Comcast : 1q26 earnings presentation

Published: 2026-04-23 07:30:14 ET CMCSA

Published on 04/23/2026 at 07:30 am EDT

1st Quarter

2026 Results

A p r i l 2 3 , 2 0 2 6

($ in billions, except per share data)

[Pro Forma] Revenue*

[Pro Forma] Adj. EBITDA*

Adj. EPS**

+10.9 %

(8.8%)

(27.5%)

$8.7

$7.9

$31.5

$28.4

$1.09

$0.79

1Q25 1Q26

Free Cash Flow Generation of $3.9 Billion; Return of Capital to Shareholders of $2.5 Billion

3 * Revenue and Adj. EBITDA are presented on a pro forma basis in connection with the separation of Versant, which was completed on January 2, 2026.

** Adj. EPS is presented on a reported basis.

See Notes on Slide 9

Adj.

Revenue ($B)

$20.2 $20.0

(2.5%)

1Q25 1Q26

Adj. EBITDA ($B)

$8.3

(4.7%)

39.6%

$7.9

($M)

Residential Connectivity & Platforms

Business Services

1Q 2026

Revenue

y/y %

$17,323 (3.6%)

$2,640

+5.7%

1Q 2026 Adj. EBITDA

y/y %

$6,434

(6.5%)

$1,476

+3.9%

Commentary

Revenue and Adj. EBITDA reflect the investment in our new goto-market strategy

Residential connectivity revenue was consistent, with domestic wireless equipment revenue +53%, domestic wireless service revenue +15%, international connectivity revenue +2% and domestic broadband revenue (5%)

New go-to-market strategy gaining traction - residential broadband net losses improved 117K y/y to (65K) and we added 435K wireless lines, best quarterly result on record

Domestic convergence ARPA (0.8%); domestic residential broadband ARPU (3.1%)

Adj. EBITDA margin was 37.1%

Revenue reflects growth in enterprise solutions offerings; including the results from recently acquired Nitel

EBITDA

Margin

Connectivity

Adj. EBITDA margin was 55.9%

1Q25 1Q26

4 All percentages represent year/year constant currency growth rates, except Adj. EBITDA margin. The change in Adjusted EBITDA margin is presented as a year/year constant currency basis point change in the rounded Adjusted EBITDA margin. See Notes on Slide 9

Revenue ($B)

$11.9

($M)

1Q 2026

Revenue

y/y %

1Q 2026 Adj. EBITDA

y/y %

Commentary

+39.7%

Theme Parks $2,331

$551

Theme Parks successful performance fueled by the strength of

+24.2%

+33.3%

Epic Universe

Media revenue +13% excluding $2.2B of incremental revenue

from the Milan Cortina Olympics and the NFL's Super Bowl

Distribution revenue +21% excluding Olympics, driven by Peacock

Media $7,280

($426)

Advertising revenue +5% excluding Olympics and Super Bowl,

+60.8%

driven by sports, including the NBA

Adj. EBITDA declined primarily due to programming costs

$8.5

1Q25 1Q26

Adj. EBITDA ($B)

$0.3

(46.0%)

$0.6

associated with the Olympics and Super Bowl, as well as the impact of NBA rights

Peacock revenue +71% crossing $2B for the first time ever; Peacock subscribers increased +12% y/y to 46M

1Q25 1Q26

Studios

$3,426

+21.2%

$555

+102.4%

Revenue and Adj. EBITDA growth due to higher content licensing revenue, driven by the renewal of The Office on Peacock

5 All percentages represent year/year growth rates.

See Notes on Slide 9

Capital Allocation Framework

Invest organically for growth

Protect our strong balance sheet position; maintain strong investment grade credit ratings

Return capital to shareholders

Consolidated Capital ($B)*

Balance Sheet Statistics

Return of Capital

+4.1%

$2.9

$3.0

Consolidated Net Leverage

2.3x

Total return of capital $2.5B in 1Q26; $10.9B over the last 12 months:

$87.4

$82.0

$1.3B in share repurchases; $6.0B over the last 12 months

$1.2B in dividends; $4.9B over the last 12 months

Consolidated Net Debt ($B)

$1.24 $1.32 $1.32

Dividends per share

(split adjusted):

$1.08

$1.16

$0.92

$1.00

$0.76

$0.84

$0.55

$0.63

1Q25 1Q26

16 17 18 19 20 21 22 23 24 25 26

Free Cash Flow Generation of $3.9 Billion

6 *Capital reflects Capital expenditures plus Cash paid for capitalized software and other intangible assets as presented in our Trending Schedule. See Notes on Slide 9

APPENDIX

Net Cash Provided by Operating Activities to Free Cash Flow Walk 1Q 2026 ($B)

Net cash provided by operating activities

Capital

expenditures

Cash paid for capitalized software and intangible assets

Free Cash Flow

$6.9

($2.4)

($0.6)

$3.9

8 See Notes on Slide 9

Numerical information is presented on a rounded basis using actual amounts, unless otherwise noted. The change in Peacock paid subscribers is calculated using rounded paid subscriber amounts. Minor differences in totals and percentage calculations may exist due to rounding.

