Comcast (CMCSA) Q1 2026 earnings summary

Executive summary

• Revenue grew 5.3% year-over-year to $31.5 billion, with pro forma revenue up 10.9% after the Versant separation, driven by Content & Experiences and major events like the Olympics and Super Bowl.

• Net income attributable to shareholders fell 35.6% to $2.2 billion; adjusted EPS dropped 27.5% to $0.79.

• Adjusted EBITDA declined 16.8% to $7.9 billion, reflecting higher programming costs and event-driven expenses.

• Free cash flow was $3.9 billion, with $2.5 billion returned to shareholders via dividends and buybacks.

• The Versant Media Group spin-off was completed, impacting segment results and comparability.

Financial highlights

• Pro forma revenue was $31.5 billion in 1Q26, up 10.9% year-over-year; operating income dropped 26.9% to $4.1 billion.

• Adjusted EBITDA was $7.9 billion, down 8.8% year-over-year; adjusted EPS was $0.79.

• Free cash flow reached $3.9 billion; net cash from operating activities was $6.9 billion, down from $8.3 billion.

• Programming and production costs surged 29.3% to $10.9 billion, mainly due to major sporting events.

• Debt reduced to $94.6 billion from $98.9 billion at year-end 2025; consolidated net leverage at 2.3x.

Outlook and guidance

• Management expects relief from broadband ARPU pressure and improved broadband subscriber trends as the year progresses.

• Peacock is expected to approach profitability in the second quarter, with ongoing investment in streaming and theme parks.

• Continued focus on organic investment, network expansion, and disciplined capital allocation.

• Forward-looking statements highlight risks from competition, consumer behavior, advertising market, and regulatory changes.

• Declines expected in video revenue due to shifting consumption patterns.