Comcast Corporation

On a pro forma basis, second-quarter revenue increased 5%, adjusted EBITDA declined 5%, and adjusted EPS was $1.04. Free cash flow was $4.6 billion, and Comcast returned $2.1 billion to shareholders, including $900 million in share repurchases. In Connectivity & Platforms, broadband subscriber losses improved by 34,000 year over year to a loss of 167,000, broadband ARPU declined 3.8%, and C&P EBITDA fell 5.8%; wireless net additions hit a record 448,000 and total lines reached 10.2 million. In Media, revenue increased 25%, EBITDA increased 4%, and Peacock produced $189 million of EBITDA with 48 million paid subscribers; Studios revenue increased 25% and EBITDA increased $141 million year over year. Management said C&P pressure should modestly improve starting in the third quarter as free wireless lines convert to paying customers and early investment costs are lapped, but they did not provide full-year consolidated guidance on the call.

Brian Roberts framed the announced separation as a positive reset for both businesses, saying the reaction from employees and partners was overwhelmingly positive and that the move should bring more focus and agility. He emphasized that AI, more bandwidth, lower latency and smarter networks should favor Comcast’s infrastructure and said the company is well positioned to lead in that environment. His tone was upbeat and energized, especially around wireless scale, Peacock’s growth and the long-term value of the media assets.

Jason Armstrong said the quarter reflected investment in the broadband pivot and the NBA rights cycle: revenue was up 5%, adjusted EBITDA down 5%, and EPS was $1.04. He highlighted $4.6 billion of free cash flow and $2.1 billion returned to shareholders, but noted share repurchases were paused as of July 1 through the separation to keep both companies investment-grade and financially flexible. He also pointed to broadband ARPU down 3.8%, C&P EBITDA down 5.8%, wireless revenue up 14%, Peacock revenue up 54% with $189 million of EBITDA, and business services growth that was flattered by a nonrecurring fiber lease renewal benefit.

Analysts pressed on broadband competition, especially fiber, fixed wireless and Starlink, and management said they are assuming competition stays intense while focusing on network quality, WiFi, transparency in pricing and customer experience. On Starlink, management said it is not yet a meaningful factor in their markets but is likely to become more relevant over time, especially in rural and underserved areas; they also said they already have a business partnership with Starlink. Questions on Peacock profitability drew a response that the business is now profitable on an annualizing basis, but quarterly profits will remain lumpy due to sports and content timing. On the separation, management repeated that details on leverage, dividends and exchange ratio are still being worked through and no new framework was disclosed.