Comcast (CMCSA) Q1 2026 earnings

Comcast topped Wall Street’s first-quarter profit and earnings estimates on Thursday, lifted by NBC’s February sports slate and boosted by the loss of broadband customers.

“It’s still early days, but the early results are encouraging. We’re starting to see signs that our efforts are working and we’re turning the business around the right way,” CEO Brian Roberts said by phone Thursday. In addition to refocusing its strategy, Comcast has changed its leadership structure, including promoting Mike Cavanagh to co-CEO alongside Roberts.

The company’s shares rose more than 6% in morning trading.

Here’s how Comcast performed during that period compared to analyst estimates, according to LSEG:

• Earnings per share: 79 cents adjusted versus 73 cents expected
• Net worth: $31.46 billion vs. $30.43 billion expected

The company said it lost 65,000 broadband customers compared to 183,000 lost in the same period last year. Heightened competition from wireless providers like Verizon and T-Mobile has led to quarterly customer losses for Comcast and its cable peers in recent years — which has weighed on the companies’ stock in particular.

In response, Comcast last year changed its strategy and introduced competitive pricing packages in an effort to reduce broadband losses. The company also relied on its mobile business for growth, which added 435,000 new lines in the quarter. In total, Comcast now has 9.7 million mobile customers.

“The competitive environment remains intense,” Cavanagh said in a call Thursday. “Fixed wireless continues to aggressively market across our territory.”

Cavanagh noted the latest mobile plans launched this week in an effort to attract more customers. Mobile customers must also sign up for Comcast Broadband service, too.

The company also reported a loss of 322,000 cable TV customers – down from 427,000 in the same period last year.

Revenue for Comcast’s communications and platforms unit, which includes Xfinity-branded broadband, cable TV and mobile businesses, fell 2% to $17.32 billion.

Comcast’s net income fell nearly 36% to $2.17 billion, or 60 cents per share, compared with $3.38 billion, or 89 cents per share, in the same period last year. Adjusting for one-time items including depreciation and amortization, Comcast reported earnings per share of 79 cents.

Adjusted earnings before interest, taxes, depreciation and amortization fell nearly 17% to $7.93 billion.

Comcast’s net income rose nearly 5% to $31.46 billion in the quarter.

The company’s net profit got a boost from Comcast’s NBCUniversal, which broadcasts sports — including the Super Bowl, the Winter Olympics and the NBA All-Star Weekend, during the quarter — in what the company called “Legendary February.”

The media business, which is owned by NBCUniversal, recorded a 61% increase in revenue to $7.28 billion in the quarter. With the exception of the Olympics and the Super Bowl – which provided a significant boost to advertising sales – the division’s revenue increased by approximately 13%.

Live sports are always the highest-rated shows on TV and live streaming, and attract the most advertising dollars. The Super Bowl, in particular, breaks records every year when it comes to its number of commercial spots. NBC earned an average of $8 million per 30-second ad, CNBC reported.

Domestic advertising for the media division increased 135% to $3.45 billion in the quarter. Excluding the Super Bowl and Winter Olympics, it rose 4.7% to $1.54 billion.

NBC’s sports lineup also helped lift Peacock’s streaming service during the quarter. Peacock subscribers increased 12% year-over-year to 46 million. Peacock nearly doubled its revenue to $2.1 billion compared to the same period last year. The broadcaster recorded a loss for the quarter of $432 million compared to a loss of $215 million in the year-ago period.

Adjusted EBITDA in the media segment fell to a loss of $426 billion due to higher operating costs related to expenses related to the Winter Olympics and the Super Bowl and the cost of NBA rights.

After additional subscribers and increased revenue, Peacock will turn a profit for the first time next quarter, Cavanagh said Thursday.

Profitability has become a key marker of success for streaming services as subscriber growth has overtaken major platforms like Netflix and Disney. In response, companies are focusing on revenue-driving strategies such as advertising and price increases.

Sports will continue to pay Comcast’s NBC in the second quarter for the NBA and the 2026 FIFA Men’s World Cup, CFO Jason Armstrong said in a call Thursday. NBC’s Telemundo has the Spanish-language rights to the World Cup, which begins in June, and will be broadcast on traditional TV and Peacock. The 2022 World Cup helped lift the Peacock.

The Olympics have been a “meaningful differentiator” for NBC, Cavanagh said Thursday, especially Peacock, which has seen an increase in the broadcast service’s viewership.

This also marked the first quarter since Comcast exited Versant Mediaa group of assets that includes cable TV networks such as CNBC and MS Now, as well as Fandango and other digital businesses.

“We’re already seeing the benefits of a more focused portfolio,” Cavanagh said of the spinout on Thursday. “Our top six strengths now represent more than 60% of the company’s revenue, up from 50% when we launched this framework three years ago.

NBCUniversal is part of the entire content and experience segment, which also includes film studios and theme parks – each of which has seen sales increase year over year.

Movie studio revenue increased 21% to $3.43 billion, while Universal theme parks revenue increased 24% to $2.33 billion. The theme parks were inspired by the opening of Epic Universe last May.

Disclosure: Versant Media is the parent company of CNBC. Comcast was the parent company of CNBC in the fourth quarter of 2025.