EarningsQ3 2026 Earnings Report
DE:CTP2 Q3 2026 EPS Results
Actual EPS€0.96
Consensus EPS€0.89
Beat/MissBeat by +€0.08
One Year Ago EPS€0.94
DE:CTP2 Q3 2026 Revenue Results
Actual Revenue€26.34B
Expected Revenue€26.27B
Beat/MissBeat by +€68.76M
YoY Revenue Growth-6.09%
Earnings Announcement Details
QuarterQ3 2026
Date10/22/2026
TimeBefore Open
Conference CallThursday, October 22, 2026
DE:CTP2 Upcoming Earnings
Comcast's next earnings date is estimated for January 28, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:CTP2 Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive, with strong cash flow, improving Peacock profitability, significant wireless growth, studio successes, business-services expansion, and confidence in the NBCUniversal and Sky separation. However, the company continues to face meaningful near-term pressure in broadband and connectivity from competition, pricing transitions, and subscriber losses, while theme parks remain challenged and a charge of over $1 billion is expected in the fourth quarter.Company Guidance
Separation Transaction Remains on Track
Comcast stated that the separation of NBCUniversal and Sky is on track for completion by the middle of next year. The company is well into execution, including building standalone public-company infrastructure, and Chris Halpin has joined NBCUniversal as CFO.
Strong Consolidated Cash Generation
On a pro forma basis, third-quarter revenue was flat and adjusted EBITDA increased approximately 1%. Adjusted EPS was $1.07, and free cash flow was $4.2 billion.
Network and Customer-Experience Leadership
Xfinity was ranked number one nationally for consistent quality, download speed, and video experience, and was recognized for the most reliable Wi-Fi in its footprint. Comcast is extending the network through virtualization and upgrades to multi-gigabit symmetrical speeds. NPS improved both sequentially and year-over-year.
Operating Transformation and AI Adoption
Comcast launched the most significant operating and cost transformation in its history, with an opportunity management believes will ultimately amount to billions of dollars over time. The plan includes organizational simplification, technology transformation, product innovation, and expanded AI adoption. Customer-service contact rates have been reduced by roughly 20%, with more than 30 million service interactions eliminated year-to-date versus the prior year.
Wireless Scale and Convergence Progress
Xfinity Mobile ended the quarter with 10.6 million total wireless lines, up 18% year-over-year and 40% over two years, representing nearly 18% penetration of the residential broadband base. Comcast added 368,000 net wireless lines in the quarter, and wireless service revenue grew nearly 15%.
Improving Wireless Customer Mix
Comcast is converting 70% of free wireless lines into paying relationships. Premium unlimited plans represented approximately 40% of postpaid phone connects, up from 30% in the prior quarter, while premium customers represented roughly 25% of the phone base.
Higher-Speed Broadband Adoption
Approximately 45% of the broadband base is now on gig-plus speed tiers, up nearly 10 percentage points from a year ago.
Business Services Growth
Business-services revenue increased 2.7% and EBITDA grew 1.7%. Enterprise solutions remained the primary growth driver, supported by demand for advanced connectivity, managed networking, and security solutions. Comcast stated that its business-services business generates nearly $6 billion annually in EBITDA.
Peacock Achieves Consecutive Quarterly Profitability
Peacock was profitable for the second consecutive quarter, ending the period with 48 million subscribers and generating $261 million of EBITDA, a $478 million year-over-year improvement. Peacock revenue increased 34%, distribution revenue rose 44%, and advertising revenue grew 23%.
Peacock Subscriber and Pricing Resilience
Paid subscribers increased by 7 million year-over-year and remained stable sequentially even as Comcast began implementing a price increase earlier in the quarter.
Media Segment and World Cup Advertising Strength
Media revenue increased 13% and EBITDA grew more than $500 million to $769 million, driven by Peacock. The World Cup on Telemundo and Peacock generated $224 million of incremental advertising in the third quarter and $664 million in total. The event was the highest-rated Spanish-language World Cup in U.S. history.
Studio and Film Performance
Universal became the first studio this year to surpass $5 billion at the global box office. The Odyssey generated $1.8 billion worldwide and became Universal's biggest film ever, while Obsession set a box-office record for Focus Features and became the top-grossing original film of 2026. Studios theatrical revenue increased 77% and Studios EBITDA grew 19%.
Open-Architecture Distribution Strategy
Comcast announced a YouTube Premium and Peacock bundle intended to expand Peacock's reach and introduce its content and brands to a younger, incremental audience. The company also extended its linear portfolio distribution deal with YouTube TV and expanded aspects of its advertising relationship with YouTube.
Long-Term Content and Experiences Positioning
Management highlighted NBCUniversal and Sky's integrated portfolio of studios, theme parks, NBC, Peacock, and Sky, along with diversified revenue streams across advertising, subscriptions, licensing, and experiences. The businesses are expected to enter the separation with a strong investment-grade balance sheet and continued capacity to invest in brands, content, technology, and experiences.
Business Services and Satellite Partnership Expansion
Comcast Business currently partners with Starlink by combining its managed connectivity portfolio with satellite capabilities for enterprise customers. Management stated that it remains open to strategic partnerships that make sense.
Edge Compute Investment Opportunity
Comcast is investing to evaluate edge compute as a long-term opportunity, citing approximately 1,400 headends, 250 MW of capacity, and available space, power, cooling, and high-density network capabilities.
Capital Allocation and Balance-Sheet Discipline
Comcast paid $1.2 billion in dividends during the quarter. Management stated that the pause in share repurchases, which began July 1, is expected to remain in place at least through the separation so both businesses can maintain strong balance sheets and investment-grade ratings.
DE:CTP2 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed