Comcast Reports 1st Quarter 2026 Results
PHILADELPHIA--( BUSINESS WIRE)--Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended March 31, 2026.
“2026 is an important year of execution, and we're seeing tangible early signs our pivot is taking hold," said Brian L. Roberts and Mike Cavanagh, co-CEOs of Comcast Corporation. "Broadband subscriber losses improved by more than 100,000 year-over-year, and we delivered record wireless line additions as customers respond to simpler, more transparent offers and a better end-to-end experience. Legendary February showcased the strength of our Media portfolio, leveraging the unmatched reach of the Milan Cortina Winter Olympics and the Super Bowl to drive record advertising and strong Peacock growth, while also powering our ability to market our connectivity products at scale. Importantly, we generated $3.9 billion in free cash flow and returned $2.5 billion to shareholders this quarter even as we continued to lean into investments across our core growth businesses, underscoring our disciplined approach to capital allocation."
($ in millions, except per share data)
1st Quarter
Consolidated Results
2026
2025
Change
Revenue
$31,457
$29,887
5.3
%
Pro Forma Revenue 1
$31,457
$28,369
10.9
%
Net Income Attributable to Comcast
$2,174
$3,375
(35.6
%)
Adjusted Net Income 2
$2,863
$4,132
(30.7
%)
Adjusted EBITDA 3
$7,929
$9,532
(16.8
%)
Pro Forma Adjusted EBITDA 1
$7,929
$8,692
(8.8
%)
Earnings per Share 4
$0.60
$0.89
(32.6
%)
Adjusted Earnings per Share 2
$0.79
$1.09
(27.5
%)
Net Cash Provided by Operating Activities
$6,891
$8,294
(16.9
%)
Free Cash Flow 5
$3,901
$5,421
(28.0
%)
For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedule on Comcast’s Investor Relations website at www.cmcsa.com.
1st Quarter 2026 Highlights:
1st Quarter Consolidated Financial Results
Revenue increased 5.3% compared to the prior year period. Net Income Attributable to Comcast decreased 35.6%. Adjusted Net Income decreased 30.7%. Adjusted EBITDA decreased 16.8%. On a pro forma basis to reflect the separation of Versant, which was completed on January 2, 2026, revenue increased 10.9% and Adjusted EBITDA decreased 8.8%.
Earnings per Share (EPS) decreased 32.6% to $0.60. Adjusted EPS decreased 27.5% to $0.79.
Capital Expenditures increased 4.4% to $2.4 billion. Connectivity & Platforms’ capital expenditures increased 13.4% to $1.8 billion, primarily reflecting higher spending on customer premise equipment, scalable infrastructure and support capital. Content & Experiences' capital expenditures decreased 20.1% to $481 million, reflecting the opening of Epic Universe in May 2025.
Net Cash Provided by Operating Activities was $6.9 billion. Free Cash Flow was $3.9 billion.
Dividends and Share Repurchases. Comcast paid dividends totaling $1.2 billion and repurchased 42 million of its shares for $1.3 billion, resulting in a total return of capital to shareholders of $2.5 billion.
Connectivity & Platforms
($ in millions)
Constant
Currency
Change 7
1st Quarter
2026
2025 6
Change
Connectivity & Platforms Revenue
Residential Connectivity & Platforms
$17,323
$17,665
(1.9
%)
(3.6
%)
Business Services Connectivity
2,640
2,496
5.8
%
5.7
%
Total Connectivity & Platforms Revenue
$19,962
$20,161
(1.0
%)
(2.5
%)
Connectivity & Platforms Adjusted EBITDA
Residential Connectivity & Platforms
$6,434
$6,842
(6.0
%)
(6.5
%)
Business Services Connectivity
1,476
1,422
3.8
%
3.9
%
Total Connectivity & Platforms Adjusted EBITDA
$7,910
$8,264
(4.3
%)
(4.7
%)
Connectivity & Platforms Adjusted EBITDA Margin
Residential Connectivity & Platforms
37.1
%
38.7
%
(160) bps
(120) bps
Business Services Connectivity
55.9
%
57.0
%
(110) bps
(100) bps
Total Connectivity & Platforms Adjusted EBITDA Margin
39.6
%
41.0
%
(140) bps
(100) bps
Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.
