-market investments are lapped and free wireless lines convert to paid.

• Management remains confident in long-term opportunities, especially in wireless, business services, and theme parks, despite near-term softness in parks.

• Spin-off of NBCUniversal and Sky expected to provide strategic flexibility and tailored investment priorities for both companies.

• Continued investment in theme parks, including Epic Universe and Universal UK Resort.

• Peacock profitability expected to improve annually, though quarterly results may fluctuate due to event timing.