CMCSA · 8-K · 20261022PR066783

Operating Income and Margins

COMCAST CORP · 2026-10-22 · Importance 42 · Surprise 14 · No source text

Consolidated operating income declined 3.9% to $5.3 billion in the third quarter, from $5.5 billion in the prior-year period. Connectivity & Platforms Adjusted EBITDA decreased 4.4% to $7.6 billion, and its Adjusted EBITDA margin fell 70 basis points to 38.6%. Residential Connectivity & Platforms Adjusted EBITDA declined 5.8% to $6.1 billion as lower revenue more than offset lower operating expenses, reducing margin by 90 basis points to 35.9%. Content & Experiences Adjusted EBITDA increased 29.3% to $1.8 billion, although Theme Parks Adjusted EBITDA fell 17.1% to $780 million and its margin pressure reflected lower revenue and higher operating expenses.

Key facts

• Content & Experiences Adjusted EBITDA for 3Q26: $1,800 million, an increase of 29.3% year-over-year source
• Consolidated Adjusted EBITDA for 3rd quarter 2026: $9,106 million, a decrease of 5.8% year-over-year source
• Pro Forma Adjusted EBITDA for 3rd quarter 2026: $9,106 million, up 0.8% versus pro forma prior year $9,038 million source
• Net income attributable to Comcast for 3rd quarter 2026: $3,448 million, an increase of 3.5% year-over-year source
• Adjusted Net Income for 3rd quarter 2026: $3,824 million, a decrease of 7.3% year-over-year source
• Residential Connectivity & Platforms Adjusted EBITDA for 3Q26: $6,110 million, a decrease of 5.8% year-over-year and margin 35.9% (down 90 bps) source
• Studios Adjusted EBITDA increased 18.6% to $402 million in 3Q26 source
• Media Adjusted EBITDA increased to $769 million in 3Q26 from $247 million in prior year period (comparison not meaningful) source

Impact estimates