NEW YORK, July 23, 2026, 09:33 EDT – Comcast NASDAQ:CMCSA reported rapid wireless subscriber additions in the second quarter, offsetting about one-third of the company’s broadband revenue losses.
- Nasdaq’s normal trading session was underway. Comcast started the session at $24.19, marking a 2.8% rise from its previous close of $23.52 on Wednesday.
- Growth in wireless services offset 34% of the year-on-year drop in broadband revenue.
- Peacock achieved its initial quarterly profit, boosted by a rise in subscribers and live sports events.
Comcast posted its best quarter on record for wireless, though this was not enough to offset the shortfall in broadband revenue. Growth in wireless operations compensated for 34% of the decline in broadband dollars. Shares rose 2.8% in early trading after the announcement.
The divide is now significant. Comcast intends to separate NBCUniversal and Sky from its connectivity business. This move will increase the importance of broadband, wireless, and business services.
Wireless lines increased by 448,000, while broadband subscribers declined by 167,000, equating to 2.7 new wireless lines for every broadband customer lost. However, domestic convergence revenue declined 3.2% to $7.29 billion.
| Connectivity measure | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Net broadband customer gain/loss | -167,000 | -201,000 | 34,000 better |
| Wireless line net growth | 448,000 | 378,000 | 70,000 higher |
| Broadband revenue | $6.280 billion | $6.649 billion | -5.5% |
| Wireless service revenue | $1.007 billion | $882 million | +14.2% |
| Convergence revenue | $7.287 billion | $7.530 billion | -3.2% |
| Adjusted EBITDA margin for residential connectivity | 37.7% | 39.3% | -160 basis points |
The 34% offset measures the increase in wireless service revenue against the drop in broadband revenue, based on Comcast’s year-on-year dollar figures. Both numbers are sourced from its results filing.
Broadband customer losses decreased by 34,000 compared to the same period last year, though they narrowly missed analysts’ forecast of a 165,300 loss. Broadband revenue declined by $369 million, partly due to lower average rates.
Wireless service revenue increased by $125 million, reaching $1.01 billion. Equipment sales contributed an additional $91 million. Comcast reported that expansion in wireless services also drove up direct product costs. Adjusted EBITDA for residential connectivity declined 8%, and its margin decreased by 160 basis points.
Co-CEOs Brian Roberts and Mike Cavanagh said, “Our strategic pivot in broadband is gaining traction.” The executives described wireless as the company’s strongest quarter to date. Total lines exceeded 10 million, while footprint penetration stayed under 7%. businesswire.com
Adjusted earnings reached $1.04 per share, surpassing the consensus of $0.97. Revenue totaled $29.94 billion, exceeding the estimated $29.24 billion. Free cash flow increased by 2.3% to $4.60 billion.
Peacock posted a more straightforward growth trajectory, delivering $189 million in adjusted EBITDA, compared with a $101 million loss previously. Revenue climbed 54% to $1.90 billion and paid subscriber numbers hit 48 million.
Sports played a major role. The World Cup brought in $440 million in media revenue. Media sales increased by 25%, while adjusted EBITDA rose just 3.7%. Higher rights costs for the NBA and World Cup offset some of the gains.
NBCUniversal’s streaming business delivers a profitable quarter ahead of the split. However, the connectivity firm contends with a more challenging earnings profile. Growth in its best-performing consumer product has yet to counteract pressure on broadband prices.
PP Foresight analyst Paolo Pescatore commented at the time of the split that “Connectivity and media are no longer naturally moving at the same speed.” Reuters
Charter Communications NASDAQ:CHTR is scheduled to report results Friday prior to the market open. The company’s broadband and mobile performance will help determine if Comcast’s trend is unique to that company.
Risks persist for both parties. Reduced broadband prices could shield subscriber numbers but put additional pressure on margins. Peacock’s earnings were supported by revenue from live sports. Comcast has likewise halted share repurchases amid the split.
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