COMCAST REPORTS 3rd QUARTER 2026 RESULTS
PHILADELPHIA - October 22, 2026… Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended September 30, 2026.
“ We are taking decisive steps to strengthen our businesses and unlock the full potential of their structural advantages, " said Brian L. Roberts and Mike Cavanagh, co-CEOs of Comcast Corporation. " In Connectivity & Platforms, our near-term financial results reflect the investments we're making to navigate an increasingly dynamic environment. We're encouraged by improving customer satisfaction, strong conversion of free wireless lines to paid relationships, growing adoption of premium wireless plans across our 10.6 million total wireless lines and healthy growth in Business Services, led by Enterprise, where there is substantial opportunity ahead. At the same time, we're transforming our operations to move faster, improve efficiency and fully capitalize on the strength of our businesses. In Content & Experiences, Peacock delivered its second consecutive profitable quarter, generating $261 million in Adjusted EBITDA on $1.8 billion in revenue, driven by strong growth in distribution, while Universal surpassed $5 billion at the global box office, led by the record-breaking success of The Odyssey, now Universal's highest-grossing film of all time. Despite near-term cyclical headwinds in Theme Parks, we remain confident in the business's long-term growth potential. We generated $4.2 billion in free cash flow and are making meaningful progress on the separation of NBCUniversal and Sky, which remains on track to create two independent companies with the financial strength and flexibility to pursue their respective growth strategies. "
For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedule on Comcast’s Investor Relations website at www.cmcsa.com.
• Generated Consolidated Adjusted EBITDA of $9.1 Billion, Adjusted EPS of $1.07 and Free Cash Flow of $4.2 Billion
• Domestic Wireless Customer Line Net Additions Were 368,000 and 1.6 Million Over the Last 12 Months; Total Wireless Lines Increased to 10.6 Million, Reaching Nearly 18% Penetration of Our Domestic Residential Broadband Customers and 7% of Total Addressable Wireless Lines in Our Footprint
• Continued to Drive Adoption of Higher-Value Products; Nearly 45% of Our Broadband Customers Are Now on Gig-Plus Speed Tiers, Up Nearly 10 Percentage Points Year-over-Year, and Premium Unlimited Plans Represented Approximately 40% of Postpaid Phone Connects
• Launched Xfinity Shield, a First-of-its-Kind Platform That Transforms Xfinity Wi-Fi into an Always-On Layer of Cybersecurity, Home and Family Protection
• Business Services Connectivity Revenue Increased 2.7% to $2.6 Billion, EBITDA Increased 1.7% to $1.5 Billion and EBITDA Margin Was 55.9%
• Peacock Delivered EBITDA of $261 Million, Increasing $478 Million Year-over- Year; Paid Subscribers Increased 17% Year-over-Year to 48 Million 1
The Odyssey Premiered in July and Became Universal's Highest Grossing Film of All Time with Nearly $1.8 Billion in Worldwide Box Office Year-to-Date; Universal Became the First Studio to Reach $5 Billion at the Global Box Office in 2026; Studios EBITDA Increased 18.6% to $402 Million
• Opened Fast & Furious: Hollywood Drift at Universal Studios Hollywood, the Park's First-Ever High-Speed Outdoor Roller Coaster and the Fastest Roller Coaster in the Universal Destinations & Experiences Portfolio
to reflect the Versant separation, which was completed on January 2, 2026, and the sale of our Sky operations in Germany, which was completed on May 31, 2026, revenue and Adjusted EBITDA were consistent with the prior year period.
were consistent at $3.1 billion . Connectivity & Platforms’ capital expenditures increased 3.6% to $2.4 billion , primarily reflecting higher spending on customer premise equipment. Content & Experiences' capital expenditures decreased 10.6% to $639 million.
Comcast paid dividends totaling $1.2 billion. As previously announced, Comcast suspended its share repurchase program beginning in the third quarter and expects the pause to remain in place through the proposed separation of its businesses into two independent publicly traded companies.
Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.
decreased due to a decline in Residential Connectivity & Platforms, partially offset by growth in Business Services Connectivity. Residential Connectivity & Platforms revenue and Adjusted EBITDA performance reflect the investment in our go-to-market strategy.
