CMCSA earnings analysis
What we found in CMCSA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Comcast reported Q1 revenue of $31,457,000,000, up $1.57 billion (+5.3%) versus Q1 2025, driven by Media, Studios and Theme Parks growth after the Versant separation. However, operating income fell to $4,135 million (operating margin ~13.2%) from $5,658 million (~18.9% prior year), driven by a $2,469 million increase in programming and production costs; diluted EPS declined to $0.60 from $0.89. Operating cash flow and free cash flow both weakened (OCF $6,891M vs $8,294M; free cash flow ~$4,540M vs ~$6,042M), while total debt carrying value decreased to $94.6 billion from $98.9 billion at year-end 2025.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue growth
- Total revenue increased to $31,457 million in Q1 2026 from $29,887 million in Q1 2025, a rise of $1,570 million (+5.3%).
- Operating income and margin compression
- Operating income declined to $4,135 million (operating margin ~13.2%) in Q1 2026 from $5,658 million (~18.9%) in Q1 2025, a drop of $1,523 million and ~5.8 percentage points of margin.
- EPS decline
- Diluted EPS decreased to $0.60 in Q1 2026 from $0.89 in Q1 2025, down $0.29 (≈-32.6%).
- Programming & production cost surge
- Programming and production costs rose to $10,884 million in Q1 2026 from $8,415 million in Q1 2025, an increase of $2,469 million, materially pressuring margins.
- Operating and free cash flow weaker
- Net cash provided by operating activities fell to $6,891 million in Q1 2026 from $8,294 million in Q1 2025 (down $1,403M); free cash flow (OCF minus capex) was ~$4,540 million vs ~$6,042 million in the prior-year quarter.
- Debt carrying value reduced
- Total debt carrying value decreased to $94.6 billion as of March 31, 2026 from $98.9 billion as of December 31, 2025 (decline of $4.3B).
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Margin pressure from higher content costs
- Licensed, including sports rights, jumped to $5,589 million in Q1 2026 from $2,804 million in Q1 2025 (+$2,785M), contributing to total programming and production costs of $10,884 million (up $2,469M) and compressing operating margin to ~13.2%.
- Net income and EPS decline
- Net income attributable to Comcast Corporation fell to $2,174 million in Q1 2026 from $3,375 million in Q1 2025 (down $1,201M); diluted EPS fell to $0.60 from $0.89.
- Weaker operating cash flow
- Net cash provided by operating activities fell to $6,891 million in Q1 2026 from $8,294 million in Q1 2025 (down $1,403M), reducing cash available for discretionary uses.
- Working capital deterioration
- Total current assets decreased to $28,822 million as of March 31, 2026 from $29,567 million at December 31, 2025 (down $745M) while current liabilities remained largely steady (33,308M vs 33,524M), worsening net working capital by ~$529M.
- Investment and other losses widened
- Investment and other income (loss), net was a loss of $309 million in Q1 2026 versus a loss of $116 million in Q1 2025 (worsened by $193M), further pressuring pre-tax income.
- Separation-related impacts persist
- The January 2, 2026 separation of Versant (Versant revenue in Q1 2025 was $1,769 million) changes comparability and ongoing separation-related costs (transaction and transaction-related costs of $51M in Q1 2026) affect comparisons and near-term results.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.6
- Operating margin
- 13.15%
- Segment
- Residential Connectivity & Platforms (external revenue): $17,287 million in Q1 2026 vs $17,629 million in Q1 2025 (down $342M, -1.9%)
- Segment
- Business Services Connectivity (external revenue): $2,634 million in Q1 2026 vs $2,490 million in Q1 2025 (up $144M, +5.8%)
- Segment
- Media (external revenue): $6,134 million in Q1 2026 vs $3,498 million in Q1 2025 (up $2,636M; note Q1 2025 included Versant historical results of $1,769M)
- Segment
- Studios (external revenue): $2,092 million in Q1 2026 vs $2,001 million in Q1 2025 (up $91M, +4.5%)
- Segment
- Theme Parks (external revenue): $2,331 million in Q1 2026 vs $1,876 million in Q1 2025 (up $455M, +24.3%)
What they said about what is next.
No quantitative forward-looking revenue or EPS guidance provided in the Form 10-Q. MD&A and notes describe the January 2, 2026 Versant separation and segment reporting changes effective Q1 2026; management states it is evaluating impacts of new accounting guidance but does not provide numeric guidance (see MD&A/Notes). Outlook appears deferred to future earnings releases/calls.
The filing reads worse than the one before it.
What came before.
- 10-Q · July 31, 2025
- Comcast reported Q2 revenue of $30,313 million, up $625 million (+2.1%) versus Q2 2024, while diluted EPS rose to $2.98 from $1.00, driven largely by a $9,760 million investment and other income gain. Operating income…
- 10-Q · April 24, 2025
- Comcast reported Q1 revenue of $29,887 million, down $171 million versus Q1 2024 ($30,058 million), with diluted EPS of $0.89 versus $0.97 a year ago. Operating income declined to $5,658 million from $5,810 million and…
- 10-K · January 31, 2025
- The 2024 10-K emphasizes Comcast’s scale in content rights, its guarantee-based debt structure, and ongoing capital deployment while asserting no material impairments were required after annual goodwill and content…
- 10-Q · October 31, 2024
- Comcast reported revenue of $32,070 million for Q3 2024, up $1,955 million versus Q3 2023 ($30,115 million), driven primarily by Media segment strength. Operating income declined to $5,859 million (operating margin…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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