CCZ · Comcast Holdings Corp.

Comcast's Q1 2026 results reflect a mixed performance amid strategic pivots and major events. Revenue grew 5.3% to $31.5B on a reported basis and 10.9% pro forma post-Versant separation, driven by Connectivity & Platforms stability and explosive Content & Experiences growth. However, profitability metrics declined sharply: Adjusted EBITDA fell 16.8% to $7.9B (8.8% pro forma), Adjusted Net Income dropped 30.7%, and Adjusted EPS slid 27.5% to $0.79, pressured by higher operating expenses including NBA rights and event programming costs. Connectivity & Platforms revenue dipped 1.0% to $20.0B, with Residential down 1.9% due to broadband declines offset by wireless gains, but margins contracted to 39.6%. Positively, new go-to-market strategy yielded broadband losses of just 65K (vs. 183K YoY), record wireless additions of 435K to 9.7M lines (16% penetration), and Business Services up 5.8%. Content & Experiences surged with Media revenue +60.8% to $7.3B from 'Legendary February' Olympics (23.5M avg viewers) and Super Bowl (125M viewers), though EBITDA swung to ($426)M loss from elevated costs; Peacock shone with 46M paid subs (+12%) and $2B+ revenue (+71%). Studios and Theme Parks delivered strong growth, with Theme Parks EBITDA +33% post-Epic Universe. Management highlighted execution on pivot, $3.9B FCF supporting $2.5B shareholder returns ($1.2B dividends, $1.3B buybacks), and disciplined capex at $2.4B. No forward guidance provided.