Comcast outpaced analyst targets for the third quarter. Adjusted earnings per share were $1.07, beating the 98 cents expected, and revenue of $29.3 billion edged past the $29.28 billion consensus.
The stock climbed about 5% after results landed.
Companywide sales were 6% below last year's quarter. Comcast said that decline reflects the Versant separation completed in January, and that on a comparable basis revenue was roughly unchanged from a year earlier.
Net income was 3.45 billion dollars, translating to 97 cents per share, compared with 3.33 billion dollars, or 90 cents per share, recorded in the third quarter of 2025. Excluding one time items tied to investments and certain intangible assets, adjusted EPS was $1.07.
Peacock, launched in 2020, posted its second ever quarterly profit, delivering $261 million in adjusted EBITDA on $1.8 billion in revenue.
Paid subscribers finished the period at 48 million - unchanged from the previous quarter - and increased 17% from a year earlier. Comcast said retention held up even after August price increases. The service also benefited from record FIFA World Cup audiences, with the final matches early in the quarter airing on Telemundo and streaming on Peacock.
Media remained a bright spot. Revenue in the media division, which includes Peacock, rose 13% from a year earlier to $5.4 billion. The content and experiences unit, home to the film studio and theme parks, grew sales 6.5%. Connectivity and platforms remained challenged; revenue fell 2.7% versus the prior year.
Connectivity trends were soft. Comcast reported a net loss of 144,000 residential broadband customers and a net loss of 274,000 cable customers in the quarter. Mobile moved the other way, adding 368,000 customers.
When media and streaming moves feel noisy, get clear takeaways by joining the free Market Briefs newsletter today
After years of sluggish broadband growth and tougher competition from Verizon and T Mobile, Comcast said in January 2025 it would refocus on mobile and roll out more competitive pricing. "We feel mobile remains a tremendous growth opportunity for us. It's a capital light model, [which] leverages our existing customer broadband base," said Steve Croney, who leads Comcast's connectivity and platforms division, on Thursday's call.
Theme parks weighed on results. Revenue fell 4.4% to $2.6 billion, which Comcast attributed to "cyclical headwinds" and lower admissions revenue affected by promotions. Adjusted EBITDA for parks dropped 17%.
Investments continued, including a new roller coaster debuting at Universal Studios Hollywood during the quarter and last year's opening of Epic Universe. Disney, a rival in parks, reported record quarterly park revenue in August.
Comcast co CEO Mike Cavanagh said Universal's parks also faced macro pressures, stronger competitor marketing, and technology issues at Epic Universe. To tackle them, he cited leadership changes, among them naming Luc Bondar as the chief brand and commercial officer at Universal Destinations and Experiences. "Looking ahead, we expect performance to strengthen as we move through 2027, with a return to growth in the second half of the year," he said.
Studio results were mixed. Revenue was $2.97 billion, down 1.1% year over year, as content licensing fell 23.7%. Even so, adjusted EBITDA improved 18.6% to $402 million, helped by lower operating costs. The studio got a boost from July's debut of The Odyssey, which went on to become Universal's top-grossing film of all time.
Comcast is reshaping the portfolio. In June, it announced a proposal to separate NBCUniversal and Sky's European media operations from the company's primary cable, wireless, and business services segments. The company said the separation will take about a year to execute and create two stand alone public companies. Cavanagh said the transaction is "on track" to be completed by mid 2027 and emphasized building two businesses with the flexibility and financial strength to grow independently.
The bottom line: streaming and media delivered growth and profits, mobile added customers, and the stock jumped. Connectivity remains soft, and parks hit a rough patch. If the split closes by mid 2027, investors could get cleaner ways to value each side of the house. Watch Peacock's momentum, the mobile shift announced in January 2025, and whether parks bounce back as new leadership and investments take hold.
Big companies evolve in cycles, so stay informed with the free Market Briefs newsletter that explains markets in minutes