Revenue for Connectivity & Platforms decreased compared to the prior year period. Adjusted EBITDA decreased due to a decline in Residential Connectivity & Platforms, partially offset by growth in Business Services Connectivity. Residential Connectivity & Platforms revenue and Adjusted EBITDA reflect the investment in our new go-to-market strategy. Adjusted EBITDA margin was 39.6%.
(in thousands)
Net Additions / (Losses)
1st Quarter
1Q26
1Q25
2026
2025
Residential Connectivity & Platforms Customer Relationships
Domestic Residential Connectivity & Platforms Customer Relationships
30,345
30,969
(94
)
(204
)
International Residential Connectivity & Platforms Customer Relationships 8
17,603
17,674
104
(11
)
Total Residential Connectivity & Platforms Customer Relationships 8
47,948
48,643
10
(215
)
Total Domestic Broadband Residential Customers
28,654
29,190
(65
)
(183
)
Total Domestic Wireless Lines
9,739
8,148
435
323
Total Domestic Video Customers
10,948
12,096
(322
)
(427
)
Total Customer Relationships for Residential Connectivity & Platforms increased by 10,000 to 47.9 million, reflecting an increase in international residential customer relationships, offset by a decrease in domestic residential customer relationships. Total domestic broadband residential customer net losses were 65,000, total domestic wireless line net additions were 435,000 and total domestic video customer net losses were 322,000.
Residential Connectivity & Platforms
($ in millions)
Constant
Currency
Change 7
1st Quarter
2026
2025 6, 9
Change
Revenue
Domestic Broadband
$6,338
$6,679
(5.1
%)
(5.1
%)
Domestic Wireless Service
977
850
15.0
%
15.0
%
Domestic Convergence Revenue
7,315
7,529
(2.8
%)
(2.8
%)
Domestic Wireless Equipment
418
273
52.9
%
52.9
%
International Connectivity
1,240
1,132
9.5
%
2.0
%
Total Residential Connectivity
8,973
8,933
0.4
%
(0.5
%)
Video
6,256
6,600
(5.2
%)
(7.6
%)
Advertising
951
899
5.8
%
2.9
%
Other
1,143
1,233
(7.2
%)
(8.9
%)
Total Revenue
$17,323
$17,665
(1.9
%)
(3.6
%)
Operating Expenses
Programming
$3,787
$4,107
(7.8
%)
(10.2
%)
Non-Programming
7,102
6,716
5.7
%
3.4
%
Total Operating Expenses
$10,889
$10,823
0.6
%
(1.8
%)
Adjusted EBITDA
$6,434
$6,842
(6.0
%)
(6.5
%)
Adjusted EBITDA Margin
37.1
%
38.7
%
(160) bps
(120) bps
Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.
Revenue for Residential Connectivity & Platforms decreased compared to the prior year period, reflecting decreases in video, domestic broadband and other revenue, partially offset by increases in domestic wireless equipment, domestic wireless service, international connectivity and advertising revenue. Domestic broadband revenue decreased due to lower average rates and a decline in the number of domestic broadband customers. Domestic wireless service revenue increased due to an increase in the number of customer lines. Domestic wireless equipment revenue increased due to an increase in device sales. International connectivity revenue increased primarily due to the positive impact of foreign currency and an increase in broadband revenue from higher average rates. Video revenue decreased primarily due to a decline in the number of video customers, partially offset by the positive impact of foreign currency. Advertising revenue increased primarily due to higher revenue from our advanced advertising business, the positive impact of foreign currency and higher domestic political advertising. Other revenue decreased primarily due to lower residential wireline voice revenue, driven by a decline in the number of customers.
Adjusted EBITDA for Residential Connectivity & Platforms decreased due to lower revenue, partially offset by lower operating expenses when excluding the impact of foreign currency. Programming expenses decreased primarily due to a decline in the number of domestic video customers, partially offset by the impact of foreign currency. Non-programming expenses increased primarily reflecting an increase in direct product costs mainly due to higher mobile device sales, the impact of foreign currency and higher marketing and promotion costs. Adjusted EBITDA margin was 37.1%.
Business Services Connectivity
($ in millions)
Constant
Currency
Change 7
1st Quarter
2026
2025
Change
Revenue
$2,640
$2,496
5.8%
5.7%
Operating Expenses
1,163
1,074
8.3%
8.1%
Adjusted EBITDA
$1,476
$1,422
3.8%
3.9%
Adjusted EBITDA Margin
55.9
%
57.0
%
(110) bps
(100) bps
Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.
