{"success":true,"data":{"pressRelease":{"id":"96249","rtpr_id":"nBw71nB58a","ticker":"CMCSA","exchange":"NASDAQ","all_tickers":["CMCSA"],"title":"Comcast Reports 2nd Quarter 2026 Results","author":"Business Wire","published_at":"2026-07-23T10:00:00.448Z","article_body":"Comcast Reports 2nd Quarter 2026 Results\n\nComcast Corporation (NASDAQ: CMCSA) today reported results for the quarter\nended June 30, 2026.\n\n“Second quarter results show continued progress against our strategic\npriorities,\" said Brian L. Roberts and Mike Cavanagh, co-CEOs of Comcast\nCorporation. \"In Connectivity & Platforms, our strategic pivot in\nbroadband is gaining traction, and we are seeing that progress extend across\nthe broader connectivity portfolio. We delivered our best wireless quarter\never, surpassing 10 million total lines, while penetration remains below 7% of\naddressable wireless lines in our footprint - giving us substantial runway to\ndeepen convergence and grow customer relationships. Business Services also\ncontinued its industry-leading growth, reinforcing the strength and breadth of\nour portfolio. Within Content & Experiences, Media delivered mid-single\ndigit EBITDA growth and Peacock reached profitability for the first time,\nsupported by a broad slate of sports, entertainment and major live events that\ndrove strong engagement across our platforms. Our Studios continued to perform\nat a high level across franchises, animation, originals and specialty titles,\ncapped by the recent success of The Odyssey. While we are seeing some\nnear-term softness in Theme Parks, we remain confident in the long-term\nopportunity, supported by our world-class brands, attractive locations and\nproven ability to create attractions and experiences that drive real consumer\ndemand. Across the company, we generated $4.6 billion of free cash flow,\nreturned $2.1 billion to shareholders and announced our intention to separate\nNBCUniversal and Sky - an important step toward creating two focused companies\nwith the financial strength and flexibility to pursue their respective growth\nstrategies.\"\n   \n   ($ in millions, except per share data)       \n     2nd Quarter \n   Consolidated Results 2026 2025 Change \n           \n   Revenue $29,940 $30,313 (1.2 %) \n   Pro Forma Revenue(1) $29,568 $28,249 4.7 % \n   Net Income Attributable to Comcast $3,526 $11,123 (68.3 %) \n   Adjusted Net Income(2) $3,710 $4,653 (20.3 %) \n   Adjusted EBITDA(3) $8,902 $10,283 (13.4 %) \n   Pro Forma Adjusted EBITDA(1) $8,923 $9,423 (5.3 %) \n   Earnings per Share(4) $0.99 $2.98 (66.9 %) \n   Adjusted Earnings per Share(2) $1.04 $1.25 (16.7 %) \n   Net Cash Provided by Operating Activities $8,092 $7,815 3.5 % \n   Free Cash Flow(5) $4,604 $4,501 2.3 % \n           \n For additional detail on segment revenue and expenses, customer metrics, \n capital expenditures, and free cash flow, please refer to the trending \n schedule on Comcast’s Investor Relations website at www.cmcsa.com \n (https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.cmcsa.com&esheet=54574987&newsitemid=20260723764612&lan=en-US&anchor=www.cmcsa.com&index=1&md5=2a96e77869c9207e468c65f8692fddf4) \n . \n\n\n2nd Quarter 2026 Highlights:\n\n\n * Generated Consolidated Adjusted EBITDA of $8.9 Billion, Adjusted EPS of $1.04\nand Free Cash Flow of $4.6 Billion\n\n * Returned $2.1 Billion to Shareholders Through a Combination of $1.2 Billion in\nDividend Payments and $900 Million in Share Repurchases\n\n * Continued to Gain Traction with Our New Go-to-Market Strategy Reflected by\nDomestic Residential Broadband Customer Net Losses Improving by 34,000\nYear-over-Year, and Domestic Wireless Customer Line Net Additions of 448,000 -\nOur Best Quarterly Result on Record; Total Wireless Lines Increased to 10.2\nMillion, with Penetration at 7% of Total Addressable Wireless Lines in Our\nFootprint\n\n * Business Services Connectivity Revenue Increased 3.7% to $2.7 Billion, EBITDA\nIncreased 5.0% to $1.5 Billion and EBITDA Margin Was 56.7%\n\n * Peacock Achieved Quarterly Profitability for the First Time Ever with EBITDA\nof $189 Million, Increasing $290 Million Year-over-Year; Paid Subscribers\nIncreased by 2 Million Net Additions in the Quarter to 48 Million, Driven by\nNBA Playoffs, FIFA World Cup and Love Island USA\n\n * Studios EBITDA Increased $141 Million Year-over-Year Driven by the Successful\nTheatrical Performances of The Super Mario Galaxy Movie, Obsession and the\nInternational Distribution of Michael; The Super Mario Galaxy Movie Grossed\nOver $1 Billion in Worldwide Box Office Year-to-Date, Pushing the Franchise's\nCumulative Total Past $2 Billion; Obsession Grossed Over $400 Million in\nWorldwide Box Office Year-to-Date, Becoming Focus Features' Highest-Grossing\nFilm in History\n\n * FIFA World Cup 2026 Drove Record-Breaking Engagement Across Telemundo and\nPeacock, with the Top Ten Most-Watched Matches in Spanish Language History\n\n * Announced the Intention to Separate into Two Publicly Traded Companies Through\na Tax-Free Spin-off of NBCUniversal and Sky\n\n2nd Quarter Consolidated Financial Results\n\nRevenue decreased 1.2% compared to the prior year period. Net Income\nAttributable to Comcast was $3.5 billion, compared to $11.1 billion in the\nprior year period, which included a $9.4 billion gain from the sale of our\ninterest in Hulu. Adjusted Net Income decreased 20.3%. Adjusted EBITDA\ndecreased 13.4%. On a pro forma basis to reflect the Versant separation, which\nwas completed on January 2, 2026, and the sale of our Sky operations in\nGermany, which was completed on May 31, 2026, revenue increased 4.7% and\nAdjusted EBITDA decreased 5.3%.\n\nEarnings per Share (EPS) decreased 66.9% to $0.99. Adjusted EPS decreased\n16.7% to $1.04.\n\nCapital Expenditures increased 8.3% to $2.9 billion. Connectivity &\nPlatforms’ capital expenditures increased 19.9% to $2.3 billion, primarily\nreflecting higher spending on scalable infrastructure and customer premise\nequipment. Content & Experiences' capital expenditures decreased 20.4% to\n$584 million, primarily reflecting the opening of Epic Universe in May 2025.\n\nNet Cash Provided by Operating Activities was $8.1 billion. Free Cash Flow was\n$4.6 billion.\n\nDividends and Share Repurchases. Comcast paid dividends totaling $1.2 billion\nand repurchased 33.8 million of its shares for $900 million, resulting in a\ntotal return of capital to shareholders of $2.1 billion. On June 29, 2026,\nComcast announced it would pause its share repurchase program as it works\nthrough the separation of its businesses into two independent publicly traded\ncompanies.\n\nConnectivity & Platforms\n   \n               \n   ($ in millions)       Constant   \n \nCurrency \n \nChange(7) \n     2nd Quarter   \n     2026   2025(6)   Change   \n               \n   Connectivity & Platforms Revenue           \n   Residential Connectivity & Platforms $17,124   $17,839   (4.0 %) (4.3 %)   \n   Business Services Connectivity 2,671   2,575   3.7 % 3.7 %   \n   Total Connectivity & Platforms Revenue $19,795   $20,414   (3.0 %) (3.2 %)   \n               \n   Connectivity & Platforms Adjusted EBITDA           \n   Residential Connectivity & Platforms $6,448   $7,006   (8.0 %) (8.0 %)   \n   Business Services Connectivity 1,516   1,444   5.0 % 5.0 %   \n   Total Connectivity & Platforms Adjusted EBITDA $7,964   $8,450   (5.7 %) (5.8 %)   \n               \n   Connectivity & Platforms Adjusted EBITDA Margin           \n   Residential Connectivity & Platforms 37.7 % 39.3 % (160) bps (150) bps   \n   Business Services Connectivity 56.7 % 56.1 % 60 bps 60 bps   \n   Total Connectivity & Platforms Adjusted EBITDA Margin 40.2 % 41.4 % (120) bps (110) bps   \n               \n Change percentages represent year/year growth rates. The changes in Adjusted \n EBITDA margins are presented as year/year basis point changes in the rounded \n Adjusted EBITDA margins. \n\n\nRevenue for Connectivity & Platforms decreased compared to the prior year\nperiod. Adjusted EBITDA decreased due to a decline in Residential Connectivity\n& Platforms, partially offset by growth in Business Services Connectivity.\nResidential Connectivity & Platforms revenue and Adjusted EBITDA reflect\nthe investment in our new go-to-market strategy. Adjusted EBITDA margin was\n40.2%.\n               \n   (in thousands)     Net Additions /   \n \n(Losses) \n         \n         2nd Quarter   \n     2Q26 2Q25 2026   2025     \n   Residential Connectivity & Platforms Customer Relationships           \n   Domestic Residential Connectivity & Platforms Customer Relationships 30,179 30,746 (166 ) (223 )   \n   International Residential Connectivity & Platforms Customer 17,539 17,573 (64 ) (102 )   \n Relationships(8) \n   Total Residential Connectivity & Platforms Customer Relationships(8) 47,718 48,318 (230 ) (325 )   \n               \n   Total Domestic Broadband Residential Customers 28,486 28,989 (167 ) (201 )   \n               \n   Total Domestic Wireless Lines 10,187 8,527 448   378     \n               \n   Total Domestic Video Customers 10,668 11,771 (280 ) (325 )   \n               \n\n\nTotal Customer Relationships for Residential Connectivity & Platforms\ndecreased by 230,000 to 47.7 million, reflecting a decrease in domestic and\ninternational residential customer relationships. Total domestic broadband\nresidential customer net losses were 167,000, total domestic wireless line net\nadditions were 448,000 and total domestic video customer net losses were\n280,000.\n\nResidential Connectivity & Platforms\n               \n   ($ in millions)       Constant   \n \nCurrency \n \nChange(7) \n     2nd Quarter   \n     2026   2025(6, 9) Change   \n               \n   Revenue           \n   Domestic Broadband $6,280   $6,649   (5.5 %) (5.5 %)   \n   Domestic Wireless Service 1,007   882   14.2 % 14.2 %   \n   Domestic Convergence Revenue 7,287   7,530   (3.2 %) (3.2 %)   \n   Domestic Wireless Equipment 404   313   28.8 % 28.8 %   \n   International Connectivity 1,246   1,219   2.2 % 1.3 %   \n   Total Residential Connectivity 8,937   9,063   (1.4 %) (1.5 %)   \n   Video 6,092   6,605   (7.8 %) (8.2 %)   \n   Advertising 962   951   1.1 % 0.7 %   \n   Other 1,133   1,219   (7.0 %) (7.2 %)   \n   Total Revenue $17,124   $17,839   (4.0 %) (4.3 %)   \n               \n   Operating Expenses           \n   Programming $3,698   $3,998   (7.5 %) (7.9 %)   \n   Non-Programming 6,977   6,835   2.1 % 1.7 %   \n   Total Operating Expenses $10,676   $10,834   (1.5 %) (1.8 %)   \n               \n   Adjusted EBITDA $6,448   $7,006   (8.0 %) (8.0 %)   \n   Adjusted EBITDA Margin 37.7 % 39.3 % (160) bps (150) bps   \n               \n Change percentages represent year/year growth rates. The changes in Adjusted \n EBITDA margins are presented as year/year basis point changes in the rounded \n Adjusted EBITDA margins. \n\n\nRevenue for Residential Connectivity & Platforms decreased compared to the\nprior year period, reflecting decreases in video, domestic broadband and other\nrevenue, partially offset by increases in domestic wireless service, domestic\nwireless equipment, international connectivity and advertising revenue.\nDomestic broadband revenue decreased due to lower average rates and a decline\nin the number of domestic broadband customers. Domestic wireless service\nrevenue increased due to an increase in the number of customer lines. Domestic\nwireless equipment revenue increased due to an increase in device sales.\nInternational connectivity revenue increased primarily due to an increase in\nwireless revenue, reflecting higher equipment and services revenue, as well as\nthe positive impact of foreign currency. Video revenue decreased primarily due\nto a decline in the number of video customers. Advertising revenue increased\nprimarily due to higher domestic political advertising and higher revenue from\nour advanced advertising business, partially offset by lower domestic\nnonpolitical advertising and lower international advertising. Other revenue\ndecreased primarily due to lower residential wireline voice revenue, driven by\na decline in the number of customers.\n\nAdjusted EBITDA for Residential Connectivity & Platforms decreased due to\nlower revenue, partially offset by lower operating expenses. Programming\nexpenses decreased primarily due to a decline in the number of domestic video\ncustomers. Non-programming expenses increased primarily reflecting an increase\nin direct product costs, mainly due to growth in our domestic wireless\nbusiness, higher marketing and promotion costs and the impact of foreign\ncurrency. Adjusted EBITDA margin was 37.7%.\n\nBusiness Services Connectivity\n               \n   ($ in millions)       Constant   \n \nCurrency \n \nChange(7) \n     2nd Quarter   \n     2026   2025   Change   \n               \n   Revenue $2,671   $2,575   3.7% 3.7%   \n   Operating Expenses 1,155   1,131   2.1% 2.1%   \n   Adjusted EBITDA $1,516   $1,444   5.0% 5.0%   \n   Adjusted EBITDA Margin 56.7 % 56.1 % 60 bps 60 bps   \n               \n Change percentages represent year/year growth rates. The changes in Adjusted \n EBITDA margins are presented as year/year basis point changes in the rounded \n Adjusted EBITDA margins. \n\n\nRevenue for Business Services Connectivity increased primarily due to an\nincrease in revenue from enterprise solutions offerings.\n\nAdjusted EBITDA for Business Services Connectivity increased due to higher\nrevenue, partially offset by higher operating expenses. The increase in\noperating expenses was primarily due to increases in marketing and promotion\nexpenses and direct product costs. Adjusted EBITDA margin was 56.7%.\n\nContent & Experiences\n   \n             \n   ($ in millions)         \n     2nd Quarter   \n     2026   2025(6)   Change   \n   Content & Experiences Revenue         \n   Media $5,691   $4,543   25.3 %   \n   Excluding FIFA World Cup(10) 5,250   4,543   15.6 %   \n   Studios 3,040   2,432   25.0 %   \n   Theme Parks 2,413   2,349   2.7 %   \n   Headquarters & Other 18   9   112.4 %   \n   Eliminations (435 ) (604 ) 27.9 %   \n   Total Content & Experiences Revenue $10,728   $8,730   22.9 %   \n             \n   Content & Experiences Adjusted EBITDA         \n   Media $708   $683   3.7 %   \n   Studios 202   61   N M   \n   Theme Parks 609   641   (5.1 %)   \n   Headquarters & Other (214 ) (201 ) (6.7 %)   \n   Eliminations 25   56   55.0 %   \n   Total Content & Experiences Adjusted EBITDA $1,329   $1,241   7.1 %   \n   NM=comparison not meaningful.         \n\n\nRevenue for Content & Experiences increased compared to the prior year\nperiod driven by Media, which included $440 million of incremental revenue\nfrom the FIFA World Cup, and Studios. Adjusted EBITDA for Content &\nExperiences increased primarily due to growth in Studios and Media, partially\noffset by a decline in Theme Parks.\n\nMedia\n             \n   ($ in millions)         \n     2nd Quarter   \n     2026 2025(6) Change   \n   Revenue         \n   Domestic Advertising $2,163 $1,395 55.0 %   \n   Excluding FIFA World Cup(10) 1,723 1,395 23.5 %   \n   Domestic Distribution 1,993 1,632 22.1 %   \n   International Networks 1,330 1,254 6.1 %   \n   Other 204 261 (21.9 %)   \n   Total Revenue $5,691 $4,543 25.3 %   \n   Excluding FIFA World Cup(10) 5,250 4,543 15.6 %   \n   Operating Expenses 4,983 3,860 29.1 %   \n   Adjusted EBITDA $708 $683 3.7 %   \n   \n\n\nRevenue for Media increased primarily due to higher domestic advertising and\ndomestic distribution revenue. Excluding $440 million of incremental revenue\nfrom the FIFA World Cup, Media revenue increased 15.6%. Domestic advertising\nrevenue increased, including the impact of the FIFA World Cup. Excluding the\nincremental revenue associated with this event, domestic advertising revenue\nincreased reflecting the positive impact of the NBA this quarter and higher\nrevenue at Peacock. Domestic distribution revenue increased primarily due to\nhigher revenue at Peacock, driven by higher average rates and an increase in\npaid subscribers compared to the prior year period.\n\nAdjusted EBITDA for Media increased due to higher revenue partially offset by\nhigher operating expenses. The increase in operating expenses primarily\nreflects higher programming costs associated with NBA rights and the FIFA\nWorld Cup in the current year period. Media results include $1.9 billion of\nrevenue and Adjusted EBITDA(11) of $189 million related to Peacock, which\nincludes amounts attributable to the FIFA World Cup, compared to $1.2 billion\nof revenue and an Adjusted EBITDA(11) loss of $101 million in the prior year\nperiod.\n\nStudios\n             \n   ($ in millions)         \n     2nd Quarter   \n     2026 2025(6) Change   \n   Revenue         \n   Content Licensing $1,799 $1,805 (0.3 %)   \n   Theatrical 972 284 N M   \n   Other 269 343 (21.5 %)   \n   Total Revenue $3,040 $2,432 25.0 %   \n   Operating Expenses 2,839 2,372 19.7 %   \n   Adjusted EBITDA $202 $61 N M   \n   NM=comparison not meaningful.         \n\n\nRevenue for Studios increased due to higher theatrical revenue, driven by the\nsuccessful performance of recent releases, including The Super Mario Galaxy\nMovie, Obsession and the international distribution of Michael. Content\nlicensing revenue was consistent as lower content licensing revenue at our\nfilm studios was offset by higher content licensing revenue at our television\nstudios.\n\nAdjusted EBITDA for Studios increased due to higher revenue, which more than\noffset higher operating expenses. The higher operating expenses reflected\nhigher programming and production expenses, primarily due to higher costs\nassociated with theatrical releases, as well as higher marketing and promotion\nexpenses primarily due to increased spending on recent and upcoming theatrical\nreleases.\n\nTheme Parks\n             \n   ($ in millions)         \n     2nd Quarter   \n     2026 2025(6) Change   \n             \n   Revenue $2,413 $2,349 2.7%   \n   Operating Expenses 1,805 1,708 5.7%   \n   Adjusted EBITDA $609 $641 (5.1%)   \n             \n\n\nRevenue for Theme Parks increased primarily due to higher revenue at our theme\nparks in Orlando driven by the successful opening of Epic Universe in May\n2025, partially offset by lower revenue at our international parks.\n\nAdjusted EBITDA for Theme Parks decreased, reflecting higher operating\nexpenses, which more than offset higher revenue. The increase in operating\nexpenses was primarily due to operating costs associated with our domestic\nparks.\n\nHeadquarters & Other\n\nContent & Experiences Headquarters & Other includes overhead,\npersonnel costs and costs associated with corporate initiatives. Headquarters\n& Other Adjusted EBITDA loss in the second quarter was $214 million,\ncompared to a loss of $201 million in the prior year period.\n\nEliminations\n\nAmounts represent eliminations of transactions between our Content &\nExperiences segments, the most significant being content licensing between the\nStudios and Media segments, which are affected by the timing of recognition of\ncontent licenses. Revenue eliminations were $435 million, compared to $604\nmillion in the prior year period, and Adjusted EBITDA eliminations were a\nbenefit of $25 million, compared to a benefit of $56 million in the prior year\nperiod.\n\nCorporate, Other and Eliminations\n   \n           \n   ($ in millions)         \n     2nd Quarter   \n     2026   2025(6)   Change   \n   Corporate & Other         \n   Revenue $368   $322   14.5 %   \n   Operating Expenses 742   609   21.9 %   \n   Adjusted EBITDA ($374 ) ($287 ) (30.2 %)   \n             \n   Eliminations         \n   Revenue ($1,324 ) ($1,217 ) 8.8 %   \n   Operating Expenses (1,327 ) (1,237 ) 7.3 %   \n   Adjusted EBITDA $3   $20   (83.4 %)   \n   \n Amounts for 2025 exclude the impacts of Versant and our Sky operations in \n Germany. Amounts for 2026 exclude the impacts of our Sky operations in Germany \n through the date of sale. See Table 8 for the reconciliation to consolidated \n results. \n\n\nCorporate & Other\n\nCorporate & Other primarily includes overhead and personnel costs; our\nregional sports networks; and Comcast Spectacor, which owns the Philadelphia\nFlyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania. Corporate\n& Other Adjusted EBITDA decreased primarily reflecting higher costs\nrelated to corporate functions and lower revenue associated with our regional\nsports networks.\n\nEliminations\n\nAmounts represent eliminations of transactions between Connectivity &\nPlatforms, Content & Experiences and other businesses, the most\nsignificant being distribution of television network programming between the\nMedia and Residential Connectivity & Platforms segments. Revenue\neliminations were $1.3 billion, compared to $1.2 billion in the prior year\nperiod, and Adjusted EBITDA eliminations were a benefit of $3 million compared\nto a benefit of $20 million in the prior year period.\n Notes: \n 1 Certain financial information is presented on a pro forma basis in connection \n with the separation of Versant, which was completed on January 2, 2026 (the \n “Versant Separation”), and the sale of our Sky operations in Germany, \n which was completed on May 31, 2026 (the \"Sale\"). The pro forma financial \n measures are non-GAAP financial measures and are presented as if the Versant \n Separation and the Sale had both occurred on January 1, 2024. The pro forma \n information is primarily based on historical results of operations and \n includes pro forma adjustments in accordance with Article 11 of Regulation S-X \n that are directly attributable to the Versant Separation and the Sale. For the \n Versant Separation, this includes adjustments related to the commercial \n services agreement for the sale and use of Versant’s advertising and \n promotional inventory. This pro forma information is not necessarily \n indicative of future results. See Table 8 for reconciliations of non-GAAP \n financial measures. \n 2 We define Adjusted Net Income and Adjusted EPS as net income attributable to \n Comcast Corporation and diluted earnings per common share attributable to \n Comcast Corporation shareholders, respectively, adjusted to exclude the \n effects of the amortization of acquisition-related intangible assets, \n investments that investors may want to evaluate separately (such as based on \n fair value) and the impact of certain events, gains, losses or other charges \n that affect period-over-period comparisons. See Table 5 for reconciliations of \n non-GAAP financial measures. \n 3 We define Adjusted EBITDA as net income attributable to Comcast Corporation \n before net income (loss) attributable to noncontrolling interests, income tax \n expense, investment and other income (loss), net, interest expense, \n depreciation and amortization expense, and other operating gains and losses \n (such as impairment charges related to fixed and intangible assets and gains \n or losses on the sale of long-lived assets), if any. From time to time, we may \n exclude from Adjusted EBITDA the impact of certain events, gains, losses or \n other charges (such as significant legal settlements) that affect the \n period-to-period comparability of our operating performance. See Table 4 for \n reconciliation of non-GAAP financial measure. \n 4 All earnings per share amounts are presented on a diluted basis. \n 5 We define Free Cash Flow as net cash provided by operating activities (as \n stated in our Consolidated Statement of Cash Flows) reduced by capital \n expenditures and cash paid for intangible assets. From time to time, we may \n exclude from Free Cash Flow the impact of certain cash receipts or payments \n (such as significant legal settlements) that affect period-to-period \n comparability. Cash payments related to certain capital or intangible assets, \n such as the construction of Universal Beijing Resort, are presented separately \n in our Consolidated Statement of Cash Flows and are therefore excluded from \n capital expenditures and cash paid for intangible assets for Free Cash Flow. \n See Table 4 for reconciliation of non-GAAP financial measure. \n 6 Beginning in the first quarter of 2026, we updated the composition of our \n segments to align with the segment-level information that is regularly \n provided to our chief operating decision maker, including (1) adjusting the \n Media segment to exclude the historical results of Versant; (2) reclassifying \n the results of our regional sports networks to Corporate and other from the \n Media segment; (3) reclassifying the results of Xumo, our streaming platform \n joint venture with Charter Communications, to the Residential Connectivity \n & Platforms segment from Corporate and other; (4) reclassifying certain \n shared expenses into the related Media, Studios and Theme Parks segments from \n Content & Experiences Headquarters & Other; and (5) adjusting the \n Media segment and Versant for the effects of our commercial services \n agreement. Prior periods have been reclassified to reflect the current year \n presentation. \n 7 Constant currency growth rates are calculated by comparing the results for \n each comparable prior year period adjusted to reflect the average exchange \n rates from each current year period presented rather than the actual exchange \n rates that were in effect during the respective periods. See Table 6 for \n reconciliations of non-GAAP financial measures. \n 8 Residential Connectivity & Platforms customer relationships and \n International Residential Connectivity & Platforms customer relationships \n were updated in the first quarter of 2026 due to a conforming change in \n methodology, resulting in a decrease of 125,000 customers. There was no impact \n to net additions and information for all periods have been recast on a \n comparable basis. \n 9 Beginning in the first quarter of 2026, commission revenue from the sale of \n certain direct to consumer (“DTC”) streaming services is presented in \n domestic broadband revenue or video revenue based on whether a customer is \n entitled to receive the DTC streaming service through a broadband or video \n service offering. Domestic broadband revenue also includes revenue from \n streaming devices available to our broadband customers. Previously, all of \n these amounts were in video revenue. Prior periods have been reclassified to \n reflect the current year presentation. \n 10 From time to time, we may present adjusted information (e.g., Adjusted \n Revenues) to exclude the impact of certain events, gains, losses or other \n charges affecting period-to-period comparability of our operating performance. \n See Table 7 for reconciliations of non-GAAP financial measures. \n 11 Adjusted EBITDA is the measure of profit or loss for our segments. From time \n to time, we may present Adjusted EBITDA for components of our reportable \n segments, such as Peacock. We believe these measures are useful to evaluate \n our financial results and provide a basis of comparison to others, although \n our definition of Adjusted EBITDA may not be directly comparable to similar \n measures used by other companies. Adjusted EBITDA for components are presented \n on a consistent basis with the respective segments and disaggregated in \n accordance with GAAP. \n   \n Numerical information is presented on a rounded basis using actual amounts, \n unless otherwise noted. The change in Peacock paid subscribers is calculated \n using rounded paid subscriber amounts. Minor differences in totals and \n percentage calculations may exist due to rounding. \n\n\nConference Call and Other Information\n\nComcast Corporation will host a conference call with the financial community\ntoday, July 23, 2026, at 8:30 a.m. Eastern Time (ET). The conference call and\nrelated materials will be broadcast live and posted on our Investor Relations\nwebsite at www.cmcsa.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.cmcsa.com&esheet=54574987&newsitemid=20260723764612&lan=en-US&anchor=www.cmcsa.com&index=2&md5=ddf6139a099146e20e18c1aca5cd4f68)\n. A replay of the call will be available today, July 23, 2026, starting at\n11:30 a.m. ET on the Investor Relations website.\n\nFrom time to time, we post information that may be of interest to investors on\nour website at www.cmcsa.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.cmcsa.com&esheet=54574987&newsitemid=20260723764612&lan=en-US&anchor=www.cmcsa.com&index=3&md5=79db2aaa0faeaa40a1b6666a43a05dc4)\nand on our corporate website, www.comcastcorporation.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.comcastcorporation.com&esheet=54574987&newsitemid=20260723764612&lan=en-US&anchor=www.comcastcorporation.com&index=4&md5=a04593464b4cde1f4ecbe11e8e2b6a6d)\n. To automatically receive Comcast financial news by email, please visit\nwww.cmcsa.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.cmcsa.com&esheet=54574987&newsitemid=20260723764612&lan=en-US&anchor=www.cmcsa.com&index=5&md5=95cbad5f621fffec5309b09a99b1191c)\nand subscribe to email alerts.