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北京时间·🕒 发布 18:00:00时区推断·⟳ 抓取 18:03:14·⚡ 决策 07-23 18:06:30 +3m16s·96.0 天前
Comcast发布2026年二季度财报，EPS好于预期但利润与核心有线业务仍承压
调整后EPS为1.04美元，高于市场约0.97-0.98美元预期，但调整后净利润同比下降20.3%、调整后EBITDA同比下降13.4%，质量不够单边利多。
📄 原文CMCSA↗ 原文
Comcast Reports 2nd Quarter 2026 Results
“Second quarter results show continued progress against our strategic priorities," said | | ($ in millions, except per…
不做 Comcast（CMCSA.US）
财报方向混合：EPS小幅超预期但利润和核心宽带/视频业务承压，且披露为预期内财报日，需等电话会与开盘真实承接后再判断，不做。
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
消息传播链
- 公司提前公告将于2026-07-23盘前发布二季度业绩并在08:30 ET召开电话会，财报事件本身不是突发。
- 公司发布二季度财报，披露调整后EPS 1.04美元、自由现金流46亿美元、Peacock首次季度盈利，同时调整后EBITDA同比下降。
- 市场预期显示Comcast二季度Consensus EPS约0.98美元、收入约292.4亿美元，用于判断本次EPS为小幅超预期。市场反应:07-22收盘价约23.52美元，盘后约23.64美元。
关键理由
- 调整后EPS为1.04美元，高于市场约0.97-0.98美元预期，但调整后净利润同比下降20.3%、调整后EBITDA同比下降13.4%，质量不够单边利多。
- 住宅宽带净流失16.7万户、视频客户净流失28万户，核心连接与平台业务收入和EBITDA继续下滑，抵消Peacock首次季度盈利和无线新增创纪录的亮点。
- 公司计划分拆NBCUniversal和Sky是中期结构事件，但本次财报日历早已明确，且盘前可交易窗口需要电话会与开盘反应确认，不适合直接追财报。
主要风险
- 若电话会给出更强的分拆时间表、资本回报或宽带改善指引，盘中可能出现重新定价。
- 当前判断缺少实时成交报价和电话会后的管理层指引，财报前后波动可能较大。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-07-23 · 影响 weakens
财报中住宅宽带和视频客户仍净流失，调整后EBITDA同比下降，削弱直接做多的质量。
检索:Comcast Q2 2026 earnings broadband losses adjusted EBITDA decline 原文 ↗ - 做空前查反向 · 来源 web · 日期 2026-07-23 · 影响 weakens
调整后EPS高于预期，Peacock首次季度盈利且无线净增创纪录，削弱开空胜率。
检索:Comcast Q2 2026 EPS beat Peacock profitability wireless additions 原文 ↗
原文全文
展开原文 · 8,000 字
Comcast Reports 2nd Quarter 2026 Results
“Second quarter results show continued progress against our strategic priorities," said
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($ in millions, except per share data) |
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2nd Quarter |
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Consolidated Results |
2026 |
2025 |
Change |
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Revenue |
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(1.2 |
%) |
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Pro Forma Revenue1 |
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4.7 |
% |
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Net Income Attributable to |
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(68.3 |
%) |
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Adjusted Net Income2 |
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(20.3 |
%) |
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Adjusted EBITDA3 |
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(13.4 |
%) |
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Pro Forma Adjusted EBITDA1 |
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(5.3 |
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Earnings per Share4 |
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(66.9 |
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Adjusted Earnings per Share2 |
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(16.7 |
%) |
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Net Cash Provided by Operating Activities |
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3.5 |
% |
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Free Cash Flow5 |
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2.3 |
% |
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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. |
2nd Quarter 2026 Highlights:
-
Generated Consolidated Adjusted EBITDA of
$8.9 Billion , Adjusted EPS of$1.04 and Free Cash Flow of$4.6 Billion -
Returned
$2.1 Billion to Shareholders Through a Combination of$1.2 Billion in Dividend Payments and$900 Million in Share Repurchases - Continued to Gain Traction with Our New Go-to-Market Strategy Reflected by Domestic Residential Broadband Customer Net Losses Improving by 34,000 Year-over-Year, and Domestic Wireless Customer Line Net Additions of 448,000 - Our Best Quarterly Result on Record; Total Wireless Lines Increased to 10.2 Million, with Penetration at 7% of Total Addressable Wireless Lines in Our Footprint
-
Business Services Connectivity Revenue Increased 3.7% to
$2.7 Billion , EBITDA Increased 5.0% to$1.5 Billion and EBITDA Margin Was 56.7% -
Peacock Achieved Quarterly Profitability for the First Time Ever with EBITDA of
$189 Million , Increasing$290 Million Year-over-Year; Paid Subscribers Increased by 2 Million Net Additions in the Quarter to 48 Million, Driven by NBA Playoffs,FIFA World Cup and Love Island USA -
Studios EBITDA Increased
$141 Million Year-over-Year Driven by the Successful Theatrical Performances of The Super Mario Galaxy Movie, Obsession and the International Distribution of Michael; The Super Mario Galaxy Movie Grossed Over$1 Billion in Worldwide Box Office Year-to-Date, Pushing the Franchise's Cumulative Total Past$2 Billion ; Obsession Grossed Over$400 Million in Worldwide Box Office Year-to-Date, Becoming Focus Features' Highest-Grossing Film in History -
FIFA World Cup 2026 Drove Record-Breaking Engagement Across Telemundo and Peacock, with the Top Ten Most-Watched Matches in Spanish Language History - Announced the Intention to Separate into Two Publicly Traded Companies Through a Tax-Free Spin-off of NBCUniversal and Sky
2nd Quarter Consolidated Financial Results
Revenue decreased 1.2% compared to the prior year period. Net Income Attributable to
Earnings per Share (EPS) decreased 66.9% to
Capital Expenditures increased 8.3% to
Net Cash Provided by Operating Activities was
Dividends and Share Repurchases.
