Comcast Q3 Earnings: Profit Falls Amid Post-Olympics Comparison and Cord-Cutting Challenges
Comcast Q3 profit fell 8% as cord-cutting and the end of Olympic revenue hit results. The company saw broadband losses but growth in mobile, film, and theme parks.
Comcast Q3 Earnings: Profit Drops as Cord-Cutting and Post-Olympics Impact Revenue
Telecom and media giant Comcast reported a decline in its third-quarter profit, as the company faced continued pressure from cord-cutting trends and tough comparisons with last year’s Paris 2024 Olympics, which brought in a one-time revenue boost of $1.9 billion.
Profit Drops as Broadband, Pay-TV Losses Continue
Comcast’s net income slipped 8% year-over-year to $3.33 billion, or $0.90 per share, compared to $3.63 billion ($0.94 per share) in the same quarter last year. Despite the decline, results slightly beat Wall Street expectations.
The company lost 104,000 broadband subscribers in the U.S., marking the fourth consecutive quarter of customer losses, bringing its total to around 31.4 million. Comcast also saw a sharper drop in its pay-TV base, losing 257,000 subscribers during the quarter.
Revenue from media operations, which include NBCUniversal, fell nearly 20% to $6.6 billion, largely due to the absence of Olympic-related revenue. Excluding the Olympics comparison, media revenue actually rose 4% year-on-year.
Leadership Changes in Cable Division
As part of a major leadership transition, Dave Watson, a longtime Comcast executive, will step into a new role as Vice Chair of the parent company. Steve Croney, currently the division’s CFO, will take over as CEO of Connectivity and Platforms effective January 1, 2026.
Comcast Chairman and CEO Brian Roberts and President Mike Cavanagh praised both leaders, saying Croney has been “instrumental in advancing our operational transformation” and is “the right leader for the future.”
Mobile and Sports Drive Growth
While traditional cable operations slowed, Comcast continued to find growth in its mobile services, adding a record 414,000 new subscribers in Q3.
Roberts highlighted the success of the company’s sports and streaming strategy, noting momentum across NBC Sports and Peacock, especially with the start of a new NBA season.
“We’re building momentum across NBC and Peacock as we head into one of the most exciting stretches of live sports in our history,” Roberts said.
Comcast generated $4.9 billion in free cash flow for the quarter and $14.9 billion year-to-date, underscoring what Roberts called the “resilience of our business” despite ongoing restructuring investments.
Peacock Narrows Losses, Theme Parks Surge
Comcast’s streaming platform Peacock maintained around 41 million subscribers as of September 30. The service recorded a loss of $217 million, significantly improved from $436 million a year earlier.
The company’s film and theme park divisions were standout performers.
Film revenue rose 6% to $3 billion, driven by the success of Jurassic World Rebirth (released in July).
Theme park revenue jumped 19% to $2.72 billion, buoyed by the launch of the Epic Universe attraction in May.
Outlook
Despite ongoing subscriber losses in cable and broadband, Comcast remains optimistic about its future, pointing to growth in mobile, streaming, and entertainment assets as key drivers for 2026.
