Key Financial Data
- Q1 Total revenue: $31.46 billion (+5.3% year-over)
- Net income: $2.17 billion (-35.6%)
- Connectivity & platforms revenue: $19.96 billion (-1%)
- Business service connectivity revenue: $2.64 billion (+5.8%)
- Content & experiences revenue: $11.94 billion (+39.7%)
- Total residential connectivity customers: 47.9 million (+10,000)
- Domestic residential customer relationships: 30.3 million (-94,000)
- Ex-U.S. residential customer relationships: 17.6 million (+104,000)
- Domestic broadband customers: 28.7 million (-65,000)
- Domestic wireless lines: 9.7 million (+435,000)
- Domestic pay TV customers: 10.9 million (-322,000)
- Peacock subscribers: 46 million (+12%)
- Peacock revenue: >$2 Billion
- Peacock net income: -$432 million (up from -$215 million)
- Read more Q1 2026 media earnings coverage
Comcast reported a mixed start to 2026, with revenue growth driven by its media business but declines in profit and cash flow as the company continues to invest in its broadband buildout and Peacock streaming service.
The Philadelphia-based media and telecom giant posted first-quarter revenue of $31.5 billion during the first three months of the year (Q1), up 5.3 percent from a year ago. Profitability moved in the opposite direction. Net income fell 35.6 percent to $2.17 billion, while adjusted EBITDA dropped 16.8 percent to $7.9 billion. Adjusted earnings per share declined 27.5 percent to $0.79. Cash flow also weakened, with free cash flow down 28 percent to $3.9 billion.
Growth in Comcast’s media and experiences businesses helped offset some of those pressures. Revenue in the segment jumped 39.7 percent to $11.9 billion, fueled by major live events including the Winter Olympics and the Super Bowl, as well as continued growth at Comcast’s streaming service Peacock, which grew to serve more than 46 million streaming subscribers during the quarter.
Revenue attributed to Peacock climbed $2 billion, boosted by higher interest in the streaming service during NBC’s two major sports events in Q1. But losses widened from last year, with Peacock logging a net loss of $432 million, up from $215 million in Q1 2025.
In its core connectivity business, Comcast continued to face pressure in broadband and video. The company lost 65,000 domestic broadband customers during the quarter, though that marked an improvement from the 183,000 losses a year ago. Video subscribers declined by 322,000, while Comcast added 435,000 mobile lines during Q1, bringing its total number of wireless lines served to 9.7 million.
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On a conference call with investors Thursday, Comcast co-CEO Brian Roberts indicated the company was willing to seize on its core achievements while finding ways to improve other parts of its business moving forward.
“We have better aligned everyone across the entire company around a clear set of priorities with a sense of urgency to work in harmony toward the important company-wide initiatives,” Roberts said on the call. “We’ve gone top to bottom in the businesses, looking at how we operate, how we serve customers, and where we need to reset…we’re starting to see signs that our efforts are working, and we’re shifting the businesses in the right direction.”
Part of that strategy involves separating non-core parts of its business, which Comcast did by spinning out most of its cable networks into Versant earlier this year. Comcast co-CEO Mike Cavanagh said the company was already seeing improvements from that move, with core growth drivers representing 60 percent of total company revenue, up from 50 percent before Versant was spun out.
The broadband sector continues to be “competitive,” both co-CEOs said, with challenges brought by emerging products like fixed wireless Internet delivered by the country’s three main carriers and satellite-based broadband brought over Starlink and similar services. Fixed wireless, in particular, has attracted customers by allowing them to bundle decent home Internet speeds delivered over wireless networks with their wireless phone plans.
To address this, Comcast has been marketing its own Xfinity Mobile service, which runs on Verizon’s network, as a solution for customers who want to bill as many home and mobile service products on a single bill — effectively, one price for Xfinity TV, Xfinity Internet and Xfinity Mobile, plus ancillary services like home security and streaming products sold through the new StreamStore marketplace.
During Q1, Comcast quietly introduced a new promotion that pairs its 1 Gigabit (Gbps) home Internet service with two years of Peacock Premium and included access to Disney Plus and Hulu for $60 per month. That promotion comes with a five-year, price-lock guarantee and one line of Xfinity Mobile service for one year, includes home Internet equipment with unlimited broadband data and doesn’t require a customer to sign a contract.
“Given the scope of the changes we’ve made across the business, the early signs of progress are: connect volumes are up for the first time in more than four years, voluntary churn continues to improve, and NPS is moving in the right direction,” Cavanagh said.