Connectivity & Platforms
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($ in millions) |
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Constant
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2nd Quarter |
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2026 |
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20256 |
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Change |
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Connectivity & Platforms Revenue |
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Residential Connectivity & Platforms |
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(4.0 |
%) |
(4.3 |
%) |
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Business Services Connectivity |
2,671 |
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2,575 |
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3.7 |
% |
3.7 |
% |
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Total Connectivity & Platforms Revenue |
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(3.0 |
%) |
(3.2 |
%) |
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Connectivity & Platforms Adjusted EBITDA |
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Residential Connectivity & Platforms |
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(8.0 |
%) |
(8.0 |
%) |
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Business Services Connectivity |
1,516 |
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1,444 |
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5.0 |
% |
5.0 |
% |
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Total Connectivity & Platforms Adjusted EBITDA |
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(5.7 |
%) |
(5.8 |
%) |
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Connectivity & Platforms Adjusted EBITDA Margin |
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Residential Connectivity & Platforms |
37.7 |
% |
39.3 |
% |
(160) bps |
(150) bps |
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Business Services Connectivity |
56.7 |
% |
56.1 |
% |
60 bps |
60 bps |
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Total Connectivity & Platforms Adjusted EBITDA Margin |
40.2 |
% |
41.4 |
% |
(120) bps |
(110) bps |
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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 40.2%.
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(in thousands) |
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Net Additions /
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2nd Quarter |
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2Q26 |
2Q25 |
2026 |
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2025 |
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Residential Connectivity & Platforms Customer Relationships |
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Domestic Residential Connectivity & Platforms Customer Relationships |
30,179 |
30,746 |
(166 |
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(223 |
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International Residential Connectivity & Platforms Customer Relationships8 |
17,539 |
17,573 |
(64 |
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(102 |
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Total Residential Connectivity & Platforms Customer Relationships8 |
47,718 |
48,318 |
(230 |
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(325 |
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Total Domestic Broadband Residential Customers |
28,486 |
28,989 |
(167 |
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(201 |
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Total Domestic Wireless Lines |
10,187 |
8,527 |
448 |
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378 |
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Total Domestic Video Customers |
10,668 |
11,771 |
(280 |
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(325 |
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Total Customer Relationships for Residential Connectivity & Platforms decreased by 230,000 to 47.7 million, reflecting a decrease in domestic and international residential customer relationships. Total domestic broadband residential customer net losses were 167,000, total domestic wireless line net additions were 448,000 and total domestic video customer net losses were 280,000.