\n\nCaution Concerning Forward-Looking Statements\n\nThis press release includes statements that may constitute forward-looking\nstatements. In evaluating these statements, readers should consider various\nfactors, including the risks and uncertainties we describe in the “Risk\nFactors” sections of our most recent Annual Report on Form 10-K, our most\nrecent Quarterly Report on Form 10-Q and other reports filed with the\nSecurities and Exchange Commission (SEC). Factors that could cause our actual\nresults to differ materially from these forward-looking statements include\nchanges in and/or risks associated with: the competitive environment; consumer\nbehavior; the advertising market; consumer acceptance of our content;\nprogramming costs; key distribution and/or licensing agreements; use and\nprotection of our intellectual property; our reliance on third-party hardware,\nsoftware and operational support; keeping pace with technological\ndevelopments; cyber attacks, security breaches or technology disruptions; weak\neconomic conditions; acquisitions and strategic initiatives; operating\nbusinesses internationally; natural disasters, severe weather-related and\nother uncontrollable events; loss of key personnel; labor disputes;\nsignificant tax liability if the separation of Versant is not tax-free; laws\nand regulations; adverse decisions in litigation or governmental\ninvestigations; risks related to our intention to separate NBCUniversal and\nSky in a spin-off; and other risks described from time to time in reports and\nother documents we file with the SEC. Readers are cautioned not to place undue\nreliance on forward-looking statements, which speak only as of the date they\nare made, and involve risks and uncertainties that could cause actual events\nor our actual results to differ materially from those expressed in any such\nforward-looking statements. We undertake no obligation to update or revise\npublicly any forward-looking statements, whether because of new information,\nfuture events or otherwise. The amount and timing of any dividends and share\nrepurchases are subject to business, economic and other relevant factors.\n\nNon-GAAP Financial Measures\n\nIn this discussion, we sometimes refer to financial measures that are not\npresented according to generally accepted accounting principles in the U.S.\n(GAAP). Certain of these measures are considered “non-GAAP financial\nmeasures” under the SEC regulations; those rules require the supplemental\nexplanations and reconciliations that are in Comcast’s Form 8-K (Quarterly\nEarnings Release) furnished to the SEC.\n\nAbout Comcast Corporation\n\nComcast Corporation (Nasdaq: CMCSA) is a global media and technology company.\nFrom the connectivity and platforms we provide, to the content and experiences\nwe create, our businesses reach hundreds of millions of customers, viewers,\nand guests worldwide. We deliver world-class broadband, wireless, and video\nthrough Xfinity, Comcast Business, and Sky; produce, distribute, and stream\nleading entertainment, sports, and news through brands including NBC,\nTelemundo, Universal, Peacock, and Sky; and bring incredible theme parks and\nattractions to life through Universal Destinations & Experiences. Visit\nwww.comcastcorporation.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.comcastcorporation.com&esheet=54574987&newsitemid=20260723764612&lan=en-US&anchor=www.comcastcorporation.com&index=6&md5=c4b835a4d8d1a2fc61ddc70f718d7c2f)\nfor more information.\n TABLE 1 \n Condensed Consolidated Statements of Income (Unaudited) \n                 \n   Three Months Ended   Six Months Ended \n (in millions, except per share data) June 30,   June 30, \n   2026   2025   2026   2025 \n Revenue $29,940   $30,313   $61,396   $60,199 \n                 \n Costs and expenses               \n Programming and production 8,389   7,576   19,273   15,991 \n Marketing and promotion 2,258   2,168   4,422   4,239 \n Other operating and administrative 10,445   10,422   20,853   20,314 \n Depreciation 2,391   2,349   4,724   4,580 \n Amortization 1,297   1,805   2,829   3,423 \n   24,780   24,320   52,101   48,548 \n                 \n Operating income 5,160   5,992   9,296   11,650 \n                 \n Interest expense (1,052)   (1,105)   (2,146)   (2,155) \n                 \n Investment and other income (loss), net               \n Equity in net income (losses) of investees, net 285   (29)   (106)   (222) \n Realized and unrealized gains (losses) on equity securities, net (13)   136   (18)   112 \n Other income (loss), net 232   9,652   319   9,754 \n   503   9,760   195   9,644 \n                 \n Income before income taxes 4,612   14,647   7,345   19,139 \n                 \n Income tax (expense) benefit (1,194)   (3,603)   (1,899)   (4,799) \n                 \n Net income 3,419   11,044   5,445   14,340 \n                 \n Less: Net income (loss) attributable to noncontrolling interests (107)   (79)   (254)   (158) \n                 \n Net income attributable to Comcast Corporation $3,526   $11,123   $5,699   $14,498 \n                 \n                 \n Diluted earnings per common share attributable to Comcast Corporation $0.99   $2.98   $1.59   $3.86 \n shareholders \n                 \n Diluted weighted-average number of common shares 3,570   3,727   3,593   3,756 \n\n TABLE 2 \n Consolidated Statements of Cash Flows (Unaudited) \n         \n   Six Months Ended \n (in millions) June 30, \n   2026   2025 \n         \n OPERATING ACTIVITIES       \n Net income $5,445   $14,340 \n Adjustments to reconcile net income to net cash provided by operating       \n activities: \n Depreciation and amortization 7,553   8,003 \n Share-based compensation 786   703 \n Noncash interest expense (income), net 253   253 \n Net (gain) loss on investment activity and other (84)   (9,390) \n Deferred income taxes 1,427   2,556 \n Changes in operating assets and liabilities, net of effects of acquisitions       \n and divestitures: \n Current and noncurrent receivables, net (1,338)   1,023 \n Film and television costs, net 873   188 \n Accounts payable and accrued expenses related to trade creditors 958   34 \n Other operating assets and liabilities (891)   (1,602) \n         \n Net cash provided by operating activities 14,983   16,109 \n         \n INVESTING ACTIVITIES       \n Capital expenditures (5,253)   (4,930) \n Cash paid for intangible assets (1,226)   (1,257) \n Construction of Universal Beijing Resort —   (3) \n Acquisitions, net of cash acquired —   (1,279) \n Proceeds from sales of businesses and investments 106   659 \n Purchases of investments (485)   (1,132) \n Other 367   39 \n         \n Net cash (used in) investing activities (6,491)   (7,903) \n         \n FINANCING ACTIVITIES       \n Proceeds from borrowings 1,990   2,494 \n Repurchases and repayments of debt (7,344)   (1,856) \n Repurchases of common stock under repurchase program and employee plans (2,507)   (4,066) \n Dividends paid (2,432)   (2,462) \n Cash transferred to Versant, net (750)   — \n Other (270)   9 \n         \n Net cash (used in) financing activities (11,313)   (5,881) \n         \n Impact of foreign currency on cash, cash equivalents and restricted cash (4)   46 \n         \n Increase (decrease) in cash, cash equivalents and restricted cash (2,824)   2,371 \n         \n Cash, cash equivalents and restricted cash, beginning of period 10,559   7,377 \n         \n Cash, cash equivalents and restricted cash, end of period $7,735   $9,748 \n\n TABLE 3 \n Condensed Consolidated Balance Sheets (Unaudited) \n         \n (in millions) June 30,   December 31, \n   2026   2025 \n ASSETS       \n         \n Current Assets       \n Cash and cash equivalents $7,661   $9,481 \n Receivables, net 13,955   13,869 \n Other current assets 4,718   6,217 \n Total current assets 26,335   29,567 \n         \n Film and television costs 10,467   12,214 \n         \n Investments 7,828   7,952 \n         \n Property and equipment, net 66,127   65,680 \n         \n Goodwill 53,070   61,502 \n         \n Franchise rights 59,365   59,365 \n         \n Other intangible assets, net 19,687   22,474 \n         \n Other noncurrent assets, net 14,669   13,877 \n         \n   $257,548   $272,631 \n         \n LIABILITIES AND EQUITY       \n         \n Current Liabilities       \n Accounts payable and accrued expenses related to trade creditors $11,864   $11,058 \n Deferred revenue 3,787   4,097 \n Accrued expenses and other current liabilities 11,325   12,410 \n Current portion of debt 6,117   5,958 \n Total current liabilities 33,093   33,524 \n         \n Noncurrent portion of debt 84,264   92,979 \n         \n Deferred income taxes 28,940   27,788 \n         \n Other noncurrent liabilities 21,296   20,965 \n         \n Redeemable noncontrolling interests 185   224 \n         \n Equity       \n Comcast Corporation shareholders' equity 89,763   96,903 \n Noncontrolling interests 7   249 \n Total equity 89,770   97,151 \n         \n   $257,548   $272,631 \n\n TABLE 4 \n Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA (Unaudited) \n   \n Three Months Ended Six Months Ended \n \nJune 30, \nJune 30, \n (in millions) 2026 2025 2026 2025 \n Net income attributable to Comcast Corporation $3,526 $11,123 $5,699 $14,498 \n Net income (loss) attributable to noncontrolling interests (107)   (79)     (254)   (158) \n Income tax expense (benefit) 1,194   3,603     1,899   4,799 \n Interest expense 1,052   1,105     2,146   2,155 \n Investment and other (income) loss, net (503)   (9,760)     (195)   (9,644) \n Depreciation 2,391   2,349     4,724   4,580 \n Amortization 1,297   1,805     2,829   3,423 \n Transaction costs((1)) —   36     51   55 \n Transaction-related costs((1)) —   75     —   77 \n Other adjustments ((2)) 55   26     (68)   29 \n Adjusted EBITDA $8,902   $10,283     $16,831   $19,815 \n\n Reconciliation from Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited) \n   \n Three Months Ended Six Months Ended \n \nJune 30, \nJune 30, \n (in millions) 2026   2025     2026   2025 \n Net cash provided by operating activities $8,092   $7,815     $14,983   $16,109 \n Capital expenditures (2,902)   (2,679)     (5,253)   (4,930) \n Cash paid for capitalized software and other intangible assets (587)   (636)     (1,226)   (1,257) \n Free Cash Flow $4,604   $4,501     $8,505   $9,921 \n\n (1) Transaction costs are incremental costs directly related to effectuating the \n Versant Separation and primarily include advisory, legal and audit fees, as \n well as legal entity separation costs. Transaction-related costs are \n incremental costs incurred related to the Versant Separation, including costs \n that reflect strategic decisions about how the stand-alone Versant business \n will be structured or operated, which may be different than if it remained \n part of Comcast. Transaction-related costs primarily include certain \n separation-related employee compensation, severance and retention bonuses; IT \n separation and implementation costs; and other one-time costs. \n     \n (2) Amounts represent the impact of certain other events, gains, losses or other \n charges that are excluded from Adjusted EBITDA. The three and six months ended \n June 30, 2026 include certain share-based compensation expenses and costs \n related to our investment portfolio. The six months ended June 30, 2026 also \n include a gain related to a legal settlement. The three and six months ended \n June 30, 2025 include costs related to our investment portfolio. \n\n TABLE 5 \n Reconciliations of Adjusted Net Income and Adjusted EPS (Unaudited) \n   \n Three Months Ended Six Months Ended \n \nJune 30, \nJune 30, \n   2026   2025     2026   2025 \n (in millions, except per share data)                                 \n   $   EPS   $   EPS     $   EPS   $   EPS \n                                   \n Net income attributable to Comcast Corporation and diluted earnings per share $3,526   $0.99   $11,123   $2.98     $5,699   $1.59   $14,498   $3.86 \n attributable to Comcast Corporation shareholders \n Change (68.3%)   (66.9%)             (60.7%)   (58.9%)         \n                                   \n Amortization of acquisition-related intangible assets((1)) 403   0.11   622   0.17     808   0.22   1,228   0.33 \n Investments((2)) (251)   (0.07)   (96)   (0.03)     7   —   36   0.01 \n Items affecting period-over-period comparability:                                 \n Long-lived asset impairments((3)) —   —   155   0.04     130   0.04   155   0.04 \n Transaction costs((4)) —   —   31   0.01     45   0.01   49   0.01 \n Transaction-related costs((5)) —   —   66   0.02     —   —   67   0.02 \n Sale of Sky operations in Germany((6)) (11)   0.00   —   —     (68)   (0.02)   —   — \n Gain related to investment((7)) —   —   (7,072)   (1.90)     —   —   (7,072)   (1.88) \n Tax benefit from internal corporate reorganization((8)) —   —   (177)   (0.05)     —   —   (177)   (0.05) \n Other adjustments((9)) 44   0.01   —   —     (48)   (0.01)   —   — \n                                   \n Adjusted Net income and Adjusted EPS $3,710   $1.04   $4,653   $1.25     $6,574   $1.83   $8,784   $2.34 \n Change (20.3%)   (16.7%)             (25.2%)   (21.8%)         \n\n (1) Acquisition-related intangible assets are recognized as a result of the \n application of Accounting Standards Codification Topic 805, Business \n Combinations (such as customer relationships), and their amortization is \n significantly affected by the size and timing of our acquisitions. \n Amortization of intangible assets not resulting from business combinations \n (such as software and acquired intellectual property rights used in our theme \n parks) is included in Adjusted Net Income and Adjusted EPS. \n   \n   Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, \nJune 30, \n   2026   2025     2026   2025 \n Amortization of acquisition-related intangible assets before income taxes $525   $810     $1,052   $1,600 \n Amortization of acquisition-related intangible assets, net of tax $403   $622     $808   $1,228 \n\n (2) Adjustments for investments include realized and unrealized (gains) losses on \n equity securities, net (as stated in Table 1), as well as the equity in net \n (income) losses of investees, net, for certain equity method investments, \n including Atairos and Hulu and costs related to our investment portfolio. \n   \n   Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, \nJune 30, \n   2026   2025     2026   2025 \n Realized and unrealized (gains) losses on equity securities, net $13   ($136)     $18   ($112) \n Equity in net (income) losses of investees, net and other (345)   8     (10)   156 \n Investments before income taxes (331)   (128)     9   44 \n Investments, net of tax ($251)   ($96)     $7   $36 \n   \n (3) Year to date 2026 net income attributable to Comcast Corporation includes $171 \n million, $130 million net of tax, of long-lived asset impairments. 