We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Refer to our April 23, 2026 Form 8-K (Quarterly Earnings Release) for a reconciliation and further details.

We define Adjusted EPS as our diluted earnings per common share attributable to Comcast Corporation shareholders adjusted to exclude the effects of the amortization of acquisition-related intangible assets, investments that investors may want to evaluate separately (such as based on fair value) and the impact of certain events, gains, losses or other charges that affect period-over-period comparisons. Refer to our April 23, 2026 Form 8-K (Quarterly Earnings Release) for a reconciliation and further details.

We define Free Cash Flow as net cash provided by operating activities (as stated in our consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant legal settlements) that affect period-to-period comparability. Cash payments related to certain capital or intangible assets, such as the construction of Universal Beijing Resort, are presented separately in our Statement of Cash Flows and are therefore excluded from capital expenditures and cash paid for intangible assets for Free Cash Flow. Refer to our April 23, 2026 Form 8-K (Quarterly Earnings Release) for a reconciliation and further details.

Pro forma information presented related to the separation of Versant Media Group, Inc. ("Versant"), which was completed on January 2, 2026, resulting in Versant becoming an independent, publicly traded company (the "Separation"), are non-GAAP financial measures. The pro forma financial measures are presented as if the Separation had occurred on January 1, 2024. The pro forma information is primarily based on historical results of operations and includes pro forma adjustments in accordance with Article 11 of Regulation S-X that are directly attributable to the Separation, including adjustments related to the commercial services agreement for the sale and use of Versant's advertising and promotional inventory. This pro forma information is not necessarily indicative of future results. Refer to our April 23, 2026 Form 8-K (Quarterly Earnings Release) for a reconciliation and further details.

Beginning in the first quarter of 2026, we updated the composition of our segments to align with the segment-level information that is regularly provided to our chief operating decision maker, including (1) adjusting the Media segment to exclude the historical results of Versant; (2) reclassifying the results of our regional sports networks to Corporate and other from the Media segment; (3) reclassifying the results of Xumo, our streaming platform joint venture with Charter Communications, to the Residential Connectivity & Platforms segment from Corporate and other; (4) reclassifying certain shared expenses into the related Media, Studios and Theme Parks segments from Content & Experiences Headquarters & Other; and (5) adjusting the Media segment and Versant for the effects of our commercial services agreement. Prior periods have been reclassified to reflect the current year presentation.

Beginning in the first quarter of 2026, commission revenue from the sale of certain direct to consumer ("DTC") streaming services is presented in domestic broadband revenue or video revenue based on whether a customer is entitled to receive the DTC streaming service through a broadband or video service offering. Domestic broadband revenue also includes revenue from streaming devices available to our broadband customers. Previously, all of these amounts were in video revenue. Prior periods have been reclassified to reflect the current year presentation.

From time to time, we may present adjusted information (e.g., Adjusted Revenues) to exclude the impact of certain events, gains, losses or other charges affecting period-to-period comparability of our operating performance. 1Q26 includes the impact of the 2026 Milan Cortina Olympics and the NFL's Super Bowl. Refer to our April 23, 2026 Form 8-K (Quarterly Earnings Release) and Form 10-Q for a reconciliation and further details.

Constant currency growth rates are calculated by comparing the results for each comparable prior year period adjusted to reflect the average exchange rates from each current period presented, rather than the actual exchange rates that were in effect during the respective periods. Refer to our April 23, 2026 Form 8-K (Quarterly Earnings Release) for Connectivity & Platforms reconciliations and further details.

As of March 31, 2026 - Consolidated net debt of $82.0 billion represents current and noncurrent portion of debt (as stated in our Consolidated Balance Sheet), less cash and cash equivalents (as stated in our Consolidated Balance Sheet) and adjusted to exclude $3.6 billion of debt and $0.5 billion of cash at Universal Beijing Resort. Consolidated net leverage is calculated as net debt/trailing twelve month Adjusted EBITDA, adjusted to exclude Universal Beijing Resort. The denominator of $35.6 billion represents Adjusted EBITDA for the twelve months ended March 31, 2026 of $35.8 billion, as presented in our trending schedule, adjusted to exclude $0.2 billion of Universal Beijing Resort Adjusted EBITDA.

As of March 31, 2025 - Consolidated net debt of $87.4 billion represents current and noncurrent portion of debt (as stated in our Consolidated Balance Sheet), less cash and cash equivalents (as stated in our Consolidated Balance Sheet) and adjusted to exclude $3.5 billion of debt and $0.4 billion of cash at Universal Beijing Resort. Consolidated net leverage is calculated as net debt/trailing twelve month Adjusted EBITDA, adjusted to exclude Universal Beijing Resort. The denominator of $38.0 billion represents Adjusted EBITDA for the twelve months ended March 31, 2025 of $38.3 billion, as presented in our trending schedule, adjusted to exclude $0.2 billion of Universal Beijing Resort Adjusted EBITDA.

Disclaimer

Comcast Corporation published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 11:29 UTC.