(in Net Additions thousands) / (Losses) 3rd Quarter 3Q26 3Q25 2026 2025 Residential Connectivity & Platforms Customer Relationships Domestic Residential Connectivity & 30,040 30,642 -139 -103 Platforms Customer Relationships International Residential Connectivity & 17,712 17,477 173 -95 Platforms Customer Relationship… Total Residential Connectivity & 47,751 48,120 33 -199 Platforms Customer Relationship… Total Domestic Broadband 28,343 28,897 -144 -91 Residential Customers Total Domestic 10,555 8,941 368 414 Wireless Lines Total Domestic 10,394 11,515 -274 -257 Video Customers
for Residential Connectivity & Platforms increased by 33,000 to 47.8 million, reflecting an increase in international residential customer relationships, partially offset by a decrease in domestic residential customer relationships. Total domestic broadband residential customer net losses were 144,000, total domestic wireless line net additions were 368,000 and total domestic video customer net losses were 274,000.
Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.
for Residential Connectivity & Platforms decreased compared to the prior year period, primarily reflecting lower video and domestic broadband revenue, partially offset by higher domestic wireless equipment, domestic wireless service, international connectivity and advertising revenue. Domestic broadband revenue decreased due to lower average rates and a decline in the number of domestic broadband customers. Domestic wireless service revenue increased, reflecting growth in the customer base and the conversion of promotional free lines to paid service. Domestic wireless equipment revenue increased, driven by higher device sales. International connectivity revenue increased due to higher wireless revenue, primarily reflecting higher equipment revenue. Video revenue decreased primarily due to a decline in the number of video customers. Advertising revenue increased primarily due to higher domestic political advertising and higher revenue from our advanced advertising business, partially offset by lower international advertising and lower domestic nonpolitical advertising. Other revenue decreased primarily due to lower residential wireline voice revenue, driven by a decline in the number of customers. 3
for Residential Connectivity & Platforms decreased due to lower revenue, partially offset by lower operating expenses. Programming expenses decreased primarily due to a decline in the number of domestic video customers. Non- programming expenses increased primarily reflecting an increase in direct product costs, mainly due to growth in our domestic wireless business, partially offset by lower technical and support costs.
Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.
for Business Services Connectivity increased primarily due to an increase in revenue from enterprise solutions offerings.
for Business Services Connectivity increased due to higher revenue, partially offset by higher operating expenses. The increase in operating expenses was primarily due to increases in direct product costs and marketing and promotion expenses.
for Content & Experiences increased compared to the prior year period primarily driven by Media, which included $224 million of incremental revenue from the FIFA World Cup.
for Content & Experiences increased primarily due to growth in Media and Studios, partially offset by a decline in Theme Parks.
for Media increased primarily due to higher domestic distribution and domestic advertising revenue. Excluding $224 million of incremental revenue from the FIFA World Cup, Media revenue increased 8.3%. Domestic advertising revenue increased primarily due to the impact of the FIFA World Cup. Excluding the incremental revenue associated with this event, domestic advertising revenue was consistent primarily reflecting higher revenue at Peacock, offset by lower revenue at our networks. Domestic distribution revenue increased primarily due to higher revenue at Peacock, driven by higher average rates and an increase in paid subscribers compared to the prior year period. 5
for Media increased due to higher revenue partially offset by higher operating expenses. The increase in operating expenses was primarily driven by higher other expenses, partially offset by lower programming and production costs. Other expenses increased primarily due to costs related to Peacock. Programming and production costs decreased primarily due to lower programming costs at Peacock and our international networks, partially offset by costs associated with the FIFA World Cup. Media results include $1.8 billion of revenue and Adjusted EBITDA 11 of $261 million related to Peacock, which includes amounts attributable to the FIFA World Cup, compared to $1.4 billion of revenue and an Adjusted EBITDA 11 loss of $217 million in the prior year period.
for Studios decreased primarily due to lower content licensing revenue, partially offset by higher theatrical revenue. Content licensing revenue decreased primarily due to the timing of when content was made available by our television studios. Theatrical revenue increased primarily due to the successful performance of recent releases, including The Odyssey and Minions & Monsters , as well as the carryover benefit of Obsession .
for Studios increased due to lower operating expenses, which more than offset lower revenue. The decrease in operating expenses was primarily driven by lower programming and production expenses, mainly due to lower content licensing sales at our television studios, partially offset by higher film costs, as well as lower marketing and promotion expenses due to the timing of spending on recent and upcoming theatrical film releases.
for Theme Parks decreased primarily due to lower revenue from park admissions, including from the impact of increased promotional activity.
for Theme Parks decreased reflecting lower revenue and higher operating expenses. The increase in operating expenses was primarily due to operating costs associated with our domestic parks, partially offset by a decrease in operating costs at our international parks.
Content & Experiences Headquarters & Other includes overhead, personnel costs and costs associated with corporate initiatives. Headquarters & Other Adjusted EBITDA loss in the third quarter was $191 million, compared to a loss of $204 million in the prior year period.