2nd quarter \n and year to date 2025 net income attributable to Comcast Corporation includes \n $155 million of long-lived asset impairments. \n (4) Year to date 2026 net income attributable to Comcast Corporation includes $51 \n million, $45 million net of tax, of transaction costs related to the Versant \n Separation. 2nd quarter and year to date 2025 net income attributable to \n Comcast Corporation includes $36 million and $55 million, $31 million and $49 \n million net of tax, respectively, of transaction costs related to the Versant \n Separation. Transaction costs are incremental costs directly related to \n effectuating the separation and primarily include advisory, legal and audit \n fees, and legal entity separation costs. \n (5) 2nd quarter and year to date 2025 net income attributable to Comcast \n Corporation includes $75 million and $77 million, $66 million and $67 million \n net of tax, respectively, of transaction-related costs related to the Versant \n Separation. Transaction-related costs are incremental costs incurred related \n to the separation, including costs that reflect strategic decisions about how \n the stand-alone Versant business will be structured or operated, which may be \n different than if it remained part of Comcast. Transaction-related costs \n primarily include certain separation-related employee compensation, severance \n and retention bonuses; IT separation and implementation costs; and other \n one-time costs. \n (6) 2nd quarter and year to date 2026 net income attributable to Comcast \n Corporation includes a loss of $9 million in depreciation expense, $7 million \n net of tax, due to the sale of our Sky operations in Germany. 2nd quarter and \n year to date 2026 also includes an $18 million and $75 million income tax \n benefit, respectively, related to assets of our Sky operations in Germany that \n were sold on May 31, 2026. \n (7) 2nd quarter and year to date 2025 net income attributable to Comcast \n Corporation includes a $9.4 billion pre-tax gain in other income (loss), net, \n $7.1 billion net of tax, related to the sale of our interest in Hulu. \n (8) 2nd quarter and year to date 2025 net income attributable to Comcast \n Corporation includes a $177 million income tax benefit due to an internal \n corporate reorganization. \n (9) 2nd quarter 2026 net income attributable to Comcast Corporation includes $58 \n million, $44 million net of tax, related to certain share-based compensation \n expenses. Year to date 2026 net income attributable to Comcast Corporation \n includes $(65) million, $(48) million net of tax, of other adjustments, which \n includes a gain related to a legal settlement and certain share-based \n compensation expenses. \n\n TABLE 6 \n Reconciliation of Constant Currency (Unaudited) \n   \n   Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, 2025 \nJune 30, 2025 \n       \n   \n     Effects of   Constant         Effects of   Constant \n As   Foreign   Currency     As   Foreign   Currency \n (in millions) Reported   Currency   Amounts     Reported   Currency   Amounts \n Reconciliation of Connectivity & Platforms Constant Currency                         \n                           \n Connectivity & Platforms Revenue                         \n Residential Connectivity & Platforms $17,839   $45   $17,884     $35,504   $346   $35,851 \n Business Services Connectivity 2,575   —   2,575     5,071   2   5,073 \n Total Connectivity & Platforms Revenue $20,414   $45   $20,459     $40,575   $348   $40,923 \n                           \n Connectivity and Platforms Adjusted EBITDA                         \n Residential Connectivity & Platforms $7,006   $4   $7,010     $13,848   $42   $13,890 \n Business Services Connectivity 1,444   —   1,444     2,866   (1)   2,865 \n Total Connectivity & Platforms Adjusted EBITDA $8,450   $4   $8,454     $16,714   $41   $16,755 \n                           \n Connectivity & Platforms Adjusted EBITDA Margin                         \n Residential Connectivity & Platforms 39.3%   (10) bps   39.2%     39.0%   (30) bps   38.7% \n Business Services Connectivity 56.1%   — bps   56.1%     56.5%   — bps   56.5% \n Total Connectivity & Platforms Adjusted EBITDA Margin 41.4%   (10) bps   41.3%     41.2%   (30) bps   40.9% \n                           \n   Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, 2025 \nJune 30, 2025 \n       \n   \n     Effects of   Constant         Effects of   Constant \n As   Foreign   Currency     As   Foreign   Currency \n (in millions) Reported   Currency   Amounts     Reported   Currency   Amounts \n Reconciliation of Residential Connectivity & Platforms Constant Currency                         \n                           \n Revenue                         \n Domestic broadband $6,649   $ —   $6,649     $13,327   $ —   $13,327 \n Domestic wireless service 882   —   882     1,732   —   1,732 \n Domestic convergence revenue 7,530   —   7,530     15,059   —   15,059 \n Domestic wireless equipment 313   —   313     587   —   587 \n International connectivity 1,219   10   1,230     2,351   94   2,445 \n Total residential connectivity $9,063   $10   $9,074     $17,997   $94   $18,091 \n Video 6,605   28   6,634     13,206   197   13,403 \n Advertising 951   4   955     1,850   30   1,880 \n Other 1,219   3   1,222     2,452   26   2,478 \n Total Revenue $17,839   $45   $17,884     $35,504   $346   $35,851 \n                           \n Operating Expenses                         \n Programming $3,998   18   $4,016     $8,105   $128   $8,233 \n Non-Programming 6,835   22   6,858     13,551   176   13,728 \n Total Operating Expenses $10,834   $41   $10,874     $21,657   $304   $21,961 \n                           \n Adjusted EBITDA $7,006   $4   $7,010     $13,848   $42   $13,890 \n Adjusted EBITDA Margin 39.3%   (10) bps   39.2%     39.0%   (30) bps   38.7% \n\n TABLE 7 \n Reconciliation of Media Revenue Excluding Olympics, Super Bowl and FIFA World \n Cup (Unaudited) \n                           \n   Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, \nJune 30, \n       \n (in millions) 2026   2025   Change     2026   2025   Change \n                           \n Revenue $5,691   $4,543   25.3%     $12,970   $9,069   43.0% \n                           \n Milan Cortina Olympics —   —         1,420   —     \n                           \n 2026 Super Bowl —   —         758   —     \n                           \n 2026 FIFA World Cup 440   —         440   —     \n                           \n Revenue excluding Olympics, Super Bowl and FIFA World Cup $5,250   $4,543   15.6%     $10,352   $9,069   14.1% \n                           \n Reconciliation of Media Domestic Advertising Revenue Excluding Olympics, Super \n Bowl and FIFA World Cup (Unaudited) \n                           \n   Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, \nJune 30, \n       \n (in millions) 2026   2025   Change     2026   2025   Change \n                           \n Revenue $2,163   $1,395   55.0%     $5,616   $2,863   96.2% \n                           \n Milan Cortina Olympics —   —         1,159   —     \n                           \n 2026 Super Bowl —   —         758   —     \n                           \n 2026 FIFA World Cup 440   —         440   —     \n                           \n Revenue excluding Olympics, Super Bowl and FIFA World Cup $1,723   $1,395   23.5%     $3,259   $2,863   13.8% \n                           \n Reconciliation of Media Domestic Distribution Revenue Excluding Olympics \n (Unaudited) \n                           \n   Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, \nJune 30, \n       \n (in millions) 2026   2025   Change     2026   2025   Change \n                           \n Revenue $1,993   $1,632   22.1%     $4,276   $3,299   29.6% \n                           \n Milan Cortina Olympics —   —         262   —     \n                           \n Revenue excluding Olympics $1,993   $1,632   22.1%     $4,014   $3,299   21.7% \n\n TABLE 8 \n Reconciliation of Pro Forma Consolidated Revenue (Unaudited) \n                             \n     Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, \nJune 30, \n       \n (in millions)   2026   2025   Change     2026   2025   Change \n                             \n Consolidated Revenue   $29,940   $30,313   (1.2) %     $61,396   $60,199   2.0 % \n                             \n Less: Versant   —   1,770         —   3,539     \n                             \n Less: Sky operations in Germany   384   554         966   1,071     \n                             \n Less: Eliminations   (12)   (261)         (29)   (524)     \n                             \n Pro Forma Consolidated Revenue   $29,568   $28,249   4.7 %     $60,460   $56,114   7.7 % \n                             \n Reconciliation of Pro Forma Consolidated Adjusted EBITDA (Unaudited) \n                             \n     Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, \nJune 30, \n       \n (in millions)   2026   2025   Change     2026   2025   Change \n                             \n Net income attributable to Comcast Corporation   $3,526   $11,123         $5,699   $14,498     \n Net income (loss) attributable to noncontrolling interests   (107)   (79)         (254)   (158)     \n Income tax expense (benefit)   1,194   3,603         1,899   4,799     \n Interest expense   1,052   1,105         2,146   2,155     \n Investment and other (income) loss, net   (503)   (9,760)         (195)   (9,644)     \n Depreciation   2,391   2,349         4,724   4,580     \n Amortization   1,297   1,805         2,829   3,423     \n Transaction costs((1))   —   36         51   55     \n Transaction-related costs((1))   —   75         —   77     \n Other adjustments ((2))   55   26         (68)   29     \n Adjusted EBITDA   $8,902   $10,283   (13.4%)     $16,831   $19,815   (15.1%) \n                             \n Less: Versant   —   789         —   1,623     \n                             \n Less: Sky operations in Germany   (20)   64         (59)   61     \n                             \n Less: Eliminations   —   7         —   13     \n                             \n Pro Forma Consolidated Adjusted EBITDA   $8,923   $9,423   (5.3) %     $16,890   $18,118   (6.8) % \n\n (1) Transaction costs are incremental costs directly related to effectuating the \n Versant Separation and primarily include advisory, legal and audit fees, as \n well as legal entity separation costs. Transaction-related costs are \n incremental costs incurred related to the Versant Separation, including costs \n that reflect strategic decisions about how the stand-alone Versant business \n will be structured or operated, which may be different than if it remained \n part of Comcast. Transaction-related costs primarily include certain \n separation-related employee compensation, severance and retention bonuses; IT \n separation and implementation costs; and other one-time costs. \n (2) Amounts represent the impact of certain other events, gains, losses or other \n charges that are excluded from Adjusted EBITDA. The three and six months ended \n June 30, 2026 include costs related to our investment portfolio and certain \n share-based compensation expenses. The six months ended June 30, 2026 also \n include a gain related to a legal settlement. The three and six months ended \n June 30, 2025 include certain costs related to our investment portfolio. \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260723764612/en/\n(https://www.businesswire.com/news/home/20260723764612/en/)\n\nInvestor Contacts: \n\nMarci Ryvicker Marci_Ryvicker@Comcast.com \n(mailto:Marci_Ryvicker@Comcast.com) \nJane Kearns Jane_Kearns@Comcast.com \n(mailto:Jane_Kearns@Comcast.com) \n\n\nPress Contacts: \n\nJennifer Khoury Jennifer_Khoury@Comcast.com\n(mailto:Jennifer_Khoury@Comcast.com) (215) 531-3296\n\nJohn Demming John_Demming@Comcast.com (mailto:John_Demming@Comcast.com) (215)\n429-4744\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw71nB58a","title":"Comcast Reports 2nd Quarter 2026 Results","author":"Business Wire","ticker":"CMCSA","created":"2026-07-23T10:00:00.448Z","tickers":["CMCSA"],"exchange":"NASDAQ","article_body":"Comcast Reports 2nd Quarter 2026 Results\n\nComcast Corporation (NASDAQ: CMCSA) today reported results for the quarter\nended June 30, 2026.\n\n“Second quarter results show continued progress against our strategic\npriorities,\" said Brian L. Roberts and Mike Cavanagh, co-CEOs of Comcast\nCorporation. \"In Connectivity & Platforms, our strategic pivot in\nbroadband is gaining traction, and we are seeing that progress extend across\nthe broader connectivity portfolio. We delivered our best wireless quarter\never, surpassing 10 million total lines, while penetration remains below 7% of\naddressable wireless lines in our footprint - giving us substantial runway to\ndeepen convergence and grow customer relationships. Business Services also\ncontinued its industry-leading growth, reinforcing the strength and breadth of\nour portfolio. Within Content & Experiences, Media delivered mid-single\ndigit EBITDA growth and Peacock reached profitability for the first time,\nsupported by a broad slate of sports, entertainment and major live events that\ndrove strong engagement across our platforms. Our Studios continued to perform\nat a high level across franchises, animation, originals and specialty titles,\ncapped by the recent success of The Odyssey. While we are seeing some\nnear-term softness in Theme Parks, we remain confident in the long-term\nopportunity, supported by our world-class brands, attractive locations and\nproven ability to create attractions and experiences that drive real consumer\ndemand. Across the company, we generated $4.6 billion of free cash flow,\nreturned $2.1 billion to shareholders and announced our intention to separate\nNBCUniversal and Sky - an important step toward creating two focused companies\nwith the financial strength and flexibility to pursue their respective growth\nstrategies.