Comcast reported third-quarter 2026 revenue of $29.298 billion on 22 October, down 6.1 percent from $31.198 billion, though pro forma revenue rose 0.5 percent. Net income attributable to Comcast rose 3.5 percent to $3.448 billion, and earnings per share rose 7.2 percent to $0.97, but adjusted earnings per share fell 4.0 percent to $1.07. Adjusted EBITDA was $9.106 billion, down 5.8 percent, or up 0.8 percent on a pro forma basis. Free cash flow fell 14.8 percent to $4.211 billion, and net cash from operating activities fell 9.1 percent to $7.902 billion. Comcast suspended its share repurchase program from the third quarter and expects the pause to last through its proposed separation into two public companies.
The argument that the company is on a path to improvement rests on content, wireless and cash generation. Peacock delivered its second consecutive profitable quarter, with adjusted EBITDA of $261 million on revenue of $1.8 billion, and Universal surpassed $5 billion at the global box office, led by The Odyssey, now its highest-grossing film of all time. Domestic wireless customer lines grew by 368,000 in the quarter and by 1.6 million over twelve months, and total wireless lines rose to 10.6 million. Business Services Connectivity revenue rose 2.7 percent to $2.645 billion, and its adjusted EBITDA rose 1.7 percent. Comcast paid $1.2 billion in dividends. The co-chief executives said the company is making progress on separating NBCUniversal and Sky.
The counter-argument is that the core connectivity business is shrinking. Connectivity and Platforms revenue fell 2.7 percent to $19.663 billion, and adjusted EBITDA fell 4.4 percent to $7.588 billion, with the margin down 70 basis points to 38.6 percent. Residential revenue fell 3.5 percent to $17.018 billion and residential adjusted EBITDA fell 5.8 percent. The company lost 139,000 domestic residential customer relationships in the quarter, against a loss of 103,000 a year earlier, and the leaders described near-term results as reflecting investments made to navigate a dynamic environment. Adjusted net income fell 7.3 percent to $3.824 billion, and the company cited near-term cyclical headwinds in theme parks.
The report matters because Comcast is one of the largest cable, media and theme park companies in the world, and it is in the middle of splitting up. The suspension of buybacks removes a source of support for earnings per share. The company says the separation of NBCUniversal and Sky remains on track and is meant to create two independent companies.
Operating cash flow fell by $791 million to $7.902 billion and free cash flow by $734 million to $4.211 billion, calculations from the reported figures, and pro forma revenue and adjusted EBITDA, which Comcast presents alongside the reported ones, rose 0.5 percent and 0.8 percent. International residential customer relationships rose by 173,000 in the quarter, against a loss of 95,000 a year earlier, and the residential Connectivity and Platforms EBITDA margin was 35.9 percent against 36.8 percent. Comcast reported shrinking revenue in broadband and a first sign of profit in streaming. The separation and the pause in buybacks will shape how investors judge the next few quarters.