CMCSA US S&P 500NASDAQ-100Russell 1000 Earnings call · transcribed from the recording
Comcast (CMCSA) · Q3 2026 results and valuation
Share price: $25.02 · 2026-11-11
Comcast is a multinational mass media, telecommunications, and entertainment conglomerate. It provides television, internet services, and media content to customers in the United States and other markets. Source: Wikipedia
Results Q3 2026 vs Q2 2026 · previous quarter · published 22 Oct 2026 and 23 Jul 2026
Net income down 2.2% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
1 · Numbers
−2.2%
Net income vs Q2 2026
Net income 3.45B vs 3.53B
Revenue −2.1%
2 · How management spoke
Typical
More upbeat than 57% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Peacock delivered its second consecutive quarter of profitability with $261 million of EBITDA, representing a $478 million improvement year-over-year.
Valuation
Is Comcast undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 0.6% growth a year (3-year revenue growth), the model's fair value is $45.59 a share — the stock trades 45% below it. Today's price assumes −4.3% growth a year.
Current price
$25.02
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
-4.3% for 10 yrs
Fair value / share
$45.59
Buy below
$34.19
Price vs fair value
Undervalued 45%
Price vs buy-below price
Undervalued 27%
Read between the lines
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Key theme
Investments pressured near-term results as revenue declined 2.6% and EBITDA declined 4.4% compared to the previous quarter.
Source quote
“As expected, these investments continued to pressure near-term financial results, with revenue declining 2.6% and EBITDA declining 4.4%.”
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Figure
Peacock was the primary driver of media results, delivering its second consecutive quarter of profitability with $261 million of EBITDA, a $478 million improvement year-over-year.
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Figure
The company added close to 370,000 lines in Q3, making 2026 the best mobile line net add year in the company's history.
Source quote
“With that being said, we still added close to 370,000 lines, and in 2026, it will be our best mobile line net add year in the company's history.”
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Figure
The media business, anchored by NBC and Peacock, reaches more than 100 million U.S. households each quarter to drive scale and direct-to-consumer relationships.
Source quote
“Our media business, anchored by NBC and Peacock, reaches more than 100 million U.S. households each quarter, while Sky extends our scale internationally through a leading European media platform with deep direct-to-consumer relationships and premium sports, news, and entertainment offerings, further strengthened by the proposed acquisition of ITV.”
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Figure
The film slate delivered results led by Christopher Nolan's The Odyssey, which generated $1.8 billion in worldwide box office to become Universal's biggest film ever.
Source quote
“Our film slate delivered exceptional results, led by Christopher Nolan's The Odyssey, which generated $1.8 billion in worldwide box office to become Universal's biggest film ever.”
4 more
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Key theme
The bundle aims to reach a younger and incremental audience and drive greater engagement around content by working in concert with YouTube main fandoms.
Source quote
“So this bundle will give us another opportunity to reach a younger and incremental audience and in concert with the YouTube main fandoms, drive greater engagement around our content.”
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Figure
Wireless results reached a best year as the company plans to move forward with only 7% of the lines.
Source quote
“And you look at the results in wireless, having our best year, having a plan again in the future to now go to with only 7% of the lines.”
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Key theme
The company is on track to complete the transaction by the middle of next year and has appointed Chris Halpin as NBCUniversal's CFO to build standalone public company infrastructure.
Source quote
“We are on track to complete the transaction by the middle of next year and are well into the execution phase, which includes building the standalone public company infrastructure, and I'm pleased that Chris Halpin has joined us as NBCUniversal's CFO, as we announced earlier in the quarter.”
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Key theme
Investments are creating near-term financial pressure to strengthen customer relationships and position the business for a return to growth over the long term.
Source quote
“These investments are creating near-term financial pressure, but we believe they're necessary to strengthen customer relationships and position the business for return to growth over the long term.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Starting with media, revenue increased 13%, and EBITDA grew more than $500 million to $769 million, driven by strong growth at Peacock.”