Residential Connectivity & Platforms
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($ in millions) |
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Constant
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2nd Quarter |
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2026 |
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20256, 9 |
Change |
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Revenue |
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Domestic Broadband |
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(5.5 |
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(5.5 |
%) |
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Domestic Wireless Service |
1,007 |
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882 |
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14.2 |
% |
14.2 |
% |
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Domestic Convergence Revenue |
7,287 |
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7,530 |
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(3.2 |
%) |
(3.2 |
%) |
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Domestic Wireless Equipment |
404 |
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313 |
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28.8 |
% |
28.8 |
% |
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International Connectivity |
1,246 |
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1,219 |
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2.2 |
% |
1.3 |
% |
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Total Residential Connectivity |
8,937 |
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9,063 |
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(1.4 |
%) |
(1.5 |
%) |
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Video |
6,092 |
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6,605 |
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(7.8 |
%) |
(8.2 |
%) |
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Advertising |
962 |
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951 |
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1.1 |
% |
0.7 |
% |
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Other |
1,133 |
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1,219 |
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(7.0 |
%) |
(7.2 |
%) |
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Total Revenue |
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(4.0 |
%) |
(4.3 |
%) |
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Operating Expenses |
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Programming |
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(7.5 |
%) |
(7.9 |
%) |
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Non-Programming |
6,977 |
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6,835 |
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2.1 |
% |
1.7 |
% |
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Total Operating Expenses |
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(1.5 |
%) |
(1.8 |
%) |
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Adjusted EBITDA |
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(8.0 |
%) |
(8.0 |
%) |
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Adjusted EBITDA Margin |
37.7 |
% |
39.3 |
% |
(160) bps |
(150) bps |
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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 v
“Second quarter results show continued progress against our strategic priorities," said
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($ in millions, except per share data) |
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2nd Quarter |
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Consolidated Results |
2026 |
2025 |
Change |
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Revenue |
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(1.2 |
%) |
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Pro Forma Revenue1 |
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4.7 |
% |
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Net Income Attributable to |
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(68.3 |
%) |
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Adjusted Net Income2 |
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(20.3 |
%) |
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Adjusted EBITDA3 |
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(13.4 |
%) |
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Pro Forma Adjusted EBITDA1 |
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(5.3 |
%) |
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Earnings per Share4 |
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(66.9 |
%) |
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Adjusted Earnings per Share2 |
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(16.7 |
%) |
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Net Cash Provided by Operating Activities |
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3.5 |
% |
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Free Cash Flow5 |
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2.3 |
% |
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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. |
2nd Quarter 2026 Highlights:
-
Generated Consolidated Adjusted EBITDA of
$8.9 Billion , Adjusted EPS of$1.04 and Free Cash Flow of$4.6 Billion -
Returned
$2.1 Billion to Shareholders Through a Combination of$1.2 Billion in Dividend Payments and$900 Million in Share Repurchases - Continued to Gain Traction with Our New Go-to-Market Strategy Reflected by Domestic Residential Broadband Customer Net Losses Improving by 34,000 Year-over-Year, and Domestic Wireless Customer Line Net Additions of 448,000 - Our Best Quarterly Result on Record; Total Wireless Lines Increased to 10.2 Million, with Penetration at 7% of Total Addressable Wireless Lines in Our Footprint
-
Business Services Connectivity Revenue Increased 3.7% to
$2.7 Billion , EBITDA Increased 5.0% to$1.5 Billion and EBITDA Margin Was 56.7% -
Peacock Achieved Quarterly Profitability for the First Time Ever with EBITDA of
$189 Million , Increasing$290 Million Year-over-Year; Paid Subscribers Increased by 2 Million Net Additions in the Quarter to 48 Million, Driven by NBA Playoffs,FIFA World Cup and Love Island USA -
Studios EBITDA Increased
$141 Million Year-over-Year Driven by the Successful Theatrical Performances of The Super Mario Galaxy Movie, Obsession and the International Distribution of Michael; The Super Mario Galaxy Movie Grossed Over$1 Billion in Worldwide Box Office Year-to-Date, Pushing the Franchise's Cumulative Total Past$2 Billion ; Obsession Grossed Over$400 Million in Worldwide Box Office Year-to-Date, Becoming Focus Features' Highest-Grossing Film in History -
FIFA World Cup 2026 Drove Record-Breaking Engagement Across Telemundo and Peacock, with the Top Ten Most-Watched Matches in Spanish Language History - Announced the Intention to Separate into Two Publicly Traded Companies Through a Tax-Free Spin-off of NBCUniversal and Sky
2nd Quarter Consolidated Financial Results
Revenue decreased 1.2% compared to the prior year period. Net Income Attributable to
Earnings per Share (EPS) decreased 66.9% to
Capital Expenditures increased 8.3% to
Net Cash Provided by Operating Activities was
Dividends and Share Repurchases.
