Comcast delivered mixed second-quarter results Thursday that underscored the diverging fortunes of its media and broadband operations, as the company moves toward splitting the two businesses into separate public entities.
The most notable milestone came from Peacock, NBCUniversal’s streaming service, which reached profitability for the first time. The streaming platform benefited from live sports programming including the FIFA World Cup and NBA postseason while adding new subscribers during the period.
Comcast’s content and experiences division, which houses NBCUniversal, posted revenue of $10.73 billion, up nearly 23% year over year. The TV media unit saw gains from both Peacock and increased advertising revenue, while film studio revenue climbed 25%. Theme parks contributed as well, with revenue up nearly 3% as stronger performance in Orlando offset weakness at international locations.
Broadband Pressures Persist
The connectivity and platforms segment told a different story. Revenue for the unit, which includes Xfinity-branded broadband, mobile and cable TV services, declined 3% to $19.8 billion. Earnings before interest, taxes, depreciation and amortization fell nearly 6% to $7.96 billion.
Customer losses continued in core broadband, with Comcast shedding 167,000 residential broadband customers and 280,000 cable TV subscribers during the quarter. The company attributed the pressure to heightened competition from alternatives including 5G providers, though it noted its revised strategy for the broadband business is “gaining traction.”
Mobile service remained a bright spot, posting record quarterly additions that brought total lines to 10.2 million. Mobile has become central to Comcast’s efforts to stabilize its broadband business.
Split Plans Move Forward
The contrasting performance comes weeks after Comcast announced plans to divide its media and broadband operations into two separate publicly traded companies. Co-CEOs Brian Roberts and Mike Cavanagh described the split as “an important step toward creating two focused companies with the financial strength and flexibility to pursue their respective growth strategies.”
During Thursday’s investor call, Roberts addressed the separation directly, saying the reaction has been positive following discussions with employees, partners and other stakeholders. “I feel more positive and energized today than I was on the day we announced,” Roberts said.
Overall, Comcast reported revenue of $29.94 billion for the second quarter, down 1.2%. On a pro-forma basis accounting for the Versant spinoff completed earlier this year, the company said quarterly revenue rose 4.7%.
Adjusted earnings per share came in at $1.04, beating Wall Street’s consensus estimate of 97 cents, according to LSEG. Net income attributable to the company totaled $3.53 billion.
The results highlight the strategic rationale behind the planned separation, with NBCUniversal’s media assets showing momentum while the broadband business faces structural challenges requiring a different strategic approach.
Source: www.cnbc.com — https://www.cnbc.com/2026/07/23/comcast-earnings-nbcuniversal-strength-split.html
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