Comcast Reports Q3 2026 Financial Results

Executive Summary

On October 22, 2026, Comcast Corporation filed a Form 8-K under Item 2.02 detailing financial and operating results for the third quarter ended September 30, 2026.

Key Financial Highlights

• Consolidated Revenue: Reached $29.298 billion, representing a 6.1% decrease compared to $31.198 billion in Q3 2025. On a pro forma basis (adjusting for the Versant separation on January 2, 2026, and the divestiture of Sky Germany on May 31, 2026), revenue edged up 0.5% year-over-year.
• Adjusted EBITDA: Stood at $9.106 billion, down 5.8% from $9.669 billion in Q3 2025, but up 0.8% on a pro forma basis.
• Net Income & EPS: Net income attributable to Comcast rose 3.5% to $3.448 billion, driving a 7.2% increase in GAAP EPS to $0.97. Adjusted EPS declined 4.0% to $1.07 (compared to $1.12 in Q3 2025).
• Cash Flow & Capital Allocation: Net cash from operating activities totaled $7.902 billion, generating $4.211 billion in Free Cash Flow (-14.8% YoY). Capital expenditures were flat at $3.1 billion.
• Shareholder Returns: Distributed $1.2 billion in dividend payments during the quarter. Share repurchases remain suspended through the completion of the planned corporate separation into two independent publicly traded entities.

Segment & Operational Highlights

• Peacock: Achieved its second consecutive profitable quarter with $261 million in Adjusted EBITDA on $1.8 billion in revenue; paid subscribers climbed 17% YoY to 48 million.
• Wireless: Added 368,000 domestic wireless customer lines in Q3 (1.6 million over the trailing 12 months), reaching 10.6 million total wireless lines.
• Studios: Universal became the first studio in 2026 to cross $5 billion at the worldwide box office, powered by The Odyssey, which achieved nearly $1.8 billion worldwide box office year-to-date.