Revenue for Business Services Connectivity increased primarily due to an increase in revenue from enterprise solutions offerings, including the results from a recent acquisition.
Adjusted EBITDA for Business Services Connectivity increased due to higher revenue, partially offset by higher operating expenses. The increase in operating expenses was primarily due to an increase in direct product costs, which include the results from a recent acquisition, and higher marketing and promotion expenses. Adjusted EBITDA margin was 55.9%.
Content & Experiences
($ in millions)
1st Quarter
2026
2025 6
Change
Content & Experiences Revenue
Media
$7,280
$4,527
60.8
%
Excluding Olympics and Super Bowl 10
5,102
4,527
12.7
%
Studios
3,426
2,826
21.2
%
Theme Parks
2,331
1,876
24.2
%
Headquarters & Other
15
11
35.9
%
Eliminations
(1,111
)
(694
)
(60.0
%)
Total Content & Experiences Revenue
$11,940
$8,546
39.7
%
Content & Experiences Adjusted EBITDA
Media
($426
)
$107
N
M
Studios
555
274
102.4
%
Theme Parks
551
413
33.3
%
Headquarters & Other
(208
)
(195
)
(6.8
%)
Eliminations
(140
)
14
N
M
Total Content & Experiences Adjusted EBITDA
$331
$614
(46.0
%)
NM=comparison not meaningful.
Revenue for Content & Experiences increased compared to the prior year period, including $2.2 billion of incremental revenue from the Milan Cortina Olympics and the NFL’s Super Bowl included in the Media segment. Adjusted EBITDA for Content & Experiences decreased primarily due to a decline in Media, partially offset by growth in Studios and Theme Parks.
Media
($ in millions)
1st Quarter
2026
2025 6
Change
Revenue
Domestic Advertising
$3,453
$1,468
135.3
%
Excluding Olympics and Super Bowl 10
1,536
1,468
4.7
%
Domestic Distribution
2,283
1,667
37.0
%
Excluding Olympics 10
2,021
1,667
21.3
%
International Networks
1,291
1,148
12.4
%
Other
253
244
3.9
%
Total Revenue
$7,280
$4,527
60.8
%
Excluding Olympics and Super Bowl 10
5,102
4,527
12.7
%
Operating Expenses
7,706
4,420
74.4
%
Adjusted EBITDA
($426
)
$107
N
M
NM=comparison not meaningful.
Revenue for Media increased primarily due to higher domestic advertising and domestic distribution revenue. Excluding $2.2 billion of incremental revenue from the Milan Cortina Olympics and the NFL’s Super Bowl, Media revenue increased 12.7% primarily due to higher domestic distribution, international networks and domestic advertising revenue. Domestic advertising revenue increased primarily reflecting the Milan Cortina Olympics and the NFL’s Super Bowl. Excluding the incremental revenue associated with these events, domestic advertising revenue increased primarily due to higher revenue at Peacock, partially offset by lower revenue at our networks. Domestic distribution revenue increased including the Milan Cortina Olympics. Excluding the incremental revenue associated with this event, domestic distribution revenue increased due to higher revenue at Peacock, driven by an increase in paid subscribers and higher average rates compared to the prior year period. International networks revenue increased primarily due to the positive impact of foreign currency.
Adjusted EBITDA for Media decreased due to higher operating expenses more than offsetting higher revenue. The increase in operating expenses primarily reflects higher programming costs associated with the Milan Cortina Olympics and the NFL's Super Bowl, as well as the impact of NBA rights in the current year period. Media results include $2.1 billion of revenue and an Adjusted EBITDA 11 loss of $432 million related to Peacock, which includes amounts attributable to the Olympics and Super Bowl, compared to $1.2 billion of revenue and an Adjusted EBITDA 11 loss of $215 million in the prior year period.
