Comcast : 1q26 trending schedules final

Published: 2026-04-23 07:32:09 ET CMCSA

Published on 04/23/2026 at 07:32 am EDT

Revenue1

Domestic Broadband2

$6,573

$6,549

$6,518

$6,509

$26,149

$6,679

$6,649

$6,550

$6,410

$26,288

$6,338

Domestic Wireless Service3

$733

$774

$823

$836

$3,165

$850

$882

$915

$965

$3,612

$977

Domestic Convergence Revenue

$7,306

$7,323

$7,341

$7,344

$29,314

$7,529

$7,530

$7,466

$7,375

$29,900

$7,315

Domestic Wireless Equipment4

$239

$245

$270

$353

$1,107

$273

$313

$331

$438

$1,355

$418

International Connectivity5

Residential Connectivity

$1,033

$1,056

$1,150

$1,263

$4,503

$1,132

$1,219

$1,275

$1,337

$4,963

$1,240

$8,578

$8,625

$8,761

$8,960

$34,924

$8,933

$9,063

$9,071

$9,150

$36,218

$8,973

Video6

$6,977

$6,894

$6,821

$6,615

$27,308

$6,600

$6,605

$6,475

$6,266

$25,947

$6,256

Advertising7

$973

$1,012

$1,188

$4,185

$899

$951

$893

$1,067

$3,810

$951

Other8

Residential Connectivity & Platforms

$1,367

$1,319

$1,301

$1,290

$5,277

$1,233

$1,219

$1,197

$1,209

$4,858

$1,143

$17,895

$17,850

$17,896

$18,053

$71,694

$17,665

$17,839

$17,636

$17,692

$70,832

$17,323

Business Services Connectivity9

$2,407

$2,421

$2,425

$2,448

$9,701

$2,496

$2,575

$2,576

$2,590

$10,237

$2,640

Total Connectivity & Platforms

$20,303

$20,272

$20,320

$20,501

$81,395

$20,161

$20,414

$20,212

$20,282

$81,069

$19,962

Change

(0.7)%

0.7%

(0.5)%

(1.1)%

(0.4)%

(1.0)%

Constant Currency Change10

(0.4)%

(1.3)%

(2.0)%

(1.0)%

(2.5)%

Domestic Advertising11

$1,530

$1,468

$2,917

$2,208

$8,122

$1,468

$1,395

$1,556

$2,294

$6,712

$3,453

Domestic Distribution12

$1,499

$1,463

$1,999

$1,634

$6,595

$1,667

$1,632

$1,690

$1,876

$6,866

$2,283

International Networks13

$1,009

$1,090

$1,059

$1,072

$4,231

$1,148

$1,254

$1,239

$1,283

$4,924

$1,291

Other14

$223

$239

$266

$348

$1,076

$244

$261

$259

$371

$1,136

$253

Total Media

$4,261

$4,260

$6,241

$5,262

$20,024

$4,527

$4,543

$4,744

$5,824

$19,637

$7,280

Content Licensing

$2,101

$1,714

$1,865

$2,383

$8,063

$2,174

$1,805

$2,035

$2,186

$8,199

$2,973

Theatrical

$330

$237

$611

$515

$1,693

$286

$284

$639

$411

$1,621

$117

Other15

Total Studios

$312

$302

$350

$371

$1,335

$366

$343

$326

$430

$1,465

$336

$2,743

$2,253

$2,826

$3,269

$11,092

$2,826

$2,432

$3,000

$3,027

$11,286

$3,426

Theme Parks

$1,979

$1,975

$2,289

$2,374

$8,617

$1,876

$2,349

$2,717

$2,893

$9,836

$2,331

Headquarters & Other

$12

$10

$11

$17

$50

$11

$15

$11

$46

$15

Eliminations16

Total Content & Experiences

Supplemental Media Detail Advertising

($729)

($503)

($757)

($803)

($2,792)

($694)

($604)

($579)

($815)

($2,692)

($1,111)

$8,265

$7,994

$10,611

$10,120

$36,990

$8,546

$8,730

$9,898

$10,941

$38,114

$11,940

$404

$402

$761

$476

$2,042

$414

$427

$477

$564

$1,883

$901

Distribution

$593

$581

$677

$773

$2,624

$763

$759

$843

$1,013

$3,377

$1,151

Other

Peacock17, 18

$56

$63

$75

$72

$266

$49

$46

$43

$51

$189

$47

$1,054

$1,046

$1,513

$1,321

$4,933

$1,226

$1,232

$1,363

$1,628

$5,448

$2,099

Peacock Paid Subscribers19

Corporate & Other20

$1,029

$955

$907

$957

$3,847

$906

$876

$883

$982

$3,647

$1,006

Eliminations16

($1,135)

($1,123)

($1,306)

($1,207)

($4,770)

