Comcast reported first-quarter 2026 revenue of $31.457 billion, up 5.3% from $29.887 billion a year earlier. On a pro forma basis, revenue rose 10.9% from $28.369 billion.
Net income attributable to Comcast fell to $2.174 billion from $3.375 billion, a decline of 35.6%. Adjusted net income dropped 30.7% to $2.863 billion from $4.132 billion.
Adjusted EBITDA decreased 16.8% to $7.929 billion from $9.532 billion. On a pro forma basis, adjusted EBITDA declined 8.8% from $8.692 billion.
Earnings per share fell to $0.60 from $0.89, down 32.6%. Adjusted EPS declined 27.5% to $0.79 from $1.09.
Cash from operations was $6.891 billion, down from $8.294 billion. Free cash flow fell 28.0% to $3.901 billion from $5.421 billion.
Comcast returned $2.5 billion to shareholders in the quarter, including $1.2 billion in dividends and $1.3 billion in share repurchases. It repurchased 42 million shares.
In Connectivity & Platforms, revenue slipped 1.0% to $19.962 billion from $20.161 billion, while adjusted EBITDA declined 4.3% to $7.910 billion from $8.264 billion. The segment’s adjusted EBITDA margin narrowed to 39.6% from 41.0%.
Residential Connectivity & Platforms revenue fell 1.9% to $17.323 billion from $17.665 billion. Adjusted EBITDA dropped 6.0% to $6.434 billion from $6.842 billion, and margin fell to 37.1% from 38.7%.
Within that business, domestic broadband revenue declined 5.1% to $6.338 billion from $6.679 billion. Domestic wireless service revenue rose 15.0% to $977 million from $850 million. Domestic wireless equipment revenue jumped 52.9% to $418 million from $273 million. International connectivity increased 9.5% to $1.240 billion from $1.132 billion. Video revenue fell 5.2% to $6.256 billion from $6.600 billion. Advertising revenue rose 5.8% to $951 million from $899 million.
Customer trends improved in several areas. Domestic residential broadband customer net losses narrowed to 65,000 from 183,000 a year ago, an improvement of 118,000. Domestic wireless line net additions increased to 435,000 from 323,000. Total domestic wireless lines reached 9.739 million from 8.148 million. Domestic video customer net losses were 322,000, compared with 427,000 in the prior year quarter.
Business Services Connectivity revenue rose 5.8% to $2.640 billion from $2.496 billion. Adjusted EBITDA increased 3.8% to $1.476 billion from $1.422 billion, though margin slipped to 55.9% from 57.0%.
Content & Experiences revenue surged 39.7% to $11.940 billion from $8.546 billion. Adjusted EBITDA in the segment fell to $331 million from $614 million.
Media revenue climbed 60.8% to $7.280 billion from $4.527 billion. Excluding the Olympics and Super Bowl, media revenue increased 12.7% to $5.102 billion from $4.527 billion. Domestic advertising revenue jumped to $3.453 billion from $1.468 billion, while domestic distribution rose to $2.283 billion from $1.667 billion. Media adjusted EBITDA swung to a loss of $426 million from income of $107 million.
Peacock posted paid subscribers of 46 million, up 12% year over year, and revenue growth of 71%, topping $2 billion for the first time. Media results included $2.1 billion of Peacock revenue and an adjusted EBITDA loss of $432 million, versus $1.2 billion of revenue and a $215 million loss a year earlier.
Studios revenue rose 21.2% to $3.426 billion from $2.826 billion, with content licensing up 36.8% to $2.973 billion. Studios adjusted EBITDA more than doubled to $555 million from $274 million.
Theme parks revenue increased 24.2% to $2.331 billion from $1.876 billion. Adjusted EBITDA rose 33.3% to $551 million from $413 million. As a result of these announcements, the company's shares have moved -0.04% on the market, and are now trading at a price of $28.72. For the full picture, make sure to review COMCAST CORP's 8-K report.
