Comcast Corp (CMCSA.O): Comcast Reports Better 2Q Financials with In-Line Connectivity Performance

研报英文原文证据摘录

Comcast Corp (CMCSA.O): Comcast Reports Better 2Q Financials with In-Line Connectivity Performance

Flash |

23 Jul 2026 07:54:53 ET │ 15 pages

Comcast Corp (CMCSA.O)

Comcast Reports Better 2Q Financials with In-Line Connectivity

Performance

CITI'S TAKE Buy

Price (17 Jul 26 16:00) US$23.79 Comcast reported better C2Q financial results with revenue up nearly 5%

Target price US$32.00 yoy largely from better C&E performance (PF for divestiture). EBITDA and

EPS outperformed consensus, albeit down mid-single digits (PF) to largely Expected share price return 34.5%

reflect the reinvestments in connectivity to improve its competitive Expected dividend yield 5.5%

positioning. Broadband performance was generally unsurprising with Expected total return 40.1%

slightly wider net losses of -167k and ARPU down slightly less than Market Cap US$84,983M

expected, albeit nearly -4% yoy. Wireless net adds outperformed at +448k

and CMCSA expects converged service monetization to begin to improve

in 3Q as it begins to lap its promotional offers. C&E outperformed in both

Media and Studios, including better Peacock net add and EBITDA Michael Rollins, CFAAC

performance. Results show forward progress on improving connectivity +1-212-816-1116

performance. The risk of softer Parks continuing into at least 3Q may not michael.rollins@citi.com

be fully incorporated into our expectations and consensus. We maintain Caitlyn Walsh

our Buy on CMCSA and expect shares to trade near current levels near- +1-212-816-6692

term. caitlyn.walsh@citi.com

Roberta Versiani

By The Numbers — On a PF basis, total revenue was up 4.7% yoy to $29.6B, which +1-212-816-5071

was above our estimate of $29.2B and consensus of $29.3B. Adj. EBITDA was down roberta.versiani@citi.com