Comcast Q3: Adjusted EPS $1.07, Peacock Profitable Again, Buyback Still Paused
CMCSA is trading near its 52-week low of $20.48 (11% above the low).
Summary
Comcast's Q3 showed pro forma revenue roughly flat and Adjusted EPS of $1.07, which beat the 98-cent consensus while revenue of $29.30 billion topped the $29.14 billion estimate, with Peacock profitable for a second straight quarter but broadband and video customer losses continuing and the buyback still paused ahead of the NBCUniversal separation.
Updated with a Seeking Alpha report · What changed
Updates
· Seeking Alpha — Comcast's Q3 adjusted EPS of $1.07 beat the 98-cent consensus and revenue of $29.30 billion topped the $29.14 billion estimate; shares rose 0.6% premarket.
- Adjusted EBITDA — Adjusted EBITDA was $9.11 billion, beating the $8.88 billion estimate.
- Free Cash Flow — Free cash flow was $4.21 billion, beating the $3.19 billion estimate, and down 14.8% year over year.
- Peacock Results — Peacock generated $261 million in adjusted EBITDA versus the $183.9 million consensus estimate, with 48 million paid subscribers versus 47.95 million estimated and revenue of $1.8 billion missing the $1.88 billion estimate.
- Customer Losses — Domestic broadband losses were 144,000 versus 133,262 estimated, domestic video losses 274,000 versus 228,000 estimated, and wireless line additions 368,000 versus 392,375 consensus.
- Theme Parks — Theme Parks revenue fell 4.4% to $2.60 billion and adjusted EBITDA fell 17.1% to $780 million, reflecting lower admissions revenue and higher domestic park costs.
- Revenue Drivers — The revenue decline reflects the Versant separation and the Sky Germany sale.
All 14 details
- Adjusted EBITDA $9.11 billion beat $8.88 billion estimate
- Peacock adjusted EBITDA consensus estimate was $183.9 million
- Peacock paid subscribers 48 million vs 47.95 million estimate
- Peacock revenue $1.8 billion missed $1.88 billion estimate
- Domestic broadband losses 144,000 vs 133,262 estimate
- Domestic video losses 274,000 vs 228,000 estimate
- Wireless line additions 368,000 vs 392,375 consensus
- Free cash flow $4.21 billion beat $3.19 billion estimate
- Free cash flow down 14.8% year over year
- Revenue decline reflects Versant separation and Sky Germany sale
- Theme Parks revenue fell 4.4% to $2.60 billion
- Theme Parks adjusted EBITDA fell 17.1% to $780 million
- Theme Parks adjusted EBITDA declined 17.1% to $780 million, reflecting lower admissions revenue and higher domestic park costs.
- Peacock delivered its second consecutive profitable quarter, generating $261 million in adjusted EBITDA versus the $183.9 million consensus estimate.
Key Events · Earnings and Guidance · CMCSA
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New · · Seeking Alpha
Theme Parks Revenue and EBITDA Decline
Theme Parks revenue fell 4.4% to $2.60 billion and Theme Parks Adjusted EBITDA declined 17.1% to $780 million, reflecting lower admissions revenue and higher domestic park costs.
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Updated · · Seeking Alpha
Q3 Results: Pro Forma Roughly Flat, Beat Estimates
Revenue of $29,298 million fell 6.1% as reported but rose 0.5% pro forma; Adjusted EBITDA of $9,106 million was down 5.8% reported and up 0.8% pro forma. Adjusted EPS was $1.07, down 4.0%, beating the 98-cent consensus, and revenue of $29.30 billion topped the $29.14 billion estimate; shares rose 0.6% premarket.
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Updated · · Seeking Alpha
Peacock Turns Second Straight Profit
Peacock generated $261 million of Adjusted EBITDA on $1.8 billion of revenue versus a $217 million loss a year earlier, with paid subscribers up 17% to 48 million. Peacock's Adjusted EBITDA beat the $183.9 million consensus estimate, paid subscribers of 48 million compared with a 47.95 million estimate, and revenue of $1.8 billion missed the $1.88 billion estimate.
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Updated · · Seeking Alpha
Broadband and Video Losses Persist, Worse Than Estimates
Domestic broadband customers fell by 144,000 and domestic video customers by 274,000 in the quarter; wireless line net additions of 368,000 brought total lines to 10.6 million. Domestic broadband losses of 144,000 compared with a 133,262 estimate, domestic video losses of 274,000 with a 228,000 estimate, and wireless line additions of 368,000 with a 392,375 consensus.
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Updated · · Seeking Alpha
Free Cash Flow Down 14.8%, Beats Estimate
Free cash flow was $4,211 million versus $4,945 million a year earlier, with net cash from operations of $7,902 million, down 9.1%. Free cash flow of $4.21 billion beat the $3.19 billion estimate and was down 14.8% year over year.
Analysis · CMCSA · Technology
Revenue fell 6.1% to $29.3 billion, but that decline mostly reflects the Versant spinoff and the German Sky sale dropping out of the base — on a pro forma basis revenue was up 0.5% and Adjusted EBITDA up 0.8%. The quarter beat expectations on the headline numbers: Adjusted EPS of $1.07 against a 98-cent consensus, revenue of $29.30 billion against a $29.14 billion estimate, Adjusted EBITDA of $9.11 billion against an $8.88 billion estimate, and free cash flow of $4.21 billion against a $3.19 billion estimate, though the customer metrics came in worse than feared — domestic broadband losses of 144,000 versus a 133,262 estimate, domestic video losses of 274,000 versus 228,000, and wireless line additions of 368,000 versus a 392,375 consensus. The real story is the mix: Peacock posted a second straight profitable quarter ($261 million Adjusted EBITDA on $1.8 billion revenue, subscribers up 17% to 48 million) — beating the $183.9 million Peacock Adjusted EBITDA consensus but missing the $1.88 billion Peacock revenue estimate, with paid subscribers of 48 million against a 47.95 million estimate — and Studios EBITDA rose 18.6% on The Odyssey, while Theme Parks revenue fell 4.4% to $2.60 billion and Theme Parks Adjusted EBITDA declined 17.1% to $780 million on lower admissions revenue and higher domestic park costs, and the connectivity core keeps bleeding — 144,000 domestic broadband customers lost and 274,000 video customers gone in the quarter. Free cash flow of $4.2 billion was down 14.8% year over year, and the buyback stays suspended through the NBCUniversal separation, so there is no repurchase support under the stock while the split is pending.
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At the time of this filing, CMCSA was trading at $22.63 on NASDAQ in the Technology sector, with a market capitalization of approximately $78.4B. The 52-week trading range was $20.48 to $32.86. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.