Comcast free cash flow falls 15% as Peacock turns another profit and NBCU, Sky split advances

Comcast's adjusted earnings and free cash flow slipped in the third quarter as it invested in its connectivity business, but Peacock delivered a second straight profitable quarter and a blockbuster film lifted the studio.

Adjusted EPS fell 4% to $1.07, and free cash flow dropped 14.8% to $4.2 billion, according to the earnings release Comcast filed with an 8-K on Thursday. Revenue fell 6.1% to $29.3 billion; on a pro forma basis it rose 0.5%. Reported EPS rose 7.2% to 97 cents.

"In Connectivity & Platforms, our near-term financial results reflect the investments we're making to navigate an increasingly dynamic environment," co-CEOs Brian L. Roberts and Mike Cavanagh said in the release.

Wireless and streaming bright spots

Comcast added 368,000 domestic wireless lines in the quarter, bringing total wireless lines to 10.6 million. Business Services connectivity revenue rose 2.7% to $2.6 billion.

Peacock generated $261 million of adjusted EBITDA on $1.8 billion in revenue, an improvement of $478 million from a year earlier, and paid subscribers rose 17% to 48 million. The Odyssey became Universal's highest-grossing film ever, with nearly $1.8 billion at the worldwide box office this year, and Studios EBITDA rose 18.6% to $402 million.

The co-CEOs cited "near-term cyclical headwinds in Theme Parks."

Buybacks paused

Comcast paid $1.2 billion in dividends. It suspended share repurchases beginning in the third quarter and expects the pause to last through the planned separation of its businesses into two independent public companies. The company said progress on separating NBCUniversal and Sky remains on track.

By the numbers

• Revenue: $29.3 billion, down 6.1% (up 0.5% pro forma)
• Adjusted EPS: $1.07, down 4%
• Adjusted EBITDA: $9.1 billion, down 5.8%
• Free cash flow: $4.2 billion, down 14.8%
• Peacock paid subscribers: 48 million

Sources

1. Comcast Corporation, Form 8-K (Item 2.02) with Exhibit 99.1 earnings release dated Oct. 22, 2026, accession 0001628280-26-066783

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