Comcast (CMCSA) investor relations material

Executive summary

• Reported Q3 revenue was $29.3B, down 6.1% YoY, and Adjusted EBITDA was $9.106B, down 5.8%; pro forma revenue rose 0.5% and pro forma Adjusted EBITDA rose 0.8% following the Versant separation and Sky Germany sale.

• Net income attributable to shareholders increased 3.5% to $3.448B and diluted EPS rose 7.2% to $0.97; $4.211B of free cash flow was generated.

• Wireless growth, Peacock profitability and strong film results helped offset broadband pressure and weaker Theme Parks performance.

Financial highlights

• Pro forma revenue was $29.3B versus $29.2B in 3Q25; pro forma Adjusted EBITDA was $9.1B versus $9.0B, and pro forma Adjusted EPS was $1.07 versus $1.00.

• Reported Adjusted Net Income was $3.824B, down 7.3%; reported Adjusted EPS was $1.07, down 4.0%.

• Net cash from operations was $7.902B, down 9.1%; free cash flow was $4.211B, down 14.8%, on $3.1B of capital expenditures.

• Nine-month revenue decreased 0.8% to $90.70B; Adjusted EBITDA fell 12.0% to $25.94B, while net income fell 48.7% to $9.15B, largely reflecting the prior-year Hulu sale gain.

Outlook and guidance

• NBCUniversal and Sky separation remains targeted for mid-2027, subject to Board approval, tax opinions, regulatory approvals and financing; up to 19.9% ownership may be retained for up to one year.

• Underlying connectivity trends are expected to improve slightly in Q4, though broadband pricing changes and free wireless-line offers may pressure average broadband revenue per customer.

• Theme Parks face continued Orlando softness and difficult Q4 comparisons; performance is expected to strengthen through 2027, with growth returning in H2.

• Significant content and marketing costs are expected to continue as Peacock growth is used to mitigate linear-network subscriber and audience declines.

• Universal United Kingdom Resort development continues, with a projected 2031 opening.