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Comcast (NASDAQ: CMCSA) grows Q1 2026 revenue but earnings and cash flow decline

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Comcast Corporation reported first-quarter 2026 results with revenue of $31.457 billion, up 5.3% from $29.887 billion a year ago. On a pro forma basis, revenue rose 10.9% after the Versant separation.

Profitability declined: net income attributable to Comcast fell to $2.174 billion, down 35.6%, and Adjusted Net Income declined 30.7% to $2.863 billion. Diluted EPS decreased from $0.89 to $0.60, while Adjusted EPS fell from $1.09 to $0.79. Adjusted EBITDA dropped 16.8% to $7.929 billion, and Free Cash Flow decreased 28.0% to $3.901 billion, even as Comcast returned $2.5 billion to shareholders through dividends and buybacks.

Connectivity & Platforms revenue slipped 1.0% to $19.962 billion, with Residential Connectivity & Platforms down 1.9% but Business Services Connectivity up 5.8%. Content & Experiences revenue jumped 39.7% to $11.94 billion, driven by the Milan Cortina Olympics and Super Bowl, though segment Adjusted EBITDA fell 46.0% to $331 million amid higher programming costs.

Positive

  • None.

Negative

  • None.

Insights

Strong top-line growth but significantly weaker profit and cash generation.

Comcast grew Q1 2026 revenue to $31.457 billion, up 5.3%, or 10.9% on a pro forma basis excluding Versant. Growth was concentrated in Content & Experiences, where revenue surged 39.7% to $11.94 billion on Olympics and Super Bowl exposure.

However, profitability contracted meaningfully. Adjusted EBITDA fell 16.8% to $7.929 billion, while net income dropped 35.6% to $2.174 billion. Free Cash Flow declined 28.0% to $3.901 billion, pressured by higher programming and operating costs and modestly higher capital expenditures.

Operationally, Connectivity & Platforms revenue dipped 1.0%, with Residential down and Business Services up 5.8%. Media delivered large event-driven revenue but negative Adjusted EBITDA of $426 million as programming costs for the Milan Cortina Olympics and Super Bowl outpaced incremental revenue. Investors may focus on whether margin trends stabilize in periods without such event loads.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revenue $31.457 billion Q1 2026, up 5.3% year over year
Net income attributable to Comcast $2.174 billion Q1 2026, down 35.6% year over year
Adjusted EBITDA $7.929 billion Q1 2026, down 16.8% year over year
Free Cash Flow $3.901 billion Q1 2026, down 28.0% year over year
Adjusted EPS $0.79 Q1 2026, down from $1.09 (27.5% decrease)
Content & Experiences revenue $11.94 billion Q1 2026, up 39.7% year over year
Connectivity & Platforms revenue $19.962 billion Q1 2026, down 1.0% year over year
Shareholder capital returns $2.5 billion Q1 2026 dividends and share repurchases combined
Adjusted EBITDA financial
"Adjusted EBITDA decreased 16.8%. On a pro forma basis to reflect the separation of Versant..."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free Cash Flow financial
"Free Cash Flow 5 | $3,901 | | $5,421 | | (28.0 | %) |"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
constant currency financial
"Constant currency growth rates are calculated by comparing the results for each comparable prior year period..."
Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.
pro forma financial
"On a pro forma basis to reflect the separation of Versant, revenue increased 10.9%..."
Pro forma refers to financial information that is prepared based on estimates or adjustments to show what a company's results might look like under certain scenarios, such as new projects or acquisitions. It helps investors understand the potential impact of future events by providing a clear, hypothetical view of financial performance, much like a weather forecast shows possible future conditions.
non-GAAP financial measures financial
"Exhibit 99.2 sets forth the reasons Comcast believes that presentation of the non-GAAP financial measures..."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Versant financial
"in connection with the separation of Versant, which was completed on January 2, 2026..."
Revenue $31,457 million 5.3% year over year
Net income attributable to Comcast $2,174 million -35.6% year over year
Adjusted EBITDA $7,929 million -16.8% year over year
Diluted EPS $0.60 -32.6% year over year
Adjusted EPS $0.79 -27.5% year over year
Free Cash Flow $3,901 million -28.0% year over year
Understanding 8-K Material Events →
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): April 23, 2026
Comcast Corporation
(Exact Name of Registrant
as Specified in its Charter)
Pennsylvania
(State or Other Jurisdiction of Incorporation)
001-3287127-0000798
(Commission File Number)(IRS Employer Identification No.)
One Comcast Center
Philadelphia,PA19103-2838
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (215) 286-1700
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class  Trading symbol(s)Name of Each Exchange on Which Registered
Class A Common Stock, $0.01 par value CMCSA The Nasdaq Stock Market LLC
0.000% Notes due 2026CMCS26The Nasdaq Stock Market LLC
0.250% Notes due 2027CMCS27The Nasdaq Stock Market LLC
1.500% Notes due 2029CMCS29The Nasdaq Stock Market LLC
0.250% Notes due 2029CMCS29AThe Nasdaq Stock Market LLC
0.750% Notes due 2032CMCS32The Nasdaq Stock Market LLC
3.250% Notes due 2032CMCS32AThe Nasdaq Stock Market LLC
1.875% Notes due 2036CMCS36The Nasdaq Stock Market LLC
3.550% Notes due 2036CMCS36AThe Nasdaq Stock Market LLC
1.250% Notes due 2040CMCS40The Nasdaq Stock Market LLC
5.250% Notes due 2040CMCS40AThe Nasdaq Stock Market LLC
5.50% Notes due 2029CCGBP29New York Stock Exchange
2.0% Exchangeable Subordinated Debentures due 2029CCZNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 


Item 2.02. Results of Operations and Financial Condition
     
On April 23, 2026, Comcast Corporation (“Comcast”) issued a press release reporting the results of its operations for the three months ended March 31, 2026. The press release is attached hereto as Exhibit 99.1. Exhibit 99.2 sets forth the reasons Comcast believes that presentation of the non-GAAP financial measures contained in the press release provides useful information to investors regarding Comcast's results of operations and financial condition. To the extent material, Exhibit 99.2 also discloses the additional purposes, if any, for which Comcast's management uses these non-GAAP financial measures. A reconciliation of these non-GAAP financial measures with the most directly comparable GAAP financial measures is included in the press release itself. Comcast does not intend for this Item 2.02 or Exhibit 99.1 or Exhibit 99.2 to be treated as "filed" under the Securities Exchange Act of 1934, as amended, or incorporated by reference into its filings under the Securities Act of 1933, as amended.