\"\n   \n   ($ in millions, except per share data)       \n     2nd Quarter \n   Consolidated Results 2026 2025 Change \n           \n   Revenue $29,940 $30,313 (1.2 %) \n   Pro Forma Revenue(1) $29,568 $28,249 4.7 % \n   Net Income Attributable to Comcast $3,526 $11,123 (68.3 %) \n   Adjusted Net Income(2) $3,710 $4,653 (20.3 %) \n   Adjusted EBITDA(3) $8,902 $10,283 (13.4 %) \n   Pro Forma Adjusted EBITDA(1) $8,923 $9,423 (5.3 %) \n   Earnings per Share(4) $0.99 $2.98 (66.9 %) \n   Adjusted Earnings per Share(2) $1.04 $1.25 (16.7 %) \n   Net Cash Provided by Operating Activities $8,092 $7,815 3.5 % \n   Free Cash Flow(5) $4,604 $4,501 2.3 % \n           \n For additional detail on segment revenue and expenses, customer metrics, \n capital expenditures, and free cash flow, please refer to the trending \n schedule on Comcast’s Investor Relations website at www.cmcsa.com \n (https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.cmcsa.com&esheet=54574987&newsitemid=20260723764612&lan=en-US&anchor=www.cmcsa.com&index=1&md5=2a96e77869c9207e468c65f8692fddf4) \n . \n\n\n2nd Quarter 2026 Highlights:\n\n\n * Generated Consolidated Adjusted EBITDA of $8.9 Billion, Adjusted EPS of $1.04\nand Free Cash Flow of $4.6 Billion\n\n * Returned $2.1 Billion to Shareholders Through a Combination of $1.2 Billion in\nDividend Payments and $900 Million in Share Repurchases\n\n * Continued to Gain Traction with Our New Go-to-Market Strategy Reflected by\nDomestic Residential Broadband Customer Net Losses Improving by 34,000\nYear-over-Year, and Domestic Wireless Customer Line Net Additions of 448,000 -\nOur Best Quarterly Result on Record; Total Wireless Lines Increased to 10.2\nMillion, with Penetration at 7% of Total Addressable Wireless Lines in Our\nFootprint\n\n * Business Services Connectivity Revenue Increased 3.7% to $2.7 Billion, EBITDA\nIncreased 5.0% to $1.5 Billion and EBITDA Margin Was 56.7%\n\n * Peacock Achieved Quarterly Profitability for the First Time Ever with EBITDA\nof $189 Million, Increasing $290 Million Year-over-Year; Paid Subscribers\nIncreased by 2 Million Net Additions in the Quarter to 48 Million, Driven by\nNBA Playoffs, FIFA World Cup and Love Island USA\n\n * Studios EBITDA Increased $141 Million Year-over-Year Driven by the Successful\nTheatrical Performances of The Super Mario Galaxy Movie, Obsession and the\nInternational Distribution of Michael; The Super Mario Galaxy Movie Grossed\nOver $1 Billion in Worldwide Box Office Year-to-Date, Pushing the Franchise's\nCumulative Total Past $2 Billion; Obsession Grossed Over $400 Million in\nWorldwide Box Office Year-to-Date, Becoming Focus Features' Highest-Grossing\nFilm in History\n\n * FIFA World Cup 2026 Drove Record-Breaking Engagement Across Telemundo and\nPeacock, with the Top Ten Most-Watched Matches in Spanish Language History\n\n * Announced the Intention to Separate into Two Publicly Traded Companies Through\na Tax-Free Spin-off of NBCUniversal and Sky\n\n2nd Quarter Consolidated Financial Results\n\nRevenue decreased 1.2% compared to the prior year period. Net Income\nAttributable to Comcast was $3.5 billion, compared to $11.1 billion in the\nprior year period, which included a $9.4 billion gain from the sale of our\ninterest in Hulu. Adjusted Net Income decreased 20.3%. Adjusted EBITDA\ndecreased 13.4%. On a pro forma basis to reflect the Versant separation, which\nwas completed on January 2, 2026, and the sale of our Sky operations in\nGermany, which was completed on May 31, 2026, revenue increased 4.7% and\nAdjusted EBITDA decreased 5.3%.\n\nEarnings per Share (EPS) decreased 66.9% to $0.99. Adjusted EPS decreased\n16.7% to $1.04.\n\nCapital Expenditures increased 8.3% to $2.9 billion. Connectivity &\nPlatforms’ capital expenditures increased 19.9% to $2.3 billion, primarily\nreflecting higher spending on scalable infrastructure and customer premise\nequipment. Content & Experiences' capital expenditures decreased 20.4% to\n$584 million, primarily reflecting the opening of Epic Universe in May 2025.\n\nNet Cash Provided by Operating Activities was $8.1 billion. Free Cash Flow was\n$4.6 billion.\n\nDividends and Share Repurchases. Comcast paid dividends totaling $1.2 billion\nand repurchased 33.8 million of its shares for $900 million, resulting in a\ntotal return of capital to shareholders of $2.1 billion. On June 29, 2026,\nComcast announced it would pause its share repurchase program as it works\nthrough the separation of its businesses into two independent publicly traded\ncompanies.\n\nConnectivity & Platforms\n   \n               \n   ($ in millions)       Constant   \n \nCurrency \n \nChange(7) \n     2nd Quarter   \n     2026   2025(6)   Change   \n               \n   Connectivity & Platforms Revenue           \n   Residential Connectivity & Platforms $17,124   $17,839   (4.0 %) (4.3 %)   \n   Business Services Connectivity 2,671   2,575   3.7 % 3.7 %   \n   Total Connectivity & Platforms Revenue $19,795   $20,414   (3.0 %) (3.2 %)   \n               \n   Connectivity & Platforms Adjusted EBITDA           \n   Residential Connectivity & Platforms $6,448   $7,006   (8.0 %) (8.0 %)   \n   Business Services Connectivity 1,516   1,444   5.0 % 5.0 %   \n   Total Connectivity & Platforms Adjusted EBITDA $7,964   $8,450   (5.7 %) (5.8 %)   \n               \n   Connectivity & Platforms Adjusted EBITDA Margin           \n   Residential Connectivity & Platforms 37.7 % 39.3 % (160) bps (150) bps   \n   Business Services Connectivity 56.7 % 56.1 % 60 bps 60 bps   \n   Total Connectivity & Platforms Adjusted EBITDA Margin 40.2 % 41.4 % (120) bps (110) bps   \n               \n Change percentages represent year/year growth rates. The changes in Adjusted \n EBITDA margins are presented as year/year basis point changes in the rounded \n Adjusted EBITDA margins. \n\n\nRevenue for Connectivity & Platforms decreased compared to the prior year\nperiod. Adjusted EBITDA decreased due to a decline in Residential Connectivity\n& Platforms, partially offset by growth in Business Services Connectivity.\nResidential Connectivity & Platforms revenue and Adjusted EBITDA reflect\nthe investment in our new go-to-market strategy. Adjusted EBITDA margin was\n40.2%.\n               \n   (in thousands)     Net Additions /   \n \n(Losses) \n         \n         2nd Quarter   \n     2Q26 2Q25 2026   2025     \n   Residential Connectivity & Platforms Customer Relationships           \n   Domestic Residential Connectivity & Platforms Customer Relationships 30,179 30,746 (166 ) (223 )   \n   International Residential Connectivity & Platforms Customer 17,539 17,573 (64 ) (102 )   \n Relationships(8) \n   Total Residential Connectivity & Platforms Customer Relationships(8) 47,718 48,318 (230 ) (325 )   \n               \n   Total Domestic Broadband Residential Customers 28,486 28,989 (167 ) (201 )   \n               \n   Total Domestic Wireless Lines 10,187 8,527 448   378     \n               \n   Total Domestic Video Customers 10,668 11,771 (280 ) (325 )   \n               \n\n\nTotal Customer Relationships for Residential Connectivity & Platforms\ndecreased by 230,000 to 47.7 million, reflecting a decrease in domestic and\ninternational residential customer relationships. Total domestic broadband\nresidential customer net losses were 167,000, total domestic wireless line net\nadditions were 448,000 and total domestic video customer net losses were\n280,000.\n\nResidential Connectivity & Platforms\n               \n   ($ in millions)       Constant   \n \nCurrency \n \nChange(7) \n     2nd Quarter   \n     2026   2025(6, 9) Change   \n               \n   Revenue           \n   Domestic Broadband $6,280   $6,649   (5.5 %) (5.5 %)   \n   Domestic Wireless Service 1,007   882   14.2 % 14.2 %   \n   Domestic Convergence Revenue 7,287   7,530   (3.2 %) (3.2 %)   \n   Domestic Wireless Equipment 404   313   28.8 % 28.8 %   \n   International Connectivity 1,246   1,219   2.2 % 1.3 %   \n   Total Residential Connectivity 8,937   9,063   (1.4 %) (1.5 %)   \n   Video 6,092   6,605   (7.8 %) (8.2 %)   \n   Advertising 962   951   1.1 % 0.7 %   \n   Other 1,133   1,219   (7.0 %) (7.2 %)   \n   Total Revenue $17,124   $17,839   (4.0 %) (4.3 %)   \n               \n   Operating Expenses           \n   Programming $3,698   $3,998   (7.5 %) (7.9 %)   \n   Non-Programming 6,977   6,835   2.1 % 1.7 %   \n   Total Operating Expenses $10,676   $10,834   (1.5 %) (1.8 %)   \n               \n   Adjusted EBITDA $6,448   $7,006   (8.0 %) (8.0 %)   \n   Adjusted EBITDA Margin 37.7 % 39.3 % (160) bps (150) bps   \n               \n Change percentages represent year/year growth rates. The changes in Adjusted \n EBITDA margins are presented as year/year basis point changes in the rounded \n Adjusted EBITDA margins. \n\n\nRevenue for Residential Connectivity & Platforms decreased compared to the\nprior year period, reflecting decreases in video, domestic broadband and other\nrevenue, partially offset by increases in domestic wireless service, domestic\nwireless equipment, international connectivity and advertising revenue.\nDomestic broadband revenue decreased due to lower average rates and a decline\nin the number of domestic broadband customers. Domestic wireless service\nrevenue increased due to an increase in the number of customer lines. Domestic\nwireless equipment revenue increased due to an increase in device sales.\nInternational connectivity revenue increased primarily due to an increase in\nwireless revenue, reflecting higher equipment and services revenue, as well as\nthe positive impact of foreign currency. Video revenue decreased primarily due\nto a decline in the number of video customers. Advertising revenue increased\nprimarily due to higher domestic political advertising and higher revenue from\nour advanced advertising business, partially offset by lower domestic\nnonpolitical advertising and lower international advertising. Other revenue\ndecreased primarily due to lower residential wireline voice revenue, driven by\na decline in the number of customers.\n\nAdjusted EBITDA for Residential Connectivity & Platforms decreased due to\nlower revenue, partially offset by lower operating expenses. Programming\nexpenses decreased primarily due to a decline in the number of domestic video\ncustomers. Non-programming expenses increased primarily reflecting an increase\nin direct product costs, mainly due to growth in our domestic wireless\nbusiness, higher marketing and promotion costs and the impact of foreign\ncurrency. Adjusted EBITDA margin was 37.7%.\n\nBusiness Services Connectivity\n               \n   ($ in millions)       Constant   \n \nCurrency \n \nChange(7) \n     2nd Quarter   \n     2026   2025   Change   \n               \n   Revenue $2,671   $2,575   3.7% 3.7%   \n   Operating Expenses 1,155   1,131   2.1% 2.1%   \n   Adjusted EBITDA $1,516   $1,444   5.0% 5.0%   \n   Adjusted EBITDA Margin 56.7 % 56.1 % 60 bps 60 bps   \n               \n Change percentages represent year/year growth rates. The changes in Adjusted \n EBITDA margins are presented as year/year basis point changes in the rounded \n Adjusted EBITDA margins. \n\n\nRevenue for Business Services Connectivity increased primarily due to an\nincrease in revenue from enterprise solutions offerings.\n\nAdjusted EBITDA for Business Services Connectivity increased due to higher\nrevenue, partially offset by higher operating expenses. The increase in\noperating expenses was primarily due to increases in marketing and promotion\nexpenses and direct product costs. Adjusted EBITDA margin was 56.7%.\n\nContent & Experiences\n   \n             \n   ($ in millions)         \n     2nd Quarter   \n     2026   2025(6)   Change   \n   Content & Experiences Revenue         \n   Media $5,691   $4,543   25.3 %   \n   Excluding FIFA World Cup(10) 5,250   4,543   15.6 %   \n   Studios 3,040   2,432   25.0 %   \n   Theme Parks 2,413   2,349   2.7 %   \n   Headquarters & Other 18   9   112.4 %   \n   Eliminations (435 ) (604 ) 27.9 %   \n   Total Content & Experiences Revenue $10,728   $8,730   22.9 %   \n             \n   Content & Experiences Adjusted EBITDA         \n   Media $708   $683   3.7 %   \n   Studios 202   61   N M   \n   Theme Parks 609   641   (5.1 %)   \n   Headquarters & Other (214 ) (201 ) (6.7 %)   \n   Eliminations 25   56   55.0 %   \n   Total Content & Experiences Adjusted EBITDA $1,329   $1,241   7.1 %   \n   NM=comparison not meaningful.         \n\n\nRevenue for Content & Experiences increased compared to the prior year\nperiod driven by Media, which included $440 million of incremental revenue\nfrom the FIFA World Cup, and Studios. Adjusted EBITDA for Content &\nExperiences increased primarily due to growth in Studios and Media, partially\noffset by a decline in Theme Parks.\n\nMedia\n             \n   ($ in millions)         \n     2nd Quarter   \n     2026 2025(6) Change   \n   Revenue         \n   Domestic Advertising $2,163 $1,395 55.0 %   \n   Excluding FIFA World Cup(10) 1,723 1,395 23.5 %   \n   Domestic Distribution 1,993 1,632 22.1 %   \n   International Networks 1,330 1,254 6.1 %   \n   Other 204 261 (21.9 %)   \n   Total Revenue $5,691 $4,543 25.3 %   \n   Excluding FIFA World Cup(10) 5,250 4,543 15.6 %   \n   Operating Expenses 4,983 3,860 29.1 %   \n   Adjusted EBITDA $708 $683 3.7 %   \n   \n\n\nRevenue for Media increased primarily due to higher domestic advertising and\ndomestic distribution revenue. Excluding $440 million of incremental revenue\nfrom the FIFA World Cup, Media revenue increased 15.6%. Domestic advertising\nrevenue increased, including the impact of the FIFA World Cup. Excluding the\nincremental revenue associated with this event, domestic advertising revenue\nincreased reflecting the positive impact of the NBA this quarter and higher\nrevenue at Peacock. Domestic distribution revenue increased primarily due to\nhigher revenue at Peacock, driven by higher average rates and an increase in\npaid subscribers compared to the prior year period.\n\nAdjusted EBITDA for Media increased due to higher revenue partially offset by\nhigher operating expenses. The increase in operating expenses primarily\nreflects higher programming costs associated with NBA rights and the FIFA\nWorld Cup in the current year period. Media results include $1.9 billion of\nrevenue and Adjusted EBITDA(11) of $189 million related to Peacock, which\nincludes amounts attributable to the FIFA World Cup, compared to $1.2 billion\nof revenue and an Adjusted EBITDA(11) loss of $101 million in the prior year\nperiod.\n\nStudios\n             \n   ($ in millions)         \n     2nd Quarter   \n     2026 2025(6) Change   \n   Revenue         \n   Content Licensing $1,799 $1,805 (0.3 %)   \n   Theatrical 972 284 N M   \n   Other 269 343 (21.5 %)   \n   Total Revenue $3,040 $2,432 25.0 %   \n   Operating Expenses 2,839 2,372 19.7 %   \n   Adjusted EBITDA $202 $61 N M   \n   NM=comparison not meaningful.         \n\n\nRevenue for Studios increased due to higher theatrical revenue, driven by the\nsuccessful performance of recent releases, including The Super Mario Galaxy\nMovie, Obsession and the international distribution of Michael. Content\nlicensing revenue was consistent as lower content licensing revenue at our\nfilm studios was offset by higher content licensing revenue at our television\nstudios.