Comcast loses 144,000 broadband users as revenue falls
Adjusted earnings beat forecasts as Peacock and the film studios improved, ahead of a planned NBCUniversal separation by mid-2027.
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Adjusted earnings beat forecasts as Peacock and the film studios improved, ahead of a planned NBCUniversal separation by mid-2027.
Comcast reported on 22 October that it lost 144,000 broadband subscribers in the third quarter, while revenue fell 6.1%. Chief financial officer Jason Armstrong forecast a fourth-quarter restructuring charge exceeding $1 billion, while Variety reported that planned layoffs are expected to affect cable and telecom operations, not NBCUniversal divisions.
The broadband losses exceeded both the 91,000 decline a year earlier and the 116,800 expected by analysts polled by FactSet. CNA reported that aggressive price cuts by AT&T and smaller fiber providers were making it harder for Comcast to retain subscribers without heavy discounts.
Variety reported on 22 October, citing two people familiar with the situation, that the number of jobs affected remains undetermined as individual teams assess the impact. The planned cuts are currently expected in Comcast’s cable and telecom business, which covers broadband, pay-TV and wireless, rather than NBCUniversal.
Armstrong told analysts that the expected charge relates mostly to Comcast’s transformation efforts. Deadline reported that it includes layoffs. A restructuring charge records costs associated with reorganizing a business; the forecast is not an amount allocated solely to job cuts.
The Hollywood Reporter described Comcast’s strategy as bringing its mobile business together with combined cable and internet products to counter broadband competition from wireless providers such as Verizon and T-Mobile. Variety also reported that Comcast is stepping up its push into wireless and business services.
Armstrong said Comcast had already changed leadership across customer experience, growth and marketing. He described the restructuring as more than a cost-cutting exercise: management aims to simplify the organization, speed decisions, operate more efficiently and create capacity to invest in growth, with cost actions intended to prepare the business for 2027.
The satellite operator expects access to more than twice OneWeb’s current bandwidth in return for spending in 2027–2034, with initial IRIS² services expected from 2030.
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“The Odyssey” became Universal Studios’ highest-grossing film and helped lift the studio unit’s pre-tax profit by 18.6%. Deadline reported a sharp rise in theatrical revenue, meaning revenue from cinema releases, alongside lower theme-park profit.
| Business | Measure | Result | Year-on-year change |
|---|---|---|---|
| Theatrical | Revenue | $1.13 billion | Up 77% |
| Peacock | Revenue | $1.8 billion | — |
| Peacock | Adjusted EBITDA | $261 million | — |
| Theme parks | Revenue | $2.60 billion | Down 4.4% |
| Theme parks | Profit | $780 million | Down 17% |
Peacock’s adjusted EBITDA measures earnings before interest, taxes, depreciation and amortisation, with further adjustments. It is not net income or simply pre-tax profit. Deadline described this as the NBCUniversal streaming service’s second consecutive profitable quarter on that basis and attributed revenue growth to stronger distribution. Subscribers held steady from the second quarter at 48 million.
CNA reported a $217 million pre-tax loss for Peacock a year earlier. That differently defined measure is not a like-for-like comparison with the current adjusted EBITDA figure.
Theme-park revenue missed the $2.71 billion average analyst estimate compiled by LSEG. CNA reported weaker demand in Orlando and said geopolitical tensions were deterring tourists from China from visiting Japan.
Variety reported lower total revenue but higher net income, or profit after expenses and taxes. Deadline also reported pro forma figures, which adjust the comparison to reflect the Versant spinoff earlier in 2026. Versant holds most of the former NBCUniversal cable networks and some digital assets.
| Measure and basis | 2026 | 2025 | Change |
|---|---|---|---|
| Reported revenue | Nearly $29.3 billion | Nearly $31.2 billion | Down 6.1% |
| Reported net income | Nearly $3.45 billion | $3.33 billion | Up 3.5% |
| Pro forma revenue | About $29.3 billion | — | About flat |
| Pro forma adjusted EBITDA | $9.1 billion | — | About flat |
The roughly flat pro forma revenue comparison therefore uses a different basis from the reported decline. Separately, CNA reported adjusted earnings of $1.07 per share, above the expected 98 cents. Adjusted per-share earnings are a different measure from total net income.
Comcast’s planned NBCUniversal separation would move its studios, theme parks and Peacock into a standalone public company. Executives said on 22 October that the tax-free spinoff, which also includes Sky, remained on track for completion by mid-2027.
Microsoft reported $33.17 billion in Azure revenue and a 22% year-over-year decline in Windows OEM and devices revenue. Its reporting overhaul brings quarterly disclosure of Azure’s dollar contribution.
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The US wireless carrier’s third-quarter service revenue rose 6% to $19.4 billion as it raised its expectations for the full year.
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