 
Item 9.01. Exhibits
Exhibit Number
Description
99.1
Comcast Corporation press release dated April 23, 2026.
99.2
Explanation of Non-GAAP and Other Financial Measures.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
COMCAST CORPORATION
Date:April 23, 2026By:/s/ Daniel C. Murdock
Daniel C. Murdock
Executive Vice President, Chief Accounting Officer and Controller
(Principal Accounting Officer)






          comcastlogo.jpg
PRESS RELEASE
COMCAST REPORTS 1st QUARTER 2026 RESULTS
PHILADELPHIA - April 23, 2026… Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended March 31, 2026.
“2026 is an important year of execution, and we're seeing tangible early signs our pivot is taking hold," said Brian L. Roberts and Mike Cavanagh, co-CEOs of Comcast Corporation. "Broadband subscriber losses improved by more than 100,000 year-over-year, and we delivered record wireless line additions as customers respond to simpler, more transparent offers and a better end-to-end experience. Legendary February showcased the strength of our Media portfolio, leveraging the unmatched reach of the Milan Cortina Winter Olympics and the Super Bowl to drive record advertising and strong Peacock growth, while also powering our ability to market our connectivity products at scale. Importantly, we generated $3.9 billion in free cash flow and returned $2.5 billion to shareholders this quarter even as we continued to lean into investments across our core growth businesses, underscoring our disciplined approach to capital allocation."
($ in millions, except per share data)
1st Quarter
Consolidated Results20262025Change
Revenue $31,457 $29,887 5.3%
Pro Forma Revenue1
$31,457 $28,369 10.9%
Net Income Attributable to Comcast$2,174 $3,375 (35.6%)
Adjusted Net Income2
$2,863 $4,132 (30.7%)
Adjusted EBITDA3
$7,929 $9,532 (16.8%)
Pro Forma Adjusted EBITDA1
$7,929 $8,692 (8.8%)
Earnings per Share4
$0.60 $0.89 (32.6%)
Adjusted Earnings per Share2
$0.79 $1.09 (27.5%)
Net Cash Provided by Operating Activities$6,891 $8,294 (16.9%)
Free Cash Flow5
$3,901 $5,421 (28.0%)
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.
1st Quarter 2026 Highlights:
•Generated Consolidated Adjusted EBITDA of $7.9 Billion, Adjusted EPS of $0.79 and Free Cash Flow of $3.9 Billion
•Returned $2.5 Billion to Shareholders Through a Combination of $1.2 Billion in Dividend Payments and $1.3 Billion in Share Repurchases
•At Connectivity & Platforms, Connectivity Revenue Increased 1.6% to $11.6 Billion, Primarily Reflecting Growth in Domestic Wireless Equipment, Business Services Connectivity, Domestic Wireless Service and International Connectivity
•Gained Traction with Our New Go-to-Market Strategy Reflected by Domestic Residential Broadband Customer Net Losses Improving by 117,000 Year-over-Year to 65,000, and Domestic Wireless Customer Line Net Additions of 435,000 - Our Best Quarterly Result on Record; Total Wireless Lines Increased to 9.7 Million, Reaching 16% Penetration of Domestic Residential Broadband Customers
•Business Services Connectivity Revenue Increased 5.8% to $2.6 Billion, EBITDA Increased 3.8% to $1.5 Billion and EBITDA Margin Was 55.9%
•“Legendary February” Delivered Record-Setting Viewership, Reaching Over 225 Million Americans with the Milan Cortina Olympics - the Most-Watched Winter Games Since 2014 - Averaging 23.5 Million Viewers; Super Bowl LX - the Most-Watched Show in NBCU's Company History - Averaging 125 Million Viewers and the Second Most-Watched Event of All Time; and the NBA All-Star Game Delivering Its Largest Audience Since 2011
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•Peacock Delivered Strong Growth with Paid Subscribers Increasing 12% Year-over-Year to 46 Million and Revenue Growth of 71%, Surpassing $2 Billion for the First Time
•Theme Parks EBITDA Increased 33% to $551 Million, Fueled by the Opening of Epic Universe in May 2025

1st Quarter Consolidated Financial Results
\
Revenue increased 5.3% compared to the prior year period. Net Income Attributable to Comcast decreased 35.6%. Adjusted Net Income decreased 30.7%. Adjusted EBITDA decreased 16.8%. On a pro forma basis to reflect the separation of Versant, which was completed on January 2, 2026, revenue increased 10.9% and Adjusted EBITDA decreased 8.8%.

Earnings per Share (EPS) decreased 32.6% to $0.60. Adjusted EPS decreased 27.5% to $0.79.

Capital Expenditures increased 4.4% to $2.4 billion. Connectivity & Platforms’ capital expenditures increased 13.4% to $1.8 billion, primarily reflecting higher spending on customer premise equipment, scalable infrastructure and support capital. Content & Experiences' capital expenditures decreased 20.1% to $481 million, reflecting the opening of Epic Universe in May 2025.

Net Cash Provided by Operating Activities was $6.9 billion. Free Cash Flow was $3.9 billion.

Dividends and Share Repurchases. Comcast paid dividends totaling $1.2 billion and repurchased 42 million of its shares for $1.3 billion, resulting in a total return of capital to shareholders of $2.5 billion.


Connectivity & Platforms
($ in millions)
Constant
Currency
Change7
1st Quarter
2026
20256
Change
Connectivity & Platforms Revenue
Residential Connectivity & Platforms$17,323$17,665(1.9%)(3.6%)
Business Services Connectivity2,6402,4965.8%5.7%
Total Connectivity & Platforms Revenue$19,962$20,161(1.0%)(2.5%)
Connectivity & Platforms Adjusted EBITDA
Residential Connectivity & Platforms$6,434$6,842(6.0%)(6.5%)
Business Services Connectivity1,4761,4223.8%3.9%
Total Connectivity & Platforms Adjusted EBITDA$7,910$8,264(4.3%)(4.7%)
Connectivity & Platforms Adjusted EBITDA Margin
Residential Connectivity & Platforms37.1%38.7%(160) bps(120) bps
Business Services Connectivity55.9%57.0%(110) bps (100) bps
Total Connectivity & Platforms Adjusted EBITDA Margin39.6%41.0%(140) bps(100) 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 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 39.6%.

