Comcast Maintain 2Q BB Losses of 160k and C&P EBITDA of $7.94b; Lower PT to $29 on Higher 2027+ BB Losses

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Comcast Maintain 2Q BB Losses of 160k and C&P EBITDA of $7.94b; Lower PT to $29 on Higher 2027+ BB Losses

J P M O R G A N North America Equity Research

15 July 2026

Comcast Neutral

CMCSA, CMCSA US

Maintain 2Q BB Losses of 160k and C&P EBITDA of Price (14 Jul 26):$23.19

$7.94b; Lower PT to $29 on Higher 2027+ BB Losses ▼Price Target (Dec-26):$29.00 Prior (Dec-26):$33.00

We update our Comcast estimates ahead of 2Q results to reflect recent trends and

management commentary at conferences intra-quarter. Our 2Q residential BB net Telecom Services, Cable & Satellite

losses of 160k are unchanged, reflecting persistent competition, partially offset by Sebastiano C Petti AC

improved execution from Comcast's strategic pivot and revamped pricing and (1-212) 622-8529

packaging. That said, we raise our 2027+ net loss estimates to reflect anticipated sebastiano.c.petti@jpmorgan.com

pressure from satellite BB as Starlink capacity ramps over the next several years. John Stid

Our 2Q Connectivity & Platforms (C&P) segment EBITDA is unchanged at (1-212) 272-0992

john.stid@jpmorgan.com

$7.94b (-6% y/y), reflecting additional pressure from simplified pricing, free-line

Shayna Nguyen

offers, and increased investment in the customer experience. In Content &

(1-212) 622-0038

Experiences (C&E), we raise Media EBITDA to $525m on a higher contribution shayna.nguyen@jpmchase.com

from Peacock, aided in part by World Cup advertising and higher paid subscribers. J.P. Morgan Securities LLC

However, we lower 2Q Parks EBITDA to $641m on softer attendance in Orlando.

Overall, updated 2Q C&E segment EBITDA is 0.5% lower at $1.22b. Following

the announced NBCU/Sky separation, we now model a pause in buybacks from Key Changes (FYE Dec)

3Q26 through 4Q27.