($1,244)

($1,230)

($1,286)

($1,328)

($5,088)

($1,452)

Total Pro Forma Consolidated Revenue1

$28,461

$28,098

$30,532

$30,371

$117,462

$28,369

$28,790

$29,706

$30,877

$117,742

$31,457

Costs & Expenses, Excluding Depreciation and Amortization 1, 21

Residential Connectivity & Platforms

$11,104

$10,820

$11,058

$11,651

$44,633

$10,823

$10,834

$11,152

$11,660

$44,468

$10,889

Business Services Connectivity

$1,041

$1,034

$1,085

$4,201

$1,074

$1,131

$1,122

$1,186

$4,512

$1,163

Total Connectivity & Platforms

$12,145

$11,862

$12,092

$12,736

$48,835

$11,897

$11,965

$12,274

$12,845

$48,980

$12,052

Change

(2.0)%

0.9%

1.5%

0.9%

0.3%

1.3%

Constant Currency Change10

Supplemental Connectivity & Platforms Detail22 Programming23

$4,405

$4,248

$4,102

$4,125

$16,881

(1.6)%

(0.6)%

0.3%

(0.5)%

(0.6)%

(0.9)%

$4,107

$3,998

$3,952

$3,950

$16,007

$3,787

Marketing & Promotion

$1,180

$1,150

$1,244

$1,250

$4,823

$1,242

$1,249

$1,332

$1,323

$5,145

$1,337

Direct Product Costs24

$1,514

$1,515

$1,676

$1,902

$6,607

$1,625

$1,829

$1,911

$2,210

$7,576

$1,962

Technical & Support25

$2,012

$1,907

$1,963

$7,845

$1,935

$1,918

$2,019

$1,981

$7,854

$1,968

Customer Service

$712

$685

$683

$662

$2,742

$682

$677

$707

$699

$2,765

$676

Other26

Total Connectivity & Platforms

$2,322

$2,356

$2,424

$2,833

$9,935

$2,305

$2,293

$2,353

$2,683

$9,634

$2,323

$12,145

$11,862

$12,092

$12,736

$48,835

$11,897

$11,965

$12,274

$12,845

$48,980

$12,052

Programming & Production

$3,315

$2,674

$4,810

$4,580

$15,378

$3,283

$2,759

$3,359

$5,280

$14,682

$6,304

Marketing & Promotion

$297

$263

$441

$376

$1,377

$306

$285

$287

$484

$1,362

$404

Other

$814

$794

$890

$894

$3,392

$830

$816

$851

$932

$3,429

$997

Total Media

$4,426

$3,731

$6,141

$5,849

$20,147

$4,420

$3,860

$4,497

$6,696

$19,473

$7,706

Programming & Production

$1,861

$1,502

$1,820

$2,084

$7,267

$1,901

$1,664

$1,962

$1,924

$7,450

$2,236

Marketing & Promotion

$431

$394

$301

$357

$1,483

$392

$452

$436

$493

$1,773

$373

Other

Total Studios

$230

$256

$263

$285

$1,034

$259

$256

$264

$283

$1,062

$262

$2,522

$2,151

$2,384

$2,726

$9,784

$2,552

$2,372

$2,661

$2,700

$10,285

$2,871

Theme Parks

$1,360

$1,356

$1,457

$1,550

$5,722

$1,463

$1,708

$1,777

$1,874

$6,821

$1,780

Headquarters & Other

$204

$160

$155

$148

$668

$206

$210

$219

$257

$891

$223

Eliminations16

Total Content & Experiences

Supplemental Media Detail Programming & Production

($763)

($540)

($795)

($777)

($2,874)

($708)

($660)

($648)

($862)

($2,878)

($970)

$7,750

$6,858

$9,342

$9,497

$33,448

$7,932

$7,489

$8,506

$10,666

$34,593

$11,609

$1,205

$980

$1,383

$1,180

$4,748

$976

$883

$1,115

$1,552

$4,527

$1,945

Marketing, Promotion & Other

Peacock17

$488

$413

$566

$513

$1,981

$464

$449

$465

$629

$2,007

$586

$1,693

$1,394

$1,949

$1,693

$6,729

$1,440

$1,333

$1,580

$2,180

$6,534

$2,531

Corporate & Other20

$1,218

$1,141

$1,118

$1,282

$4,758

$1,105

$1,099

$1,086

$1,475

$4,765

$1,288

Eliminations16

($1,109)

($1,122)

($1,247)

($1,164)

($4,642)

($1,256)

($1,251)

($1,267)

($1,328)

($5,102)

($1,421)

Total Pro Forma Consolidated Costs & Expenses, Excluding Depreciation and Amortization1

