Peacock posted adjusted earnings before interest, taxes, depreciation and amortisation of US$261 million in the third quarter, reversing a US$217 million loss a year earlier. The streaming service’s paid subscriber base rose 17% to 48 million, giving Comcast a bright spot as its core broadband business lost more customers than analysts expected.
Comcast said consolidated revenue was US$29.30 billion, down 6.1% from a year earlier on a reported basis but up 0.5% on a pro-forma basis. Adjusted earnings per share fell 4% to US$1.07, while reported earnings per share increased 7.2% to 97 cents.
Peacock profit reaches US$261 million
The Peacock profit marked the streaming platform’s second consecutive profitable quarter. Revenue reached US$1.8 billion as distribution growth and a larger subscriber base improved its economics, according to Comcast’s official third-quarter release.
Peacock’s result represented a US$478 million year-on-year improvement in adjusted EBITDA. The wider media division generated US$5.36 billion of revenue, up 13%, supported by World Cup programming and the latest season of Love Island USA.
Universal’s film business also helped. The Odyssey became the studio’s highest-grossing film, and Universal passed US$5 billion at the global box office during 2026. The studios segment’s adjusted EBITDA increased 18.6% as theatrical and content-licensing revenue strengthened.
Comcast broadband losses deepen
The pressure remained concentrated in connectivity. Comcast lost 144,000 domestic broadband customers during the quarter, compared with a decline of 91,000 a year earlier. Reuters reported that analysts surveyed by FactSet had expected a smaller loss of 116,800 customers.
Residential connectivity and platforms revenue declined 3.5% to US$17.02 billion, reflecting lower broadband and video revenue. Adjusted EBITDA in that business fell 5.8% to US$6.11 billion, and its margin narrowed by 0.9 percentage points to 35.9%.
Wireless provided some offset. Comcast added 368,000 domestic wireless lines during the quarter, taking the total to 10.6 million. Nearly 18% of domestic residential broadband customers now use its wireless service, while premium unlimited plans represented about 40% of postpaid phone connections.
Cash flow falls as Comcast pauses buybacks
Free cash flow dropped 14.8% to US$4.21 billion, and adjusted net income declined 7.3% to US$3.82 billion. Comcast paid US$1.2 billion in dividends but suspended share repurchases at the start of the quarter. It expects the pause to continue through the proposed separation of its businesses into two publicly traded companies.
The company’s Form 8-K filing confirms that the separation remains part of its capital-allocation backdrop. Reuters said Comcast’s media assets, including Peacock, studios and theme parks, are expected to be separated as part of the planned NBCUniversal transaction by mid-2027.
Streaming gains meet a tougher connectivity market
The quarter shows why Comcast is reshaping its portfolio. Peacock is moving from a large investment burden toward a profitable streaming business, while broadband faces aggressive pricing from wireless carriers and fibre providers. Comcast is also investing in higher-speed tiers, security services and mobile bundles to defend customer relationships.
The company’s streaming infrastructure remains part of that strategy. A recent Comcast and Fastly announcement described a distributed delivery model intended to support major live events on Peacock, including NFL, NBA and MLB coverage.
The result adds another data point to a crowded earnings season. BullBuzz has also covered Netflix’s advertising outlook, Spotify’s subscriber growth and Meta’s 26% revenue increase.
Investors will now watch whether Peacock can sustain profitability after major sports and entertainment events, and whether Comcast can slow broadband losses without damaging margins through deeper discounts. The contrast between a US$261 million streaming profit and a larger-than-expected broadband decline is the clearest measure of the company’s changing earnings mix.