01—Abstract
Summary
Summary of the 10-Q filed July 23, 2026. Cited figures are marked; the original filing is the authoritative source.
Comcast Corporation reported a notable decrease in net income attributable to Comcast Corporation for the three and six months ended June 30, 2026, compared to the prior year periods.
This decline is largely attributed to a significant drop in 'Investment and other income (loss), net,' primarily driven by a substantial gain recognized in the prior year related to the sale of its interest in Hulu. Revenue also saw a slight decrease in the three-month period, though it increased year-to-date, primarily driven by growth in the Content & Experiences segments, partially offset by declines in Connectivity & Platforms. The company also announced its intention to spin off NBCUniversal and Sky, a move expected to occur in mid-2027, which has led to the suspension of its share repurchase program.
The company continues to navigate a competitive landscape in its Connectivity & Platforms business, with residential broadband customer relationships showing a net loss. However, the wireless service revenue and lines continue to grow. The Content & Experiences segments, particularly Media and Studios, showed strong revenue growth, bolstered by major sporting events and theatrical releases, though Media's Adjusted EBITDA declined due to significant investments in Peacock and content.
The Theme Parks segment experienced modest revenue growth, supported by the new Epic Universe. Overall, while facing some headwinds in its core connectivity business, Comcast is positioning for a significant strategic shift with the proposed spin-off while demonstrating resilience in its media and content offerings.
02—Key points
Key Highlights
- Net income attributable to Comcast Corporation decreased significantly to $3.53 billion for Q2 2026 and $5.70 billion for H1 2026, primarily due to a large one-time gain in the prior year from the Hulu sale.
- Consolidated revenue for Q2 2026 slightly decreased to $29.94 billion, while H1 2026 revenue grew to $61.40 billion, driven by strong performance in Media and Studios, offsetting declines in Connectivity & Platforms.
- The company announced plans for a tax-free spin-off of NBCUniversal and Sky, expected in mid-2027, signaling a major strategic restructuring.
- Residential Connectivity & Platforms saw a revenue decline of 4.0% in Q2 and 3.0% year-to-date, with a net loss of 166,000 domestic residential customer relationships in Q2 and 223,000 in H1.
- Domestic wireless service revenue and lines continue to show robust growth, with Q2 service revenue up 14.2% and year-to-date up 14.6%.
- The Media segment reported a significant revenue increase of 25.3% in Q2 and 43.0% year-to-date, boosted by major sporting events and Peacock's subscriber growth, though Adjusted EBITDA declined due to increased programming and marketing costs.
- Share repurchase program has been suspended effective the beginning of Q3 2026 in connection with the proposed NBCUniversal Spin-off.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed July 23, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $29.94B$30.31B | −1.2% |
| Operating Expenses | $24.78B$24.32B | +1.9% |
| Operating Income | $5.16B$5.99B | −13.9% |
| Net Income | $3.53B$11.12B | −68.3% |
| EPS (Basic) | $0.99$2.99 | −66.9% |
| EPS (Diluted) | $0.99$2.98 | −66.8% |
| Shares Outstanding (Basic) | 3.56B3.72B | −4.2% |
| Shares Outstanding (Diluted) | 3.57B3.73B | −4.2% |
05—Questions
Frequently Asked Questions
What is the primary driver behind the significant decrease in net income for the six months ended June 30, 2026, compared to the same period in 2025?
The primary driver for the substantial decrease in net income is the "Investment and other income (loss), net" line item. In the prior year (six months ended June 30, 2025), this line benefited from a significant gain of $9.6 billion, largely from the sale of Comcast's interest in Hulu. In the current year, this item contributed only $0.2 billion, resulting in a large year-over-year drop.
What is the strategic rationale behind the announced spin-off of NBCUniversal and Sky?
Comcast announced its intention to spin off NBCUniversal and Sky to create two independent, publicly traded companies. The company states this move is to better position each entity to pursue its own strategic priorities, invest for growth, and create long-term shareholder value as independent entities.
How is the Connectivity & Platforms segment performing, particularly in terms of customer numbers?
The Connectivity & Platforms segment experienced a revenue decline, with Residential Connectivity & Platforms revenue down 4.0% in Q2 2026. Domestically, Residential Connectivity & Platforms customer relationships saw a net loss of 166,000 in Q2 and 223,000 in the first half of the year, indicating a challenging competitive environment. However, the domestic wireless service revenue and lines continue to grow significantly.
What is the current status of Comcast's share repurchase program?
Comcast has suspended its share repurchase program effective the beginning of the third quarter of 2026 in connection with the proposed NBCUniversal Spin-off. This follows the approval of a new $15 billion repurchase authorization in January 2025.
06—Continue