$20,003

$18,739

$21,306

$22,350

$82,398

$19,678

$19,302

$20,599

$23,657

$83,236

$23,528

Adjusted EBITDA1, 27

Residential Connectivity & Platforms

$6,791

$7,030

$6,837

$6,402

$27,060

$6,842

$7,006

$6,484

$6,032

$26,364

$6,434

Business Services Connectivity

Total Connectivity & Platforms

Change

$1,366

$1,380

$1,391

$1,363

$5,500

$1,422

$1,444

$1,454

$1,405

$5,725

$1,476

$8,158

$8,410

$8,228

$7,765

$32,561

$8,264

1.3%

$8,450

0.5%

$7,938

(3.5)%

$7,437

(4.2)%

$32,089

(1.4)%

$7,910

(4.3)%

Constant Currency Change10

1.4%

0.1%

(3.8)%

(4.4)%

(1.6)%

(4.7)%

Media

($165)

$529

$100

($587)

($123)

$107

$683

$247

($872)

$164

($426)

Studios

$220

$102

$442

$543

$1,308

$274

$61

$339

$327

$1,000

$555

Theme Parks

$619

$832

$823

$2,894

$413

$641

$940

$1,019

$3,015

$551

Headquarters & Other

($192)

($151)

($144)

($131)

($618)

($195)

($201)

($204)

($245)

($845)

($208)

Eliminations16

Total Content & Experiences Supplemental Media Detail Peacock17

$33

$36

$38

($26)

$82

$14

$56

$69

$47

$186

($140)

$515

($639)

$1,136

($348)

$1,269

($436)

$622

($372)

$3,542

($1,796)

$614

($215)

$1,241

($101)

$1,392

($217)

$275

($552)

$3,521

($1,085)

$331

($432)

Corporate & Other20

($189)

($186)

($211)

($325)

($911)

($198)

($223)

($204)

($492)

($1,117)

($283)

Eliminations16

($26)

($1)

($59)

($42)

($128)

$12

$20

($19)

$13

($31)

Total Pro Forma Consolidated Adjusted EBITDA1

$8,458

$9,360

$9,227

$8,020

$35,064

$8,692

$9,488

$9,107

$7,220

$34,506

$7,929

Depreciation & Amortization Expense

Total Consolidated Depreciation & Amortization Expense

$3,551

$3,539

$3,878

$3,833

$14,802

$3,849

$4,154

$4,020

$4,187

$16,210

$3,865

Amortization of Acquisition-Related Intangible Assets28

$569

$563

$817

$798

$2,747

$789

$810

$824

$838

$3,263

$528

$3,338

Total Consolidated Depreciation & Amortization Expense Excluding Amortization of Acquisition-Related Intangible Assets

