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北京时间·🕒 发布 18:03:39时区推断·⟳ 抓取 18:03:39·⚡ 决策 07-23 18:08:11 +4m32s·96.1 天前
康卡斯特二季度业绩小幅超预期但宽带继续流失、回购暂停
营收29.94亿美元和调整后EPS 1.04美元均高于市场预期，Peacock首次实现季度盈利，是财报中最明确的正面增量。
📄 原文Wall St Engine@wallstengine↗ 原文
COMCAST $CMCSA Q2’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $29.94B (Est. $29.30B) 🟢; -1% YoY 🔹 Adj. EPS: $1.04 (Est. $0.97) 🟢;…
不做 康卡斯特（CMCSA.US）
财报虽小幅超预期且Peacock首次盈利，但核心宽带继续流失、利润同比下滑、回购暂停，盘前价格也未确认利好，缺少正期望同向交易边界。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-23 · 扩散 medium · price-in 风险 medium ↗
消息传播链
- 社交快讯汇总康卡斯特Q2财报，核心信息包括营收/EPS超预期、Peacock首次盈利、宽带继续流失和回购暂停。市场反应:CMCSA.US盘前约23.55美元，较前收23.81美元下跌约1.09%。
- 2026-07-23 10:06 UTC市场反应stock_quote非一手真实行情显示盘前未出现利好重定价，反而小幅下跌，削弱财报追多边际。市场反应:CMCSA.US -1.09%。
关键理由
- 营收29.94亿美元和调整后EPS 1.04美元均高于市场预期，Peacock首次实现季度盈利，是财报中最明确的正面增量。
- 但公司营收同比下降1%、调整后EBITDA同比下降13%、调整后净利润同比下降20%，宽带用户继续净流失，核心连接业务仍承压。
- 盘前股价约跌1.1%，说明市场没有把这份财报解读为可追多的明确超预期。
主要风险
- Peacock盈利和无线新增用户若被投资者重新定价，可能限制短线下跌空间。
- NBCUniversal和Sky分拆期间暂停回购，叠加宽带流失，可能继续压制估值。
反向证据
- 做多前查反向 · 来源 kb_search · 影响 none
内部KB未命中康卡斯特本次财报的有效增量解读，未提供能把混合财报升级为追多的证据。
检索:Comcast Q2 2026 earnings Peacock profitability broadband losses NBCUniversal Sky separation - 做多前查反向 · 来源 stock_quote · 日期 2026-07-23 · 影响 weakens
盘前真实报价较前收下跌约1.09%，市场没有用价格确认利好超预期。
检索:CMCSA.US stock_quote full
工具调用 · 历史记录,结果未知(2 种)
- stock_quote · 结果未知
- kb_search · 结果未知
原文全文
展开原文 · 1,866 字
COMCAST $CMCSA Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $29.94B (Est. $29.30B) 🟢; -1% YoY
🔹 Adj. EPS: $1.04 (Est. $0.97) 🟢; -17% YoY
🔹 Adj EBITDA: $8.9B; -13% YoY
🔹 Free Cash Flow: $4.6B; +2% YoY
🔸 Peacock achieved quarterly profitability for the first time ever
Peacock:
🔹 Revenue: $1.90B; +54% YoY
🔹 EBITDA: $189M, improving by $290M YoY
🔹 Paid Subscribers: 48M
🔹 Net Subscriber Adds: 2M, nearly 4x analyst expectations
🔸 Growth was driven by the NBA Playoffs, FIFA World Cup and Love Island USA
Connectivity:
🔹 Domestic Broadband Net Losses: -167,000 (Est. -165,300) 🔴
🔹 Domestic Wireless Line Adds: 448,000 (Est. 391,100) 🟢
🔹 Total Wireless Lines: 10.2M
🔹 Wireless Penetration: 7% of addressable lines
🔹 Business Services Revenue: $2.7B; +3.7% YoY
🔹 Business Services EBITDA: $1.5B; +5% YoY
🔹 Business Services EBITDA Margin: 56.7%
Content & Experiences:
🔹 Studios Revenue: $3.0B; +25% YoY
🔹 Studios EBITDA increased by $141M YoY
🔹 Theme Parks Revenue: $2.41B, slightly below estimates
🔹 Theme Parks EBITDA: -5.1% YoY
🔸 Comcast cited near-term softness at its theme parks, particularly in Asia
Financials:
🔹 Operating Cash Flow: $8.09B; +3.5% YoY
