Comcast 8-K

Summary

Q2 2026 results. Comcast’s revenue fell 1.2% Y/Y, while adjusted EBITDA declined 13.4%; reported net income was also lower, largely because Q2 2025 included a gain from selling its Hulu interest. Comcast announced its intention to separate NBCUniversal and Sky through a tax-free spin-off.

Key Figures

• The prior-year Hulu sale generated a $9.4B pre-tax gain ($7.1B net of tax), weighing on the comparison for reported net income. On a pro forma basis reflecting the Versant separation and sale of Sky’s German operations, revenue rose 4.7% to $29.6B while adjusted EBITDA fell 5.3% to $8.92B.
• Connectivity & Platforms adjusted EBITDA declined 5.7%, as residential weakness outweighed Business Services growth; Business Services revenue rose 3.7% and adjusted EBITDA rose 5.0%. Content & Experiences adjusted EBITDA grew 7.1%, with growth in Media and Studios partly offset by a 5.1% decline at Theme Parks.
• Comcast returned $2.1B to shareholders: $1.2B in dividends and $900M to repurchase 33.8M shares. It said it would pause share repurchases while working through the separation. Cash and cash equivalents were $7.66B at 6/30/2026; debt carrying value was $90.4B, down from $98.9B at 12/31/2025.

Guidance

No guidance in this filing.

Investor Takeaways

• Watch progress toward the announced NBCUniversal and Sky separation; the filing gives no expected completion timing.
• Broadband customer losses improved by 34,000 Y/Y and wireless net additions reached a quarterly record of 448,000; subsequent customer trends will indicate whether the go-to-market strategy continues to gain traction.
• Peacock reached quarterly profitability with $189M of adjusted EBITDA and 48M paid subscribers; future results will show whether profitability is sustained.