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(in thousands)Net Additions / (Losses)
1st Quarter
1Q261Q2520262025
Residential Connectivity & Platforms Customer Relationships
Domestic Residential Connectivity & Platforms Customer Relationships30,34530,969(94)(204)
International Residential Connectivity & Platforms Customer Relationships8
17,60317,674104 (11)
Total Residential Connectivity & Platforms Customer Relationships8
47,94848,64310 (215)
Total Domestic Broadband Residential Customers28,65429,190(65)(183)
Total Domestic Wireless Lines9,7398,148435 323 
Total Domestic Video Customers10,94812,096(322)(427)

Total Customer Relationships for Residential Connectivity & Platforms increased by 10,000 to 47.9 million, reflecting an increase in international residential customer relationships, offset by a decrease in domestic residential customer relationships. Total domestic broadband residential customer net losses were 65,000, total domestic wireless line net additions were 435,000 and total domestic video customer net losses were 322,000.

Residential Connectivity & Platforms

($ in millions)
Constant
Currency
Change7
1st Quarter
2026
20256, 9
Change
Revenue
Domestic Broadband$6,338$6,679(5.1%)(5.1%)
Domestic Wireless Service97785015.0%15.0%
Domestic Convergence Revenue7,3157,529(2.8%)(2.8%)
Domestic Wireless Equipment41827352.9%52.9%
International Connectivity1,2401,1329.5%2.0%
Total Residential Connectivity8,9738,9330.4%(0.5%)
Video6,2566,600(5.2%)(7.6%)
Advertising9518995.8%2.9%
Other 1,1431,233(7.2%)(8.9%)
Total Revenue$17,323$17,665(1.9%)(3.6%)
Operating Expenses
Programming$3,787$4,107(7.8%)(10.2%)
Non-Programming7,1026,7165.7%3.4%
Total Operating Expenses$10,889$10,8230.6%(1.8%)
Adjusted EBITDA$6,434$6,842(6.0%)(6.5%)
Adjusted EBITDA Margin37.1%38.7%(160) bps(120) 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 video, domestic broadband and other revenue, partially offset by increases in domestic wireless equipment, domestic wireless service, international connectivity and advertising revenue. Domestic broadband revenue decreased due to lower average rates and a decline in the number of domestic broadband customers. Domestic wireless service revenue increased due to an increase in the number of customer lines. Domestic wireless equipment revenue increased due to an increase in device sales. International connectivity revenue increased primarily due to the positive impact of foreign currency and an increase in broadband revenue from higher average rates. Video revenue decreased primarily due to a decline in the number of video customers, partially offset by the positive impact of foreign currency. Advertising revenue increased primarily due to higher revenue from our advanced advertising business, the positive impact of foreign currency and higher domestic political advertising. Other revenue decreased primarily due to lower residential wireline voice revenue, driven by a decline in the number of customers.
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Adjusted EBITDA for Residential Connectivity & Platforms decreased due to lower revenue, partially offset by lower operating expenses when excluding the impact of foreign currency. Programming expenses decreased primarily due to a decline in the number of domestic video customers, partially offset by the impact of foreign currency. Non-programming expenses increased primarily reflecting an increase in direct product costs mainly due to higher mobile device sales, the impact of foreign currency and higher marketing and promotion costs. Adjusted EBITDA margin was 37.1%.

Business Services Connectivity

($ in millions)
Constant
Currency
Change7
1st Quarter
20262025Change
Revenue$2,640$2,4965.8%5.7%
Operating Expenses1,1631,0748.3%8.1%
Adjusted EBITDA$1,476$1,4223.8%3.9%
Adjusted EBITDA Margin55.9%57.0%(110) bps (100) 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 Business Services Connectivity increased primarily due to an increase in revenue from enterprise solutions offerings, including the results from a recent acquisition.

Adjusted EBITDA for Business Services Connectivity increased due to higher revenue, partially offset by higher operating expenses. The increase in operating expenses was primarily due to an increase in direct product costs, which include the results from a recent acquisition, and higher marketing and promotion expenses. Adjusted EBITDA margin was 55.9%.






4

Content & Experiences
($ in millions)
1st Quarter
2026
20256
Change
Content & Experiences Revenue
Media$7,280$4,52760.8%
Excluding Olympics and Super Bowl10
5,102 4,527 12.7%
Studios3,426 2,826 21.2%
Theme Parks2,331 1,876 24.2%
Headquarters & Other15 11 35.9%
Eliminations(1,111)(694)(60.0%)
Total Content & Experiences Revenue$11,940 $8,546 39.7%
Content & Experiences Adjusted EBITDA
Media($426)$107 NM
Studios555 274 102.4%
Theme Parks551 413 33.3%
Headquarters & Other(208)(195)(6.8%)
Eliminations(140)14 NM
Total Content & Experiences Adjusted EBITDA$331 $614 (46.0%)
NM=comparison not meaningful.

Revenue for Content & Experiences increased compared to the prior year period, including $2.2 billion of
incremental revenue from the Milan Cortina Olympics and the NFL’s Super Bowl included in the Media segment. Adjusted EBITDA for Content & Experiences decreased primarily due to a decline in Media, partially offset by growth in Studios and Theme Parks.

Media

($ in millions)
1st Quarter
2026
20256
Change
Revenue
Domestic Advertising$3,453$1,468135.3%
Excluding Olympics and Super Bowl10
1,536 1,468 4.7%
Domestic Distribution2,283 1,667 37.0%
Excluding Olympics10
2,021 1,667 21.3%
International Networks1,291 1,148 12.4%
Other253 244 3.9%
Total Revenue$7,280 $4,527 60.8%
Excluding Olympics and Super Bowl10
5,102 4,527 12.7%
Operating Expenses7,706 4,420 74.4%
Adjusted EBITDA($426)$107 NM
NM=comparison not meaningful.

Revenue for Media increased primarily due to higher domestic advertising and domestic distribution revenue. Excluding $2.2 billion of incremental revenue from the Milan Cortina Olympics and the NFL’s Super Bowl, Media revenue increased 12.7% primarily due to higher domestic distribution, international networks and domestic advertising revenue. Domestic advertising revenue increased primarily reflecting the Milan Cortina Olympics and the NFL’s Super Bowl. Excluding the incremental revenue associated with these events, domestic advertising revenue increased primarily due to higher revenue at Peacock, partially offset by lower revenue at our networks. Domestic distribution revenue increased including the Milan Cortina Olympics. Excluding the incremental revenue associated with this event, domestic distribution revenue increased due to higher revenue at Peacock, driven by an increase in paid subscribers and higher average rates compared to the prior year period. International networks revenue increased primarily due to the positive impact of foreign currency.