Amounts represent eliminations of transactions between our Content & Experiences segments, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses. Revenue eliminations were $400 million, compared to $579 6 million in the prior year period, and Adjusted EBITDA eliminations were a benefit of $40 million, compared to a benefit of $69 million in the prior year period.
($ in millions) 3rd Quarter 2026 20256 Change Corporate & Other Revenue $341 $315 8.2 % Operating 640 587 8.9 % Expenses Adjusted -$299 -$272 (9.7 %) EBITDA Eliminations Revenue -$1,242 -$1,273 (2.5 %) Operating -1,260 -1,254 0.5 % Expenses Adjusted $18 -$19 NM EBITDA NM=comparison not meaningful.
Amounts for 2025 exclude the impacts of Versant and our Sky operations in Germany. Amounts for 2026 exclude the impacts of our Sky operations in Germany through the date of sale. See Table 8 for the reconciliation to consolidated results.
Corporate & Other primarily includes overhead and personnel costs; our regional sports networks; and Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania. Corporate & Other Adjusted EBITDA decreased primarily reflecting lower revenue associated with our regional sports networks.
Amounts represent eliminations of transactions between Connectivity & Platforms, Content & Experiences and other businesses, the most significant being distribution of television network programming between the Media and Residential Connectivity & Platforms segments. Revenue eliminations were $1.2 billion, compared to $1.3 billion in the prior year period, and Adjusted EBITDA eliminations were a benefit of $18 million compared to a loss of $19 million in the prior year period. 7
1 Certain financial information is presented on a pro forma basis in connection with the separation of Versant, which was completed on January 2, 2026 (the “Versant Separation”), and the sale of our Sky operations in Germany, which was completed on May 31, 2026 (the "Sale"). The pro forma financial measures are non-GAAP financial measures and are presented as if the Versant Separation and the Sale had both occurred on January 1, 2024. The pro forma information is primarily based on historical results of operations and includes pro forma adjustments in accordance with Article 11 of Regulation S-X that are directly attributable to the Versant Separation and the Sale. For the Versant Separation, this includes adjustments related to the commercial services agreement for the sale and use of Versant’s advertising and promotional inventory. This pro forma information is not necessarily indicative of future results. See Table 8 for reconciliations of non-GAAP financial measures.
2 We define Adjusted Net Income and Adjusted EPS as net income attributable to Comcast Corporation and diluted earnings per common share attributable to Comcast Corporation shareholders, respectively, adjusted to exclude the effects of the amortization of acquisition-related intangible assets, investments that investors may want to evaluate separately (such as based on fair value) and the impact of certain events, gains, losses or other charges that affect period- over-period comparisons. See Table 5 for reconciliations of non-GAAP financial measures.
3 We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. See Table 4 for reconciliation of non-GAAP financial measure.
5 We define Free Cash Flow as net cash provided by operating activities (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant legal settlements) that affect period-to-period comparability. Cash payments related to certain capital or intangible assets, such as the construction of Universal Beijing Resort, are presented separately in our Consolidated Statement of Cash Flows and are therefore excluded from capital expenditures and cash paid for intangible assets for Free Cash Flow. See Table 4 for reconciliation of non-GAAP financial measure.
6 Beginning in the first quarter of 2026, we updated the composition of our segments to align with the segment-level information that is regularly provided to our chief operating decision maker, including (1) adjusting the Media segment to exclude the historical results of Versant; (2) reclassifying the results of our regional sports networks to Corporate and other from the Media segment; (3) reclassifying the results of Xumo, our streaming platform joint venture with Charter Communications, to the Residential Connectivity & Platforms segment from Corporate and other; (4) reclassifying certain shared expenses into the related Media, Studios and Theme Parks segments from Content & Experiences Headquarters & Other; and (5) adjusting the Media segment and Versant for the effects of our commercial services agreement. Prior periods have been reclassified to reflect the current year presentation.
7 Constant currency growth rates are calculated by comparing the results for each comparable prior year period adjusted to reflect the average exchange rates from each current year period presented rather than the actual exchange rates that were in effect during the respective periods. See Table 6 for reconciliations of non-GAAP financial measures.
8 Residential Connectivity & Platforms customer relationships and International Residential Connectivity & Platforms customer relationships were updated in the first quarter of 2026 due to a conforming change in methodology, resulting in a decrease of 125,000 customers. There was no impact to net additions and information for all periods have been recast on a comparable basis.
