Comcast Q3 2026 Results: Media Up, Broadband Down

Comcast reported third-quarter 2026 results on Oct. 22, showing strength in media revenue and improved Peacock profitability even as domestic residential broadband and video customers declined. The company also faces reported restructuring and possible job cuts ahead of a planned 2027 separation.

Results and Operating Metrics

For the quarter ended Sept. 30, 2026, Comcast reported adjusted earnings per share of $1.07, consolidated adjusted EBITDA of $9.1 billion, and free cash flow of $4.2 billion. Domestic residential broadband customers totaled 28.343 million, down from 28.897 million a year earlier, a net loss of 144,000. Domestic video customers declined by 274,000 during the quarter.

Residential Connectivity & Platforms customer relationships totaled 47.751 million, compared with 48.120 million a year earlier. The quarter included a 33,000 increase in total relationships driven by international growth that offset domestic declines. Domestic broadband revenue fell to $6.241 billion from $6.550 billion in the prior-year period.

Wireless showed growth, with domestic wireless customer-line net additions of 368,000 for the quarter and 1.6 million over the last 12 months, bringing total wireless lines to 10.6 million. The product mix shifted toward higher speeds and premium plans: nearly 45% of broadband customers subscribed to gig-plus speed tiers, up about 10 percentage points year over year, while premium unlimited plans accounted for roughly 40% of postpaid phone connections.

Peacock’s paid subscribers increased 17% year over year to 48 million. The streaming service generated EBITDA of $261 million, improving by $478 million from the prior-year period.

Restructuring and Strategic Moves

Reports indicate Comcast is preparing significant job cuts across its cable-TV, broadband, and wireless businesses, with announcements expected within weeks. The restructuring aims to create a more agile workforce and free cash for investment and long-term objectives. Comcast had approximately 179,000 full- and part-time employees as of Dec. 31, 2025.

Comcast plans to separate NBCUniversal and Sky into a distinct publicly traded company in 2027, focusing Comcast more narrowly on connectivity and related businesses. Earlier in 2026, several cable networks, including CNBC and MS NOW, were spun off into Versant Media Group.

Management described near-term financial results in Connectivity & Platforms as reflecting investments to navigate a dynamic environment. The company did not provide new quantitative full-year or quarterly guidance.

The combination of improving media metrics, ongoing broadband and video subscriber losses, and reported restructuring activity suggests a mixed near-term outlook as Comcast repositions ahead of the planned separation.

“We are taking decisive steps to strengthen our businesses and unlock the full potential of their structural advantages,” co-CEOs Brian L. Roberts and Mike Cavanagh said in the Oct. 22 results release.