$2,982

$2,976

$3,061

$3,035

$12,054

$3,060

$3,344

$3,195

$3,349

$12,948

Revenue

Domestic Broadband

1.7 %

1.6 %

0.5 %

(1.1)%

0.7 %

(5.1)%

Domestic Wireless Service

16.0 %

13.9 %

11.2 %

15.5 %

14.1 %

15.0 %

Domestic Convergence Revenue

3.2 %

2.9 %

1.7 %

0.8 %

2.2 %

(2.8)%

Domestic Wireless Equipment

14.3 %

28.0 %

22.4 %

23.9 %

22.4 %

52.9 %

International Connectivity

9.5 %

15.4 %

10.8 %

5.8 %

10.2 %

9.5 %

Residential Connectivity

4.3 %

5.2 %

3.6 %

2.5 %

3.9 %

0.4 %

Video

(5.4)%

(4.2)%

(5.0)%

(5.6)%

(5.1)%

(5.2)%

Advertising

(7.7)%

(6.0)%

(11.8)%

(10.2)%

(9.0)%

5.8 %

Other

(9.8)%

(7.6)%

(8.0)%

(6.2)%

(7.9)%

(7.2)%

Residential Connectivity & Platforms

(1.3)%

(0.1)%

(1.5)%

(2.0)%

(1.2)%

(1.9)%

Business Services Connectivity

3.7 %

6.3 %

6.2 %

5.8 %

5.5 %

5.8 %

Total Connectivity & Platforms

(0.7)%

0.7 %

(0.5)%

(1.1)%

(0.4)%

(1.0)%

Costs & Expenses, Excluding Depreciation & Amortization

Residential Connectivity & Platforms

(2.5)%

0.1 %

0.8 %

0.1 %

(0.4)%

0.6 %

Business Services Connectivity

Total Connectivity & Platforms

Supplemental Connectivity & Platforms Detail Programming

3.1 %

8.6 %

8.5 %

9.3 %

7.4 %

8.3 %

(2.0)%

0.9 %

1.5 %

0.9 %

0.3 %

1.3 %

(6.8)%

(5.9)%

(3.7)%

(4.3)%

(5.2)%

(7.8)%

Marketing & Promotion

5.2 %

8.6 %

7.1 %

5.9 %

6.7 %

7.6 %

Direct Product Costs

7.3 %

20.8 %

14.0 %

16.2 %

14.7 %

20.7 %

Technical & Support

(3.8)%

0.6 %

2.9 %

0.9 %

0.1 %

1.7 %

Customer Service

(4.2)%

(1.1)%

3.5 %

5.5 %

0.8 %

(1.0)%

Other

(0.7)%

(2.7)%

(2.9)%

(5.3)%

(3.0)%

0.8 %

Total Connectivity & Platforms

(2.0)%

0.9 %

1.5 %

0.9 %

0.3 %

1.3 %

Adjusted EBITDA

Residential Connectivity & Platforms

0.7 %

(0.3)%

(5.2)%

(5.8)%

(2.6)%

(6.0)%

Business Services Connectivity

4.1 %

4.5 %

3.0 %

4.0 %

3.8 %

Total Connectivity & Platforms

1.3 %

0.5 %

(3.5)%

(4.2)%

(1.4)%

(4.3)%

Revenue

Domestic Broadband

1.7 %

1.6 %

0.5 %

(1.1)%

0.7 %

(5.1)%

Domestic Wireless Service

16.0 %

13.9 %

11.2 %

15.5 %

14.1 %

15.0 %

Domestic Convergence Revenue

3.2 %

2.9 %

1.7 %

0.8 %

2.2 %

(2.8)%

Domestic Wireless Equipment

14.3 %

28.0 %

22.4 %

23.9 %

22.4 %

52.9 %

International Connectivity

10.6 %

9.3 %

6.7 %

1.8 %

6.8 %

2.0 %

Residential Connectivity

4.5 %

3.1 %

1.9 %

3.5 %

(0.5)%

Video

(4.8)%

(5.7)%

(6.3)%

(7.1)%

(6.0)%

(7.6)%

Advertising

(7.3)%

(7.8)%

(12.9)%

(11.6)%

(10.0)%

2.9 %

Other

(9.6)%

(9.0)%

(7.2)%

(8.7)%

(8.9)%

Residential Connectivity & Platforms

(1.0)%

(1.2)%

(2.4)%

(3.0)%

(1.9)%

(3.6)%

Business Services Connectivity

3.7 %

6.3 %

6.2 %

5.8 %

5.5 %

5.7 %

Total Connectivity & Platforms

(0.4)%

(1.3)%

(2.0)%

(1.0)%

(2.5)%

Costs & Expenses, Excluding Depreciation & Amortization

Residential Connectivity & Platforms

(2.1)%

(1.5)%

(0.4)%

(1.4)%

(1.8)%

Business Services Connectivity

Total Connectivity & Platforms

Supplemental Connectivity & Platforms Detail Programming

3.2 %

8.5 %

8.4 %

9.2 %

7.3 %

8.1 %

(1.6)%

(0.6)%

0.3 %

(0.5)%

(0.6)%

(0.9)%

(6.0)%

(7.3)%

(4.9)%

(5.7)%

(6.0)%

(10.2)%

Marketing & Promotion

5.5 %

7.2 %

6.1 %

4.7 %

5.9 %

Direct Product Costs

7.6 %

17.3 %

11.8 %

13.8 %

12.7 %

16.5 %

Technical & Support

(3.7)%

(0.3)%

2.0 %

(0.0)%

(0.5)%

0.2 %

Customer Service

(4.1)%

(2.2)%

2.7 %

4.6 %

0.1 %

(2.3)%

Other

(0.5)%

(3.9)%

(3.8)%

(6.5)%

(3.8)%

(0.8)%

Total Connectivity & Platforms

(1.6)%

(0.6)%

0.3 %

(0.5)%

(0.6)%

(0.9)%

Adjusted EBITDA

Residential Connectivity & Platforms

0.9 %

(0.8)%

(5.5)%

(6.0)%

(2.8)%

(6.5)%

Business Services Connectivity

4.1 %

4.7 %

4.5 %

3.1 %

4.1 %

3.9 %

Total Connectivity & Platforms

1.4 %

0.1 %

(3.8)%

(4.4)%

(1.6)%

(4.7)%

Domestic Residential Passings29

57,000

57,255

57,536

57,827

58,063

58,356

58,641

58,935

59,164

Residential Connectivity & Platforms Customer Relationships

Domestic Residential Connectivity & Platforms Customer Relationships30

31,555

31,426

31,324

31,172

30,969

30,746

30,642

30,439

30,345

Domestic Residential Connectivity & Platforms Customer Relationships Net Additions (Losses)

(94)

(128)

(103)

(151)

(476)

(204)

(223)

(103)

(203)

(733)

(94)

