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CMCSA · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
The 68% collapse in net income is an optical illusion — last year's quarter carried a $9.4B gain from selling the Hulu stake; on comparable ground revenue grew 4.7% pro forma, Peacock turned its first-ever profit (+$189M EBITDA) and wireless added a record 448K lines, while residential broadband keeps bleeding and the company prepares to split in two.
Net Income
$3,419M
down 69.0% y/y
Revenue
$29,940M
down 1.2% y/y
Operating Income
$5,160M
down 13.9% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Connectivity & Platforms | $19,795 · -3.0% |
| Content & Experiences ≈ | $11,101 |
| Corporate & Other | $368 · +14.5% |
| Eliminations | −$1,324 |
| Revenue | $29,940 · -1.2% · +4.7% pro forma |
| Programming & Production | $8,389 · +10.7% |
| Marketing & Promotion | $2,258 · +4.2% |
| Other Operating & Admin | $10,445 · +0.2% |
| Depreciation* | $2,391 · +1.8% |
| Amortization* | $1,297 · -28.1% |
| Operating Income | $5,160 · -13.9% · 17.2% margin |
| Interest Expense | $1,052 · -4.8% |
| Investment & Other Income | $503 · vs $9,760 · прошлый год: Hulu $9.4B |
| Pre-Tax Income | $4,612 · -68.5% |
| Income Tax | $1,194 · ETR 25.9% |
| Net Income | $3,419 · -69.0% |
| NCI Loss (adds back) | $107 |
| Net Income to Comcast | $3,526 · -68.3% · $0.99/sh · adj. $1.04 |
Verdict: the 68% collapse in net income is an optical illusion — last year's quarter carried a $9.4B gain from selling the Hulu stake; on comparable ground revenue grew 4.7% pro forma, Peacock turned its first-ever profit (+$189M EBITDA) and wireless added a record 448K lines, while residential broadband keeps bleeding and the company prepares to split in two.
Q2 free cash flow $4,604M; returned $2.1B ($1.2B dividends + $900M buybacks, now paused for the split). Adjusted EPS $1.04 (−16.7%). Announced tax-free spin-off of NBCUniversal and Sky into a second public company.
Source and notation
* marks non-cash / ≈ estimated. Segment revenue lines are external and net of eliminations. Source: Comcast press release 8-K EX-99.1 (SEC EDGAR).
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<figure> <a href="https://whoreportstoday.com/t/cmcsa/q2-2026"><img src="https://whoreportstoday.com/t/cmcsa/q2-2026/sankey.png" alt="CMCSA Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/cmcsa/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/cmcsa/q2-2026">CMCSA Q2 2026 earnings chart (Who Reports Today)</a>
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- The y/y comparison is broken by one line: 'Other income' of $9,652M a year ago was the Hulu stake sale. Strip it and pre-tax income fell from ~$5.0B to $4.6B — a normal quarter, not a collapse.
- Peacock made money for the first time ever: +$189M EBITDA (+$290M y/y) on NBA playoffs, the FIFA World Cup and Love Island; paid subscribers +2M to 48M.
- The core still leaks: Residential Connectivity revenue −4.0% and its EBITDA −8.0%; broadband customer losses improved by 34K y/y but remain losses.
- Wireless is the bright spot inside connectivity: a record 448K net line additions, 10.2M total lines — only 7% penetration of Comcast's own footprint, so runway remains.
- Amortization dropped 28% to $1,297M as acquisition intangibles run off — most of the operating-income decline is programming: sports rights and film costs pushed programming and production up 10.7%.
- Studios delivered: The Super Mario Galaxy Movie passed $1B worldwide, Obsession over $400M — segment EBITDA +$141M.
- The company is splitting: Versant separated on January 2, 2026, German Sky sold May 31, and a tax-free spin-off of NBCUniversal and Sky was announced — buybacks paused June 29 to fund the process.
- Noncontrolling interests were a $107M LOSS, which flatters attributable income slightly (net income $3,419M → $3,526M attributable).
What distorts the picture in this report and what to watch beyond the headlines.
CMCSA — Comcast is a US-based media and technology company providing cable television, broadband internet, and telecommunications services.
It also owns NBCUniversal, which produces entertainment content and operates theme parks.
Heads-up
- net income fell 69% y/y in Q2 2026
Net income for Q2 2026: $3,419M, −69% y/y. In the report's figures: revenue −1% y/y; costs grew faster than revenue: programming & production +11% y/y. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗More reports: DIS · Q3 FY2026 · ECHO · Q2 2026 · FOXA · Q4 FY2026 · GOOGL · Q3 2026 · LYV · Q2 2026 · META · Q3 2026 · NFLX · Q3 2026 · NWSA · Q4 FY2026 · OMC · Q3 2026 · PSKY · Q2 2026 · all reports