CMCSA · Q2 2026 Earnings

Cautious

Comcast

Reported July 23, 2026

30-second summary

Comcast delivered Q2 FY2026 revenue of $29.94B (-1.2% YoY, +4.7% on a pro forma basis) and non-GAAP EPS of $1.04, with the print's cleanest positive being Peacock reaching its first quarter of positive Adjusted EBITDA at $189M — the inflection management telegraphed on the Q1 call. Domestic broadband residential net losses of 167K did improve 34K YoY vs. Q2 FY2025's 201K, consistent with management's "gaining traction" framing on the go-to-market pivot; however, the print did not restate the 2.3x leverage timeline, the "back-half ARPU relief" anchor, or the free-line conversion tailwind that anchored the last two calls. The bull case (Peacock durable profitability, wireless as central lever, YoY broadband improvement) has three proof points this quarter; the bear case (deferred convergence economics, Theme Parks softness, withdrawn qualitative anchors) has three.

Headline numbers

EPS

Q2 FY2026

$1.04

+8.3% vs est.

Revenue

Q2 FY2026

$29.94B

-1.2% YoY

+2.4% vs est.

Free cash flow

Q2 FY2026

$4.60B

Operating margin

Q2 FY2026

17.2%

Key financials

Q2 FY2026

Metric	Q2 FY2026	Q2 FY2025	YoY	Q1 FY2026	QoQ
Revenue	$29.94B	$30.31B	-1.2%	$31.46B	-4.8%
EPS	$1.04	$1.25	-16.8%	$0.79	+31.6%
Operating margin	17.2%	19.8%	-256bps	13.1%	+410bps
Free cash flow	$4.60B	$4.50B	+2.3%	$3.90B	+18.0%

Guidance

Company met Q2 profitability expectations with Peacock reaching positive EBITDA and EPS beat, but withdrew FY2026 quantitative guidance and provided no Q3 forward numbers, signaling reduced visibility amid Theme Parks softness and broadband ARPU headwinds.

Guidance is issued for both next quarter and the full year. Both may appear below.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Peacock Profitability	Q2 FY2026	Expected to approach profitability for the first time	$189M Adjusted EBITDA	In-line with 'approach profitability' expectation	Met
Broadband ARPU	Q2 FY2026	Incremental pressure expected in Q2, with relief anticipated as company exits year	Residential Connectivity & Platforms down 4% YoY	In-line; pressure manifested as guided	Met
Revenue	Q2 FY2026	No quantitative range provided; qualitative: expects relief on ARPU and pressure from free lines monetization ramp	$29.94B	+2.4% above consensus estimate ($29.24B); YoY -1.2%	Beat
EPS (Non-GAAP)	Q2 FY2026	No quantitative range provided; qualitative: expected meaningful inflection with Peacock profitability	$1.04	+8.3% above consensus estimate ($0.96); GAAP EPS $0.99	Beat
Free Cash Flow	Q2 FY2026	Not explicitly guided; qualitative: expects conversion of free lines into paid relationships to provide tailwind	$4.604B	In-line with management's focus on cash generation from convergence	Met
Theme Parks Revenue	Q2 FY2026	Not explicitly guided in quantitative terms	$2.413B, +2.7% YoY	In-line; modest growth	Met

New guidance

Metric	Period	Guide	YoY
Guidance	Q3 FY2026	No quantitative guidance provided for Q3 FY2026 revenue or EPS	—

Changes to prior guidance

Metric	Period	Prior guide	New guide	Δ	Result
Guidance	FY2026	Qualitative guidance on leverage trajectory (2.3x target), Peacock profitability approach, ARPU relief in back half	Withdrawn — no replacement	—	Withdrawn

Segment performance

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Residential Connectivity & Platforms	$17.124B	$17.814B	-3.9%
Business Services Connectivity	$2.671B	$2.575B	+3.7%
Media	$5.691B	$6.44B	-11.6%
Studios	$3.04B	$2.432B	+25.0%
Theme Parks	$2.413B	$2.349B	+2.7%

Platform metrics

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Domestic Broadband Customer Net Losses	167k	—	—
Domestic Wireless Line Net Additions	448k	378,000	—
Total Wireless Lines	10.2M	—	—
Peacock Paid Subscribers	48M	—	—
Peacock Adjusted EBITDA	$189M	—	—

Profitability

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Adjusted EBITDA	$8.9B	$10.283 billion	—
Adjusted EBITDA Margin	29.8%	33.9%	—
Free Cash Flow	$4.6B	—	—

Management tone

No earnings call transcript was reviewed for this print. The comparisons below rely on press-release commentary from this quarter and the trusted prior-quarter guidance extracts — not full transcript comparison — and should be read as directional rather than definitive.

Broadband framing in this quarter's press release describes the "strategic pivot in broadband … gaining traction," with the KPI support that Q2 FY2026 domestic broadband residential net losses of 167K represent a 34K YoY improvement vs. Q2 FY2025's 201K. That is a defensible use of "traction" on the YoY comparison; the sequential comparison (wider loss than Q1 FY2026) is a legitimate offsetting concern that management did not directly address in the release.