International Residential Connectivity & Platforms Customer Relationships30, 31

17,657

17,513

17,591

17,686

17,674

17,573

17,477

17,499

17,603

International Residential Connectivity & Platforms Customer Relationships Net Additions (Losses)

(65)

(144)

(36)

(11)

(102)

(95)

(186)

104

Total Residential Connectivity & Platforms Customer Relationships31

49,211

48,939

48,914

48,858

48,643

48,318

48,120

47,939

47,948

Total Residential Connectivity & Platforms Customer Relationships Net Additions (Losses)

(159)

(272)

(25)

(56)

(512)

(215)

(325)

(199)

(181)

(919)

Domestic Residential Broadband

Domestic Broadband Residential Customers

29,693

29,583

29,504

29,373

29,190

28,989

28,897

28,719

28,654

Domestic Broadband Residential Net Additions (Losses)

(55)

(110)

(79)

(131)

(375)

(183)

(201)

(91)

(178)

(654)

(65)

Domestic Broadband Residential Penetration of Residential Passings32

52.1%

51.7%

51.3%

50.8%

50.3%

49.7%

49.3%

48.7%

48.4%

Domestic Wireless

Domestic Wireless Lines33

6,877

7,199

7,519

7,826

8,148

8,527

8,941

9,305

9,739

Domestic Wireless Line Net Additions (Losses)

289

322

319

307

1,237

323

378

414

364

1,479

435

Domestic Video

Domestic Video Customers

13,618

13,199

12,834

12,523

12,096

11,771

11,515

11,270

10,948

Domestic Video Net Additions (Losses)

(487)

(419)

(365)

(311)

(1,583)

(427)

(325)

(257)

(245)

(1,253)

(322)

Capital Expenditures

Customer Premise Equipment (CPE)34

$537

$452

$460

$564

$2,013

$407

$507

$613

$666

$2,192

$515

Scalable Infrastructure35

$706

$639

$694

$987

$3,024

$595

$642

$868

$1,051

$3,156

$683

Line Extensions36

$573

$634

$674

$810

$2,691

$560

$670

$704

$756

$2,689

$547

Support Capital37

$74

$127

$119

$238

$557

$68

$95

$141

$382

$686

$103

Total Connectivity & Platforms Capital Expenditures

$1,889

$1,851

$1,947

$2,598

$8,286

$1,629

$1,914

$2,326

$2,854

$8,723

$1,848

Total Content & Experiences Capital Expenditures

$674

$843

$890

$1,276

$3,684

$602

$734

$714

$844

$2,894

$481

Corporate and Other Capital Expenditures20

$67

$29

$77

$39

$212

$20

$31

$51

$132

$22

Total Consolidated Capital Expenditures

$2,630

$2,724

$2,913

$3,914

$12,181

$2,252

$2,679

$3,071

$3,749

$11,750

$2,351

Cash Paid for Capitalized Software & Other Intangible Assets

Total Connectivity & Platforms Software & Other Intangible Assets

$518

$508

$526

$683

$2,235

$474

$459

$487

$467

$1,887

$493

$136

$10

$639

Total Content & Experiences Software & Other Intangible Assets

$151

$144

$165

$209

$670

$140

$171

$181

$236

$728

Corporate and Other Software & Other Intangible Assets20

$10

$11

$14

$44

$20

$42

Total Cash Paid for Capitalized Software & Other Intangible Assets

$679

$662

$702

$906

$2,949

$622

$636

$677

$723

$2,658

Free Cash Flow38

Free Cash Flow

$4,538

$1,338

$3,406

$3,260

$12,543

$5,421

$4,501

$4,945

$4,369

$19,235

$3,901

Return of Capital to Shareholders

Dividends

$1,193

$1,225

$1,206

$1,190

$4,814

$1,224

$1,238

$1,223

$1,209

$4,894

$1,248

Share Repurchases

Total Return of Capital to Shareholders

$2,408

$2,215

$1,969

$2,048

$8,640

$2,020

$1,700

$1,541

$1,523

$6,784

$1,260

$3,601

$3,440

$3,175

$3,238

$13,454

$3,244

$2,938

$2,764

$2,732

$11,678

$2,508

Adjusted EPS39

Adjusted EPS

$1.04

$1.21

$1.12

$0.96

$4.33

$1.09

$1.25

$1.12

$0.84

$4.31

$0.79

Diluted Weighted-Average Number of Common Shares

3,992

3,920

3,880

3,842

3,908

3,784

3,727

3,689

3,636

3,709

3,617

Basis of Presentation:

Beginning in the first quarter of 2026, Comcast implemented certain reporting changes on a retrospective basis, as summarized below. Financial information included in these trending schedules have been recast for the following changes:

Certain financial data is presented on a pro forma basis in connection with the separation of Versant Media Group, Inc. ("Versant"), which was completed on January 2, 2026, resulting in Versant becoming an independent, publicly traded company listed on The Nasdaq Stock Market under the ticker symbol "VSNT" (the "Separation"). The pro forma financial measures are non-GAAP financial measures and are presented as if the Separation had occurred on January 1, 2024. We believe the pro forma information is useful to investors as it enhances comparability of financial information between periods and provides useful information for assessing trends in our ongoing operations. 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. See Note 1 below for reconciliations of these non-GAAP financial measures.

