Comcast CMCSA reported adjusted earnings of 79 cents per share in the first quarter of 2026, down 27.5% from the year-ago period but ahead of the Zacks Consensus Estimate of 73 cents by 8.22%.
Consolidated revenue rose 5.3% year over year to $31.46 billion and topped the consensus mark of $30.60 billion by 2.8%.
The quarter was shaped by momentum in the company’s go-to-market reset, highlighted by record wireless line additions, alongside a “Legendary February” media slate that lifted advertising and supported strong Peacock growth.
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CMCSA's Quarter Details
Connectivity & Platforms revenues (63.5% of revenues) decreased 1% year over year to $19.96 billion in the reported quarter, as pressure in Residential Connectivity & Platforms outweighed continued gains in Business Services Connectivity.
Under the segment, Residential Connectivity & Platforms revenues decreased 1.9% year over year to $17.32 billion. Business Services Connectivity revenues increased 5.8% year over year to $2.64 billion.
Total Residential Connectivity & Platforms customer relationships increased 10,000 to 47.9 million, reflecting growth in international customer relationships offset by a decline in domestic customer relationships. Total domestic broadband residential customer net losses were 65,000. Total domestic wireless line net additions were 435,000, with total wireless lines rising to 9.74 million. Total domestic video customer net losses were 322,000.
Content & Experiences revenues (37.9% of revenues) increased 39.7% year over year to $11.94 billion, driven primarily by Media, Studios and Theme Parks.
Under the segment, Media revenues increased 60.8% year over year to $7.28 billion, including $2.2 billion of incremental revenue from the Milan Cortina Olympics and the NFL’s Super Bowl. Peacock paid subscribers increased 12% year over year to 46 million, while Peacock revenue rose 71%, surpassing $2 billion for the first time.
Studios revenues increased 21.2% year over year to $3.43 billion, driven by higher content licensing revenue. Theme Parks revenues increased 24.2% year over year to $2.33 billion, reflecting higher revenue at Orlando theme parks following the opening of Epic Universe in May 2025.
CMCSA’s Operating Details
Costs and expenses in the first quarter of 2026 increased 12.8% year over year to $27.32 billion.
Programming and production costs increased 29.3% from the year-ago quarter to $10.88 billion. Marketing and promotion expenses increased 4.5% year over year to $2.16 billion, while other operating and administrative expenses rose 5.2% to $10.41 billion.
Adjusted EBITDA decreased 16.8% year over year to $7.93 billion. On a pro forma basis reflecting the separation of Versant, which was completed on Jan. 2, 2026, Adjusted EBITDA declined 8.8% year over year.
Total Connectivity & Platforms’ adjusted EBITDA declined 4.3% year over year to $7.91 billion. Residential Connectivity & Platforms adjusted EBITDA decreased 6% year over year and 6.5% in constant currency to $6.43 billion, reflecting investment in the new go-to-market strategy. Business Services Connectivity adjusted EBITDA increased 3.8% year over year to $1.48 billion, with an adjusted EBITDA margin of 55.9%.
Content & Experiences adjusted EBITDA decreased 46% year over year to $331 million. Media adjusted EBITDA declined to a loss of $426 million from a profit of $107 million in the prior-year period, primarily due to higher programming costs associated with the Olympics and Super Bowl, as well as the impact of NBA rights. Studios’ adjusted EBITDA increased to $555 million from $274 million, while Theme Parks adjusted EBITDA increased to $551 million from $413 million.
CMCSA's Cash Flow & Liquidity
As of March 31, 2026, cash and cash equivalents totaled $9.47 billion, which decreased from $9.48 billion as of Dec. 31, 2025.
As of March 31, 2026, consolidated total debt was $94.61 billion, which decreased from $98.94 billion as of Dec. 31, 2025.
Free cash flow was $3.9 billion in the reported quarter, which decreased from $5.42 billion reported in the prior year quarter.
In the first quarter of 2026, Comcast generated $6.89 billion in cash from operations, which decreased from $8.29 billion reported in the prior year quarter.
Comcast paid dividends totaling $1.2 billion and repurchased 42 million of its shares for $1.3 billion, resulting in a total return of capital to shareholders of $2.5 billion.
Zacks Rank & Stocks to Consider
CMCSA currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Consumer Discretionary sector are Brunswick BC, Cinemark CNK and Hugo Boss BOSSY, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Brunswick have returned 8.3% in the year-to-date period. BC is slated to report first-quarter 2026 results on April 30.
Shares of Cinemark have returned 24.7% in the year-to-date period. Cinemark is slated to report first-quarter 2026 results on May 01.
Shares of Hugo Boss have returned 10.1% in the year-to-date period. Hugo Boss is slated to report first-quarter 2026 results on May 05.
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