9 Beginning in the first quarter of 2026, commission revenue from the sale of certain direct to consumer (“DTC”) streaming services is presented in domestic broadband revenue or video revenue based on whether a customer is entitled to receive the DTC streaming service through a broadband or video service offering. Domestic broadband revenue also includes revenue from streaming devices available 8 to our broadband customers. Previously, all of these amounts were in video revenue. Prior periods have been reclassified to reflect the current year presentation.
10 From time to time, we may present adjusted information (e.g., Adjusted Revenues) to exclude the impact of certain events, gains, losses or other charges affecting period-to-period comparability of our operating performance. See Table 7 for reconciliations of non-GAAP financial measures.
11 Adjusted EBITDA is the measure of profit or loss for our segments. From time to time, we may present Adjusted EBITDA for components of our reportable segments, such as Peacock. We believe these measures are useful to evaluate our financial results and provide a basis of comparison to others, although our definition of Adjusted EBITDA may not be directly comparable to similar measures used by other companies. Adjusted EBITDA for components are presented on a consistent basis with the respective segments and disaggregated in accordance with GAAP.
Numerical information is presented on a rounded basis using actual amounts, unless otherwise noted. The change in Peacock paid subscribers is calculated using rounded paid subscriber amounts. Minor differences in totals and percentage calculations may exist due to rounding.
Comcast Corporation will host a conference call with the financial community today, October 22, 2026, at 8:30 a.m. Eastern Time (ET). The conference call and related materials will be broadcast live and posted on our Investor Relations website at www.cmcsa.com . A replay of the call will be available today, October 22, 2026, starting at 11:30 a.m. ET on the Investor Relations website.
From time to time, we post information that may be of interest to investors on our website at www.cmcsa.com and on our corporate website, www.comcastcorporation.com . To automatically receive Comcast financial news by email, please visit www.cmcsa.com and subscribe to email alerts. ###
Investor Press Contacts: Contacts: Marci Ryvicker Marci_Ryvicker@C… Jennifer Khoury Jennifer_Khoury… (215) 531-3296 Jane Kearns Jane_Kearns@Comc… John Demming John_Demming@Co… (215) 429-4744
This press release includes statements that may constitute forward-looking statements. In evaluating these statements, readers should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission (SEC). Factors that could cause our actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; consumer acceptance of our content; programming costs; key distribution and/or licensing agreements; use and protection of our intellectual property; our reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather-related and other uncontrollable events; loss of key personnel; labor disputes; significant tax liability if the separation of Versant is not tax- free; laws and regulations; adverse decisions in litigation or governmental investigations; risks related to our intention to separate NBCUniversal and Sky in a spin-off; and other risks described from time to time in reports and other documents we file with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward- looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. The amount and timing of any dividends and share repurchases are subject to business, economic and other relevant factors. ###
under the SEC regulations; those rules require the supplemental explanations and
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit www.comcastcorporation.com for more information. 10
Nine Months Ended (in millions) September 30, 2026 2025 OPERATING ACTIVITIES Net income $8,807 $17,590 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 11,252 12,023 Share-based compensation 1,134 1,014 Noncash interest expense 314 359 (income), net Net (gain) loss on investment activity -7 -9,282 and other Deferred income taxes 1,523 3,250 Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent -1,000 716 receivables, net Film and television costs, 251 -168 net Accounts payable and accrued expenses 890 -135 related to trade creditors Other operating assets and -278 -566 liabilities Net cash provided by operating 22,886 24,802 activities INVESTING ACTIVITIES Capital expenditures -8,311 -8,001 Cash paid for intangible -1,859 -1,934 assets Construction of Universal — -3 Beijing Resort Acquisitions, net of cash — -1,279 acquired Proceeds from sales of businesses and 128 644 investments Purchases of investments -668 -1,226 Other 461 80 Net cash (used in) investing -10,249 -11,720 activities FINANCING ACTIVITIES Proceeds from borrowings 1,990 2,494 Repurchases and repayments of -10,405 -4,366 debt Repurchases of common stock under -2,517 -5,618 repurchase program and employee plans Dividends paid -3,606 -3,685 Cash transferred to Versant, -750 — net Other -236 51 Net cash (used in) financing -15,525 -11,124 activities Impact of foreign currency on cash, cash 6 35 equivalents and restricted cash Increase (decrease) in cash, cash -2,882 1,994 equivalents and restricted cash Cash, cash equivalents and restricted 10,559 7,377 cash, beginning of period Cash, cash equivalents and restricted $7,676 $9,371 cash, end of period