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Adjusted EBITDA for Media decreased due to higher operating expenses more than offsetting higher revenue. The increase in operating expenses primarily reflects higher programming costs associated with the Milan Cortina Olympics and the NFL's Super Bowl, as well as the impact of NBA rights in the current year period. Media results include $2.1 billion of revenue and an Adjusted EBITDA11 loss of $432 million related to Peacock, which includes amounts attributable to the Olympics and Super Bowl, compared to $1.2 billion of revenue and an Adjusted EBITDA11 loss of $215 million in the prior year period.

Studios

($ in millions)
1st Quarter
2026
20256
Change
Revenue
Content Licensing$2,973 $2,174 36.8%
Theatrical117 286 (59.2%)
Other336 366 (8.2%)
Total Revenue$3,426 $2,826 21.2%
Operating Expenses2,871 2,552 12.5%
Adjusted EBITDA$555 $274 102.4%

Revenue for Studios increased due to higher content licensing revenue. Content licensing revenue increased primarily due to the timing of when content was made available by our television studios, primarily driven by a renewed licensing agreement for content exclusively available for streaming on Peacock. Theatrical revenue decreased primarily due to higher revenue from releases in the prior year period, including Dog Man and Nosferatu, compared to revenue from recent releases impacting the current year period.

Adjusted EBITDA for Studios increased due to higher revenue, which more than offset higher operating expenses. The higher operating expenses primarily reflected higher programming and production expenses, primarily due to higher costs associated with the renewed licensing agreement for content exclusively available for streaming on Peacock.

Theme Parks

($ in millions)
1st Quarter
2026
20256
Change
Revenue$2,331 $1,876 24.2%
Operating Expenses1,780 1,463 21.6%
Adjusted EBITDA$551 $413 33.3%

Revenue for Theme Parks increased due to higher revenue at our theme parks in Orlando driven by the successful opening of Epic Universe in May 2025.

Adjusted EBITDA for Theme Parks increased, reflecting higher revenue, which more than offset higher operating expenses. The increase in operating expenses was primarily due to operating costs associated with Epic Universe.

Headquarters & Other

Content & Experiences Headquarters & Other includes overhead, personnel costs and costs associated with corporate initiatives. Headquarters & Other Adjusted EBITDA loss in the first quarter was $208 million, compared to a loss of $195 million in the prior year period.

Eliminations

Amounts represent eliminations of transactions between our Content & Experiences segments, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses. Revenue eliminations were $1.1 billion, compared to $694 million in the prior year period, and Adjusted EBITDA eliminations were a loss of $140 million, compared
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to a benefit of $14 million in the prior year period. The year-over-year changes were primarily driven by the licensing of content by the Studios segment to Peacock in the Media segment.

Corporate, Other and Eliminations

($ in millions)
1st Quarter
2026
20256
Change
Corporate & Other
Revenue$1,006 $906 11.0%
Operating Expenses1,288 1,105 16.6%
Adjusted EBITDA($283)($198)(42.6%)
Eliminations
Revenue($1,452)($1,244)16.7%
Operating Expenses(1,421)(1,256)13.1%
Adjusted EBITDA($31)$12 NM
NM=comparison not meaningful.
Amounts for 2025 exclude the impacts of Versant. See Table 8 for the reconciliation to consolidated results.

Corporate & Other

Corporate & Other primarily includes overhead and personnel costs; our Sky-branded video services and television networks in Germany; our regional sports networks; and Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania. Corporate & Other Adjusted EBITDA decreased primarily reflecting higher costs related to Sky operations in Germany, lower revenue associated with our regional sports networks and higher costs related to corporate functions, including marketing associated with the Milan Cortina Olympics.

Eliminations

Amounts represent eliminations of transactions between Connectivity & Platforms, Content & Experiences and other businesses, the most significant being distribution of television network programming between the Media and Residential Connectivity & Platforms segments. Revenue eliminations were $1.5 billion, compared to $1.2 billion in the prior year period, and Adjusted EBITDA eliminations were a loss of $31 million compared to a benefit of $12 million in the prior year period. Current year amounts reflect an increase in eliminations associated with the Milan Cortina Olympics.
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Notes:
1Certain financial information is presented on a pro forma basis in connection with the separation of Versant, which was completed on January 2, 2026 (the “Separation”). The pro forma financial measures are non-GAAP financial measures and are presented as if the Separation had occurred on January 1, 2024. The pro forma information is primarily based on historical results of operations and includes pro forma adjustments in accordance with Article 11 of Regulation S-X that are directly attributable to the Separation, including adjustments related to the commercial services agreement for the sale and use of Versant’s advertising and promotional inventory. This pro forma information is not necessarily indicative of future results. See Table 8 for reconciliations of non-GAAP financial measures.
2We define Adjusted Net Income and Adjusted EPS as net income attributable to Comcast Corporation and diluted earnings per common share attributable to Comcast Corporation shareholders, respectively, adjusted to exclude the effects of the amortization of acquisition-related intangible assets, investments that investors may want to evaluate separately (such as based on fair value) and the impact of certain events, gains, losses or other charges that affect period-over-period comparisons. See Table 5 for reconciliations of non-GAAP financial measures.
3We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. See Table 4 for reconciliation of non-GAAP financial measure.
4All earnings per share amounts are presented on a diluted basis.
5We define Free Cash Flow as net cash provided by operating activities (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant legal settlements) that affect period-to-period comparability. Cash payments related to certain capital or intangible assets, such as the construction of Universal Beijing Resort, are presented separately in our Consolidated Statement of Cash Flows and are therefore excluded from capital expenditures and cash paid for intangible assets for Free Cash Flow. See Table 4 for reconciliation of non-GAAP financial measure.
6Beginning in the first quarter of 2026, we updated the composition of our segments to align with the segment-level information that is regularly provided to our chief operating decision maker, including (1) adjusting the Media segment to exclude the historical results of Versant; (2) reclassifying the results of our regional sports networks to Corporate and other from the Media segment; (3) reclassifying the results of Xumo, our streaming platform joint venture with Charter Communications, to the Residential Connectivity & Platforms segment from Corporate and other; (4) reclassifying certain shared expenses into the related Media, Studios and Theme Parks segments from Content & Experiences Headquarters & Other; and (5) adjusting the Media segment and Versant for the effects of our commercial services agreement. Prior periods have been reclassified to reflect the current year presentation.
7Constant currency growth rates are calculated by comparing the results for each comparable prior year period adjusted to reflect the average exchange rates from each current year period presented rather than the actual exchange rates that were in effect during the respective periods. See Table 6 for reconciliations of non-GAAP financial measures.
8Residential Connectivity & Platforms customer relationships and International Residential Connectivity & Platforms customer relationships were updated in the first quarter of 2026 due to a conforming change in methodology, resulting in a decrease of 125,000 customers. There was no impact to net additions and information for all periods have been recast on a comparable basis.
9Beginning in the first quarter of 2026, commission revenue from the sale of certain direct to consumer (“DTC”) streaming services is presented in domestic broadband revenue or video revenue based on whether a customer is entitled to receive the DTC streaming service through a broadband or video service offering. Domestic broadband revenue also includes revenue from streaming devices available to our broadband customers. Previously, all of these amounts were in video revenue. Prior periods have been reclassified to reflect the current year presentation.
8