\n\nAdjusted EBITDA for Studios increased due to higher revenue, which more than\noffset higher operating expenses. The higher operating expenses reflected\nhigher programming and production expenses, primarily due to higher costs\nassociated with theatrical releases, as well as higher marketing and promotion\nexpenses primarily due to increased spending on recent and upcoming theatrical\nreleases.\n\nTheme Parks\n             \n   ($ in millions)         \n     2nd Quarter   \n     2026 2025(6) Change   \n             \n   Revenue $2,413 $2,349 2.7%   \n   Operating Expenses 1,805 1,708 5.7%   \n   Adjusted EBITDA $609 $641 (5.1%)   \n             \n\n\nRevenue for Theme Parks increased primarily due to higher revenue at our theme\nparks in Orlando driven by the successful opening of Epic Universe in May\n2025, partially offset by lower revenue at our international parks.\n\nAdjusted EBITDA for Theme Parks decreased, reflecting higher operating\nexpenses, which more than offset higher revenue. The increase in operating\nexpenses was primarily due to operating costs associated with our domestic\nparks.\n\nHeadquarters & Other\n\nContent & Experiences Headquarters & Other includes overhead,\npersonnel costs and costs associated with corporate initiatives. Headquarters\n& Other Adjusted EBITDA loss in the second quarter was $214 million,\ncompared to a loss of $201 million in the prior year period.\n\nEliminations\n\nAmounts represent eliminations of transactions between our Content &\nExperiences segments, the most significant being content licensing between the\nStudios and Media segments, which are affected by the timing of recognition of\ncontent licenses. Revenue eliminations were $435 million, compared to $604\nmillion in the prior year period, and Adjusted EBITDA eliminations were a\nbenefit of $25 million, compared to a benefit of $56 million in the prior year\nperiod.\n\nCorporate, Other and Eliminations\n   \n           \n   ($ in millions)         \n     2nd Quarter   \n     2026   2025(6)   Change   \n   Corporate & Other         \n   Revenue $368   $322   14.5 %   \n   Operating Expenses 742   609   21.9 %   \n   Adjusted EBITDA ($374 ) ($287 ) (30.2 %)   \n             \n   Eliminations         \n   Revenue ($1,324 ) ($1,217 ) 8.8 %   \n   Operating Expenses (1,327 ) (1,237 ) 7.3 %   \n   Adjusted EBITDA $3   $20   (83.4 %)   \n   \n Amounts for 2025 exclude the impacts of Versant and our Sky operations in \n Germany. Amounts for 2026 exclude the impacts of our Sky operations in Germany \n through the date of sale. See Table 8 for the reconciliation to consolidated \n results. \n\n\nCorporate & Other\n\nCorporate & Other primarily includes overhead and personnel costs; our\nregional sports networks; and Comcast Spectacor, which owns the Philadelphia\nFlyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania. Corporate\n& Other Adjusted EBITDA decreased primarily reflecting higher costs\nrelated to corporate functions and lower revenue associated with our regional\nsports networks.\n\nEliminations\n\nAmounts represent eliminations of transactions between Connectivity &\nPlatforms, Content & Experiences and other businesses, the most\nsignificant being distribution of television network programming between the\nMedia and Residential Connectivity & Platforms segments. Revenue\neliminations were $1.3 billion, compared to $1.2 billion in the prior year\nperiod, and Adjusted EBITDA eliminations were a benefit of $3 million compared\nto a benefit of $20 million in the prior year period.\n Notes: \n 1 Certain financial information is presented on a pro forma basis in connection \n with the separation of Versant, which was completed on January 2, 2026 (the \n “Versant Separation”), and the sale of our Sky operations in Germany, \n which was completed on May 31, 2026 (the \"Sale\"). The pro forma financial \n measures are non-GAAP financial measures and are presented as if the Versant \n Separation and the Sale had both occurred on January 1, 2024. The pro forma \n information is primarily based on historical results of operations and \n includes pro forma adjustments in accordance with Article 11 of Regulation S-X \n that are directly attributable to the Versant Separation and the Sale. For the \n Versant Separation, this includes adjustments related to the commercial \n services agreement for the sale and use of Versant’s advertising and \n promotional inventory. This pro forma information is not necessarily \n indicative of future results. See Table 8 for reconciliations of non-GAAP \n financial measures. \n 2 We define Adjusted Net Income and Adjusted EPS as net income attributable to \n Comcast Corporation and diluted earnings per common share attributable to \n Comcast Corporation shareholders, respectively, adjusted to exclude the \n effects of the amortization of acquisition-related intangible assets, \n investments that investors may want to evaluate separately (such as based on \n fair value) and the impact of certain events, gains, losses or other charges \n that affect period-over-period comparisons. See Table 5 for reconciliations of \n non-GAAP financial measures. \n 3 We define Adjusted EBITDA as net income attributable to Comcast Corporation \n before net income (loss) attributable to noncontrolling interests, income tax \n expense, investment and other income (loss), net, interest expense, \n depreciation and amortization expense, and other operating gains and losses \n (such as impairment charges related to fixed and intangible assets and gains \n or losses on the sale of long-lived assets), if any. From time to time, we may \n exclude from Adjusted EBITDA the impact of certain events, gains, losses or \n other charges (such as significant legal settlements) that affect the \n period-to-period comparability of our operating performance. See Table 4 for \n reconciliation of non-GAAP financial measure. \n 4 All earnings per share amounts are presented on a diluted basis. \n 5 We define Free Cash Flow as net cash provided by operating activities (as \n stated in our Consolidated Statement of Cash Flows) reduced by capital \n expenditures and cash paid for intangible assets. From time to time, we may \n exclude from Free Cash Flow the impact of certain cash receipts or payments \n (such as significant legal settlements) that affect period-to-period \n comparability. Cash payments related to certain capital or intangible assets, \n such as the construction of Universal Beijing Resort, are presented separately \n in our Consolidated Statement of Cash Flows and are therefore excluded from \n capital expenditures and cash paid for intangible assets for Free Cash Flow. \n See Table 4 for reconciliation of non-GAAP financial measure. \n 6 Beginning in the first quarter of 2026, we updated the composition of our \n segments to align with the segment-level information that is regularly \n provided to our chief operating decision maker, including (1) adjusting the \n Media segment to exclude the historical results of Versant; (2) reclassifying \n the results of our regional sports networks to Corporate and other from the \n Media segment; (3) reclassifying the results of Xumo, our streaming platform \n joint venture with Charter Communications, to the Residential Connectivity \n & Platforms segment from Corporate and other; (4) reclassifying certain \n shared expenses into the related Media, Studios and Theme Parks segments from \n Content & Experiences Headquarters & Other; and (5) adjusting the \n Media segment and Versant for the effects of our commercial services \n agreement. Prior periods have been reclassified to reflect the current year \n presentation. \n 7 Constant currency growth rates are calculated by comparing the results for \n each comparable prior year period adjusted to reflect the average exchange \n rates from each current year period presented rather than the actual exchange \n rates that were in effect during the respective periods. See Table 6 for \n reconciliations of non-GAAP financial measures. \n 8 Residential Connectivity & Platforms customer relationships and \n International Residential Connectivity & Platforms customer relationships \n were updated in the first quarter of 2026 due to a conforming change in \n methodology, resulting in a decrease of 125,000 customers. There was no impact \n to net additions and information for all periods have been recast on a \n comparable basis. \n 9 Beginning in the first quarter of 2026, commission revenue from the sale of \n certain direct to consumer (“DTC”) streaming services is presented in \n domestic broadband revenue or video revenue based on whether a customer is \n entitled to receive the DTC streaming service through a broadband or video \n service offering. Domestic broadband revenue also includes revenue from \n streaming devices available to our broadband customers. Previously, all of \n these amounts were in video revenue. Prior periods have been reclassified to \n reflect the current year presentation. \n 10 From time to time, we may present adjusted information (e.g., Adjusted \n Revenues) to exclude the impact of certain events, gains, losses or other \n charges affecting period-to-period comparability of our operating performance. \n See Table 7 for reconciliations of non-GAAP financial measures. \n 11 Adjusted EBITDA is the measure of profit or loss for our segments. From time \n to time, we may present Adjusted EBITDA for components of our reportable \n segments, such as Peacock. We believe these measures are useful to evaluate \n our financial results and provide a basis of comparison to others, although \n our definition of Adjusted EBITDA may not be directly comparable to similar \n measures used by other companies. Adjusted EBITDA for components are presented \n on a consistent basis with the respective segments and disaggregated in \n accordance with GAAP. \n   \n Numerical information is presented on a rounded basis using actual amounts, \n unless otherwise noted. The change in Peacock paid subscribers is calculated \n using rounded paid subscriber amounts. Minor differences in totals and \n percentage calculations may exist due to rounding. \n\n\nConference Call and Other Information\n\nComcast Corporation will host a conference call with the financial community\ntoday, July 23, 2026, at 8:30 a.m. Eastern Time (ET). The conference call and\nrelated materials will be broadcast live and posted on our Investor Relations\nwebsite at www.cmcsa.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.cmcsa.com&esheet=54574987&newsitemid=20260723764612&lan=en-US&anchor=www.cmcsa.com&index=2&md5=ddf6139a099146e20e18c1aca5cd4f68)\n. A replay of the call will be available today, July 23, 2026, starting at\n11:30 a.m. ET on the Investor Relations website.\n\nFrom time to time, we post information that may be of interest to investors on\nour website at www.cmcsa.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.cmcsa.com&esheet=54574987&newsitemid=20260723764612&lan=en-US&anchor=www.cmcsa.com&index=3&md5=79db2aaa0faeaa40a1b6666a43a05dc4)\nand on our corporate website, www.comcastcorporation.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.comcastcorporation.com&esheet=54574987&newsitemid=20260723764612&lan=en-US&anchor=www.comcastcorporation.com&index=4&md5=a04593464b4cde1f4ecbe11e8e2b6a6d)\n. To automatically receive Comcast financial news by email, please visit\nwww.cmcsa.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.cmcsa.com&esheet=54574987&newsitemid=20260723764612&lan=en-US&anchor=www.cmcsa.com&index=5&md5=95cbad5f621fffec5309b09a99b1191c)\nand subscribe to email alerts.\n\nCaution Concerning Forward-Looking Statements\n\nThis press release includes statements that may constitute forward-looking\nstatements. In evaluating these statements, readers should consider various\nfactors, including the risks and uncertainties we describe in the “Risk\nFactors” sections of our most recent Annual Report on Form 10-K, our most\nrecent Quarterly Report on Form 10-Q and other reports filed with the\nSecurities and Exchange Commission (SEC). Factors that could cause our actual\nresults to differ materially from these forward-looking statements include\nchanges in and/or risks associated with: the competitive environment; consumer\nbehavior; the advertising market; consumer acceptance of our content;\nprogramming costs; key distribution and/or licensing agreements; use and\nprotection of our intellectual property; our reliance on third-party hardware,\nsoftware and operational support; keeping pace with technological\ndevelopments; cyber attacks, security breaches or technology disruptions; weak\neconomic conditions; acquisitions and strategic initiatives; operating\nbusinesses internationally; natural disasters, severe weather-related and\nother uncontrollable events; loss of key personnel; labor disputes;\nsignificant tax liability if the separation of Versant is not tax-free; laws\nand regulations; adverse decisions in litigation or governmental\ninvestigations; risks related to our intention to separate NBCUniversal and\nSky in a spin-off; and other risks described from time to time in reports and\nother documents we file with the SEC. Readers are cautioned not to place undue\nreliance on forward-looking statements, which speak only as of the date they\nare made, and involve risks and uncertainties that could cause actual events\nor our actual results to differ materially from those expressed in any such\nforward-looking statements. We undertake no obligation to update or revise\npublicly any forward-looking statements, whether because of new information,\nfuture events or otherwise. The amount and timing of any dividends and share\nrepurchases are subject to business, economic and other relevant factors.\n\nNon-GAAP Financial Measures\n\nIn this discussion, we sometimes refer to financial measures that are not\npresented according to generally accepted accounting principles in the U.S.\n(GAAP). Certain of these measures are considered “non-GAAP financial\nmeasures” under the SEC regulations; those rules require the supplemental\nexplanations and reconciliations that are in Comcast’s Form 8-K (Quarterly\nEarnings Release) furnished to the SEC.\n\nAbout Comcast Corporation\n\nComcast Corporation (Nasdaq: CMCSA) is a global media and technology company.