Comcast Adjusted EPS of $1.07 Beats Estimate as Broadband Losses Widen to 144,000

Comcast reported third-quarter 2026 results on Thursday, Oct. 22, with adjusted earnings per share of $1.07 above the 98-cent average estimate, GAAP earnings per share of $0.97, and domestic broadband residential customer net losses of 144,000, worse than the 116,800 losses analysts polled by FactSet had estimated.

The two earnings lines moved in opposite directions, and the distinction matters. Adjusted EPS of $1.07 — a non-GAAP measure, as the company labels it — fell 4.0% from $1.12 a year earlier, while GAAP EPS of $0.97 rose 7.2% from $0.90, on net income attributable to Comcast of $3.448 billion, up 3.5%; adjusted net income fell 7.3% to $3.824 billion. Against the 98-cent estimate, the adjusted result came in $0.09 ahead — TickerGrove's calculation. Revenue tells the same two-basis story: reported revenue fell 6.1% to $29.298 billion from $31.198 billion, but on a pro forma basis — reflecting the Versant separation completed Jan. 2, 2026 and the sale of Sky Germany completed May 31, 2026, as if both had occurred Jan. 1, 2024 — revenue rose 0.5% against $29.151 billion. Adjusted EBITDA fell 5.8% reported to $9.106 billion and rose 0.8% pro forma. The reported decline is a portfolio effect; the pro forma line is the like-for-like read.

Broadband losses deepened; wireless kept growing

Connectivity & Platforms revenue fell 2.7% to $19.663 billion, and its Adjusted EBITDA fell 4.4% to $7.588 billion, for a margin of 38.6%, down 70 basis points. Domestic broadband residential customers fell by a net 144,000 to 28.343 million — deeper than the 91,000 losses a year earlier and worse than the 116,800 losses estimated by analysts polled by FactSet, as reporting on Thursday described the comparison. Domestic video customers fell by a net 274,000 to 10.394 million, and domestic residential customer relationships fell 139,000, though total residential relationships rose 33,000 to 47.751 million on international gains. Domestic broadband revenue fell 4.7% to $6.241 billion, which the company attributed to lower average rates and fewer customers. Wireless was the offset: domestic wireless lines rose by a net 368,000 to 10.555 million, nearly 18% penetration of domestic residential broadband customers, wireless service revenue rose 14.7% to $1.050 billion, premium unlimited plans were about 40% of postpaid phone connects, and about 45% of broadband customers were on gig-plus tiers, up nearly 10 percentage points year over year. Business Services Connectivity revenue rose 2.7% to $2.645 billion, with Adjusted EBITDA of $1.478 billion, up 1.7%, and a margin of 55.9%.

Peacock's second profitable quarter carried the media side

Content & Experiences revenue rose 6.5% to $10.537 billion, and its Adjusted EBITDA rose 29.3% to $1.800 billion. Media revenue rose 13.0% to $5.359 billion, including $224 million of incremental FIFA World Cup revenue — up 8.3% excluding the tournament — and Media Adjusted EBITDA was $769 million, against $247 million a year earlier. Within Media, Peacock delivered revenue of $1.8 billion and Adjusted EBITDA of $261 million, against a $217 million loss a year earlier — its second consecutive profitable quarter, with the figures including FIFA World Cup amounts, as the company notes — and paid subscribers rose 17% year over year to 48 million. Studios revenue fell 1.1% to $2.967 billion while Adjusted EBITDA rose 18.6% to $402 million: theatrical revenue jumped 76.6% to $1.129 billion on The Odyssey and Minions & Monsters, while content licensing fell 23.7% to $1.553 billion on timing. The Odyssey became Universal's highest-grossing film of all time at nearly $1.8 billion in worldwide box office year to date, and Universal was the first studio to reach $5 billion at the global box office in 2026. Theme Parks was the soft spot: revenue fell 4.4% to $2.597 billion — below the $2.71 billion average estimate compiled by LSEG, according to Thursday reporting — and Adjusted EBITDA fell 17.1% to $780 million, on lower admissions revenue including promotional activity and higher domestic park operating costs.

Cash held up; the buyback stays paused

Operating cash flow was $7.902 billion, down 9.1%, and free cash flow — a non-GAAP measure, as the company labels it — was $4.211 billion, down 14.8%. Capital expenditures were consistent at $3.1 billion, and the company paid $1.2 billion in dividends. Comcast suspended its share repurchase program beginning in the third quarter and expects the pause to remain in place through the proposed separation of its businesses into two independent publicly traded companies. Co-CEOs Brian L. Roberts and Mike Cavanagh said the company is making meaningful progress on the separation of NBCUniversal and Sky, which remains on track to create two independent companies. What to watch next is whether broadband losses narrow from 144,000 without heavier discounting, whether Peacock holds its Adjusted EBITDA profit for a third straight quarter, and whether Theme Parks admissions recover as promotional pressure eases.