Studios
($ in millions)
1st Quarter
2026
2025 6
Change
Revenue
Content Licensing
$2,973
$2,174
36.8
%
Theatrical
117
286
(59.2
%)
Other
336
366
(8.2
%)
Total Revenue
$3,426
$2,826
21.2
%
Operating Expenses
2,871
2,552
12.5
%
Adjusted EBITDA
$555
$274
102.4
%
Revenue for Studios increased due to higher content licensing revenue. Content licensing revenue increased primarily due to the timing of when content was made available by our television studios, primarily driven by a renewed licensing agreement for content exclusively available for streaming on Peacock. Theatrical revenue decreased primarily due to higher revenue from releases in the prior year period, including Dog Man and Nosferatu, compared to revenue from recent releases impacting the current year period.
Adjusted EBITDA for Studios increased due to higher revenue, which more than offset higher operating expenses. The higher operating expenses primarily reflected higher programming and production expenses, primarily due to higher costs associated with the renewed licensing agreement for content exclusively available for streaming on Peacock.
Theme Parks
($ in millions)
1st Quarter
2026
2025 6
Change
Revenue
$2,331
$1,876
24.2%
Operating Expenses
1,780
1,463
21.6%
Adjusted EBITDA
$551
$413
33.3%
Revenue for Theme Parks increased due to higher revenue at our theme parks in Orlando driven by the successful opening of Epic Universe in May 2025.
Adjusted EBITDA for Theme Parks increased, reflecting higher revenue, which more than offset higher operating expenses. The increase in operating expenses was primarily due to operating costs associated with Epic Universe.
Headquarters & Other
Content & Experiences Headquarters & Other includes overhead, personnel costs and costs associated with corporate initiatives. Headquarters & Other Adjusted EBITDA loss in the first quarter was $208 million, compared to a loss of $195 million in the prior year period.
Eliminations
Amounts represent eliminations of transactions between our Content & Experiences segments, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses. Revenue eliminations were $1.1 billion, compared to $694 million in the prior year period, and Adjusted EBITDA eliminations were a loss of $140 million, compared to a benefit of $14 million in the prior year period. The year-over-year changes were primarily driven by the licensing of content by the Studios segment to Peacock in the Media segment.
Corporate, Other and Eliminations
($ in millions)
1st Quarter
2026
2025 6
Change
Corporate & Other
Revenue
$1,006
$906
11.0
%
Operating Expenses
1,288
1,105
16.6
%
Adjusted EBITDA
($283
)
($198
)
(42.6
%)
Eliminations
Revenue
($1,452
)
($1,244
)
16.7
%
Operating Expenses
(1,421
)
(1,256
)
13.1
%
Adjusted EBITDA
($31
)
$12
N
M
NM=comparison not meaningful.
Amounts for 2025 exclude the impacts of Versant. See Table 8 for the reconciliation to consolidated results.
Corporate & Other
Corporate & Other primarily includes overhead and personnel costs; our 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. Corporate & Other Adjusted EBITDA decreased primarily reflecting higher costs related to Sky operations in Germany, lower revenue associated with our regional sports networks and higher costs related to corporate functions, including marketing associated with the Milan Cortina Olympics.
Eliminations
Amounts represent eliminations of transactions between Connectivity & Platforms, Content & Experiences and other businesses, the most significant being distribution of television network programming between the Media and Residential Connectivity & Platforms segments. Revenue eliminations were $1.5 billion, compared to $1.2 billion in the prior year period, and Adjusted EBITDA eliminations were a loss of $31 million compared to a benefit of $12 million in the prior year period. Current year amounts reflect an increase in eliminations associated with the Milan Cortina Olympics.
1
2
3
4
5
6
7
8
9
10
11
Conference Call and Other Information
Comcast Corporation will host a conference call with the financial community today, April 23, 2026, at 8:30 a.m. Eastern Time (ET). The conference call and related materials will be broadcast live and posted on our Investor Relations website at www.cmcsa.com. A replay of the call will be available today, April 23, 2026, starting at 11:30 a.m. ET on the Investor Relations website.
From time to time, we post information that may be of interest to investors on our website at www.cmcsa.com and on our corporate website, www.comcastcorporation.com. To automatically receive Comcast financial news by email, please visit www.cmcsa.com and subscribe to email alerts.