Financial information other than pro forma revenue; pro forma costs and expenses, excluding depreciation and amortization; and pro forma Adjusted EBITDA was not impacted by these updates.

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 the commercial services agreement.

We made several updates to our presentation of customer metrics, including adding total Residential Connectivity & Platforms customer relationships and net additions (losses) and removing certain Business Services Connectivity customer metrics. We began presenting domestic wireless service revenue, domestic convergence revenue and domestic wireless equipment revenue.

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.

The table below presents reconciliations for our pro forma financial information.

Total Consolidated Revenue

$30,058

$29,688

$32,070

$31,915

$123,731

$29,887

$30,313

$31,198

$32,310

$123,707

Less: Versant(a)

$1,873

$1,863

$1,793

$1,794

$7,323

$1,769

$1,770

$1,731

$1,660

$6,931

Less: Eliminations(b)

($276)

($273)

($255)

($250)

($1,053)

($251)

($247)

($239)

($228)

($965)

Total Pro Forma Consolidated Revenue

$28,461

$28,098

$30,532

$30,371

$117,462

$28,369

$28,790

$29,706

$30,877

$117,742

Total Consolidated Costs & Expenses, Excluding Depreciation and Amortization

$20,703

$19,517

$22,335

$23,108

$85,663

$20,355

$20,029

$21,529

$24,410

$86,324

Less: Versant(a)

$983

$1,057

$1,290

$1,013

$4,343

$935

$982

$1,177

$988

$4,081

Less: Eliminations(b)

($283)

($279)

($261)

($256)

($1,078)

($258)

($254)

($247)

($235)

($994)

Total Pro Forma Consolidated Costs & Expenses, Excluding Depreciation and Amortization

$20,003

$18,739

$21,306

$22,350

$82,398

$19,678

$19,302

$20,599

$23,657

$83,236

Total Consolidated Adjusted EBITDA

$9,355

$10,171

$9,735

$8,807

$38,069

$9,532

$10,283

$9,669

$7,900

$37,384

Less: Versant(a)

$890

$806

$502

$782

$2,980

$834

$789

$554

$673

$2,849

Less: Eliminations(b)

$25

$29

Total Pro Forma Consolidated Adjusted EBITDA

$8,458

$9,360

$9,227

$8,020

$35,064

$8,692

$9,488

$9,107

$7,220

$34,506

Versant pro forma financial information is presented as if the Separation had occurred on January 1, 2024. Amounts are primarily based on historical results of operations of the Versant business and include pro forma adjustments in accordance with Article 11 of Regulation S-X that are directly attributable to the Separation, including an adjustment to costs and expenses for the effects of the commercial services agreement with Media for the sale and use of Versant's advertising and promotional inventory.

Included in eliminations are transactions that Versant entered into with our segments. These transactions are reported as if Versant was a stand-alone businesses in accordance with GAAP and generally include intercompany profit consistent with third-party transactions. The most significant of these transactions include distribution revenue in Versant related to fees from Residential Connectivity & Platforms for the rights to distribute television programming and the commercial services agreement between Media and Versant.

Residential Connectivity & Platforms domestic broadband revenue primarily consists of revenue from sales of broadband services to residential customers in the United States, including equipment and installation services. Domestic broadband revenue also includes commission revenue from the sale of DTC streaming services that a customer is entitled to receive through a broadband service offering, as well as revenue from streaming devices available to our broadband customers.

Residential Connectivity & Platforms domestic wireless service revenue primarily consists of revenue from sales of wireless services to residential customers in the United States.

Residential Connectivity & Platforms domestic wireless equipment revenue primarily consists of revenue from sales of wireless devices, including handsets, tablets and smart watches, to residential customers in the United States.

Residential Connectivity & Platforms international connectivity revenue primarily consists of revenue from sales of broadband services, including equipment and installation services, wireless services and wireless devices to residential customers in the United Kingdom and Italy.

Residential Connectivity & Platforms video revenue primarily consists of revenue from sales of video services to residential and business customers across the United States, United Kingdom and Italy (collectively, the "Connectivity & Platforms markets"), including equipment and installation services. Video includes pay-per-view and other transactional revenue and franchise fees, and revenue from sales of certain hardware, including Sky Glass smart televisions. Video revenue also includes commission revenue from the sale of DTC streaming services that a customer is entitled to receive through a video service offering.