10From time to time, we may present adjusted information (e.g., Adjusted Revenues) to exclude the impact of certain events, gains, losses or other charges affecting period-to-period comparability of our operating performance. See Table 7 for reconciliations of non-GAAP financial measures.
11Adjusted EBITDA is the measure of profit or loss for our segments. From time to time, we may present Adjusted EBITDA for components of our reportable segments, such as Peacock. We believe these measures are useful to evaluate our financial results and provide a basis of comparison to others, although our definition of Adjusted EBITDA may not be directly comparable to similar measures used by other companies. Adjusted EBITDA for components are presented on a consistent basis with the respective segments and disaggregated in accordance with GAAP.
Numerical information is presented on a rounded basis using actual amounts, unless otherwise noted. The change in Peacock paid subscribers is calculated using rounded paid subscriber amounts. Minor differences in totals and percentage calculations may exist due to rounding.
Conference Call and Other Information
Comcast Corporation will host a conference call with the financial community today, April 23, 2026, at 8:30 a.m. Eastern Time (ET). The conference call and related materials will be broadcast live and posted on our Investor Relations website at www.cmcsa.com. A replay of the call will be available today, April 23, 2026, starting at 11:30 a.m. ET on the Investor Relations website.

From time to time, we post information that may be of interest to investors on our website at www.cmcsa.com and on our corporate website, www.comcastcorporation.com. To automatically receive Comcast financial news by email, please visit www.cmcsa.com and subscribe to email alerts.
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Investor Contacts:Press Contacts:
Marci Ryvicker
Marci_Ryvicker@Comcast.com
Jennifer Khoury
Jennifer_Khoury@Comcast.com
(215) 531-3296
Jane Kearns
Jane_Kearns@Comcast.com
John Demming
John_Demming@Comcast.com
(215) 429-4744
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Caution Concerning Forward-Looking Statements
This press release includes statements that may constitute forward-looking statements. In evaluating these statements, readers should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission (SEC). Factors that could cause our actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; consumer acceptance of our content; programming costs; key distribution and/or licensing agreements; use and protection of our intellectual property; our reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather-related and other uncontrollable events; loss of key personnel; labor disputes; significant tax liability if the separation of Versant is not tax-free; laws and regulations; adverse decisions in litigation or governmental investigations; and other risks described from time to time in reports and other documents we file with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. The amount and timing of any dividends and share repurchases are subject to business, economic and other relevant factors.

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Non-GAAP Financial Measures
In this discussion, we sometimes refer to financial measures that are not presented according to generally accepted accounting principles in the U.S. (GAAP). Certain of these measures are considered “non-GAAP financial measures” under the SEC regulations; those rules require the supplemental explanations and reconciliations that are in Comcast’s Form 8-K (Quarterly Earnings Release) furnished to the SEC.

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9

About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit www.comcastcorporation.com for more information.
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TABLE 1
Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended
(in millions, except per share data)March 31,
20262025
Revenue$31,457 $29,887 
Costs and expenses
Programming and production 10,884 8,415 
Marketing and promotion2,164 2,071 
Other operating and administrative10,408 9,893 
Depreciation2,333 2,231 
Amortization1,533 1,618 
27,321 24,228 
Operating income 4,135 5,658 
Interest expense(1,094)(1,050)
Investment and other income (loss), net
Equity in net income (losses) of investees, net(391)(194)
Realized and unrealized gains (losses) on equity securities, net(5)(24)
Other income (loss), net87 102 
(309)(116)
Income before income taxes 2,733 4,492 
Income tax (expense) benefit(706)(1,196)
Net income2,027 3,296 
Less: Net income (loss) attributable to noncontrolling interests(147)(79)
Net income attributable to Comcast Corporation$2,174 $3,375 
Diluted earnings per common share attributable to Comcast Corporation shareholders$0.60 $0.89 
Diluted weighted-average number of common shares3,617 3,784 