(in millions) September 30, December 31, 2026 2025 ASSETS Current Assets Cash and cash $7,596 $9,481 equivalents Receivables, net 13,542 13,869 Other current assets 4,085 6,217 Total current assets 25,223 29,567 Film and television 11,095 12,214 costs Investments 7,860 7,952 Property and equipment, 66,957 65,680 net Goodwill 53,239 61,502 Franchise rights 59,365 59,365 Other intangible 19,073 22,474 assets, net Other noncurrent 14,956 13,877 assets, net $257,769 $272,631 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses $11,932 $11,058 related to trade creditors Deferred revenue 3,958 4,097 Accrued expenses and other current 11,269 12,410 liabilities Current portion of debt 3,560 5,958 Total current 30,719 33,524 liabilities Noncurrent portion of 83,806 92,979 debt Deferred income taxes 29,022 27,788 Other noncurrent 21,554 20,965 liabilities Redeemable noncontrolling 171 224 interests Equity Comcast Corporation 92,529 96,903 shareholders' equity Noncontrolling -33 249 interests Total equity 92,497 97,151 $257,769 $272,631
Rec… from Net Cash Pro… by Ope… Act… to Free Cash Flow (Un… Three Nine Mont… Mont… Ended Ended Sept… Sept… 30, 30, (in 2026 2025 2026 2025 mil… Net cash pro… $7,9… $8,6… $22,8… $24,… by ope… act… Cap… -3,0… -3,0… -8,311 -8,0… exp… Cash paid for cap… sof… -633 -677 -1,859 -1,9… and oth… int… ass… Free Cash $4,2… $4,9… $12,7… $14,… Flow Tran… costs are incr… costs dire… rela… to effe… the Vers… Sepa… and the prop… NBCU… Spin… and prim… incl… advi… legal and audit fees, as well as legal enti… sepa… cost… The three and nine mont… ended Sept… 30, 2026 incl… $22 mill… of tran… costs (1) rela… to the prop… NBCU… Spin… The nine mont… ended Sept… 30, 2026 also incl… $51 mill… of tran… costs rela… to the Vers… Sepa… The three and nine mont… ended Sept… 30, 2025 incl… $26 mill… and $82 mill… resp… of tran… costs rela… to the Vers… Sepa… Tran… costs are incr… costs incu… rela… to the Vers… Sepa… and the prop… NBCU… Spin… incl… costs that refl… stra… deci… about how the rela… stan… busi… will be stru… or oper… which may be diff… than if they rema… part of Comc… Tran… costs prim… incl… cert… sepa… empl… comp… seve… and (2) rete… bonu… IT sepa… and impl… cost… and other one-… cost… The three and nine mont… ended Sept… 30, 2026 incl… $4 mill… of tran… costs rela… to the prop… NBCU… Spin… The three and nine mont… ended Sept… 30, 2025 incl… $90 mill… and $166 mill… resp… of tran… costs rela… to the Vers… Sepa… Amou… repr… the impa… of cert… other even… gain… loss… or other char… that are excl… from Adju… EBIT… The three and nine mont… ended Sept… 30, 2026 incl… cert… shar… comp… expe… and costs (3) rela… to our inve… port… The nine mont… ended Sept… 30, 2026 also incl… a gain rela… to a legal sett… The three and nine mont… ended Sept… 30, 2025 incl… costs rela… to our inve… port…
(1) Acquisition-related intangible assets are recognized as a result of the application of Accounting Standards Codification Topic 805, Business Combinations (such as customer relationships), and their amortization is significantly affected by the size and timing of our acquisitions. Amortization of intangible assets not resulting from business combinations (such as software and acquired intellectual property rights used in our theme parks) is included in Adjusted Net Income and Adjusted EPS.
(2) Adjustments for investments include realized and unrealized (gains) losses on equity securities, net (as stated in Table 1), as well as the equity in net (income) losses of investees, net, for certain equity method investments, including Atairos and Hulu and costs related to our investment portfolio.
Three Nine Months Months Ended Ended September September 30, 30, 2026 2025 2026 2025 Realized and unrealiz… (gains) $46 $60 $65 -$52 losses on equity securiti… net Equity in net (income) losses of -172 -4 -182 152 investee… net and other Investme… before -126 57 -117 101 income taxes Investme… net of -$95 $43 -$88 $79 tax
(3) Year to date 2026 net income attributable to Comcast Corporation includes $171 million, $130 million net of tax, of long-lived asset impairments. Year to date 2025 net income attributable to Comcast Corporation includes $155 million of long-lived asset impairments.