Residential Connectivity & Platforms advertising revenue primarily consists of revenue from the sale of advertising across our platforms in the Connectivity & Platforms markets, including advertising as part of our distribution agreements with cable networks in the United States, and advertising on Sky-branded entertainment television networks and on our digital properties. Advertising also includes revenue where we enter into representation agreements under which we sell advertising on behalf of third parties and from our advanced advertising businesses.

Residential Connectivity & Platforms other revenue primarily consists of revenue in the Connectivity & Platforms markets from sales of wireline voice services to residential customers; our residential security and automation services businesses; the licensing of our technology platforms to other multichannel video providers; the distribution of certain of our Sky-branded entertainment television networks to third-party video service providers; commissions from electronic retailing networks; and certain billing and collection fees.

Business Services Connectivity revenue primarily consists of revenue from our service offerings for small business locations in the United States, which include broadband, wireline voice and wireless services, as well as our enterprise solutions offerings, and our business connectivity service offerings in the United Kingdom.

Constant currency and 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 year period presented rather than the actual exchange rates that were in effect during the respective periods.

Media domestic advertising revenue primarily consists of revenue generated from sales of advertising on our linear television networks operating predominantly in the United States and on Peacock.

Media domestic distribution revenue primarily consists of revenue generated from Peacock subscription fees and from the distribution of our television networks operating predominantly in the United States to traditional and virtual multichannel video providers, and from NBC-affiliated and Telemundo-affiliated local broadcast television stations.

Media international networks revenue primarily consists of revenue generated by our networks operating predominantly outside the United States, including Sky Sports networks in the United Kingdom and Italy. This revenue primarily results from the distribution of our television networks to traditional and virtual multichannel video providers and other platforms, as well as sales of advertising. A significant portion of this revenue comes from the Residential Connectivity & Platforms segment.

Media other revenue primarily consists of revenue generated from the licensing of our owned content and revenue generated from the commission earned from our commercial services agreement with Versant.

Studios other revenue primarily consists of the sale of physical and digital home entertainment products, as well as the production and licensing of live stage plays and the distribution of content produced by third parties.

Included in Eliminations are transactions that our segments enter into with one another. Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. Transactions between our segments generally include intercompany profit consistent with third-party transactions. The most significant of these transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming and content licensing revenue in Studios for licenses of owned content to Media. The Residential Connectivity & Platforms and the Business Services Connectivity segments use certain shared infrastructure, including our network in the United States, and each segment is presented with its direct costs and an allocation of shared costs, as well as revenue from its customers.

From time to time, we may present supplemental financial information, including Adjusted EBITDA, for components of our reportable segments, such as Peacock. Adjusted EBITDA for components are presented on a consistent basis with the respective segments and disaggregated in accordance with GAAP.

Peacock revenue primarily consists of advertising, distribution and other revenue for our Peacock DTC streaming service, as well as distribution and advertising revenue from NBC Sports Network due to shared programming.

Peacock paid subscribers represent customers from which we recognize distribution revenue, including both customers that pay us directly and customers receiving the service through arrangements with companies who sell Peacock on our behalf. In these arrangements, paid subscribers are counted based on the terms of the arrangement when the related revenue is recognized. As a result, certain customers are counted when they activate their account, while other customers are counted when the Peacock service is made available to them as part of their bundled service offering regardless of whether it is activated.

Corporate & Other primarily consists of overhead and personnel costs; Sky-branded video services and television networks in Germany; our regional sports networks; and Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania.

1Q 2Q 3Q 4Q

Costs and expenses, excluding depreciation and amortization, presented in these trending schedules do not include certain amounts that are excluded from Adjusted EBITDA, such as impairments of goodwill and long-lived assets and other operating gains and losses. Corporate & Other also excludes the following items as these amounts are excluded from Adjusted EBITDA:

2024

2025

2026

(in millions)

Transaction costs(a)

$20

$36

$26

$27

$109

$51

Transaction-related costs(a)

$75

$90

$208

$374

Other adjustments(b)

($6)

($3)

($2)

($25)

($37)

$26

($10)

$18

($123)

Total

($6)

($3)

($2)

($19)

($30)

$24

$137

$116

$225

$501

($72)

Transaction costs are incremental costs directly related to effectuating the Separation and primarily include advisory, legal and audit fees, as well as legal entity separation costs. Transaction-related costs are incremental costs incurred related to the Separation, including costs that reflect strategic decisions about how the standalone Versant business will be structured or operated, which may be different than if it remained part of Comcast. Transaction-related costs primarily include certain separation-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs.

Amounts represent the impact of certain other events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our investment portfolio. The three months ended March 31, 2026 also includes a gain related to a legal settlement and certain share-based compensation expenses.

Total Connectivity & Platforms supplemental costs and expenses information is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our network in the United States. Costs and expenses information reported separately for the Residential Connectivity & Platforms and Business Services Connectivity segments include each segment's direct costs and an allocation of shared costs.

