Results Read-Across and Call Backs (Post #243): Incremental Takeaways from Comcast Earnings Call and Call-Back

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Results Read-Across and Call Backs (Post #243): Incremental Takeaways from Comcast Earnings Call and Call-Back

Off the Cuff |

23 Jul 2026 12:24:42 ET │ 11 pages

Results Read-Across and Call Backs (Post #243)

Incremental Takeaways from Comcast Earnings Call and Call-Back

Comcast 2Q results showed another step in the right direction for Connectivity to

improve its competitiveness, although indications for 3Q suggest the level of

improvement may not be as significant as we and consensus were anticipating.

Broadband losses should still be on track to stabilize or improve on a yoy basis

(although maybe not as much as we currently forecast). Media and Studios are

performing well with improvements in Peacock profitability, while Parks softness Michael Rollins, CFAAC

will also be more significant in 3Q than 2Q per management comments on the +1-212-816-1116

earnings call. As a result, we believe our EBITDA estimate and consensus for 3Q26 michael.rollins@citi.com

could have 2-3% downside risk with a lesser amount of spillover risk into 4Q and

2027. We believe the stock could be down near-term given the estimate risk, while

we still view the stock as retaining upside over the next 12-months given the current

multiples and implied sum-of-parts value ahead of the planned spin of NBCU. We

maintain our Buy on CMCSA.

We share our takeaways from our IR callback below:

Broadband – Comcast’s refreshed go-to-market strategy continues to gain traction,

even as competition remains intense. On the competitive landscape, management

noted an increase in promotional intensity, including what it viewed as some

irrational competitive behavior. While Comcast does not currently see Starlink as a

meaningful competitor in its core markets, it expects Starlink's presence to grow