PHILADELPHIA, PA — Comcast Corporation (Nasdaq: CMCSA) reported a 6.1% decline in third-quarter revenue to $29.3 billion on October 22, 2026, as continued broadband customer losses and weaker residential connectivity earnings pressured its core telecommunications business, offsetting growth in streaming, wireless services and entertainment operations.
The Philadelphia-based company reported net income attributable to shareholders of $3.45 billion for the quarter ended September 30, up 3.5% from $3.33 billion a year earlier. Diluted earnings per share increased 7.2% to 97 cents, while adjusted earnings per share declined 4% to $1.07.
Adjusted earnings before interest, taxes, depreciation and amortization fell 5.8% to $9.1 billion. Free cash flow declined 14.8% to $4.21 billion, compared with $4.95 billion in the prior-year quarter.
The headline revenue decline partly reflected changes to Comcast’s business portfolio. On a pro forma basis, accounting for the January 2026 separation of Versant and the May sale of Sky’s German operations, revenue increased 0.5% and adjusted EBITDA rose 0.8%.
The results underscore Comcast’s growing dependence on wireless services, enterprise connectivity and streaming as its traditional broadband and cable television businesses face customer attrition.
Comcast lost 144,000 domestic residential broadband customers during the quarter, compared with 91,000 losses a year earlier. Its domestic broadband customer base declined to 28.3 million from 28.9 million.
Domestic broadband revenue fell 4.7% to $6.24 billion, reflecting lower average rates and fewer customers.
The company also lost 274,000 domestic video customers, compared with 257,000 a year earlier, reducing its domestic video subscriber base to approximately 10.4 million. Video revenue declined 8.7% to $5.91 billion.
Residential Connectivity & Platforms revenue decreased 3.5% to $17 billion, while adjusted EBITDA fell 5.8% to $6.11 billion. The segment’s adjusted EBITDA margin narrowed to 35.9% from 36.8%.
Comcast attributed the residential earnings decline primarily to lower revenue, partially offset by reduced operating expenses. Programming costs declined as the company served fewer video customers, while expenses associated with its expanding wireless business increased.
Wireless services provided a counterweight to those losses.
Comcast added 368,000 domestic wireless lines during the quarter, bringing its total to approximately 10.6 million, an increase of 1.6 million over the preceding 12 months. Domestic wireless service revenue rose 14.7% to $1.05 billion.
Wireless equipment revenue increased 43.6% to $475 million, reflecting higher device sales.
The company reported that nearly 18% of its domestic residential broadband customers now subscribe to its wireless services. Premium unlimited plans accounted for approximately 40% of postpaid phone connections.
Comcast also reported that nearly 45% of its broadband customers subscribe to internet speed tiers of at least one gigabit per second, an increase of nearly 10 percentage points from a year earlier.
Business Services Connectivity revenue increased 2.7% to $2.65 billion, driven primarily by enterprise solutions. Adjusted EBITDA rose 1.7% to $1.48 billion, although the segment’s margin narrowed to 55.9% from 56.4% as operating expenses increased.
Combined revenue for Comcast’s Connectivity & Platforms division declined 2.7% to $19.66 billion, while adjusted EBITDA fell 4.4% to $7.59 billion.
In contrast, the company’s Content & Experiences operations recorded revenue growth of 6.5% to $10.54 billion and a 29.3% increase in adjusted EBITDA to $1.8 billion.
Peacock contributed significantly to the improvement, generating $1.8 billion in quarterly revenue and $261 million in adjusted EBITDA. The streaming service had recorded a $217 million adjusted EBITDA loss on $1.4 billion in revenue during the corresponding 2025 period.
Peacock’s paid subscriber base increased 17% from a year earlier to 48 million.
The streaming service’s earnings improvement came alongside higher distribution revenue, increased subscription rates and subscriber growth, although its quarterly results also included contributions associated with the FIFA World Cup.
Comcast’s broader Media segment reported revenue growth of 13% to $5.36 billion. Excluding $224 million in incremental FIFA World Cup revenue, growth was 8.3%.
Domestic distribution revenue increased 22.4% to $2.07 billion, primarily reflecting Peacock’s performance. Domestic advertising revenue rose 14.6% to $1.78 billion, although advertising revenue excluding the World Cup was essentially unchanged.
Media adjusted EBITDA increased to $769 million from $247 million, supported by higher revenue and lower programming costs, partially offset by increased expenses associated with Peacock.
Comcast’s film studio operations also benefited from theatrical releases, despite lower overall segment revenue.
Studios revenue declined 1.1% to $2.97 billion as content licensing revenue fell 23.7% to $1.55 billion, primarily because of the timing of television content availability.
Theatrical revenue increased 76.6% to $1.13 billion, supported by releases including The Odyssey, Minions & Monsters and the continuing performance of Obsession.
Comcast reported that The Odyssey generated nearly $1.8 billion in worldwide box office receipts through the reporting period, becoming Universal’s highest-grossing film. Universal also surpassed $5 billion in global box office receipts during 2026.
Studios adjusted EBITDA increased 18.6% to $402 million, reflecting lower operating expenses that more than offset the revenue decline.
Theme parks remained a source of earnings pressure.
Revenue from Universal’s theme park operations declined 4.4% to $2.6 billion, primarily reflecting lower admissions revenue and increased promotional activity.
Adjusted EBITDA fell 17.1% to $780 million from $940 million as lower revenue combined with higher operating costs at domestic parks.
Comcast continued investing in attractions, including the opening of Fast & Furious: Hollywood Drift at Universal Studios Hollywood during the quarter.
“We are taking decisive steps to strengthen our businesses and unlock the full potential of their structural advantages,” Comcast co-CEOs Brian L. Roberts and Mike Cavanagh stated in the earnings release.
The executives acknowledged that near-term financial performance in Connectivity & Platforms reflects investments intended to address changing market conditions.
Comcast is also restructuring its corporate portfolio.
The company completed its separation of Versant on January 2 and sold its Sky operations in Germany on May 31. It reported continued progress toward a further separation involving NBCUniversal and Sky, intended to establish two independent companies.
The restructuring has affected Comcast’s capital allocation decisions.
The company suspended its share repurchase program beginning in the third quarter and expects the suspension to continue through the proposed separation.
Comcast paid $1.2 billion in shareholder dividends during the quarter.
Capital expenditures remained approximately $3.1 billion, including $2.4 billion in Connectivity & Platforms spending, up 3.6%, primarily because of increased investment in customer equipment.
Content & Experiences capital expenditures declined 10.6% to $639 million.
Operating cash flow decreased 9.1% to $7.9 billion, contributing to the decline in free cash flow.
For the first nine months of 2026, Comcast reported revenue of $90.7 billion, compared with $91.4 billion during the same period in 2025. Net income attributable to Comcast declined to $9.15 billion from $17.83 billion, with the prior-year comparison affected by substantial investment and other income.
The company’s balance sheet showed approximately $7.6 billion in cash and cash equivalents at September 30, compared with $9.5 billion at the end of 2025. Current and long-term debt totaled approximately $87.4 billion, down from $98.9 billion at year-end.
Comcast’s third-quarter results reflect a company generating substantial cash flow while reallocating resources toward wireless connectivity, enterprise services and digital entertainment as its traditional broadband and video operations contract.
Additional financial statements, segment performance data and non-GAAP reconciliations are available through Comcast’s investor relations website at www.cmcsa.com.
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