(4) 3rd quarter and year to date 2026 net income attributable to Comcast Corporation includes $22 million, $19 million net of tax, of transaction costs related to the proposed NBCUniversal Spin-off. Year to date 2026 also includes $51 million, $45 million net of tax, of transaction costs related to the Versant Separation. 3rd quarter and year to date 2025 net income attributable to Comcast Corporation includes $26 million and $82 million , $23 million and $72 million net of tax, respectively, of transaction costs related to the Versant Separation. Transaction costs are incremental costs directly related to effectuating the Versant Separation and the proposed NBCUniversal Spin-off and primarily include advisory, legal and audit fees, and legal entity separation costs.
(5) 3rd quarter and year to date 2026 net income attributable to Comcast Corporation includes $4 million , $4 million net of tax, of transaction-related costs related to the proposed NBCUniversal Spin-off. 3rd quarter and year to date 2025 net income attributable to Comcast Corporation includes $90 million and $166 million, $79 million and $146 million net of tax, respectively, of tra nsaction-related costs related to the Versant Separation. Transaction-related costs are incremental costs incurred related to the Versant Separation and the proposed NBCUniversal Spin-off, including costs that reflect strategic decisions about how the related stand-alone businesses will be structured or operated, which may be different than if they 15 remained part of Comcast. Transaction-related costs primarily include certain separation-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs.
(6) Year to date 2026 net income attributable to Comcast Corporation includes a loss of $9 million in depreciation expense, $7 million net of tax, due to the sale of our Sky operations in Germany. Year to date 2026 also includes a $75 million income tax benefit, related to assets of our Sky operations in Germany that were sold on May 31, 2026.
(7) Year to date 2025 net income attributable to Comcast Corporation includes a $9.4 billion pre-tax gain in other income (loss), net, $7.1 billion net of tax, related to the sale of our interest in Hulu, net of an adjustment for related transaction and other costs of $20 million,$15 million net of tax, recognized in the 3rd quarter of 2025.
(8) Year to date 2025 net income attributable to Comcast Corporation includes a $177 million income tax benefit due to an internal corporate reorganization.
(9) 3rd quarter 2026 net income attributable to Comcast Corporation includes $61 million, $46 million net of tax, related to certain share-based compensation expenses. Year to date 2026 net income attributable to Comcast Corporation includes $(5) million, $(2) million net of tax, of other adjustments, which includes a gain related to a legal settlement and certain share-based compensation expenses. 16
TABLE 7 Reconciliation of Media Revenue Excluding Olympics, Super Bowl and FIFA World Cup (Unaudited)
(1) Transaction costs are incremental costs directly related to effectuating the Versant Separation and the proposed NBCUniversal Spin-off and primarily include advisory, legal and audit fees, as well as legal entity separation costs. The three and nine months ended September 30, 2026 include $22 million of transaction costs related to the proposed NBCUniversal Spin-off. The nine months ended September 30, 2026 also include $51 million of transaction costs related to the Versant Separation. The three and nine months ended September 30, 2025 include $26 million and $82 million, respectively, of transaction costs related to the Versant Separation.
(2) Transaction-related costs are incremental costs incurred related to the Versant Separation and the proposed NBCUniversal Spin-off, including costs that reflect strategic decisions about how the related stand-alone businesses will be structured or operated, which may be different than if they remained part of Comcast. Transaction-related costs primarily include certain separation-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs. The three and nine months ended September 30, 2026 include $4 million of transaction-related costs related to the proposed NBCUniversal Spin-off. The three and nine months ended September 30, 2025 include $90 million and $166 million, respectively, of transaction- related costs related to the Versant Separation.
(3) Amounts represent the impact of certain other events, gains, losses or other charges that are excluded from Adjusted EBITDA. The three and nine months ended September 30, 2026 include certain share-based compensation expenses and costs related to our investment portfolio. The nine months ended September 30, 2026 also include a gain related to a legal settlement. The three and nine months ended September 30, 2025 include costs related to our investment portfolio. 19
Full text with the tables
PRESS RELEASE
COMCAST REPORTS 3rd QUARTER 2026 RESULTS
PHILADELPHIA - October 22, 2026… Comcast Corporation (NASDAQ: CMCSA) today
reported results for the quarter ended September 30, 2026.