Connectivity & Platforms
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($ in millions) |
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Constant
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2nd Quarter |
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2026 |
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20256 |
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Change |
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Connectivity & Platforms Revenue |
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Residential Connectivity & Platforms |
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(4.0 |
%) |
(4.3 |
%) |
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Business Services Connectivity |
2,671 |
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2,575 |
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3.7 |
% |
3.7 |
% |
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Total Connectivity & Platforms Revenue |
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(3.0 |
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(3.2 |
%) |
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Connectivity & Platforms Adjusted EBITDA |
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Residential Connectivity & Platforms |
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(8.0 |
%) |
(8.0 |
%) |
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Business Services Connectivity |
1,516 |
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1,444 |
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5.0 |
% |
5.0 |
% |
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Total Connectivity & Platforms Adjusted EBITDA |
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(5.7 |
%) |
(5.8 |
%) |
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Connectivity & Platforms Adjusted EBITDA Margin |
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Residential Connectivity & Platforms |
37.7 |
% |
39.3 |
% |
(160) bps |
(150) bps |
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Business Services Connectivity |
56.7 |
% |
56.1 |
% |
60 bps |
60 bps |
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Total Connectivity & Platforms Adjusted EBITDA Margin |
40.2 |
% |
41.4 |
% |
(120) bps |
(110) bps |
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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 40.2%.
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(in thousands) |
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Net Additions /
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2nd Quarter |
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2Q26 |
2Q25 |
2026 |
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2025 |
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Residential Connectivity & Platforms Customer Relationships |
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Domestic Residential Connectivity & Platforms Customer Relationships |
30,179 |
30,746 |
(166 |
) |
(223 |
) |
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|||
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|
International Residential Connectivity & Platforms Customer Relationships8 |
17,539 |
17,573 |
(64 |
) |
(102 |
) |
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|||
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Total Residential Connectivity & Platforms Customer Relationships8 |
47,718 |
48,318 |
(230 |
) |
(325 |
) |
|
|||
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|
|
|
|
|
|
|||||
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Total Domestic Broadband Residential Customers |
28,486 |
28,989 |
(167 |
) |
(201 |
) |
|
|||
|
|
|
|
|
|
|
|
|||||
|
|
Total Domestic Wireless Lines |
10,187 |
8,527 |
448 |
|
378 |
|
|
|||
|
|
|
|
|
|
|
|
|||||
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|
Total Domestic Video Customers |
10,668 |
11,771 |
(280 |
) |
(325 |
) |
|
|||
|
|
|
|
|
|
|
|
Total Customer Relationships for Residential Connectivity & Platforms decreased by 230,000 to 47.7 million, reflecting a decrease in domestic and international residential customer relationships. Total domestic broadband residential customer net losses were 167,000, total domestic wireless line net additions were 448,000 and total domestic video customer net losses were 280,000.
Residential Connectivity & Platforms
|
|
|
|
|
|
|
|
|||||||
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|
($ in millions) |
|
|
|
Constant
|
|
|||||||
|
|
|
2nd Quarter |
|
||||||||||
|
|
|
2026 |
|
20256, 9 |
Change |
|
|||||||
|
|
|
|
|
|
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|
|
Revenue |
|
|
|
|
|
|||||||
|
|
Domestic Broadband |
|
|
|
|
(5.5 |
%) |
(5.5 |
%) |
|
|||
|
|
Domestic Wireless Service |
1,007 |
|
882 |
|
14.2 |
% |
14.2 |
% |
|
|||
|
|
Domestic Convergence Revenue |
7,287 |
|
7,530 |
|
(3.2 |
%) |
(3.2 |
%) |
|
|||
|
|
Domestic Wireless Equipment |
404 |
|
313 |
|
28.8 |
% |
28.8 |
% |
|
|||
|
|
International Connectivity |
1,246 |
|
1,219 |
|
2.2 |
% |
1.3 |
% |
|
|||
|
|
Total Residential Connectivity |
8,937 |
|
9,063 |
|
(1.4 |
%) |
(1.5 |
%) |
|
|||
|
|
Video |
6,092 |
|
6,605 |
|
(7.8 |
%) |
(8.2 |
%) |
|
|||
|
|
Advertising |
962 |
|
951 |
|
1.1 |
% |
0.7 |
% |
|
|||
|
|
Other |
1,133 |
|
1,219 |
|
(7.0 |
%) |
(7.2 |
%) |
|
|||
|
|
Total Revenue |
|
|
|
|
(4.0 |
%) |
(4.3 |
%) |
|
|||
|
|
|
|
|
|
|
|
|||||||
|
|
Operating Expenses |
|
|
|
|
|
|||||||
|
|
Programming |
|
|
|
|
(7.5 |
%) |
(7.9 |
%) |
|
|||
|
|
Non-Programming |
6,977 |
|
6,835 |
|
2.1 |
% |
1.7 |
% |
|
|||
|
|
Total Operating Expenses |
|
|
|
|
(1.5 |
%) |
(1.8 |
%) |
|
|||
|
|
|
|
|
|
|
|
|||||||
|
|
Adjusted EBITDA |
|
|
|
|
(8.0 |
%) |
(8.0 |
%) |
|
|||
|
|
Adjusted EBITDA Margin |
37.7 |
% |
39.3 |
% |
(160) bps |
(150) 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 v
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