Comcast reported a net loss of 144,000 U.S. residential broadband customers in the third quarter of 2026, compared with 91,000 a year earlier. Revenue was $29.298 billion for the quarter ended September 30, and the company released its results on October 22. Whether revenue and Adjusted EBITDA rose or fell year over year depends on which comparison base Comcast used.
Reported and pro forma results tell different stories
On the reported basis, Comcast’s Q3 revenue fell 6.1% and its Adjusted EBITDA fell 5.8%. In pro forma comparisons, which adjust the prior-year figures for the Versant separation and the sale of Sky’s German operations, revenue rose 0.5% and Adjusted EBITDA rose 0.8%.
| Measure | Q3 2026 | Reported Q3 2025 comparison | Change | Pro forma Q3 2025 comparison | Change |
| Revenue | $29.298 billion | $31.198 billion | −6.1% | $29.151 billion | +0.5% |
| Adjusted EBITDA | $9.106 billion | $9.669 billion | −5.8% | $9.038 billion | +0.8% |
The pro forma figures use a different business perimeter for the prior-year comparison. Comcast identifies them as non-GAAP measures and says they are not necessarily indicative of future results. Adjusted EBITDA is also a non-GAAP measure.
Other earnings measures moved in different directions. Comcast’s net income attributable to the company rose 3.5% to $3.448 billion, and diluted GAAP earnings per share rose 7.2% to $0.97. Adjusted EPS, a separate non-GAAP measure, fell 4.0% to $1.07. Free cash flow was $4.211 billion, down 14.8% year over year.
Broadband losses contrasted with wireless growth
Comcast ended Q3 with 28.343 million U.S. residential broadband customers after the net loss of 144,000. Domestic broadband revenue fell 4.7% to $6.241 billion. Comcast attributed the revenue decline to both lower average rates and fewer broadband customers.
Video customers also declined: Comcast reported a net loss of 274,000 domestic video customers, compared with 257,000 a year earlier, and ended the quarter with 10.394 million.
Wireless moved in the other direction. Comcast added 368,000 domestic wireless lines, bringing its total to 10.555 million. It added 414,000 lines in Q3 2025. Domestic wireless service revenue rose 14.7% to $1.050 billion; Comcast attributed the increase to growth in its customer base and the conversion of promotional free lines to paid service. A wireless line represents a device, and one customer relationship can include multiple lines.
Peacock helped lift content results
Peacock reported $1.8 billion in revenue, $261 million in Adjusted EBITDA and 48 million paid subscribers, up 17% year over year. Comcast called it the service’s second consecutive profitable quarter.
The broader Content & Experiences segment recorded $10.537 billion in revenue, up 6.5%, and $1.8 billion in Adjusted EBITDA, up 29.3%. Media revenue included $224 million in incremental revenue attributed to the FIFA World Cup; excluding that amount, Media revenue rose 8.3%. Studios Adjusted EBITDA increased 18.6% to $402 million. Theme Parks revenue fell 4.4% to $2.597 billion, while its Adjusted EBITDA fell 17.1% to $780 million.
Competition, restructuring and customer-service AI
Comcast executives described pressure from fixed wireless and fiber competition. CFO Jason S. Armstrong cited fiber offers of $30 to $40 per month in some U.S. markets and estimated deployment costs of at least $1,500 per home, characterizing the economics as irrational from Comcast’s perspective.
Bloomberg reported on October 21 that Comcast was planning significant job cuts as part of a cable-business reorganization. Separately, Armstrong said Comcast expected a restructuring charge exceeding $1 billion in Q4 2026.
Armstrong also said Comcast was expanding customer-experience AI applications with Sierra and Cresta. He reported that customer-service contact rates had fallen by roughly 20% and that Comcast had eliminated more than 30 million service interactions year to date compared with the prior year.
