Comcast Corp., US20030N1019

Comcast stock weighs Peacock profit against broadband losses

Published on 11/12/2026 at 13:17 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Comcast stock is caught between Peacock's second profitable quarter and persistent broadband pressure. The planned split adds a strategic catalyst.

Peacock Gains Meet Broadband Pressure

Peacock delivered its second consecutive profitable quarter, while Comcast continued to lose domestic broadband and video customers.
Management kept the planned NBCUniversal and Sky separation on track toward two independent publicly traded companies.
Wireless additions and higher-value broadband products partly offset pressure in the core connectivity business.

Comcast Corp., US20030N1019, Illustration mit AI erstellt.

Comcast's third-quarter results put Peacock's improving economics against continued pressure in its connectivity business. The company reported the figures for the period ended September 30, 2026, on October 22. Its investor release showed a second consecutive profitable quarter for Peacock, while domestic broadband and video customer losses remained a central issue for the group.

Comcast stock traded at 22.64 euros on Lang & Schwarz at 13:09 CET on Thursday, November 12, 2026.

Peacock improves as connectivity weakens

Peacock generated USD 261 million in Adjusted EBITDA on USD 1.8 billion in revenue during the quarter, according to the Comcast investor release. The streaming service increased paid subscribers by 17 percent year over year to 48 million. Comcast said higher average rates and stronger distribution revenue supported the media performance.

The improvement came with an important qualification. Peacock's results included revenue linked to the FIFA World Cup, and the company presents Adjusted EBITDA as a non-GAAP measure. The comparable figure a year earlier was a USD 217 million Adjusted EBITDA loss on USD 1.4 billion of revenue, making the year-over-year change significant but partly dependent on event timing.

Connectivity remained the counterweight. Domestic broadband revenue fell 4.7 percent to USD 6.241 billion, while domestic broadband residential customers declined by 144,000 during the quarter. Domestic video customers fell by 274,000. Comcast attributed the broadband revenue decline to lower average rates and fewer customers.

Wireless offers a partial offset

Comcast added 368,000 domestic wireless lines, lifting the total to 10.555 million. Nearly 45 percent of broadband customers were on gig-plus speed tiers, up nearly 10 percentage points from a year earlier. Business Services Connectivity revenue rose 2.7 percent to USD 2.645 billion, with Adjusted EBITDA increasing 1.7 percent to USD 1.478 billion.

Those gains did not prevent weaker consolidated results. Revenue declined 6.1 percent year over year to USD 29.298 billion, while Adjusted EBITDA fell 5.8 percent to USD 9.106 billion. Adjusted EPS decreased 4.0 percent to USD 1.07, and free cash flow fell 14.8 percent to USD 4.211 billion. On a pro forma basis reflecting the Versant separation and the sale of Sky's German operations, revenue rose 0.5 percent and Adjusted EBITDA increased 0.8 percent.

Separation remains the strategic catalyst

Management said progress on the planned separation of NBCUniversal and Sky remained on track to create two independent publicly traded companies. Comcast also suspended its share repurchase program beginning in the third quarter and expects the pause to continue through the proposed separation. That decision places greater emphasis on balance-sheet positioning and execution through the transaction period.

The investment case therefore depends on whether Peacock can sustain profitability beyond event-driven support while Comcast stabilizes broadband retention. The latest figures show a stronger streaming contribution, but they also show that customer losses in the legacy connectivity base continue to weigh on revenue and profitability.