🔹 Capital Expenditures: $2.9B; +8.3% YoY
🔹 Adjusted Net Income: $3.71B; -20% YoY
🔹 Pro Forma Revenue: $29.57B; +4.7% YoY
🔹 Pro Forma Adjusted EBITDA: $8.92B; -5.3% YoY
Capital Returns:
🔹 Dividends Paid: $1.2B
🔹 Share Repurchases: $900M
🔹 Total Capital Returned: $2.1B
🔸 Comcast paused share repurchases while it works through the separation of NBCUniversal and Sky
Management Commentary:
🔸 “We delivered our best wireless quarter ever, surpassing 10 million total lines.”
🔸 “Peacock reached profitability for the first time, supported by a broad slate of sports, entertainment and major live events.”
🔸 Comcast announced plans to separate NBCUniversal and Sky into an independent publicly traded company.
🔹 Revenue: $29.94B (Est. $29.30B) 🟢; -1% YoY
🔹 Adj. EPS: $1.04 (Est. $0.97) 🟢; -17% YoY
🔹 Adj EBITDA: $8.9B; -13% YoY
🔹 Free Cash Flow: $4.6B; +2% YoY
🔸 Peacock achieved quarterly profitability for the first time ever
Peacock:
🔹 Revenue: $1.90B; +54% YoY
🔹 EBITDA: $189M, improving by $290M YoY
🔹 Paid Subscribers: 48M
🔹 Net Subscriber Adds: 2M, nearly 4x analyst expectations
🔸 Growth was driven by the NBA Playoffs, FIFA World Cup and Love Island USA
Connectivity:
🔹 Domestic Broadband Net Losses: -167,000 (Est. -165,300) 🔴
🔹 Domestic Wireless Line Adds: 448,000 (Est. 391,100) 🟢
🔹 Total Wireless Lines: 10.2M
🔹 Wireless Penetration: 7% of addressable lines
🔹 Business Services Revenue: $2.7B; +3.7% YoY
🔹 Business Services EBITDA: $1.5B; +5% YoY
🔹 Business Services EBITDA Margin: 56.7%
Content & Experiences:
🔹 Studios Revenue: $3.0B; +25% YoY
🔹 Studios EBITDA increased by $141M YoY
🔹 Theme Parks Revenue: $2.41B, slightly below estimates
🔹 Theme Parks EBITDA: -5.1% YoY
🔸 Comcast cited near-term softness at its theme parks, particularly in Asia
Financials:
🔹 Operating Cash Flow: $8.09B; +3.5% YoY
🔹 Capital Expenditures: $2.9B; +8.3% YoY
🔹 Adjusted Net Income: $3.71B; -20% YoY
🔹 Pro Forma Revenue: $29.57B; +4.7% YoY
🔹 Pro Forma Adjusted EBITDA: $8.92B; -5.3% YoY
Capital Returns:
🔹 Dividends Paid: $1.2B
🔹 Share Repurchases: $900M
🔹 Total Capital Returned: $2.1B
🔸 Comcast paused share repurchases while it works through the separation of NBCUniversal and Sky
Management Commentary:
🔸 “We delivered our best wireless quarter ever, surpassing 10 million total lines.”
🔸 “Peacock reached profitability for the first time, supported by a broad slate of sports, entertainment and major live events.”
🔸 Comcast announced plans to separate NBCUniversal and Sky into an independent publicly traded company.
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