COMCAST REPORTS 1st QUARTER 2026 RESULTS (Form 8-K)

COMCAST REPORTS 1st QUARTER 2026 RESULTS

PHILADELPHIA - April 23, 2026… 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 Revenue1			$31,457			$28,369			10.9		%
			Net Income Attributable to Comcast			$2,174			$3,375			(35.6		%)
			Adjusted Net Income2			$2,863			$4,132			(30.7		%)
			Adjusted EBITDA3			$7,929			$9,532			(16.8		%)
			Pro Forma Adjusted EBITDA1			$7,929			$8,692			(8.8		%)
			Earnings per Share4			$0.60			$0.89			(32.6		%)
			Adjusted Earnings per Share2			$0.79			$1.09			(27.5		%)
			Net Cash Provided by Operating Activities			$6,891			$8,294			(16.9		%)
			Free Cash Flow5			$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:

•Generated Consolidated Adjusted EBITDA of $7.9 Billion, Adjusted EPS of $0.79 and Free Cash Flow of $3.9 Billion

•Returned $2.5 Billion to Shareholders Through a Combination of $1.2 Billion in Dividend Payments and $1.3 Billion in Share Repurchases

•At Connectivity & Platforms, Connectivity Revenue Increased 1.6% to $11.6 Billion, Primarily Reflecting Growth in Domestic Wireless Equipment, Business Services Connectivity, Domestic Wireless Service and International Connectivity

•Gained Traction with Our New Go-to-Market Strategy Reflected by Domestic Residential Broadband Customer Net Losses Improving by 117,000 Year-over-Year to 65,000, and Domestic Wireless Customer Line Net Additions of 435,000 - Our Best Quarterly Result on Record; Total Wireless Lines Increased to 9.7 Million, Reaching 16% Penetration of Domestic Residential Broadband Customers

•Business Services Connectivity Revenue Increased 5.8% to $2.6 Billion, EBITDA Increased 3.8% to $1.5 Billion and EBITDA Margin Was 55.9%

•"Legendary February" Delivered Record-Setting Viewership, Reaching Over 225 Million Americans with the Milan Cortina Olympics - the Most-Watched Winter Games Since 2014 - Averaging 23.5 Million Viewers; Super Bowl LX - the Most-Watched Show in NBCU's Company History - Averaging 125 Million Viewers and the Second Most-Watched Event of All Time; and the NBA All-Star Game Delivering Its Largest Audience Since 2011

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•Peacock Delivered Strong Growth with Paid Subscribers Increasing 12% Year-over-Year to 46 Million and Revenue Growth of 71%, Surpassing $2 Billion for the First Time

•Theme Parks EBITDA Increased 33% to $551 Million, Fueled by the Opening of Epic Universe in May 2025

1st Quarter Consolidated Financial Results

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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 Change7
						1st Quarter
						2026			20256			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%.

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			(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 Relationships8			17,603			17,674			104			(11)
			Total Residential Connectivity & Platforms Customer Relationships8			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 Change7
						1st Quarter
						2026			20256, 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.

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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 Change7
						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%.

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Content & Experiences

			($ in millions)
						1st Quarter
						2026			20256			Change
			Content & Experiences Revenue
			Media			$7,280			$4,527			60.8		%
			Excluding Olympics and Super Bowl10			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			NM
			Studios			555			274			102.4		%
			Theme Parks			551			413			33.3		%
			Headquarters & Other			(208)			(195)			(6.8		%)
			Eliminations			(140)			14			NM
			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			20256			Change
			Revenue
			Domestic Advertising			$3,453			$1,468			135.3		%
			Excluding Olympics and Super Bowl10			1,536			1,468			4.7		%
			Domestic Distribution			2,283			1,667			37.0		%
			Excluding Olympics10			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 Bowl10			5,102			4,527			12.7		%
			Operating Expenses			7,706			4,420			74.4		%
			Adjusted EBITDA			($426)			$107			NM
			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.

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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 EBITDA11 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 EBITDA11 loss of $215 million in the prior year period.

Studios

			($ in millions)
						1st Quarter
						2026			20256			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			20256			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

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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			20256			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			NM
			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.

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Notes:

1Certain financial information is presented on a pro forma basis in connection with the separation of Versant, which was completed on January 2, 2026 (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. 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 Table 8 for reconciliations of non-GAAP financial measures.

2We define Adjusted Net Income and Adjusted EPS as net income attributable to Comcast Corporation and diluted earnings per common share attributable to Comcast Corporation shareholders, respectively, 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. See Table 5 for reconciliations of non-GAAP financial measures.

3We 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. See Table 4 for reconciliation of non-GAAP financial measure.

4All earnings per share amounts are presented on a diluted basis.

5We define Free Cash Flow as net cash provided by operating activities (as stated in our Consolidated Statement 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 Statement of Cash Flows and are therefore excluded from capital expenditures and cash paid for intangible assets for Free Cash Flow. See Table 4 for reconciliation of non-GAAP financial measure.

6Beginning 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 our commercial services agreement. Prior periods have been reclassified to reflect the current year presentation.

7Constant 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. See Table 6 for reconciliations of non-GAAP financial measures.

8Residential 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 have been recast on a comparable basis.

9Beginning 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.

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10From time to time, we may present adjusted information (e.g., Adjusted Revenues) to exclude the impact of certain events, gains, losses or other charges affecting period-to-period comparability of our operating performance. See Table 7 for reconciliations of non-GAAP financial measures.

11Adjusted EBITDA is the measure of profit or loss for our segments. From time to time, we may present Adjusted EBITDA for components of our reportable segments, such as Peacock. We believe these measures are useful to evaluate our financial results and provide a basis of comparison to others, although our definition of Adjusted EBITDA may not be directly comparable to similar measures used by other companies. Adjusted EBITDA for components are presented on a consistent basis with the respective segments and disaggregated in accordance with GAAP.

Numerical information is presented on a rounded basis using actual amounts, unless otherwise noted. The change in Peacock paid subscribers is calculated using rounded paid subscriber amounts. Minor differences in totals and percentage calculations may exist due to rounding.

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.

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