CMCSA · Q2 FY2026
COMCAST CORP Q2 FY2026 earnings analysis
By SageNoodle ResearchBearish
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $29.94B | $30.31B (yr ago) | Miss |
| EPS | $0.99 | $2.98 (yr ago) | Miss |
| Free Cash Flow | $4.60B | $4.50B (yr ago) | Beat |
| Gross Margin | Not meaningful | Not meaningful | Miss |
| Operating Margin | 15.4% pre-tax margin | 48.3% pre-tax margin (yr ago) | Miss |
What changed
Revenue declined 1.2% and adjusted EPS fell 16.7%, while free cash flow increased 2.3% to $4.60 billion. Broadband customer losses improved, wireless additions reached a record and Peacock turned profitable, but lower broadband rates and customers reduced Residential Connectivity EBITDA by 8.0% and compressed its margin by 160 basis points.
Impact on the investment thesis
With no prior coverage, fair value is initiated at $31.00 rather than revised. Strong cash generation and progress at wireless and Peacock support the valuation, but deteriorating residential connectivity economics keep the risk rating Elevated.