Connectivity & Platforms programming expenses, which represent our most significant operating expense, are the fees we incur to provide video services to our customers, and primarily include fees related to the distribution of television network programming and fees charged for retransmission of the signals from local broadcast television stations. These expenses also include the costs of content on the Sky-branded entertainment television networks, including amortization of licensed content.

Connectivity & Platforms direct product costs primarily consist of access fees related to using wireless and broadband networks owned by third parties to deliver our services and costs of products sold, including wireless devices and Sky Glass smart televisions.

Connectivity & Platforms technical & support expenses primarily consist of costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning.

Connectivity & Platforms other expenses primarily consist of administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we are acting as the principal in the advertising representation arrangement; bad debt; building and office expenses; taxes and billing costs; and other business, headquarters and support costs necessary to operate the Connectivity & Platforms business.

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. We provide more detail about Adjusted EBITDA and our use of non-GAAP financial measures, including reconciliations to GAAP, in Exhibits 99.1 and 99.2 to our Current Reports on Form 8-K (Quarterly Earnings Releases) for the respective periods.

Acquisition-related intangible assets are recognized as a result of the application of Accounting Standards Codification Topic 805, Business Combinations (such as customer relationships), and their amortization is significantly affected by the size and timing of our acquisitions. Acquisition-related intangible assets do not include intangible assets not resulting from business combinations (such as software and acquired intellectual property rights used in our theme parks).

Connectivity & Platforms domestic residential passings are considered passings if we can connect them to our network in the United States without further extending the transmission lines. The number of domestic residential passings is an estimate based on the best available information.

Residential Connectivity & Platforms customer relationships generally represent the number of residential customers that subscribe to at least one of our services. International Residential Connectivity & Platforms customer relationships represent customers receiving Sky services in the United Kingdom and Italy. Because each of our services includes a variety of product tiers, which may change from time to time, net additions or losses in any one period will reflect a mix of customers at various tiers.

Total Residential Connectivity & Platforms customer relationships and International Residential Connectivity & Platforms customer relationships were updated in the first quarter of 2026 due to a conforming change in methodology, resulting in a decrease of 125,000 customers. There was no impact to net additions and information for all periods has been recast on a comparable basis.

Penetration is calculated by dividing the number of domestic broadband residential customers located within our network by the number of domestic residential passings.

Connectivity & Platforms domestic wireless lines represent the number of residential and business customers' wireless devices. An individual customer relationship may have multiple wireless lines.

Customer premise equipment (CPE): costs to purchase and install new equipment in order for residential and business customers to receive our services in the Connectivity & Platforms markets. CPE includes costs of acquiring and installing our video set-top boxes, broadband, voice, and security and automation equipment, as well as costs of connecting a customer to the closest point of the network in the United States. Costs associated with all subsequent disconnects and reconnects are expensed as incurred.

Scalable infrastructure: costs, other than CPE or line extensions, to support the growth of customer relationships and customers receiving additional services, secure additional bandwidth and provide service enhancements, including equipment for headends. Costs associated with plant replacements and relocation (upgrades/rebuilds) are also included in this category.

Line extensions: costs associated with entering new service areas. These costs include fiber and coaxial extensions.

Support capital: all other non-network and non-CPE related costs required for day-to-day operations, including land, buildings, vehicles, office equipment, tools and test equipment.

We define Free Cash Flow as net cash provided by operating activities (as stated in our Consolidated Statements 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 Consolidated Statements of Cash Flows and are therefore excluded from capital expenditures and cash paid for intangible assets for Free Cash Flow. We provide more detail about Free Cash Flow and our use of non-GAAP financial measures, including reconciliations to GAAP, in Exhibits 99.1 and 99.2 to our Current Reports on Form 8-K (Quarterly Earnings Releases) for the respective periods.

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. Acquisition-related intangible assets are recognized as a result of the application of Accounting Standards Codification Topic ("ASC") 805, Business Combinations (such as customer relationships), and their amortization is significantly affected by the size and timing of our acquisitions. Amortization of intangible assets not resulting from business combinations (such as software and acquired intellectual property rights used in our theme parks) is included in Adjusted EPS. Investments that investors may want to evaluate separately include all equity securities accounted for under ASC Topic 321, Investments-Equity Securities, as well as certain investments accounted for under ASC 323, Investments-Equity Method and Joint Ventures. We provide more detail about Adjusted EPS and our use of non-GAAP financial measures, including reconciliations to GAAP, in Exhibits 99.1 and 99.2 to our Current Reports on Form 8-K (Quarterly Earnings Releases) for the respective periods.

See notes on pages 9, 10, 11 and 12. Minor differences may exist due to rounding

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 11:31 UTC.