Comcast reported third-quarter revenue of $29.3 billion on 22 October, down 6.1% from a year earlier, in results that show a company reshaped by recent disposals. The release’s pro forma figures remove the effect of the separation of Versant, completed in January, and the sale of Sky Germany, completed on 31 May. Stripping out both, the company said revenue was up 0.5%.
Net income attributable to Comcast rose 3.5% to $3.4 billion, or 97 cents a share. Adjusted earnings per share, which exclude certain items, fell 4.0% to $1.07. Adjusted EBITDA was $9.1 billion, down 5.8% on a reported basis but up 0.8% pro forma, while free cash flow dropped 14.8% to $4.2 billion.
Broadband Under Pressure, Wireless Still Growing
The Connectivity & Platforms division, which includes home broadband and mobile, generated $19.7 billion in revenue, down 2.7%. Comcast said it lost 144,000 domestic broadband customers in the quarter, compared with a loss of 91,000 a year earlier, and 274,000 domestic video customers. Wireless moved the other way: the company added 368,000 lines, taking the total to about 10.6 million, although that was fewer additions than the 414,000 recorded in the same quarter of 2025.
Business Services connectivity revenue rose 2.7% to $2.6 billion. In a joint statement, co-chief executives Brian Roberts and Mike Cavanagh said they were encouraged by improving customer satisfaction across the connectivity business.
Peacock and Theme Parks
Content & Experiences produced $10.5 billion in revenue, up 6.5%, with adjusted EBITDA up 29.3% to $1.8 billion. Comcast said Peacock earned adjusted EBITDA of $261 million, a $478 million improvement on the loss it booked a year earlier, and described it as the streaming service’s second consecutive profitable quarter. Paid subscribers rose 17% to 48 million. The company noted that media revenue included $224 million linked to the FIFA World Cup.
Theme parks were softer. Revenue fell 4.4% to $2.6 billion and adjusted EBITDA slipped 17.1% to $780 million, although the co-chief executives said they remain confident in the business’s long-term growth potential.
On capital returns, the release said share repurchases were suspended from the third quarter and are expected to stay paused through the company’s proposed separation into two public companies. Comcast paid $1.2 billion in dividends during the quarter.
Why It Matters
Comcast is a bellwether for how traditional cable operators are coping with the shift to streaming and mobile. The quarter shows both sides of that transition: a core broadband business still losing customers, set against a streaming arm that has moved into profit. The pause in buybacks and the planned split point to a company prioritising structural change over near-term shareholder returns, which investors and rivals will watch closely as it tries to stabilise broadband while building wireless and streaming.
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