\nFrom the connectivity and platforms we provide, to the content and experiences\nwe create, our businesses reach hundreds of millions of customers, viewers,\nand guests worldwide. We deliver world-class broadband, wireless, and video\nthrough Xfinity, Comcast Business, and Sky; produce, distribute, and stream\nleading entertainment, sports, and news through brands including NBC,\nTelemundo, Universal, Peacock, and Sky; and bring incredible theme parks and\nattractions to life through Universal Destinations & Experiences. Visit\nwww.comcastcorporation.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.comcastcorporation.com&esheet=54574987&newsitemid=20260723764612&lan=en-US&anchor=www.comcastcorporation.com&index=6&md5=c4b835a4d8d1a2fc61ddc70f718d7c2f)\nfor more information.\n TABLE 1 \n Condensed Consolidated Statements of Income (Unaudited) \n                 \n   Three Months Ended   Six Months Ended \n (in millions, except per share data) June 30,   June 30, \n   2026   2025   2026   2025 \n Revenue $29,940   $30,313   $61,396   $60,199 \n                 \n Costs and expenses               \n Programming and production 8,389   7,576   19,273   15,991 \n Marketing and promotion 2,258   2,168   4,422   4,239 \n Other operating and administrative 10,445   10,422   20,853   20,314 \n Depreciation 2,391   2,349   4,724   4,580 \n Amortization 1,297   1,805   2,829   3,423 \n   24,780   24,320   52,101   48,548 \n                 \n Operating income 5,160   5,992   9,296   11,650 \n                 \n Interest expense (1,052)   (1,105)   (2,146)   (2,155) \n                 \n Investment and other income (loss), net               \n Equity in net income (losses) of investees, net 285   (29)   (106)   (222) \n Realized and unrealized gains (losses) on equity securities, net (13)   136   (18)   112 \n Other income (loss), net 232   9,652   319   9,754 \n   503   9,760   195   9,644 \n                 \n Income before income taxes 4,612   14,647   7,345   19,139 \n                 \n Income tax (expense) benefit (1,194)   (3,603)   (1,899)   (4,799) \n                 \n Net income 3,419   11,044   5,445   14,340 \n                 \n Less: Net income (loss) attributable to noncontrolling interests (107)   (79)   (254)   (158) \n                 \n Net income attributable to Comcast Corporation $3,526   $11,123   $5,699   $14,498 \n                 \n                 \n Diluted earnings per common share attributable to Comcast Corporation $0.99   $2.98   $1.59   $3.86 \n shareholders \n                 \n Diluted weighted-average number of common shares 3,570   3,727   3,593   3,756 \n\n TABLE 2 \n Consolidated Statements of Cash Flows (Unaudited) \n         \n   Six Months Ended \n (in millions) June 30, \n   2026   2025 \n         \n OPERATING ACTIVITIES       \n Net income $5,445   $14,340 \n Adjustments to reconcile net income to net cash provided by operating       \n activities: \n Depreciation and amortization 7,553   8,003 \n Share-based compensation 786   703 \n Noncash interest expense (income), net 253   253 \n Net (gain) loss on investment activity and other (84)   (9,390) \n Deferred income taxes 1,427   2,556 \n Changes in operating assets and liabilities, net of effects of acquisitions       \n and divestitures: \n Current and noncurrent receivables, net (1,338)   1,023 \n Film and television costs, net 873   188 \n Accounts payable and accrued expenses related to trade creditors 958   34 \n Other operating assets and liabilities (891)   (1,602) \n         \n Net cash provided by operating activities 14,983   16,109 \n         \n INVESTING ACTIVITIES       \n Capital expenditures (5,253)   (4,930) \n Cash paid for intangible assets (1,226)   (1,257) \n Construction of Universal Beijing Resort —   (3) \n Acquisitions, net of cash acquired —   (1,279) \n Proceeds from sales of businesses and investments 106   659 \n Purchases of investments (485)   (1,132) \n Other 367   39 \n         \n Net cash (used in) investing activities (6,491)   (7,903) \n         \n FINANCING ACTIVITIES       \n Proceeds from borrowings 1,990   2,494 \n Repurchases and repayments of debt (7,344)   (1,856) \n Repurchases of common stock under repurchase program and employee plans (2,507)   (4,066) \n Dividends paid (2,432)   (2,462) \n Cash transferred to Versant, net (750)   — \n Other (270)   9 \n         \n Net cash (used in) financing activities (11,313)   (5,881) \n         \n Impact of foreign currency on cash, cash equivalents and restricted cash (4)   46 \n         \n Increase (decrease) in cash, cash equivalents and restricted cash (2,824)   2,371 \n         \n Cash, cash equivalents and restricted cash, beginning of period 10,559   7,377 \n         \n Cash, cash equivalents and restricted cash, end of period $7,735   $9,748 \n\n TABLE 3 \n Condensed Consolidated Balance Sheets (Unaudited) \n         \n (in millions) June 30,   December 31, \n   2026   2025 \n ASSETS       \n         \n Current Assets       \n Cash and cash equivalents $7,661   $9,481 \n Receivables, net 13,955   13,869 \n Other current assets 4,718   6,217 \n Total current assets 26,335   29,567 \n         \n Film and television costs 10,467   12,214 \n         \n Investments 7,828   7,952 \n         \n Property and equipment, net 66,127   65,680 \n         \n Goodwill 53,070   61,502 \n         \n Franchise rights 59,365   59,365 \n         \n Other intangible assets, net 19,687   22,474 \n         \n Other noncurrent assets, net 14,669   13,877 \n         \n   $257,548   $272,631 \n         \n LIABILITIES AND EQUITY       \n         \n Current Liabilities       \n Accounts payable and accrued expenses related to trade creditors $11,864   $11,058 \n Deferred revenue 3,787   4,097 \n Accrued expenses and other current liabilities 11,325   12,410 \n Current portion of debt 6,117   5,958 \n Total current liabilities 33,093   33,524 \n         \n Noncurrent portion of debt 84,264   92,979 \n         \n Deferred income taxes 28,940   27,788 \n         \n Other noncurrent liabilities 21,296   20,965 \n         \n Redeemable noncontrolling interests 185   224 \n         \n Equity       \n Comcast Corporation shareholders' equity 89,763   96,903 \n Noncontrolling interests 7   249 \n Total equity 89,770   97,151 \n         \n   $257,548   $272,631 \n\n TABLE 4 \n Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA (Unaudited) \n   \n Three Months Ended Six Months Ended \n \nJune 30, \nJune 30, \n (in millions) 2026 2025 2026 2025 \n Net income attributable to Comcast Corporation $3,526 $11,123 $5,699 $14,498 \n Net income (loss) attributable to noncontrolling interests (107)   (79)     (254)   (158) \n Income tax expense (benefit) 1,194   3,603     1,899   4,799 \n Interest expense 1,052   1,105     2,146   2,155 \n Investment and other (income) loss, net (503)   (9,760)     (195)   (9,644) \n Depreciation 2,391   2,349     4,724   4,580 \n Amortization 1,297   1,805     2,829   3,423 \n Transaction costs((1)) —   36     51   55 \n Transaction-related costs((1)) —   75     —   77 \n Other adjustments ((2)) 55   26     (68)   29 \n Adjusted EBITDA $8,902   $10,283     $16,831   $19,815 \n\n Reconciliation from Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited) \n   \n Three Months Ended Six Months Ended \n \nJune 30, \nJune 30, \n (in millions) 2026   2025     2026   2025 \n Net cash provided by operating activities $8,092   $7,815     $14,983   $16,109 \n Capital expenditures (2,902)   (2,679)     (5,253)   (4,930) \n Cash paid for capitalized software and other intangible assets (587)   (636)     (1,226)   (1,257) \n Free Cash Flow $4,604   $4,501     $8,505   $9,921 \n\n (1) Transaction costs are incremental costs directly related to effectuating the \n Versant Separation and primarily include advisory, legal and audit fees, as \n well as legal entity separation costs. Transaction-related costs are \n incremental costs incurred related to the Versant Separation, including costs \n that reflect strategic decisions about how the stand-alone Versant business \n will be structured or operated, which may be different than if it remained \n part of Comcast. Transaction-related costs primarily include certain \n separation-related employee compensation, severance and retention bonuses; IT \n separation and implementation costs; and other one-time costs. \n     \n (2) Amounts represent the impact of certain other events, gains, losses or other \n charges that are excluded from Adjusted EBITDA. The three and six months ended \n June 30, 2026 include certain share-based compensation expenses and costs \n related to our investment portfolio. The six months ended June 30, 2026 also \n include a gain related to a legal settlement. The three and six months ended \n June 30, 2025 include costs related to our investment portfolio. \n\n TABLE 5 \n Reconciliations of Adjusted Net Income and Adjusted EPS (Unaudited) \n   \n Three Months Ended Six Months Ended \n \nJune 30, \nJune 30, \n   2026   2025     2026   2025 \n (in millions, except per share data)                                 \n   $   EPS   $   EPS     $   EPS   $   EPS \n                                   \n Net income attributable to Comcast Corporation and diluted earnings per share $3,526   $0.99   $11,123   $2.98     $5,699   $1.59   $14,498   $3.86 \n attributable to Comcast Corporation shareholders \n Change (68.3%)   (66.9%)             (60.7%)   (58.9%)         \n                                   \n Amortization of acquisition-related intangible assets((1)) 403   0.11   622   0.17     808   0.22   1,228   0.33 \n Investments((2)) (251)   (0.07)   (96)   (0.03)     7   —   36   0.01 \n Items affecting period-over-period comparability:                                 \n Long-lived asset impairments((3)) —   —   155   0.04     130   0.04   155   0.04 \n Transaction costs((4)) —   —   31   0.01     45   0.01   49   0.01 \n Transaction-related costs((5)) —   —   66   0.02     —   —   67   0.02 \n Sale of Sky operations in Germany((6)) (11)   0.00   —   —     (68)   (0.02)   —   — \n Gain related to investment((7)) —   —   (7,072)   (1.90)     —   —   (7,072)   (1.88) \n Tax benefit from internal corporate reorganization((8)) —   —   (177)   (0.05)     —   —   (177)   (0.05) \n Other adjustments((9)) 44   0.01   —   —     (48)   (0.01)   —   — \n                                   \n Adjusted Net income and Adjusted EPS $3,710   $1.04   $4,653   $1.25     $6,574   $1.83   $8,784   $2.34 \n Change (20.3%)   (16.7%)             (25.2%)   (21.8%)         \n\n (1) Acquisition-related intangible assets are recognized as a result of the \n application of Accounting Standards Codification Topic 805, Business \n Combinations (such as customer relationships), and their amortization is \n significantly affected by the size and timing of our acquisitions. \n Amortization of intangible assets not resulting from business combinations \n (such as software and acquired intellectual property rights used in our theme \n parks) is included in Adjusted Net Income and Adjusted EPS. \n   \n   Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, \nJune 30, \n   2026   2025     2026   2025 \n Amortization of acquisition-related intangible assets before income taxes $525   $810     $1,052   $1,600 \n Amortization of acquisition-related intangible assets, net of tax $403   $622     $808   $1,228 \n\n (2) Adjustments for investments include realized and unrealized (gains) losses on \n equity securities, net (as stated in Table 1), as well as the equity in net \n (income) losses of investees, net, for certain equity method investments, \n including Atairos and Hulu and costs related to our investment portfolio. \n   \n   Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, \nJune 30, \n   2026   2025     2026   2025 \n Realized and unrealized (gains) losses on equity securities, net $13   ($136)     $18   ($112) \n Equity in net (income) losses of investees, net and other (345)   8     (10)   156 \n Investments before income taxes (331)   (128)     9   44 \n Investments, net of tax ($251)   ($96)     $7   $36 \n   \n (3) Year to date 2026 net income attributable to Comcast Corporation includes $171 \n million, $130 million net of tax, of long-lived asset impairments. 2nd quarter \n and year to date 2025 net income attributable to Comcast Corporation includes \n $155 million of long-lived asset impairments. \n (4) Year to date 2026 net income attributable to Comcast Corporation includes $51 \n million, $45 million net of tax, of transaction costs related to the Versant \n Separation. 2nd quarter and year to date 2025 net income attributable to \n Comcast Corporation includes $36 million and $55 million, $31 million and $49 \n million net of tax, respectively, of transaction costs related to the Versant \n Separation. Transaction costs are incremental costs directly related to \n effectuating the separation and primarily include advisory, legal and audit \n fees, and legal entity separation costs. \n (5) 2nd quarter and year to date 2025 net income attributable to Comcast \n Corporation includes $75 million and $77 million, $66 million and $67 million \n net of tax, respectively, of transaction-related costs related to the Versant \n Separation. Transaction-related costs are incremental costs incurred related \n to the separation, including costs that reflect strategic decisions about how \n the stand-alone Versant business will be structured or operated, which may be \n different than if it remained part of Comcast. Transaction-related costs \n primarily include certain separation-related employee compensation, severance \n and retention bonuses; IT separation and implementation costs; and other \n one-time costs. \n (6) 2nd quarter and year to date 2026 net income attributable to Comcast \n Corporation includes a loss of $9 million in depreciation expense, $7 million \n net of tax, due to the sale of our Sky operations in Germany. 