Caution Concerning Forward-Looking Statements
This press release includes statements that may constitute forward-looking statements. In evaluating these statements, readers should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission (SEC). Factors that could cause our actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; consumer acceptance of our content; programming costs; key distribution and/or licensing agreements; use and protection of our intellectual property; our reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather-related and other uncontrollable events; loss of key personnel; labor disputes; significant tax liability if the separation of Versant is not tax-free; laws and regulations; adverse decisions in litigation or governmental investigations; and other risks described from time to time in reports and other documents we file with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. The amount and timing of any dividends and share repurchases are subject to business, economic and other relevant factors.
Non-GAAP Financial Measures
In this discussion, we sometimes refer to financial measures that are not presented according to generally accepted accounting principles in the U.S. (GAAP). Certain of these measures are considered “non-GAAP financial measures” under the SEC regulations; those rules require the supplemental explanations and reconciliations that are in Comcast’s Form 8-K (Quarterly Earnings Release) furnished to the SEC.
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit www.comcastcorporation.com for more information.
Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended
(in millions, except per share data)
March 31,
2026
2025
Revenue
$31,457
$29,887
Costs and expenses
Programming and production
10,884
8,415
Marketing and promotion
2,164
2,071
Other operating and administrative
10,408
9,893
Depreciation
2,333
2,231
Amortization
1,533
1,618
27,321
24,228
Operating income
4,135
5,658
Interest expense
(1,094)
(1,050)
Investment and other income (loss), net
Equity in net income (losses) of investees, net
(391)
(194)
Realized and unrealized gains (losses) on equity securities, net
(5)
(24)
Other income (loss), net
87
102
(309)
(116)
Income before income taxes
2,733
4,492
Income tax (expense) benefit
(706)
(1,196)
Net income
2,027
3,296
Less: Net income (loss) attributable to noncontrolling interests
(147)
(79)
Net income attributable to Comcast Corporation
$2,174
$3,375
Diluted earnings per common share attributable to Comcast Corporation shareholders
$0.60
$0.89
Diluted weighted-average number of common shares
3,617
3,784
Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended
(in millions)
March 31,
2026
2025
OPERATING ACTIVITIES
Net income
$2,027
$3,296
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
3,865
3,849
Share-based compensation
427
382
Noncash interest expense (income), net
134
130
Net (gain) loss on investment activity and other
263
231
Deferred income taxes
730
(43)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net
(1,376)
935
Film and television costs, net
375
(123)
Accounts payable and accrued expenses related to trade creditors
1,119
(35)
Other operating assets and liabilities
(673)
(327)
Net cash provided by operating activities
6,891
8,294
INVESTING ACTIVITIES
Capital expenditures
(2,351)
(2,252)
Cash paid for intangible assets
(639)
(622)
Construction of Universal Beijing Resort
—
(2)
Proceeds from sales of businesses and investments
32
43
Purchases of investments
(237)
(145)
Other
276
19
Net cash (used in) investing activities
(2,919)
(2,958)
FINANCING ACTIVITIES
Proceeds from borrowings
1,990
—
Repurchases and repayments of debt
(3,182)
(636)
Repurchases of common stock under repurchase program and employee plans
(1,502)
(2,240)
Dividends paid
(1,248)
(1,224)
Cash transferred to Versant, net
(750)
—
Other
(316)
24
Net cash (used in) financing activities
(5,008)
(4,075)
Impact of foreign currency on cash, cash equivalents and restricted cash
(6)
14
Increase (decrease) in cash, cash equivalents and restricted cash
(1,042)
1,275
Cash, cash equivalents and restricted cash, beginning of period
10,559
7,377
Cash, cash equivalents and restricted cash, end of period
$9,517
$8,652
Condensed Consolidated Balance Sheets (Unaudited)
(in millions)
March 31,
December 31,
2026
2025
ASSETS
Current Assets
Cash and cash equivalents
$9,468
9,481
Receivables, net
14,078
13,869
Other current assets
5,275
6,217
Total current assets
28,822
29,567
Film and television costs
11,047
12,214
Investments
7,450
7,952
Property and equipment, net
65,472
65,680
Goodwill
53,374
61,502
Franchise rights
59,365
59,365
Other intangible assets, net
20,418
22,474
Other noncurrent assets, net
14,054
13,877
$260,002
$272,631
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses related to trade creditors
$11,977
$11,058
Deferred revenue
4,006
4,097
Accrued expenses and other current liabilities
11,932
12,410
Current portion of debt
5,394
5,958
Total current liabilities
33,308
33,524
Noncurrent portion of debt
89,218
92,979
Deferred income taxes
28,227
27,788
Other noncurrent liabilities
20,708
20,965
Redeemable noncontrolling interests
205
224
Equity
Comcast Corporation shareholders' equity
88,274
96,903
Noncontrolling interests
61
249
Total equity
88,335
97,151
$260,002
$272,631
Three Months Ended
March 31,
(in millions)
2026
2025
Net income attributable to Comcast Corporation
$2,174
$3,375
Net income (loss) attributable to noncontrolling interests
(147)
(79)
Income tax expense (benefit)
706
1,196
Interest expense
1,094
1,050
Investment and other (income) loss, net
309
116
Depreciation
2,333
2,231
Amortization
1,533
1,618
Transaction costs (1)
51
20
Transaction-related costs (1)
—
2
Other adjustments (2)
(123)
3
Adjusted EBITDA
$7,929
$9,532
Three Months Ended
March 31,
(in millions)
2026
2025
Net cash provided by operating activities
$6,891
$8,294
Capital expenditures
(2,351)
(2,252)
Cash paid for capitalized software and other intangible assets
(639)
(622)
Free Cash Flow
$3,901
$5,421
(1)
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.