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TABLE 2
Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended
(in millions)March 31,
20262025
OPERATING ACTIVITIES
Net income$2,027 $3,296 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization3,865 3,849 
Share-based compensation427 382 
Noncash interest expense (income), net134 130 
Net (gain) loss on investment activity and other263 231 
Deferred income taxes730 (43)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net(1,376)935 
Film and television costs, net375 (123)
Accounts payable and accrued expenses related to trade creditors1,119 (35)
Other operating assets and liabilities(673)(327)
Net cash provided by operating activities6,891 8,294 
INVESTING ACTIVITIES
Capital expenditures(2,351)(2,252)
Cash paid for intangible assets(639)(622)
Construction of Universal Beijing Resort— (2)
Proceeds from sales of businesses and investments32 43 
Purchases of investments (237)(145)
Other276 19 
Net cash (used in) investing activities(2,919)(2,958)
FINANCING ACTIVITIES
Proceeds from borrowings1,990 — 
Repurchases and repayments of debt(3,182)(636)
Repurchases of common stock under repurchase program and employee plans(1,502)(2,240)
Dividends paid(1,248)(1,224)
Cash transferred to Versant, net(750)— 
Other(316)24 
Net cash (used in) financing activities(5,008)(4,075)
Impact of foreign currency on cash, cash equivalents and restricted cash(6)14 
Increase (decrease) in cash, cash equivalents and restricted cash(1,042)1,275 
Cash, cash equivalents and restricted cash, beginning of period10,559 7,377 
Cash, cash equivalents and restricted cash, end of period$9,517 $8,652 
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TABLE 3
Condensed Consolidated Balance Sheets (Unaudited)
(in millions)March 31,December 31,
20262025
ASSETS
Current Assets
Cash and cash equivalents$9,468 9,481 
Receivables, net14,078 13,869 
Other current assets5,275 6,217 
Total current assets28,822 29,567 
Film and television costs11,047 12,214 
Investments7,450 7,952 
Property and equipment, net65,472 65,680 
Goodwill53,374 61,502 
Franchise rights59,365 59,365 
Other intangible assets, net20,418 22,474 
Other noncurrent assets, net14,054 13,877 
$260,002 $272,631 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses related to trade creditors$11,977 $11,058 
Deferred revenue4,006 4,097 
Accrued expenses and other current liabilities11,932 12,410 
Current portion of debt5,394 5,958 
Total current liabilities33,308 33,524 
Noncurrent portion of debt89,218 92,979 
Deferred income taxes28,227 27,788 
Other noncurrent liabilities20,708 20,965 
Redeemable noncontrolling interests 205 224 
Equity
Comcast Corporation shareholders' equity88,274 96,903 
Noncontrolling interests61 249 
Total equity88,335 97,151 
$260,002 $272,631 
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TABLE 4
Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA (Unaudited)
Three Months Ended March 31,
(in millions)20262025
Net income attributable to Comcast Corporation$2,174 $3,375 
Net income (loss) attributable to noncontrolling interests (147)(79)
Income tax expense (benefit)706 1,196 
Interest expense1,094 1,050 
Investment and other (income) loss, net309 116 
Depreciation2,333 2,231 
Amortization1,533 1,618 
Transaction costs(1)
51 20 
Transaction-related costs(1)
— 2 
Other adjustments (2)
(123)3 
Adjusted EBITDA$7,929 $9,532 
    
Reconciliation from Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited)
Three Months Ended March 31,
(in millions)20262025
Net cash provided by operating activities$6,891 $8,294 
Capital expenditures(2,351)(2,252)
Cash paid for capitalized software and other intangible assets(639)(622)
Free Cash Flow$3,901 $5,421 
(1)Transaction costs are incremental costs directly related to effectuating the Separation and primarily include advisory, legal and audit fees, as well as legal entity separation costs. Transaction-related costs are incremental costs incurred related to the Separation, including costs that reflect strategic decisions about how the standalone Versant business will be structured or operated, which may be different than if it remained part of Comcast. Transaction-related costs primarily include certain separation-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs.
(2)Amounts represent the impact of certain other events, gains, losses or other charges that are excluded from Adjusted EBITDA. The three months ended March 31, 2026 includes a gain related to a legal settlement, certain share-based compensation expenses and costs related our investment portfolio. The three months ended March 31, 2025 includes certain costs related to our investment portfolio.
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TABLE 5
Reconciliations of Adjusted Net Income and Adjusted EPS (Unaudited)
Three Months Ended
March 31,
20262025
(in millions, except per share data)
$EPS$EPS
Net income attributable to Comcast Corporation and diluted earnings per share attributable to Comcast Corporation shareholders$2,174$0.60$3,375$0.89
Change (35.6%)(32.6%)
Amortization of acquisition-related intangible assets (1)
4050.116060.16
Investments (2)
2590.071320.03
Items affecting period-over-period comparability:
Long-lived asset impairments(3)
1300.04— — 
Transaction costs(4)
450.0117 — 
Transaction-related costs(5)
— — 2 — 
Tax benefit related to assets held for sale(6)
(57)(0.02)— — 
Other adjustments(7)
(92)(0.03)— — 
Adjusted Net income and Adjusted EPS$2,863$0.79$4,132$1.09
Change (30.7%)(27.5%)
(1)Acquisition-related intangible assets are recognized as a result of the application of Accounting Standards Codification Topic 805, Business Combinations (such as customer relationships), and their amortization is significantly affected by the size and timing of our acquisitions. Amortization of intangible assets not resulting from business combinations (such as software and acquired intellectual property rights used in our theme parks) is included in Adjusted Net Income and Adjusted EPS.
Three Months Ended
March 31,
20262025
Amortization of acquisition-related intangible assets before income taxes$528 $789 
Amortization of acquisition-related intangible assets, net of tax$405 $606
(2)Adjustments for investments include realized and unrealized (gains) losses on equity securities, net (as stated in Table 1), as well as the equity in net (income) losses of investees, net, for certain equity method investments, including Atairos and Hulu and costs related to our investment portfolio.

Three Months Ended
March 31,
20262025
Realized and unrealized (gains) losses on equity securities, net$5 $24 
Equity in net (income) losses of investees, net and other335 148 
Investments before income taxes340 172 
Investments, net of tax$259 $132 

(3)1st quarter 2026 net income attributable to Comcast Corporation includes $171 million, $130 million net of tax, of long-lived asset impairments.
(4)1st quarter 2026 net income attributable to Comcast Corporation includes $51 million, $45 million net of tax, of transaction costs related to the separation of Versant. 1st quarter 2025 net income attributable to Comcast Corporation includes $20 million, $17 million, net of tax, of transaction costs related to the separation of Versant. Transaction costs are incremental costs directly related to effectuating the separation and primarily include advisory, legal and audit fees, and legal entity separation costs.
(5)1st quarter 2025 net income attributable to Comcast Corporation includes $2 million, $2 million, net of tax, of transaction-related costs related to the separation of Versant. Transaction-related costs are incremental costs incurred related to the separation, including costs that reflect strategic decisions about how the standalone Versant business will be structured or operated, which may be different than if it remained part of Comcast. Transaction-related costs primarily include certain separation-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs.
(6)1st quarter 2026 net income attributable to Comcast Corporation includes a $57 million income tax benefit related to assets that are classified as held for sale as of March 31, 2026.
(7)1st quarter 2026 net income attributable to Comcast Corporation includes $123 million, $92 million net of tax, of other adjustments, which includes a gain related to a legal settlement and certain share-based compensation expenses.



