Comcast Stock Earnings Reports

Comcast reported Q1 2026 results showing early signs that strategic changes are working across the company. Connectivity & Platforms: Broadband subscriber losses improved materially (+117k y/y improvement vs prior year) and broadband connect volumes increased for the first time in >4 years, while wireless had its best quarter for net additions in company history (435k lines). Management is executing a convergence strategy anchored on simple pricing, free wireless lines to drive top-of-funnel acquisition, premium wireless offerings, and customer experience improvements. Broadband ARPU is under near-term pressure (rate timing, free lines, simplified pricing) with some incremental ARPU pressure expected in Q2 but management expects relief and tailwinds later in the year as free lines monetize and migrations normalize. Media & Streaming: Legendary February (Olympics + Super Bowl + NBA All-Star) drove ~225 million viewers and ~ $2 billion of incremental ad revenue over 17 days; Peacock added ~2 million subscribers in the quarter (now ~46 million) and management expects Peacock to approach profitability next quarter. Studios performed strongly (Super Mario Galaxy >$750M global) and Parks delivered healthy revenue/EBITDA growth driven by Epic Universe and continued investment in new attractions. Financials & Capital Allocation: Consolidated revenue grew ~11% (pro forma), adjusted EBITDA declined ~9% due to investment timing (NBA rights amortization peak, broadband go-to-market and free-line dilution); EPS $0.79; free cash flow $3.9B with $2.5B returned to shareholders (incl. $1.25B buybacks, $1.2B dividends). Net leverage was ~2.3x (with temporary upward movement as VERSANT is removed from trailing calculations). Management remains focused on execution, driving convergence ARPA higher over time, investing organically in six core growth drivers, and continuing balanced capital returns.