“We have an exceptional portfolio of businesses, a strong competitive position, and significant opportunities for long-term growth and value creation.”
“Distribution revenue increased 44%, driven by higher sub-fees and growth in paid subscribers, which increased by 7 million year-over-year.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)
| Metric | Q3 2026period end 2026-09-30 | Q2 2026period end 2026-06-30 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 29.30B | 29.94B | −2.1% | 31.20B | −6.1% |
| Operating income | 5.32B | 5.16B | +3.1% | 5.53B | −3.9% |
| Net income | 3.45B | 3.53B | −2.2% | 3.33B | +3.5% |
| EPS | 0.97 | 0.99 | −2.0% | 0.90 | +7.8% |
| P/E today 7.7 | 6.9 | 7.9 | −1.0 | 4.9 | +2.0 |
Topics
Most discussed now
- Each has significant structural advantages, a strong competitive position, and substantial opportunities for long-term growth and value…
- Convergence also strengthens Comcast's core broadband business by deepening customer relationships, reducing churn, and increasing customer…
- Its free line strategy has been a key tool in building awareness, but Comcast is now positioned to push further on...
- At Comcast, Comcast has been operating in an intensely competitive environment for some time.
- Comcast is already seeing the results with solid enterprise revenue growth and increasing adoption of advanced services.
Faded since Q2 2026
- Fading Wireless is a great proof point of what this team can do.
- Fading Comcast is well into the deliberate broadband pivot that began almost a year ago.
- Fading 6 months in, so I'm really focused on transforming the company and a testament to the team, Comcast is doing a...
- Fading In turn, Comcast has seen increased mobile attach rate, both to new customers as well as to its base.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
Comcast Corporation announced its intention to separate into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and Sky, expected to be completed in approximately one year.
- Shareholder vote results · SEC 8-K · routine
- Other events · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K
Comcast reported revenue of $31.457 billion, up 5.3% year-over-year, and generated $3.9 billion in free cash flow for the first quarter of 2026.
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-27.
Cash & runway
Cash & equivalents
$7.60B
2026-09-30
Short-term investments
$15.0M
Long-term investments
$7.86B
total liquidity $15.47B
Implied runway
—
operating cash flow positive over the TTM window
Dilution
weighted-average basic shares, per quarter. Change: -3.4% YoY, -0.3% QoQ.
| Quarter | Shares |
|---|---|
| Q1 2025 | 3.77B |
| Q2 2025 | 3.72B |
| Q3 2025 | 3.68B |
| Q1 2026 | 3.60B |
| Q2 2026 | 3.56B |
| Q3 2026 | 3.55B |
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 62 filings; 50 filings parsed.
Sold by insiders
70.7K shares
$2.3M · 3 transactions
Bought by insiders
0 shares
0 transactions
Net direction
net selling
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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the middle of next year
completion of the transaction of the separation of NBCUniversal and Sky
Source quote
“We are on track to complete the transaction by the middle of next year and are well into the execution phase, which includes building the standalone public company infrastructure, and I'm pleased that Chris Halpin has joined us as NBCUniversal's CFO, as we announced earlier in the quarter.”
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next year
Michel Angelakis becoming Comcast CEO
Source quote
“That's exactly where the team, working closely with Michel Angelakis as he prepares to become Comcast CEO next year, is focused.”
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the fourth quarter
take a significant charge
Source quote
“As part of this transformation, we do expect to take a significant charge in the fourth quarter.”
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move through 2027
performance to strengthen
Source quote
“Looking ahead, we expect performance to strengthen as we move through 2027 with a return to growth in the second half of the year.”
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early next year
provide more context with Michael Angelakis joining to discuss in detail
Source quote
“Between the internal and external changes that are underway, it is our intention to provide more context early next year, with Michael Angelakis joining us at that point to discuss in detail.”