“ We are taking decisive steps to strengthen our businesses and unlock the full
potential of their structural advantages, " said Brian L. Roberts and Mike
Cavanagh, co-CEOs of Comcast Corporation. " In Connectivity & Platforms, our
near-term financial results reflect the investments we're making to navigate an
increasingly dynamic environment. We're encouraged by improving customer
satisfaction, strong conversion of free wireless lines to paid relationships,
growing adoption of premium wireless plans across our 10.6 million total
wireless lines and healthy growth in Business Services, led by Enterprise, where
there is substantial opportunity ahead. At the same time, we're transforming our
operations to move faster, improve efficiency and fully capitalize on the
strength of our businesses. In Content & Experiences, Peacock delivered its
second consecutive profitable quarter, generating $261 million in Adjusted
EBITDA on $1.8 billion in revenue, driven by strong growth in distribution,
while Universal surpassed $5 billion at the global box office, led by the
record-breaking success of The Odyssey, now Universal's highest-grossing film of
all time. Despite near-term cyclical headwinds in Theme Parks, we remain
confident in the business's long-term growth potential. We generated $4.2
billion in free cash flow and are making meaningful progress on the separation
of NBCUniversal and Sky, which remains on track to create two independent
companies with the financial strength and flexibility to pursue their respective
growth strategies. "
($ in
millions,
except per
share data)
3rd Quarter
Consolidated 2026 2025 Change
Results
Revenue $29,298 $31,198 (6.1 %)
Pro Forma $29,298 $29,151 0.5 %
Revenue1
Net Income
Attributable $3,448 $3,332 3.5 %
to Comcast
Adjusted Net $3,824 $4,125 (7.3 %)
Income2
Adjusted $9,106 $9,669 (5.8 %)
EBITDA3
Pro Forma
Adjusted $9,106 $9,038 0.8 %
EBITDA1
Earnings per $0.97 $0.90 7.2 %
Share4
Adjusted
Earnings per $1.07 $1.12 (4.0 %)
Share2
Net Cash
Provided by $7,902 $8,693 (9.1 %)
Operating
Activities
Free Cash $4,211 $4,945 (14.8 %)
Flow5
For additional detail on segment revenue and expenses, customer metrics, capital
expenditures, and free cash flow, please refer to the trending schedule on
Comcast’s Investor Relations website at www.cmcsa.com.
3rd Quarter 2026 Highlights:
• Generated Consolidated Adjusted EBITDA of $9.1 Billion, Adjusted EPS of $1.07
and Free Cash Flow of $4.2 Billion
• Paid $1.2 Billion in Dividend Payments to Shareholders
• Domestic Wireless Customer Line Net Additions Were 368,000 and 1.6 Million
Over the Last 12 Months; Total Wireless Lines Increased to 10.6 Million,
Reaching Nearly 18% Penetration of Our Domestic Residential Broadband Customers
and 7% of Total Addressable Wireless Lines in Our Footprint
• Continued to Drive Adoption of Higher-Value Products; Nearly 45% of Our
Broadband Customers Are Now on Gig-Plus Speed Tiers, Up Nearly 10 Percentage
Points Year-over-Year, and Premium Unlimited Plans Represented Approximately 40%
of Postpaid Phone Connects
• Launched Xfinity Shield, a First-of-its-Kind Platform That Transforms Xfinity
Wi-Fi into an Always-On Layer of Cybersecurity, Home and Family Protection
• Business Services Connectivity Revenue Increased 2.7% to $2.6 Billion, EBITDA
Increased 1.7% to $1.5 Billion and EBITDA Margin Was 55.9%
• Peacock Delivered EBITDA of $261 Million, Increasing $478 Million Year-over-
Year; Paid Subscribers Increased 17% Year-over-Year to 48 Million
1
•
The Odyssey Premiered in July and Became Universal's Highest Grossing Film of
All Time with Nearly $1.8 Billion in Worldwide Box Office Year-to-Date;
Universal Became the First Studio to Reach $5 Billion at the Global Box Office
in 2026; Studios EBITDA Increased 18.6% to $402 Million
• Opened Fast & Furious: Hollywood Drift at Universal Studios Hollywood, the
Park's First-Ever High-Speed Outdoor Roller Coaster and the Fastest Roller
Coaster in the Universal Destinations & Experiences Portfolio
3rd Quarter Consolidated Financial Results
\
Revenue
decreased 6.1% compared to the prior year period.
Net Income Attributable to Comcast
increased 3.5%.
Adjusted Net Income
decreased 7.3%.
Adjusted EBITDA
decreased 5.8%.
On a pro forma basis
to reflect the Versant separation, which was completed on January 2, 2026, and
the sale of our Sky operations in Germany, which was completed on May 31, 2026,
revenue and Adjusted EBITDA were consistent with the prior year period.
Earnings per Share (EPS)
increased 7.2% to $0.97.
Adjusted EPS
decreased 4.0% to $1.07 .
