Comcast delivered resilient second-quarter 2026 financial results, driven by record wireless subscriber additions, improving broadband trends, higher enterprise connectivity revenue and continued network investments.
The company reported pro forma revenue of $29.6 billion, an increase of 4.7 percent from $28.2 billion in the second quarter of 2025, while generating $4.6 billion in free cash flow despite ongoing investments in customer acquisition and network expansion.
Pro forma adjusted EBITDA declined 5.3 percent to $8.9 billion from $9.4 billion, while pro forma adjusted EPS fell 4.3 percent to $1.04 from $1.09. Comcast also generated $8.1 billion in operating cash flow during the quarter, underscoring the strength of its cash-generating business.
The company’s Connectivity & Platforms business reported $19.8 billion in revenue, down 3.2 percent year over year from $20.4 billion. Residential Connectivity & Platforms revenue declined 4.3 percent to $17.1 billion, while adjusted EBITDA decreased 8 percent to $6.45 billion.
Business Services Connectivity continued to outperform, with revenue increasing 3.7 percent to $2.67 billion and adjusted EBITDA rising 5 percent to $1.52 billion, supported by strong demand for enterprise connectivity and digital networking solutions. Consolidated Connectivity & Platforms adjusted EBITDA declined 5.8 percent to $7.96 billion, with an adjusted EBITDA margin of 40.2 percent.
Comcast’s wireless business remained a major growth engine during the quarter. The company added a record 448,000 wireless lines, marking its best quarterly performance ever. Premium Unlimited plans represented 30 percent of all postpaid phone connections, reflecting continued customer migration toward higher-value mobile offerings. Management said promotional wireless customers are expected to convert into paying relationships in larger numbers beginning in the third quarter, supporting future revenue growth.
Broadband subscriber trends also showed improvement. Residential broadband net losses were 167,000, an improvement of 34,000 compared with the same quarter last year. Although broadband subscriber losses continued, Comcast said customer satisfaction improved, with higher Net Promoter Scores supporting its revised go-to-market strategy. Nearly 45 percent of Comcast’s broadband customers now subscribe to gigabit-plus broadband tiers, highlighting growing demand for premium high-speed internet services.
Average revenue per user remained under pressure as Comcast continued investing in customer acquisition and bundled connectivity offers. Domestic convergence ARPA declined 1.5 percent, while domestic residential broadband ARPU decreased 3.8 percent year over year. The company expects both metrics to show modest improvement beginning in the third quarter as promotional investments normalize and more wireless customers transition into paying bundled broadband and mobile subscribers.
Comcast also strengthened its streaming business during the quarter. Peacock added 2 million paid subscribers, taking its global paid subscriber base to 48 million. Subscriber growth was supported by strong engagement from the NBA Playoffs, FIFA World Cup, and Love Island USA, while Peacock achieved its first-ever profitable quarter, contributing to improved media earnings.
Capital investment remained a strategic priority as Comcast continued expanding broadband and wireless infrastructure. Total capital spending, including capital expenditures and capitalized software and intangible assets, increased 5.3 percent to $3.5 billion from $3.3 billion a year earlier. The company invested $2.9 billion in capital expenditures and $0.6 billion in capitalized software and intangible assets to enhance broadband capacity, strengthen wireless networks and support future technology initiatives.
Looking ahead, Comcast expects its revised customer acquisition strategy, improving broadband trends, expanding wireless subscriber base and continued infrastructure investments to support stronger financial performance in the second half of 2026. The company believes that converting promotional wireless users into paying customers, combined with continued adoption of gigabit broadband services, will help improve revenue growth, ARPU and profitability in the coming quarters.
BABURAJAN KIZHAKEDATH