Comcast Tops Third-Quarter Expectations on Strong Media Growth and Historic Peacock Profit

Comcast surpassed Wall Street expectations for its third-quarter earnings, weathering headwinds in its theme park division thanks to robust performance in its media unit and a milestone financial quarter for its streaming service.

For the period ended September 30, Comcast reported adjusted earnings per share of $1.07, beating the 98 cents expected by analysts surveyed by LSEG. Total revenue reached $29.3 billion, edging past the consensus estimate of $29.28 billion. Net income for the quarter stood at $3.45 billion, or 97 cents per share, compared to $3.33 billion, or 90 cents per share, in the third quarter of 2025. Total revenue was 6% lower than the same period last year, but the company noted that adjusting for the recent spinoff of Versant, revenue was essentially flat.

A major highlight for the conglomerate was Peacock, which posted a quarterly profit for only the second time since its 2000 launch. The streaming platform reported $261 million in adjusted earnings before interest, taxes, depreciation, and amortization on $1.8 billion in revenue. Peacock paid subscribers climbed to 48 million, marking a 17% increase year over year. The platform continued to capitalize on record-high viewership from the FIFA World Cup, with final matches airing early in the quarter on NBCUniversal’s Telemundo and Peacock.

Driven largely by the streaming service, Comcast’s media division revenue rose 13% compared to the prior-year period, reaching $5.4 billion. The broader content and experiences unit, which encompasses both the film studio and theme parks, saw revenue increase by 6.5%.

Within the studios division, revenue dipped 1.1% to $2.97 billion, largely due to a 23.7% drop in content licensing revenue. However, adjusted EBITDA for the segment jumped 18.6% to $402 million, aided by lower operating expenses and the box-office success of Universal’s July theatrical release of “The Odyssey,” which became the studio’s highest-grossing film of all time.

Conversely, Comcast’s theme park revenue declined 4.4% to $2.6 billion, with adjusted EBITDA sinking 17%. The company blamed the drop on cyclical headwinds and reduced admissions revenue affected by promotional activity. The slowdown occurred despite recent investments, including a new roller coaster at Universal Studios Hollywood and the opening last year of Epic Universe, Universal’s largest theme park property. By comparison, rival Disney reported record quarterly revenue in its park division in August.

Comcast’s connectivity and platforms sector continued to experience downward pressure, with revenue falling 2.7% year over year. The broadband segment lost 144,000 net domestic residential customers, while traditional cable customer rolls shrank by 274,000 during the quarter. Facing years of stagnating broadband growth and aggressive competition from wireless providers such as Verizon and T-Mobile, Comcast shifted strategy in January 2025 to focus more heavily on its mobile business and introduce competitive pricing plans. Those efforts yielded an addition of 368,000 mobile customers during the third quarter.

The earnings report follows significant corporate restructuring moves. In June, Comcast announced plans to split NBCUniversal and European media business Sky from its core cable, wireless, and business services units into two separate publicly traded companies, a process expected to take about a year. Co-CEO and Chair Brian Roberts stated that the separation aims to provide each entity with dedicated focus, strategic flexibility, and tailored investment priorities. That decision followed the January completion of a spinoff that placed most of Comcast’s cable networks and digital businesses into Versant.