A media and technology company delivering broadband, wireless, video, and voice services under the Xfinity and Sky brands across the US, UK, and Italy, plus a content arm with NBC, Peacock, Universal Pictures, DreamWorks Animation, and theme parks like the new Epic Universe in Orlando. It began in 1963 when Ralph Roberts bought a small Mississippi cable operator, American Cable Systems; the name Comcast blends "communications" and "broadcasting." In 2026 it spun off its cable networks—USA Network, CNBC, and MSNBC—into independent Versant Media Group.
Q2 net income fell 68.3% to $3.5B as the prior-year Hulu gain and Versant separation hit results
The year-ago gain and the separation pulled down this quarter. fell 1.2% to $29.9B while dropped to $0.60 from $2.98 a year earlier, with the decline driven by the absence of a $9.4B one-off gain and lower . Comcast is now executing the and spin-off, with share repurchases suspended ahead of it.
Key takeaways
attributable to Comcast fell 68.3% to $3.5B in Q2, primarily from a $9.4B sale gain in the prior-year period and lower , both one-off or separation-related effects rather than ongoing operations.
decreased 1.2% to $29.9B in Q2 and rose 2.0% to $61.4B for the first half, as growth was offset by the separation and Connectivity & Platforms declines.
declined 4.0% to $17.1B, pressured by lower domestic broadband average rates and customer losses, while grew 3.7% to $2.7B on enterprise solutions.
Section summaries
Management's Discussion and Analysis
Q2 FY2026 revenue fell 1.2% to $29.9B and net income dropped 68.3% to $3.5B, driven by a prior-year $9.4B Hulu gain and Versant separation.
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Consolidated decreased 1.2% to $29.9B in Q2 and increased 2.0% to $61.4B for H1, with Content & Experiences growth offset by the separation and Connectivity & Platforms declines.
rose 25.3% to $5.7B, boosted by the FIFA World Cup, subscriber growth to 48M, and higher domestic distribution and advertising revenue.
rose 25.0% to $3.0B on theatrical releases including The Super Mario Galaxy Movie, and revenue grew 2.7% to $2.4B, aided by .
Share repurchases were suspended in Q3 2026 ahead of the planned spin-off; liquidity stood at $7.7B cash plus $11.8B available under a .
What changed
The FY2025 watch item on post-separation financial profile was resolved: Group spun off January 2, 2026, and Q2 reflects the Versant separation as a drag.
Q1 2026 flagged the loss of $426M from Olympics and Super Bowl costs; Q2 Media rose 25.3% to $5.7B on FIFA World Cup and growth to 48M, with Olympics costs phased out.
margin and broadband trend continued deteriorating: Q2 fell 4.0% to $17.1B after Q1's 1.9% dip and FY2025's 50bps to 37.7%.
in 's second year rose 2.7% to $2.4B in Q2 after Q1's 24.2% increase, showing the post-opening comparison base normalizing.
Q1 2026 cited $1.3B repurchases against $89.2B ; Q2 suspended buybacks ahead of the spin-off, a reversal of the prior $15B authorization pace.
What to watch
Q3 2026 and subscriber count from the 48M Q2 base as FIFA World Cup costs phase out and NBA rights persist
Completion and market reception of the and tax-free spin-off, including which assets transfer and standalone cost structure
and broadband customer trend after Q2's 4.0% decline and lower average rates
Post-spin-off Q3 policy and liquidity use given the suspended buybacks and $7.7B cash position
attributable to Comcast fell 68.3% to $3.5B in Q2, primarily due to a $9.4B gain on the sale in the prior-year period and lower .
Residential Connectivity & Platforms declined 4.0% to $17.1B, pressured by lower domestic broadband average rates and customer losses, while Business Services Connectivity grew 3.7% to $2.7B on enterprise solutions.
Media surged 25.3% to $5.7B, boosted by the FIFA World Cup, subscriber growth to 48M, and higher domestic distribution and advertising revenue.
Studios rose 25.0% to $3.0B on theatrical releases like The Super Mario Galaxy Movie, while Theme Parks revenue grew 2.7% to $2.4B, aided by .
Liquidity remains strong with $7.7B in cash and $11.8B available under a ; share repurchases were suspended in Q3 2026 ahead of the planned NBCUniversal spin-off.
Quantitative and Qualitative Disclosures About Market Risk
We have evaluated the information required under this item that was disclosed in our 2025 Annual Report on Form 10-K and there have been no material changes to this information.
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We have evaluated the information required under this item that was disclosed in our 2025 Annual Report on Form 10-K and there have been no material changes to this information.