10-Q · April 23, 2026
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…
Earnings analysis · 10-Q
CMCSA earnings analysis
Filed October 22, 2026 · Our reading of the company's report
The latest report
Comcast delivered mixed third-quarter results: revenue declined 6.1% to $29.298B and Adjusted EBITDA fell 5.8% to $9.106B, but diluted EPS rose to $0.97 and operating margin improved to 18.2%. Media, Peacock, Studios…
Read full summary
Comcast delivered mixed third-quarter results: revenue declined 6.1% to $29.298B and Adjusted EBITDA fell 5.8% to $9.106B, but diluted EPS rose to $0.97 and operating margin improved to 18.2%. Media, Peacock, Studios and Business Services growth partially offset declines in Residential Connectivity & Platforms and Theme Parks. Cash generation remained substantial at $22.886B of nine-month operating cash flow and approximately $14.575B of implied free cash flow, while debt fell to $87.4B. The outlook contains no numeric EPS or revenue guidance, but highlights continued legacy-video pressure and significant execution, tax and cost risks around the planned mid-2027 spin-off.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.97
- Operating margin
- 18.2%
What stood out
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EPS increased despite lower revenue
Third-quarter revenue was $29.298B, down 6.1% from $31.198B, while diluted EPS increased to $0.97 from $0.90, helped in part by a 3.5% decline in diluted weighted-average shares to 3.562B.
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Operating margin modestly expanded
Operating income was $5.320B versus $5.534B, producing an 18.2% operating margin versus 17.7% a year earlier. Adjusted EBITDA declined 5.8% to $9.106B, reflecting pressure in Connectivity & Platforms and Theme Parks.
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Media and Peacock momentum
Media revenue grew 13.0% to $5.359B and Adjusted EBITDA increased to $769M from $247M. Peacock paid subscribers reached 48M versus 41M, and Peacock revenue was $1.8B versus $1.4B.
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Business Services continued to grow
Business Services Connectivity revenue rose 2.7% to $2.645B and Adjusted EBITDA increased 1.7% to $1.478B, primarily due to growth in enterprise solutions offerings.
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Strong but lower free cash flow
Operating cash flow was $22.886B for the first nine months, versus $24.802B, while capital expenditures were $8.311B versus $8.001B. Implied free cash flow was approximately $14.575B, down from approximately $16.801B.
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Debt reduction strengthened liquidity
Debt declined to $87.4B from $98.9B at year-end after $10.405B of debt repayments. Comcast retained $11.8B of availability under its revolving credit facility after commercial paper and other commitments.
What to watch
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Broadband and video losses pressure core business
Residential Connectivity & Platforms revenue fell 3.5% to $17.018B and Adjusted EBITDA declined 5.8% to $6.110B. Domestic broadband customers fell by 144,000 in the quarter and 376,000 year to date, while domestic video customers declined by 274,000 in the quarter.
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Theme Parks profitability weakened
Theme Parks revenue decreased 4.4% to $2.597B and Adjusted EBITDA fell 17.1% to $780M, primarily due to lower park admissions and increased promotional activity; segment costs rose 2.3% to $1.817B.
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Spin-off execution and tax risk
The proposed NBCUniversal and Sky spin-off is expected in mid-2027 but requires Board approval, tax opinions, regulatory approvals and financing arrangements. The filing states each resulting company would incur separate ongoing costs and could face substantial taxes if the transaction is not tax-free.
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Cash flow and capital intensity
Nine-month operating cash flow declined to $22.886B from $24.802B while capital expenditures increased to $8.311B from $8.001B. Management expects to continue using substantial operating cash flow for debt repayment, capital expenditures, investments and shareholder returns.
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Structural decline in legacy video
Management expects continued declines in video revenue due to customer net losses and shifting consumption patterns, while linear television subscribers and audience ratings are also expected to continue declining.
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Future acquisition execution risk
The company entered an agreement to acquire ITV Media & Entertainment for total consideration of up to £1.6B, including £1.2B of cash, with closing expected in the second half of 2027 subject to conditions and approvals.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management expects the NBCUniversal and Sky spin-off to be completed in mid-2027, subject to customary conditions. Management also expects continued declines in video revenue and linear television subscribers, while anticipating continued quarterly dividends subject to Board approval.
Earlier filings 4
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…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.