Comcast Corp. (NASDAQ:CMCSA) stock fell on Thursday after the cable and media company reported second-quarter results that topped Wall Street expectations but showed continued weakness in its broadband and video businesses.
Earnings Top Estimates Despite Broadband Pressure
The Philadelphia-based company reported revenue of $29.94 billion, down 1.2% from a year earlier but above the analyst consensus estimate of $29.30 billion, according to Benzinga Pro. Adjusted earnings came in at $1.04 per share, beating estimates of 97 cents.
Comcast continued to face pressure from cord-cutting and growing competition from lower-cost 5G home internet services. The company lost 167,000 broadband customers during the quarter, slightly more than the 165,300 losses analysts surveyed by FactSet expected, according to Reuters.
Video subscribers declined by 280,000 as more consumers shifted to streaming platforms.
Mobile remained a key growth driver. Comcast added 448,000 mobile lines during the quarter, bringing its wireless customer base to 10 million for the first time.
Media And Peacock Deliver Strong Growth
Revenue in the media segment increased 25.3% year over year to $5.69 billion, driven by higher domestic advertising and distribution revenue. Advertising benefited from coverage of the FIFA World Cup and NBA programming.
Peacock revenue rose to $1.9 billion from $1.2 billion a year earlier.
The streaming platform reported its first quarterly profit, generating $189 million in pretax income, helped by subscriber growth and strong viewership for live sports, including the FIFA World Cup and the NBA postseason.
Peacock added 2 million paid subscribers during the April-through-June quarter, nearly four times the number analysts surveyed by Visible Alpha expected, according to Reuters. Total paid subscribers reached 48 million.
Although Peacock remains smaller than Netflix Inc. (NASDAQ:NFLX), Walt Disney Co.’s (NYSE:DIS) Disney+ and Amazon.com Inc.’s (NASDAQ:AMZN) Prime Video, the results suggest its live sports strategy is gaining momentum.
Studio, Theme Parks And Connectivity
Studio revenue climbed 25% to $3.04 billion, driven by stronger theatrical performance from recent releases, including The Super Mario Galaxy Movie, Obsession and international distribution of Michael.
The results come as Comcast prepares to spin off NBCUniversal and Sky, leaving the company more focused on its connectivity business, which faces increasing competition from fixed wireless and expanding fiber networks.
Theme parks revenue increased 2.7% to $2.41 billion, supported by the continued success of Epic Universe in Orlando, which opened in May 2025. Growth was partly offset by weaker performance at international parks. Adjusted EBITDA for the segment fell 5.1% as geopolitical tensions and China’s weak economy weighed on attendance across Asia.
Connectivity & Platforms adjusted EBITDA declined 5.7% to $7.96 billion, while the segment’s adjusted EBITDA margin narrowed 120 basis points to 40.2%.
Cash Flow And Shareholder Returns
Comcast generated $4.6 billion in free cash flow during the quarter. It returned $2.1 billion to shareholders through $1.2 billion in dividends and $900 million of share repurchases, buying back 33.8 million shares.
Connectivity & Platforms capital expenditures rose 19.9% to $2.3 billion, reflecting higher investment in customer equipment and network infrastructure. Capital spending in the Content & Experiences segment fell 20.4% to $584 million following the completion of Epic Universe.
Price Action: Comcast shares were down 3.57% at $22.68 at the time of publication Thursday, according to Benzinga Pro data.
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