Theme Parks moved from a growth contributor to a caution flag. This quarter's guidance qualifier — "we are seeing some near-term softness in Theme Parks, we remain confident in the long-term opportunity" — is a discrete flag from the press release. Theme Parks grew 2.7% YoY on revenue this quarter but Adjusted EBITDA declined 5.1% to $609M, and the release attributes the softness to lower revenue at international parks partially offsetting Orlando/Epic Universe gains. The "long-term opportunity" hedge is the new load-bearing sentence for the segment.

Peacock is the one place where the multi-quarter tone arc landed exactly as telegraphed. Trusted prior guidance stated Peacock was "on track to approach profitability for the first time next quarter"; this quarter delivered +$189M, a $290M YoY swing. This is the cleanest execution against a telegraphed inflection in the print, and management now has the right to compound on it.

The absence of restated quantitative anchors is the most important tonal signal. The 2.3x leverage target and the "exit-the-year" ARPU relief timeline that anchored the prior guidance record are not restated in this quarter's press-release commentary. Combined with no quantitative Q3 or FY2026 outlook in the release, the read is that management's forward visibility framing has narrowed relative to the prior quarter — though the announced intention to separate NBCUniversal and Sky may explain why forward quantitative anchors are being held back pending the structural transaction.

Answers to last quarter's watch list

Q2 FY2026 Peacock EBITDA print — Peacock delivered +$189M Adjusted EBITDA (+$290M YoY), cleanly ahead of the "approach profitability" qualitative guide. Subscribers grew by 2M net additions in the quarter to 48M.

Resolved positively

Q2 FY2026 broadband subscriber trajectory — Domestic broadband residential net losses of 167K, a 34K YoY improvement vs. Q2 FY2025's 201K. YoY the trend is improvement, consistent with the "gaining traction" framing. Status: Resolved positively on YoY basis

Q2 FY2026 wireless net adds — 448K, a company record and above the 400K threshold. Total wireless lines now 10.2M at ~7% footprint penetration. The "central lever" framing has one more quarter of volume support.

Resolved positively

Quantification of free-line conversion economics — No disclosure in this quarter's press-release commentary. With H2 FY2026 approaching and Residential C&P revenue at -4.0% YoY, the continued silence is a mild negative tell. Status: Resolved negatively (by continued absence)

C&P EBITDA margin in Q2 FY2026 — Residential C&P EBITDA margin was 37.7% (-160 bps YoY); Business Services Connectivity margin was 56.7% (+60 bps YoY). Residential margin pressure is real and consistent with the go-to-market investment narrative. Status: Resolved

FY2026 FCF framing — Q2 FCF of $4.60B disclosed; H1 FY2026 FCF was $8.51B vs. H1 FY2025 $9.92B. Management did not provide an FY2026 FCF frame in the release.

Not resolved

Convergence ARPA disclosure cadence — Not restated in this quarter's press-release commentary.

Continue monitoring

What to watch into next quarter

Q3 FY2026 broadband net losses — Q2 FY2026 was a 34K YoY improvement; watch whether Q3 sustains or reverses the YoY improvement direction and how the sequential trajectory develops.

Peacock EBITDA sustainability — Q2 FY2026 delivered +$189M. Watch whether Q3 remains positive. A single positive quarter is a milestone; two consecutive positive quarters is a business model.

Theme Parks Q3 FY2026 growth print — Q2 FY2026 revenue +2.7% YoY but EBITDA -5.1%; management flagged "near-term softness." Watch whether Q3 (a peak summer quarter with Epic Universe fully lapping the May 2025 open) prints positive or negative on both revenue and EBITDA.

Restoration of quantitative guidance — Management did not provide Q3 or FY2026 quantitative guidance and did not restate the 2.3x leverage or back-half ARPU-relief anchors. Watch whether the Q3 print restores any quantitative frame or, alternatively, whether the announced NBCUniversal/Sky separation timeline formally supersedes the prior anchors.

Free-line conversion economics — H2 FY2026 is now imminent. Any Q3 disclosure of paid conversion rates, ARPU uplift, or churn on conversion would be a material positive. Continued silence with Residential C&P revenue at -4.0% YoY would suggest conversion economics are worse than management is willing to disclose.

Wireless net adds run-rate — Q2 FY2026 set a company record at 448K. Watch whether Q3 holds above 400K to confirm the central-lever framing.

NBCUniversal / Sky separation mechanics — Announced this quarter with share repurchases paused. Watch for structural timeline, tax treatment, and capital-return implications; the separation may be the structural reason forward quantitative anchors were held back.

Sources

Comcast Q2 FY2026 earnings press release (Exhibit 99.1), filed with the SEC: https://www.sec.gov/Archives/edgar/data/1166691/000162828026049274/ex991-6302026.htm

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