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TABLE 6
Reconciliation of Constant Currency (Unaudited)
Three Months Ended
March 31, 2025
(in millions)As ReportedEffects of Foreign CurrencyConstant Currency Amounts
Reconciliation of Connectivity & Platforms Constant Currency
Connectivity & Platforms Revenue
Residential Connectivity & Platforms $17,665$301 $17,966
Business Services Connectivity 2,4962 2,497
Total Connectivity & Platforms Revenue$20,161$303 $20,464
Connectivity and Platforms Adjusted EBITDA
Residential Connectivity & Platforms $6,842$37 $6,879
Business Services Connectivity 1,422— 1,422
Total Connectivity & Platforms Adjusted EBITDA$8,264$37 $8,301
Connectivity & Platforms Adjusted EBITDA Margin
Residential Connectivity & Platforms 38.7%(40) bps38.3%
Business Services Connectivity57.0%(10) bps56.9%
Total Connectivity & Platforms Adjusted EBITDA Margin41.0%(40) bps40.6%
Three Months Ended
March 31, 2025
(in millions)As ReportedEffects of Foreign CurrencyConstant Currency Amounts
Reconciliation of Residential Connectivity & Platforms Constant Currency
Revenue
Domestic broadband$6,679— $6,679
Domestic wireless service850— 850
Domestic convergence revenue7,529— 7,529
Domestic wireless equipment273— 273
International connectivity1,132841,215
Total residential connectivity$8,933$84$9,017
Video6,6001696,769
Advertising89926924
Other1,233231,256
Total Revenue$17,665$301$17,966
Operating Expenses
Programming$4,107$110$4,217
Non-Programming6,7161546,870
Total Operating Expenses$10,823$264$11,087
Adjusted EBITDA$6,842$37$6,879
Adjusted EBITDA Margin38.7%(40) bps38.3%

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TABLE 7
Reconciliation of Media Revenue Excluding Olympics and Super Bowl (Unaudited)

Three Months Ended
March 31,
(in millions)20262025Change
Revenue$7,280 $4,527 60.8%
Milan Cortina Olympics1,420 — 
2026 Super Bowl758 — 
Revenue excluding Olympics and Super Bowl$5,102 $4,527 12.7%

Reconciliation of Media Domestic Advertising Revenue Excluding Olympics and Super Bowl (Unaudited)
Three Months Ended
March 31,
(in millions)20262025Change
Revenue$3,453 $1,468 135.3%
Milan Cortina Olympics1,159 — 
2026 Super Bowl758 — 
Revenue excluding Olympics and Super Bowl$1,536 $1,468 4.7%
​
Reconciliation of Media Domestic Distribution Revenue Excluding Olympics (Unaudited)
Three Months Ended
March 31,
(in millions)20262025Change
Revenue$2,283 $1,667 37.0%
Milan Cortina Olympics262 — 
Revenue excluding Olympics$2,021 $1,667 21.3%
​

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TABLE 8
Reconciliation of Pro Forma Consolidated Revenue (Unaudited)

Three Months Ended
March 31,
(in millions)20262025Change
Consolidated Revenue$31,457 $29,887 5.3 %
Less: Versant— 1,769 
Less: Eliminations— (251)
Pro Forma Consolidated Revenue$31,457 $28,369 10.9 %

Reconciliation of Pro Forma Consolidated Adjusted EBITDA (Unaudited)
Three Months Ended
March 31,
(in millions)20262025Change
Net income attributable to Comcast Corporation$2,174 $3,375 
Net income (loss) attributable to noncontrolling interests(147)(79)
Income tax expense (benefit)706 1,196 
Interest expense1,094 1,050 
Investment and other (income) loss, net309 116 
Depreciation2,333 2,231 
Amortization1,533 1,618 
Transaction costs(1)
51 20 
Transaction-related costs(1)
— 2 
Other adjustments (2)
(123)3 
Adjusted EBITDA$7,929 $9,532 (16.8%)
Less: Versant— 834 
Less: Eliminations— 6 
Pro Forma Consolidated Adjusted EBITDA$7,929 $8,692 (8.8)%

(1)Transaction costs are incremental costs directly related to effectuating the Separation and primarily include advisory, legal and audit fees, as well as legal entity separation costs. Transaction-related costs are incremental costs incurred related to the Separation, including costs that reflect strategic decisions about how the standalone Versant business will be structured or operated, which may be different than if it remained part of Comcast. Transaction-related costs primarily include certain separation-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs.
(2)Amounts represent the impact of certain other events, gains, losses or other charges that are excluded from Adjusted EBITDA. The three months ended March 31, 2026 includes a gain related to a legal settlement, certain share-based compensation expenses and costs related our investment portfolio. The three months ended March 31, 2025 includes certain costs related to our investment portfolio.
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Exhibit 99.2
 
Exhibit 99.2 - Explanation of Non-GAAP and Other Financial Measures
 
This Exhibit 99.2 to the accompanying Current Report on Form 8-K for Comcast Corporation (“we”, “us” or “our”) sets forth the reasons we believe that presentation of financial measures not in accordance with generally accepted accounting principles in the United States (GAAP) contained in the earnings press release filed as Exhibit 99.1 to the Current Report on Form 8-K provides useful information to investors regarding our results of operations and financial condition. To the extent material, this Exhibit also discloses the additional purposes, if any, for which our management uses these non-GAAP financial measures. Reconciliations between these non-GAAP financial measures and their most directly comparable GAAP financial measures are included in the earnings press release itself. Non-GAAP financial information should be considered in addition to, but not as a substitute for, operating income, net income, net income attributable to Comcast Corporation, earnings per common share attributable to Comcast Corporation shareholders, net cash provided by operating activities or other measures of performance or liquidity reported in accordance with GAAP.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure and is the primary basis used to measure the operational strength and performance of our businesses as well as to assist in the evaluation of underlying trends in our businesses. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. It is also unaffected by our capital and tax structures, and by our investment activities, including the results of entities that we do not consolidate, as our management excludes these results when evaluating our operating performance. Our management and Board of Directors use this financial measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. Additionally, we believe that Adjusted EBITDA is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure of Adjusted EBITDA may not be directly comparable to similar measures used by other companies.

We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance.

We also use Adjusted EBITDA as the measure of profit or loss for our segments. Our measure of Adjusted EBITDA for our segments is not a non-GAAP financial measure under rules promulgated by the Securities and Exchange Commission.