2nd quarter and \n year to date 2026 also includes an $18 million and $75 million income tax \n benefit, respectively, related to assets of our Sky operations in Germany that \n were sold on May 31, 2026. \n (7) 2nd quarter and year to date 2025 net income attributable to Comcast \n Corporation includes a $9.4 billion pre-tax gain in other income (loss), net, \n $7.1 billion net of tax, related to the sale of our interest in Hulu. \n (8) 2nd quarter and year to date 2025 net income attributable to Comcast \n Corporation includes a $177 million income tax benefit due to an internal \n corporate reorganization. \n (9) 2nd quarter 2026 net income attributable to Comcast Corporation includes $58 \n million, $44 million net of tax, related to certain share-based compensation \n expenses. Year to date 2026 net income attributable to Comcast Corporation \n includes $(65) million, $(48) million net of tax, of other adjustments, which \n includes a gain related to a legal settlement and certain share-based \n compensation expenses. \n\n TABLE 6 \n Reconciliation of Constant Currency (Unaudited) \n   \n   Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, 2025 \nJune 30, 2025 \n       \n   \n     Effects of   Constant         Effects of   Constant \n As   Foreign   Currency     As   Foreign   Currency \n (in millions) Reported   Currency   Amounts     Reported   Currency   Amounts \n Reconciliation of Connectivity & Platforms Constant Currency                         \n                           \n Connectivity & Platforms Revenue                         \n Residential Connectivity & Platforms $17,839   $45   $17,884     $35,504   $346   $35,851 \n Business Services Connectivity 2,575   —   2,575     5,071   2   5,073 \n Total Connectivity & Platforms Revenue $20,414   $45   $20,459     $40,575   $348   $40,923 \n                           \n Connectivity and Platforms Adjusted EBITDA                         \n Residential Connectivity & Platforms $7,006   $4   $7,010     $13,848   $42   $13,890 \n Business Services Connectivity 1,444   —   1,444     2,866   (1)   2,865 \n Total Connectivity & Platforms Adjusted EBITDA $8,450   $4   $8,454     $16,714   $41   $16,755 \n                           \n Connectivity & Platforms Adjusted EBITDA Margin                         \n Residential Connectivity & Platforms 39.3%   (10) bps   39.2%     39.0%   (30) bps   38.7% \n Business Services Connectivity 56.1%   — bps   56.1%     56.5%   — bps   56.5% \n Total Connectivity & Platforms Adjusted EBITDA Margin 41.4%   (10) bps   41.3%     41.2%   (30) bps   40.9% \n                           \n   Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, 2025 \nJune 30, 2025 \n       \n   \n     Effects of   Constant         Effects of   Constant \n As   Foreign   Currency     As   Foreign   Currency \n (in millions) Reported   Currency   Amounts     Reported   Currency   Amounts \n Reconciliation of Residential Connectivity & Platforms Constant Currency                         \n                           \n Revenue                         \n Domestic broadband $6,649   $ —   $6,649     $13,327   $ —   $13,327 \n Domestic wireless service 882   —   882     1,732   —   1,732 \n Domestic convergence revenue 7,530   —   7,530     15,059   —   15,059 \n Domestic wireless equipment 313   —   313     587   —   587 \n International connectivity 1,219   10   1,230     2,351   94   2,445 \n Total residential connectivity $9,063   $10   $9,074     $17,997   $94   $18,091 \n Video 6,605   28   6,634     13,206   197   13,403 \n Advertising 951   4   955     1,850   30   1,880 \n Other 1,219   3   1,222     2,452   26   2,478 \n Total Revenue $17,839   $45   $17,884     $35,504   $346   $35,851 \n                           \n Operating Expenses                         \n Programming $3,998   18   $4,016     $8,105   $128   $8,233 \n Non-Programming 6,835   22   6,858     13,551   176   13,728 \n Total Operating Expenses $10,834   $41   $10,874     $21,657   $304   $21,961 \n                           \n Adjusted EBITDA $7,006   $4   $7,010     $13,848   $42   $13,890 \n Adjusted EBITDA Margin 39.3%   (10) bps   39.2%     39.0%   (30) bps   38.7% \n\n TABLE 7 \n Reconciliation of Media Revenue Excluding Olympics, Super Bowl and FIFA World \n Cup (Unaudited) \n                           \n   Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, \nJune 30, \n       \n (in millions) 2026   2025   Change     2026   2025   Change \n                           \n Revenue $5,691   $4,543   25.3%     $12,970   $9,069   43.0% \n                           \n Milan Cortina Olympics —   —         1,420   —     \n                           \n 2026 Super Bowl —   —         758   —     \n                           \n 2026 FIFA World Cup 440   —         440   —     \n                           \n Revenue excluding Olympics, Super Bowl and FIFA World Cup $5,250   $4,543   15.6%     $10,352   $9,069   14.1% \n                           \n Reconciliation of Media Domestic Advertising Revenue Excluding Olympics, Super \n Bowl and FIFA World Cup (Unaudited) \n                           \n   Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, \nJune 30, \n       \n (in millions) 2026   2025   Change     2026   2025   Change \n                           \n Revenue $2,163   $1,395   55.0%     $5,616   $2,863   96.2% \n                           \n Milan Cortina Olympics —   —         1,159   —     \n                           \n 2026 Super Bowl —   —         758   —     \n                           \n 2026 FIFA World Cup 440   —         440   —     \n                           \n Revenue excluding Olympics, Super Bowl and FIFA World Cup $1,723   $1,395   23.5%     $3,259   $2,863   13.8% \n                           \n Reconciliation of Media Domestic Distribution Revenue Excluding Olympics \n (Unaudited) \n                           \n   Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, \nJune 30, \n       \n (in millions) 2026   2025   Change     2026   2025   Change \n                           \n Revenue $1,993   $1,632   22.1%     $4,276   $3,299   29.6% \n                           \n Milan Cortina Olympics —   —         262   —     \n                           \n Revenue excluding Olympics $1,993   $1,632   22.1%     $4,014   $3,299   21.7% \n\n TABLE 8 \n Reconciliation of Pro Forma Consolidated Revenue (Unaudited) \n                             \n     Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, \nJune 30, \n       \n (in millions)   2026   2025   Change     2026   2025   Change \n                             \n Consolidated Revenue   $29,940   $30,313   (1.2) %     $61,396   $60,199   2.0 % \n                             \n Less: Versant   —   1,770         —   3,539     \n                             \n Less: Sky operations in Germany   384   554         966   1,071     \n                             \n Less: Eliminations   (12)   (261)         (29)   (524)     \n                             \n Pro Forma Consolidated Revenue   $29,568   $28,249   4.7 %     $60,460   $56,114   7.7 % \n                             \n Reconciliation of Pro Forma Consolidated Adjusted EBITDA (Unaudited) \n                             \n     Three Months Ended     Six Months Ended \n \n \n \n \nJune 30, \nJune 30, \n       \n (in millions)   2026   2025   Change     2026   2025   Change \n                             \n Net income attributable to Comcast Corporation   $3,526   $11,123         $5,699   $14,498     \n Net income (loss) attributable to noncontrolling interests   (107)   (79)         (254)   (158)     \n Income tax expense (benefit)   1,194   3,603         1,899   4,799     \n Interest expense   1,052   1,105         2,146   2,155     \n Investment and other (income) loss, net   (503)   (9,760)         (195)   (9,644)     \n Depreciation   2,391   2,349         4,724   4,580     \n Amortization   1,297   1,805         2,829   3,423     \n Transaction costs((1))   —   36         51   55     \n Transaction-related costs((1))   —   75         —   77     \n Other adjustments ((2))   55   26         (68)   29     \n Adjusted EBITDA   $8,902   $10,283   (13.4%)     $16,831   $19,815   (15.1%) \n                             \n Less: Versant   —   789         —   1,623     \n                             \n Less: Sky operations in Germany   (20)   64         (59)   61     \n                             \n Less: Eliminations   —   7         —   13     \n                             \n Pro Forma Consolidated Adjusted EBITDA   $8,923   $9,423   (5.3) %     $16,890   $18,118   (6.8) % \n\n (1) Transaction costs are incremental costs directly related to effectuating the \n Versant Separation and primarily include advisory, legal and audit fees, as \n well as legal entity separation costs. Transaction-related costs are \n incremental costs incurred related to the Versant Separation, including costs \n that reflect strategic decisions about how the stand-alone Versant business \n will be structured or operated, which may be different than if it remained \n part of Comcast. Transaction-related costs primarily include certain \n separation-related employee compensation, severance and retention bonuses; IT \n separation and implementation costs; and other one-time costs. \n (2) Amounts represent the impact of certain other events, gains, losses or other \n charges that are excluded from Adjusted EBITDA. The three and six months ended \n June 30, 2026 include costs related to our investment portfolio and certain \n share-based compensation expenses. The six months ended June 30, 2026 also \n include a gain related to a legal settlement. The three and six months ended \n June 30, 2025 include certain costs related to our investment portfolio. \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260723764612/en/\n(https://www.businesswire.com/news/home/20260723764612/en/)\n\nInvestor Contacts: \n\nMarci Ryvicker Marci_Ryvicker@Comcast.com \n(mailto:Marci_Ryvicker@Comcast.com) \nJane Kearns Jane_Kearns@Comcast.com \n(mailto:Jane_Kearns@Comcast.com) \n\n\nPress Contacts: \n\nJennifer Khoury Jennifer_Khoury@Comcast.com\n(mailto:Jennifer_Khoury@Comcast.com) (215) 531-3296\n\nJohn Demming John_Demming@Comcast.com (mailto:John_Demming@Comcast.com) (215)\n429-4744\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-07-23T10:00:00.688624484Z","server_sent_at_ms":1784800800688},"received_at":"2026-07-23T10:00:03.106Z","source_url":"https://www.businesswire.com/news/home/20260723764612/en/"},"analysis":{"id":"85294","press_release_id":"96249","analysis_json":{"industry":{"label":"Diversified Telecommunication Services","sector":"Communication Services"},"redFlags":["Pause of share repurchase program to focus on business separation","Domestic residential broadband customer net losses of 167,000","Adjusted EPS decreased 16.7% year-over-year"],"eventType":"earnings","narrative":"Comcast reported Q2 revenue of $29.9 billion, down 1.2% year-over-year, with Adjusted EPS of $1.04, reflecting a difficult comparison to the prior year's Hulu gain. On a pro forma basis, revenue increased 4.7% and the company generated $4.6 billion of free cash flow.\n\nOperational highlights included Peacock reaching profitability for the first time with $189 million in EBITDA and total wireless lines growing to 10.2 million following a record 448,000 net additions. Conversely, domestic residential broadband losses continued, though they improved year-over-year.\n\nThe company announced its intention to separate NBCUniversal and Sky into two independent publicly traded companies through a tax-free spin-off. To facilitate this separation, Comcast announced it would pause its share repurchase program while maintaining dividend payments.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"Peacock turns profitable as Comcast announces historic split of NBCU and Sky."},"keyFigures":{"eps":1.04,"revenue":29940000000,"revenueYoy":"-1.2%","customDimensions":{"dividends_paid":1200000000,"free_cash_flow":4604000000,"peacock_ebitda":189000000,"adjusted_ebitda":8902000000,"peacock_revenue":1900000000,"share_repurchases":900000000,"wireless_total_lines":10200000,"pro_forma_revenue_yoy":"4.7%","wireless_net_additions":448000,"peacock_paid_subscribers":48000000,"business_services_revenue":2671000000}},"quotedText":"Within Content & Experiences, Media delivered mid-single digit EBITDA growth and Peacock reached profitability for the first time","namedEntities":{"people":[{"name":"Brian L. 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Additionally, Peacock achieved profitability for the first time, a significant milestone offsetting a decline in Adjusted EPS due to prior-year gains."},"tickerRelevance":{"others":[],"primary":"CMCSA"},"globalImportance":75,"audienceRelevance":80,"eventTypeSecondary":["restructuring","operations_update"],"importanceComponents":{"tickerTier":"S&P 100 Mega-cap","eventGravity":"Major corporate restructuring (Spin-off) + Streaming profitability inflection","sectorWeight":"Telecom/Media"}},"event_type":"earnings","event_type_secondary":["restructuring","operations_update"],"sentiment":"mixed","material_impact_score":4,"narrative":"Comcast reported Q2 revenue of $29.9 billion, down 1.2% year-over-year, with Adjusted EPS of $1.04, reflecting a difficult comparison to the prior year's Hulu gain. On a pro forma basis, revenue increased 4.7% and the company generated $4.6 billion of free cash flow.\n\nOperational highlights included Peacock reaching profitability for the first time with $189 million in EBITDA and total wireless lines growing to 10.2 million following a record 448,000 net additions. Conversely, domestic residential broadband losses continued, though they improved year-over-year.\n\nThe company announced its intention to separate NBCUniversal and Sky into two independent publicly traded companies through a tax-free spin-off. To facilitate this separation, Comcast announced it would pause its share repurchase program while maintaining dividend payments.","key_figures":{"eps":1.04,"revenue":29940000000,"revenueYoy":"-1.2%","customDimensions":{"dividends_paid":1200000000,"free_cash_flow":4604000000,"peacock_ebitda":189000000,"adjusted_ebitda":8902000000,"peacock_revenue":1900000000,"share_repurchases":900000000,"wireless_total_lines":10200000,"pro_forma_revenue_yoy":"4.7%","wireless_net_additions":448000,"peacock_paid_subscribers":48000000,"business_services_revenue":2671000000}},"named_entities":{"people":[{"name":"Brian L. Roberts","role":"Co-CEO"},{"name":"Mike Cavanagh","role":"Co-CEO"}],"products":["Peacock","Xfinity","The Super Mario Galaxy Movie","Obsession","FIFA World Cup 2026","Epic Universe"],"companies":[{"name":"NBCUniversal","relationship":"subsidiary"},{"name":"Sky","relationship":"subsidiary"},{"name":"Charter Communications","relationship":"partner"},{"name":"Hulu","relationship":"investment"}],"dollarAmounts":[{"amount":"$29,940","context":"Q2 2026 Revenue"},{"amount":"$8.9 billion","context":"Consolidated Adjusted EBITDA"},{"amount":"$4.6 billion","context":"Free Cash Flow"},{"amount":"$189 million","context":"Peacock Adjusted EBITDA"},{"amount":"$2.1 billion","context":"Total capital returned to shareholders"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-07-23T10:06:58.294Z","global_importance":75,"audience_relevance":80,"importance_components":{"tickerTier":"S&P 100 Mega-cap","eventGravity":"Major corporate restructuring (Spin-off) + Streaming profitability inflection","sectorWeight":"Telecom/Media"}},"durationMs":178263,"modelName":"glm-4.7"}}