Comcast earnings beat as Peacock offsets subscriber losses

By Nathan Brooks

Comcast reported adjusted earnings of $1.07 a share on $29.3 billion of revenue for the period ended Sept. 30, beating LSEG’s forecasts for the third quarter.

• Adjusted earnings per share: $1.07, versus 98 cents expected.
• Revenue: $29.3 billion, versus $29.28 billion expected.

Comcast reported net income of $3.45 billion, or 97 cents a share, compared with $3.33 billion, or 90 cents a share, in the third quarter of 2025. Comcast’s $1.07 adjusted figure included one-time items, including investments and the value of certain intangible assets.

Third-quarter revenue fell 6% from the year-earlier period. Comcast said revenue was essentially flat after adjusting for the impact of the Versant spin-off.

Why Comcast is separating NBCUniversal

In June, Comcast announced plans to spin off NBCUniversal and its European media business Sky from the core cable, wireless and business-services units. Comcast said the separation would take about a year and create two separately traded public companies.

Co-CEO and Chair Brian Roberts said on the investor call after the announcement that the structure would give each business more "dedicated focus, strategic flexibility, and tailored investment priorities." Under Roberts’ framework, investors would assess the two companies against their own strategies and investment needs rather than Comcast’s combined portfolio.

The proposal follows Comcast’s spin-off of most cable networks and an array of digital businesses into Versant. Comcast said that separation was completed in January. CNBC disclosed that Versant Media Group is its parent company.

Media carried the quarter

Comcast said Peacock posted its second quarterly profit since launching in 2020. The streaming service generated $261 million in adjusted earnings before interest, taxes, depreciation and amortization on $1.8 billion of revenue.

Peacock also benefited from record-high viewership for the FIFA World Cup, according to Comcast. The final games took place at the beginning of the quarter and aired on NBCUniversal’s Telemundo and Peacock.

Comcast’s media division, which includes Peacock, increased revenue 13% from the third quarter last year to $5.4 billion. Its broader content and experiences unit, which includes the film studio and theme parks, generated 6.5% revenue growth.

For Comcast, Peacock’s adjusted profit and the media division’s growth supplied the quarter’s clearest operating offsets. Those results contrasted with declining theme-park revenue and pressure across connectivity and platforms.

Connectivity remained under pressure

Comcast said revenue in its connectivity and platforms sector fell 2.7% year over year. The company reported the following customer changes during the period:

• Domestic residential broadband: a net loss of 144,000 customers.
• Cable: a net loss of 274,000 customers.
• Mobile: an addition of 368,000 customers.

Comcast cited years of stagnant broadband growth and stronger competition from wireless providers such as Verizon and T-Mobile. In January 2025, the company announced a refocus on mobile and plans to pursue more competitive pricing.

What does this change for customers?

For customers, the practical change is a stronger push toward competitive mobile pricing. Comcast’s strategy puts greater weight on a business that added 368,000 customers while residential broadband and cable continued to lose subscribers.

The shift does not remove the pressure visible in the quarter. Comcast’s connectivity and platforms revenue still declined 2.7%, even as mobile expanded and the company prepared to separate NBCUniversal and Sky.

Parks weakened despite new investment

Comcast’s theme-park revenue fell 4.4% to $2.6 billion. The company attributed the decline to "cyclical headwinds" and lower admissions revenue, which promotional activity dented.

Adjusted EBITDA for the theme-park division sank 17%, according to Comcast. The decline came as the company opened a new coaster at Universal Studios Hollywood during the quarter.

Comcast also opened Epic Universe, Universal’s largest theme-park property, in the prior year. By comparison, Disney reported record quarterly revenue for its parks division in August.

Comcast’s next test is whether media growth can keep offsetting subscriber pressure while the roughly year-long separation proceeds. Peacock’s second quarterly profit provides support, but residential broadband and cable customer losses leave Comcast’s core connectivity business under scrutiny.