Comcast Q2: NBCUniversal's Peacock turns first profit ahead of planned split

People walk by the Comcast building which houses NBC Studios in Manhattan on June 29, 2026 in New York City. Credit: Spencer Platt | Getty Images

Comcast's second-quarter results on Thursday showcased strength at NBCUniversal — particularly in its TV and film units — as the company prepares to split its media and broadband businesses apart.

NBCUniversal and Peacock Performance

• NBCUniversal's streaming service, Peacock, hit profitability during the quarter for the first time since its 2020 launch, giving the media business a lift.
• The streaming service benefited from live sports including the FIFA World Cup and NBA postseason, and brought in new subscribers.
• Revenue in the company's content and experiences division, which includes media unit NBCUniversal, rose nearly 23% year over year.

Broadband and Cable Business Challenges

Meanwhile, it was a different story with the traditional cable and connectivity business. The company said that its shifted strategy for the broadband business is "gaining traction" following years of significant competition and pressure due to the rise of alternatives like 5G providers.

However, Comcast once again reported broadband customer losses for the period, and revenue for the connectivity and platforms segment notched down as its lower pricing plans and promotions took hold.

Key Segment Data

Connectivity and Platforms Segment (includes Xfinity-branded broadband, mobile, and cable TV):

• Revenue: Down 3% to $19.8 billion
• EBITDA: Down nearly 6% to $7.96 billion
• Broadband residential customer losses: 167,000
• Cable TV subscriber losses: 280,000
• Mobile additions: Record quarter, bringing total to 10.2 million lines

Mobile remained a bright spot and has become a major driver and key part of Comcast's strategy to boost the broadband business.

Content and Experiences Segment (includes NBCUniversal's TV, film, and theme parks):

• Revenue: $10.73 billion, boosted by the FIFA World Cup that began in mid-June and was aired in Spanish in the U.S. on Telemundo
• TV media revenue: Benefited from Peacock and an increase in advertising
• Film studio revenue: Up 25%
• Theme parks revenue: Up nearly 3%, as softness at international parks offset higher revenue in Orlando

Planned Business Split

The diverging storylines for broadband and media come weeks after Comcast said it would divide the two businesses into separate publicly traded companies. In Thursday's release, co-CEOs Brian Roberts and Mike Cavanagh called the split "an important step toward creating two focused companies with the financial strength and flexibility to pursue their respective growth strategies."

Overall Financial Results

• Total revenue: Down 1.2% during the second quarter
• Pro-forma revenue (accounting for the Versant spinoff completed at the start of the year): Up 4.7%
• Adjusted earnings per share: $1.04, topping Wall Street estimates of 97 cents (per LSEG)

Market Reaction

Shares of Comcast were about 1.5% higher in premarket trading Thursday.