(2)
Amounts represent the impact of certain other events, gains, losses or other charges that are excluded from Adjusted EBITDA. The three months ended March 31, 2026 includes a gain related to a legal settlement, certain share-based compensation expenses and costs related our investment portfolio. The three months ended March 31, 2025 includes certain costs related to our investment portfolio.
Three Months Ended
March 31,
2026
2025
(in millions, except per share data)
$
EPS
$
EPS
Net income attributable to Comcast Corporation and diluted earnings per share attributable to Comcast Corporation shareholders
$2,174
$0.60
$3,375
$0.89
Change
(35.6%)
(32.6%)
Amortization of acquisition-related intangible assets (1)
405
0.11
606
0.16
Investments (2)
259
0.07
132
0.03
Items affecting period-over-period comparability:
Long-lived asset impairments (3)
130
0.04
—
—
Transaction costs (4)
45
0.01
17
—
Transaction-related costs (5)
—
—
2
—
Tax benefit related to assets held for sale (6)
(57)
(0.02)
—
—
Other adjustments (7)
(92)
(0.03)
—
—
Adjusted Net income and Adjusted EPS
$2,863
$0.79
$4,132
$1.09
Change
(30.7%)
(27.5%)
Three Months Ended
March 31,
2026
2025
Amortization of acquisition-related intangible assets before income taxes
$528
$789
Amortization of acquisition-related intangible assets, net of tax
$405
$606
(2)
Adjustments for investments include realized and unrealized (gains) losses on equity securities, net (as stated in Table 1), as well as the equity in net (income) losses of investees, net, for certain equity method investments, including Atairos and Hulu and costs related to our investment portfolio.
Three Months Ended
March 31,
2026
2025
Realized and unrealized (gains) losses on equity securities, net
$5
$24
Equity in net (income) losses of investees, net and other
335
148
Investments before income taxes
340
172
Investments, net of tax
$259
$132
(3)
1st quarter 2026 net income attributable to Comcast Corporation includes $171 million, $130 million net of tax, of long-lived asset impairments.
(4)
1st quarter 2026 net income attributable to Comcast Corporation includes $51 million, $45 million net of tax, of transaction costs related to the separation of Versant. 1st quarter 2025 net income attributable to Comcast Corporation includes $20 million, $17 million, net of tax, of transaction costs related to the separation of Versant. Transaction costs are incremental costs directly related to effectuating the separation and primarily include advisory, legal and audit fees, and legal entity separation costs.
(5)
1st quarter 2025 net income attributable to Comcast Corporation includes $2 million, $2 million, net of tax, of transaction-related costs related to the separation of Versant. 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.
(6)
1st quarter 2026 net income attributable to Comcast Corporation includes a $57 million income tax benefit related to assets that are classified as held for sale as of March 31, 2026.
(7)
1st quarter 2026 net income attributable to Comcast Corporation includes $123 million, $92 million net of tax, of other adjustments, which includes a gain related to a legal settlement and certain share-based compensation expenses.
