# Comcast Stock Q3 2026: Broadband Losses Widen as Peacock Stays Profitable
> Comcast stock Q3 2026: revenue fell 6.1% to $29.3bn, up 0.5% pro forma, as broadband lost 144,000 customers and Peacock earned $261m. CMCSA earnings.

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## Facts
- Ticker: CMCSA
- QSILabs fair value: $85.08 USD
- Price: $23.87 (as of 2026-11-02)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-22) and Form 10-Q filed 2026-10-22; price as of 2026-11-02 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/comcast-stock-q3-2026-earnings-broadband-peacock/

## Short answer
Comcast stock Q3 2026 comes down to a quarter in which the cable business shrank while the media business grew. Revenue for the three months to 30 September 2026 fell 6.1% to $29.30bn, mostly because the Versant cable networks were spun off on 2 January 2026. On Comcast's pro forma basis, which treats the Versant spin-off and the sale of Sky's German operations as if both had happened at the start of 2024, revenue rose 0.5%. Comcast lost 144,000 domestic broadband customers and added 368,000 wireless lines, and Peacock earned $261m of adjusted EBITDA in its second consecutive profitable quarter. Adjusted EPS fell 4% to $1.07. Our discounted cash flow model values Comcast at $85.08 a share, about 3.6 times the $23.87 close on 2 November 2026. The share price implies a long decline in cash flow that our model, which follows consensus forecasts, does not assume.

## Key takeaways
- Revenue down 6.1%, up 0.5% pro forma. Q3 2026 revenue was $29,298m, against $31,198m a year earlier, or $29,151m on the pro forma basis. Adjusted EBITDA fell 5.8% to $9,106m and rose 0.8% pro forma.
- Broadband losses widened. Comcast lost 144,000 domestic broadband customers in the quarter, against 91,000 a year earlier, and domestic broadband revenue fell 4.7% to $6,241m. Management cited aggressive fiber and fixed wireless competition.
- Wireless kept growing. Comcast added 368,000 domestic wireless lines, taking the total to 10.6m, up 18% in a year. Wireless service revenue rose 14.7% to $1,050m.
- Peacock stays profitable. Peacock made $261m of adjusted EBITDA on about $1.8bn of revenue, against a $217m loss a year earlier, and ended the quarter with 48m paid subscribers, up 17%.
- Theme Parks fell. Theme Parks revenue fell 4.4% to $2,597m and adjusted EBITDA fell 17.1% to $780m, on weaker demand in Orlando and Japan and capacity problems at Epic Universe.
- A large charge is coming. Chief financial officer Jason Armstrong said Comcast expects a fourth-quarter charge of over $1bn, mostly for what the company calls the most significant operating and cost transformation in its history.
- Our value: $85.08 a share, against a $23.87 close on 2 November 2026. A two-stage cross-check gives $72.75; a scenario in which revenue shrinks every year and never grows again gives $52.96. Analysts' average target is $27.98.
- What to watch. Broadband net losses, the size of the fourth-quarter charge, the detail management has promised for early 2027, and the separation of NBCUniversal and Sky, which Comcast expects to complete in mid-2027.

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