Adjusted Net Income and Adjusted EPS

Adjusted Net Income and Adjusted EPS are non-GAAP financial measures presenting the earnings generated by our ongoing operations that we believe is useful to investors in making meaningful comparisons to other companies, although these measures may not be directly comparable to similar measures used by other companies, and period-over-period comparisons. Adjusted Net Income and Adjusted EPS are defined as net income attributable to Comcast Corporation and diluted earnings per common share attributable to Comcast Corporation shareholders, respectively, adjusted to exclude the effects of the amortization of acquisition-related intangible assets, investments that investors may want to evaluate separately (such as based on fair value) and the impact of certain events, gains, losses or other charges that affect period-over-period comparisons. Acquisition-related intangible assets are recognized as a result of the application of Accounting Standards Codification Topic (“ASC”) 805, Business Combinations (such as customer relationships), and their amortization is significantly affected by the size and timing of our acquisitions. Amortization of intangible assets not resulting from business combinations (such as software and acquired intellectual property rights used in our theme parks) is included in Adjusted Net Income and Adjusted EPS. Investments that investors may want to evaluate separately include all equity securities accounted for under ASC Topic 321, Investments-Equity Securities, as well as certain investments accounted for under ASC 323, Investments-Equity Method and Joint Ventures.











Exhibit 99.2 - Explanation of Non-GAAP and Other Financial Measures, cont’d

Free Cash Flow

Free Cash Flow is a non-GAAP financial measure that we believe provides a meaningful measure of liquidity and a useful basis for assessing our ability to repay debt, make strategic acquisitions and investments, and return capital to investors through stock repurchases and dividends. It is also a significant performance measure in our annual incentive compensation programs. Additionally, we believe Free Cash Flow is useful to investors as a basis for comparing our performance and coverage ratios with other companies in our industries, although our measure of Free Cash Flow may not be directly comparable to similar measures used by other companies. Free Cash Flow has certain limitations, including that it does not represent the residual cash flow available for discretionary expenditures since other non-discretionary payments, such as mandatory debt repayments, are not deducted from the measure.  

Free Cash Flow is defined as net cash provided by operating activities (as stated in our Consolidated Statements of Cash Flows) reduced by capital expenditures and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant legal settlements) that affect period-to-period comparability. Cash payments related to certain capital or intangible assets, such as the construction of Universal Beijing Resort, are presented separately in our Consolidated Statements of Cash Flows and are therefore excluded from capital expenditures and cash paid for intangible assets for Free Cash Flow.

Constant Currency

Constant currency and constant currency growth rates are non-GAAP financial measures that present our results of operations excluding the estimated effects of foreign currency exchange rate fluctuations. Certain of our businesses, including Connectivity & Platforms, have operations outside the United States that are conducted in local currencies. As a result, the comparability of the financial results reported in U.S. dollars is affected by changes in foreign currency exchange rates. In our Connectivity & Platforms business, we use constant currency and constant currency growth rates to evaluate the underlying performance of the businesses, and we believe they are helpful for investors because such measures present operating results on a comparable basis year over year to allow the evaluation of their underlying performance.

Constant currency and constant currency growth rates are calculated by comparing the results for each comparable prior year period adjusted to reflect the average exchange rates from each current year period presented rather than the actual exchange rates that were in effect during the respective periods.

Other Adjustments

We also present adjusted information (e.g., Adjusted Revenues), to exclude the impact of certain events, gains, losses or other charges. This adjusted information is a non-GAAP financial measure. We believe, among other things, that the adjusted information may help investors evaluate our ongoing operations and can assist in making meaningful period-over-period comparisons.
 
Pro Forma Information Related to the Separation of Versant

Pro forma information presented related to the separation of Versant Media Group, Inc. (“Versant”), which was completed on January 2, 2026, resulting in Versant becoming an independent, publicly traded company (the “Separation”), are non-GAAP financial measures. The pro forma financial measures are presented as if the Separation had occurred on January 1, 2024. We believe this pro forma information is useful to investors as it enhances comparability of financial information between periods and provides useful information for assessing trends in our ongoing operations. The pro forma information is primarily based on historical results of operations and includes pro forma adjustments in accordance with Article 11 of Regulation S-X that are directly attributable to the Separation, including adjustments related to the commercial services agreement for the sale and use of Versant’s advertising and promotional inventory. This pro forma information is not necessarily indicative of future results.

Source: View Original Filing on SEC EDGAR

FAQ

How did Comcast (CCZ) perform financially in Q1 2026?

Comcast grew Q1 2026 revenue 5.3% to $31.457 billion, but profitability declined. Net income attributable to Comcast dropped to $2.174 billion, down 35.6%, while Adjusted EBITDA fell 16.8% to $7.929 billion, reflecting higher costs and event-driven spending.

What were Comcast (CCZ) earnings per share in Q1 2026?

Diluted EPS for Comcast in Q1 2026 was $0.60, down from $0.89, a 32.6% decline. Adjusted EPS, which excludes certain items like acquisition-related amortization and investment impacts, fell from $1.09 to $0.79, a year-over-year decrease of 27.5%.

How did Comcast’s Free Cash Flow change in Q1 2026?

Comcast’s Q1 2026 Free Cash Flow was $3.901 billion, down 28.0% from $5.421 billion a year earlier. The decline reflects lower net cash provided by operating activities, which fell to $6.891 billion, alongside slightly higher capital expenditures and cash paid for intangible assets.

What drove Comcast’s Content & Experiences results in Q1 2026?

Content & Experiences revenue rose 39.7% to $11.94 billion, helped by $2.2 billion of incremental Media revenue from the Milan Cortina Olympics and Super Bowl. Despite this, segment Adjusted EBITDA declined 46.0% to $331 million as higher programming costs outweighed revenue gains.

How did Comcast’s Connectivity & Platforms segment perform in Q1 2026?

Connectivity & Platforms revenue edged down 1.0% to $19.962 billion. Residential Connectivity & Platforms revenue slipped 1.9% to $17.323 billion, while Business Services Connectivity grew 5.8% to $2.64 billion. Total segment Adjusted EBITDA declined 4.3% to $7.91 billion.

How much capital did Comcast return to shareholders in Q1 2026?

Comcast returned $2.5 billion to shareholders in Q1 2026. This consisted of $1.2 billion of dividend payments and $1.3 billion of share repurchases, during a quarter when Free Cash Flow totaled $3.901 billion.

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