TABLE 6
Reconciliation of Constant Currency (Unaudited)
Three Months Ended
March 31, 2025
(in millions)
As
Reported
Effects of
Foreign
Currency
Constant
Currency
Amounts
Reconciliation of Connectivity & Platforms Constant Currency
Connectivity & Platforms Revenue
Residential Connectivity & Platforms
$17,665
$301
$17,966
Business Services Connectivity
2,496
2
2,497
Total Connectivity & Platforms Revenue
$20,161
$303
$20,464
Connectivity and Platforms Adjusted EBITDA
Residential Connectivity & Platforms
$6,842
$37
$6,879
Business Services Connectivity
1,422
—
1,422
Total Connectivity & Platforms Adjusted EBITDA
$8,264
$37
$8,301
Connectivity & Platforms Adjusted EBITDA Margin
Residential Connectivity & Platforms
38.7%
(40) bps
38.3%
Business Services Connectivity
57.0%
(10) bps
56.9%
Total Connectivity & Platforms Adjusted EBITDA Margin
41.0%
(40) bps
40.6%
Three Months Ended
March 31, 2025
(in millions)
As
Reported
Effects of
Foreign
Currency
Constant
Currency
Amounts
Reconciliation of Residential Connectivity & Platforms Constant Currency
Revenue
Domestic broadband
$6,679
—
$6,679
Domestic wireless service
850
—
850
Domestic convergence revenue
7,529
—
7,529
Domestic wireless equipment
273
—
273
International connectivity
1,132
84
1,215
Total residential connectivity
$8,933
$84
$9,017
Video
6,600
169
6,769
Advertising
899
26
924
Other
1,233
23
1,256
Total Revenue
$17,665
$301
$17,966
Operating Expenses
Programming
$4,107
$110
$4,217
Non-Programming
6,716
154
6,870
Total Operating Expenses
$10,823
$264
$11,087
Adjusted EBITDA
$6,842
$37
$6,879
Adjusted EBITDA Margin
38.7%
(40) bps
38.3%
TABLE 7
Reconciliation of Media Revenue Excluding Olympics and Super Bowl (Unaudited)
Three Months Ended
March 31,
(in millions)
2026
2025
Change
Revenue
$7,280
$4,527
60.8%
Milan Cortina Olympics
1,420
—
2026 Super Bowl
758
—
Revenue excluding Olympics and Super Bowl
$5,102
$4,527
12.7%
Reconciliation of Media Domestic Advertising Revenue Excluding Olympics and Super Bowl (Unaudited)
Three Months Ended
March 31,
(in millions)
2026
2025
Change
Revenue
$3,453
$1,468
135.3%
Milan Cortina Olympics
1,159
—
2026 Super Bowl
758
—
Revenue excluding Olympics and Super Bowl
$1,536
$1,468
4.7%
Reconciliation of Media Domestic Distribution Revenue Excluding Olympics (Unaudited)
Three Months Ended
March 31,
(in millions)
2026
2025
Change
Revenue
$2,283
$1,667
37.0%
Milan Cortina Olympics
262
—
Revenue excluding Olympics
$2,021
$1,667
21.3%
TABLE 8
Reconciliation of Pro Forma Consolidated Revenue (Unaudited)
Three Months Ended
March 31,
(in millions)
2026
2025
Change
Consolidated Revenue
$31,457
$29,887
5.3 %
Less: Versant
—
1,769
Less: Eliminations
—
(251)
Pro Forma Consolidated Revenue
$31,457
$28,369
10.9 %
Reconciliation of Pro Forma Consolidated Adjusted EBITDA (Unaudited)
Three Months Ended
March 31,
(in millions)
2026
2025
Change
Net income attributable to Comcast Corporation
$2,174
$3,375
Net income (loss) attributable to noncontrolling interests
(147)
(79)
Income tax expense (benefit)
706
1,196
Interest expense
1,094
1,050
Investment and other (income) loss, net
309
116
Depreciation
2,333
2,231
Amortization
1,533
1,618
Transaction costs (1)
51
20
Transaction-related costs (1)
—
2
Other adjustments (2)
(123)
3
Adjusted EBITDA
$7,929
$9,532
(16.8%)
Less: Versant
—
834
Less: Eliminations
—
6
Pro Forma Consolidated Adjusted EBITDA
$7,929
$8,692
(8.8) %
(1)
(2)