Comcast Corp. (CMCSA): 2Q26 Review: Residential broadband in-line; World Cup drives Media beat, Theme Parks miss

Research evidence excerpt

Comcast Corp. (CMCSA): 2Q26 Review: Residential broadband in-line; World Cup drives Media beat, Theme Parks miss

Goldman Sachs Comcast Corp. (CMCSA)

by progress in CMCSA’s new go-to-market strategy, where the company is focusing

on product quality and customer transparency while competing more actively in

both broadband and wireless. First, wireless remains a key growth area, with

momentum accelerating to +448k net line additions, pushing total lines past 10 mn

(~17% penetrated across the domestic broadband base and 7% of the total

addressable footprint). Second, CMCSA will increasingly compete in premium

segments of the wireless market, with 30% of 2Q26 postpaid phone connects for

premium unlimited plans. Third, CMCSA expects modest improvements in

broadband ARPU trends and C&P EBITDA starting in 3Q26 as early cohorts of free

wireless lines convert to paid relationships and initial go-to-market investments are

lapped. That said, CMCSA noted that the competitive landscape across mobile &

broadband remains intense across fixed wireless, fiber, and satellite. Accordingly, we

forecast 3Q26 broadband net adds of -87k (v. -79k prior and v. -91k in 3Q25) and

broadband ARPU growth of -3.2% (v. -2.0% prior and -3.8% in 2Q26).

n Media beat, Peacock achieves profitability for the first time. Media beat on both

revenue and EBITDA driven by strength in Domestic Distribution revenue growth

(+22% yoy) and Domestic Advertising revenue growth (+55% yoy), largely on FIFA

World Cup, NBA Playoffs, and Love Island benefits, which more than offset first-year

NBA rights costs. That said, excluding the FIFA World Cup, Media revenue grew

+15.6% yoy with Domestic Advertising up 23.5% yoy. Peacock achieved quarterly

profitability for the first time, delivering EBITDA of $189 mn (v.