Comcast's Peacock Posts Second Consecutive Profitable Quarter

The Tip Desk · October 22, 2026 · 3 min read

The streaming service posted $261 million of Adjusted EBITDA on $1.8 billion of revenue as the company generated $4.2 billion of free cash flow.

Comcast Corporation (CMCSA) reported that Peacock generated $261 million of Adjusted EBITDA on $1.8 billion of revenue in the third quarter, its second consecutive profitable quarter, versus a $217 million Adjusted EBITDA loss a year earlier. Paid subscribers increased 17% year-over-year to 48 million.

Consolidated revenue was $29.298 billion, down 6.1% from a year earlier, after a 1.2% year-over-year decline in the second quarter. Adjusted EBITDA fell 5.8% to $9.106 billion. On a pro forma basis that reflects the Versant separation completed on January 2, 2026, and the sale of Sky operations in Germany completed on May 31, 2026, revenue was $29.298 billion, up 0.5%, and Adjusted EBITDA was $9.106 billion, up 0.8%. Adjusted earnings were $1.07 a share. GAAP earnings were $0.97 a share.

Free cash flow was $4.211 billion. Net cash from operations was $7.902 billion. Capital expenditures were $3.1 billion. Comcast paid $1.2 billion in dividends and suspended its share repurchase program beginning in the third quarter, saying the pause is expected to remain in place through the proposed separation of NBCUniversal and Sky.

Connectivity & Platforms revenue fell 2.7% year-over-year to $19.663 billion. Residential Connectivity & Platforms revenue declined 3.5% to $17.018 billion and Adjusted EBITDA fell 5.8% to $6.110 billion, with margin down 90 basis points to 35.9%. The company attributed the residential revenue and EBITDA decline to investment in its go-to-market strategy.

Domestic broadband revenue fell 4.7% to $6.241 billion on lower average rates and fewer customers. Domestic broadband residential customer net losses were 144,000, versus 91,000 a year earlier. Domestic wireless service revenue rose 14.7% to $1.050 billion and domestic wireless equipment revenue rose 43.6% to $475 million. Total domestic wireless lines increased 368,000 to 10.555 million, versus 414,000 additions a year earlier. The company said wireless service growth reflected a larger customer base and conversion of promotional free lines to paid service. Video revenue fell 8.7% to $5.910 billion as domestic video customer net losses were 274,000. Advertising revenue rose 2.9% to $918 million.

Business Services Connectivity revenue increased 2.7% to $2.645 billion and Adjusted EBITDA rose 1.7% to $1.478 billion, with margin at 55.9%. The company said revenue growth was led by enterprise solutions.

Content & Experiences revenue rose 6.5% year-over-year to $10.537 billion and Adjusted EBITDA rose 29.3% to $1.800 billion. Media revenue increased 13.0% to $5.359 billion, including $224 million of incremental FIFA World Cup revenue; excluding the World Cup, Media revenue rose 8.3% to $5.136 billion. Media Adjusted EBITDA was $769 million, versus $247 million a year earlier. Domestic distribution revenue rose 22.4% to $2.069 billion, which the company attributed primarily to higher Peacock revenue from higher average rates and more paid subscribers.

Studios revenue fell 1.1% to $2.967 billion as content licensing declined 23.7% to $1.553 billion, partially offset by theatrical revenue up 76.6% to $1.129 billion. Studios Adjusted EBITDA rose 18.6% to $402 million. The company said theatrical revenue increased on recent releases including The Odyssey and Minions & Monsters, as well as carryover from Obsession. Universal became the first studio to reach $5 billion at the global box office in 2026.

Theme Parks revenue fell 4.4% to $2.597 billion and Adjusted EBITDA fell 17.1% to $780 million, reflecting lower admissions including promotional activity and higher domestic park operating costs. Co-CEOs Brian L. Roberts and Mike Cavanagh said the company remains confident in the parks’ long-term growth potential. The company said it is making progress on the separation of NBCUniversal and Sky, which it said remains on track to create two independent companies.