Comcast Q2 Results: Peacock Turns First Profit

Comcast Corporation (NASDAQ: CMCSA) reported Q2 2026 results showing Peacock’s first profitable quarter and narrowed residential broadband losses. Adjusted earnings per share beat estimates, and the company said in a press release on July 23, 2026 it will pursue a tax-free spin-off of NBCUniversal and Sky.

Peacock Profitability and Subscriber Growth

Peacock reached adjusted EBITDA profitability for the first time since its 2020 launch, posting $189 million in Q2 2026 compared with a $101 million loss a year earlier, a $290 million improvement. The streaming service generated $1.9 billion in revenue, up 54% year over year, and added 2 million net paid subscribers to reach 48 million total. Management attributed growth to NBA Playoffs, FIFA World Cup rights, and the series Love Island USA. NBCUniversal’s Content & Experiences revenue rose 22.9% to $10.7 billion, driven by stronger media and studio results, which Comcast said supports the economics of its planned separation.

Earnings, Subscriber Trends, and Segment Performance

Comcast reported consolidated revenue of $29.9 billion for the quarter ended June 30, 2026, down 1.2% year over year. Adjusted EPS was $1.04, exceeding estimates. Net income attributable to Comcast was $3.5 billion, down from $11.1 billion in Q2 2025, which included a $9.4 billion gain from the sale of its Hulu interest. Consolidated adjusted EBITDA was about $8.9 billion, down roughly 13%. On a pro-forma basis adjusting for the Versant separation completed early in 2026, revenue rose 4.7% year over year.

Connectivity & Platforms revenue totaled $19.8 billion, down about 3%, with segment adjusted EBITDA near $8.0 billion, a decline of nearly 6%. Comcast lost 167,000 U.S. residential broadband customers, improving from a loss of 201,000 a year earlier and marking a second consecutive quarter of narrowed losses. The company also lost 280,000 cable-video subscribers. Wireless was a bright spot: Xfinity Mobile reached 10.2 million lines with record net additions, which management described as the company’s best wireless quarter ever. Executives said the strategic pivot in broadband is gaining traction, with further impact expected by next quarter.

Planned Spin-Off and Capital Allocation

Comcast announced plans to separate into two publicly traded companies through a tax-free spin-off of NBCUniversal and Sky. One entity will focus on connectivity and platforms, including cable, broadband, wireless, and enterprise services. The other will combine media and entertainment assets, including NBCUniversal and Sky. Mike Cavanagh is expected to lead the NBCUniversal business after the separation, while Michael Angelakis will become CEO of the connectivity company once the split closes, serving as a strategic adviser until then. The separation is anticipated in about a year, and Comcast will pause share repurchases during the process.

In Q2, Comcast generated $8.1 billion in net cash from operating activities and about $4.6 billion in free cash flow. The company returned $2.1 billion to shareholders, including $1.2 billion in dividends and $900 million to repurchase 33.8 million shares. Management framed the combination of improving streaming economics, record wireless growth, and narrowing broadband losses as strengthening its position ahead of the media spin-off.

Peacock’s shift to profitability, alongside stronger mobile momentum, gives Comcast clearer options for capital allocation and valuation as it prepares to separate its media business from connectivity operations.