Comcast Q2 2026: Peacock Turns Profitable, Broadband Losses Narrow, Spin-Off Looms
CMCSA is trading near its 52-week low of $22.125 (8.3% above the low).
Summary
Comcast reported Q2 2026 earnings with Peacock achieving its first quarterly profit, record wireless net adds, and narrowing broadband losses, while announcing a pause in share repurchases ahead of the planned NBCUniversal/Sky spin-off.
Key Events · Earnings and Guidance · CMCSA
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Peacock Reaches Profitability
Peacock posted its first quarterly profit with EBITDA of $189 million, a $290 million improvement year-over-year, driven by the FIFA World Cup, NBA Playoffs, and Love Island USA. Paid subscribers grew by 2 million to 48 million.
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Record Wireless Growth
Domestic wireless net adds hit a record 448,000, bringing total lines to 10.2 million. Penetration remains low at 7% of addressable lines, leaving substantial runway.
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Broadband Losses Narrow
Domestic residential broadband net losses were 167,000, an improvement of 34,000 year-over-year, reflecting early traction from the new go-to-market strategy.
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Spin-Off and Buyback Pause
Comcast announced a pause in share repurchases effective June 29, 2026, as it works toward separating NBCUniversal and Sky into an independent publicly traded company via a tax-free spin-off.
Analysis · CMCSA · Technology
Comcast's Q2 results present a mixed picture: revenue and adjusted EBITDA declined year-over-year, but pro forma figures—excluding divested assets—reveal underlying growth. The standout is Peacock's first-ever quarterly profit of $189 million, a $290 million swing that signals the streaming service is finally contributing rather than draining cash. Wireless added a record 448,000 lines, pushing past 10 million total, while broadband losses improved modestly. However, the looming spin-off of NBCUniversal and Sky—and the accompanying pause in share buybacks—overshadows the quarter, as investors weigh the value of two separate entities against the current conglomerate structure. Adjusted EPS of $1.04 missed the prior year's $1.25, but the decline is largely due to the absence of a one-time Hulu gain. Free cash flow remained robust at $4.6 billion, supporting the dividend and pre-pause buybacks.
At the time of this filing, CMCSA was trading at $23.96 on NASDAQ in the Technology sector, with a market capitalization of approximately $84B. The 52-week trading range was $22.13 to $33.74. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.