Capital Expenditures
were consistent at $3.1 billion . Connectivity & Platforms’ capital expenditures
increased 3.6% to $2.4 billion , primarily reflecting higher spending on
customer premise equipment. Content & Experiences' capital expenditures
decreased 10.6% to $639 million.
Net Cash Provided by Operating Activities
was $7.9 billion.
Free Cash Flow
was $4.2 billion.
Dividends.
Comcast paid dividends totaling $1.2 billion. As previously announced, Comcast
suspended its share repurchase program beginning in the third quarter and
expects the pause to remain in place through the proposed separation of its
businesses into two independent publicly traded companies.
Connectivity & Platforms
($
in Cons…
mi…
3rd
Qua…
2026 202… Cha…
Co…
&
Pl…
Re…
Re…
Co… $17,… $17,… (3.5 %) (3.4 %)
&
Pl…
Bu…
Se… 2,645 2,576 2.7 % 2.7 %
Co…
To…
Co…
& $19,… $20,… (2.7 %) (2.6 %)
Pl…
Re…
Co…
&
Pl…
Ad…
EB…
Re…
Co… $6,1… $6,4… (5.8 %) (5.8 %)
&
Pl…
Bu…
Se… 1,478 1,454 1.7 % 1.7 %
Co…
To…
Co…
& $7,5… $7,9… (4.4 %) (4.4 %)
Pl…
Ad…
EB…
Co…
&
Pl…
Ad…
EB…
Ma…
Re…
Co… 35.9 % 36.8 % (90) (90)
& bps bps
Pl…
Bu… (50) (50)
Se… 55.9 % 56.4 % bps bps
Co…
To…
Co…
& (70) (70)
Pl… 38.6 % 39.3 % bps bps
Ad…
EB…
Ma…
Change percentages represent year/year growth rates. The changes in Adjusted
EBITDA margins are presented as year/year basis point changes in the rounded
Adjusted EBITDA margins.
Revenue
for Connectivity & Platforms decreased compared to the prior year period.
Adjusted EBITDA
decreased due to a decline in Residential Connectivity & Platforms, partially
offset by growth in Business Services Connectivity. Residential Connectivity &
Platforms revenue and Adjusted EBITDA performance reflect the investment in our
go-to-market strategy.
Adjusted EBITDA margin
was 38.6%.
2
(in Net Additions
thousands) / (Losses)
3rd Quarter
3Q26 3Q25 2026 2025
Residential
Connectivity
& Platforms
Customer
Relationships
Domestic
Residential
Connectivity
& 30,040 30,642 -139 -103
Platforms
Customer
Relationships
International
Residential
Connectivity
& 17,712 17,477 173 -95
Platforms
Customer
Relationship…
Total
Residential
Connectivity
& 47,751 48,120 33 -199
Platforms
Customer
Relationship…
Total
Domestic
Broadband 28,343 28,897 -144 -91
Residential
Customers
Total
Domestic 10,555 8,941 368 414
Wireless
Lines
Total
Domestic 10,394 11,515 -274 -257
Video
Customers
Total Customer Relationships
for Residential Connectivity & Platforms increased by 33,000 to 47.8 million,
reflecting an increase in international residential customer relationships,
partially offset by a decrease in domestic residential customer relationships.
Total domestic broadband residential customer net losses were 144,000, total
domestic wireless line net additions were 368,000 and total domestic video
customer net losses were 274,000.
Residential Connectivity & Platforms
($
in Cons…
mi…
3rd
Qua…
2026 202… Cha…
9
Re…
Do… $6,2… $6,5… (4.7 %) (4.7 %)
Br…
Do…
Wi… 1,050 915 14.7 % 14.7 %
Se…
Do…
Co… 7,292 7,466 (2.3 %) (2.3 %)
Re…
Do…
Wi… 475 331 43.6 % 43.6 %
Eq…
In… 1,314 1,275 3.1 % 3.5 %
Co…
To…
Re… 9,081 9,071 0.1 % 0.2 %
Co…
Vi… 5,910 6,475 (8.7 %) (8.5 %)
Ad… 918 893 2.9 % 3.1 %
Ot… 1,109 1,197 (7.3 %) (7.2 %)
To… $17,… $17,… (3.5 %) (3.4 %)
Re…
Op…
Ex…
Pr… $3,6… $3,9… (8.3 %) (8.1 %)
No… 7,284 7,200 1.2 % 1.4 %
To…
Op… $10,… $11,… (2.2 %) (2.0 %)
Ex…
Ad… $6,1… $6,4… (5.8 %) (5.8 %)
EB…
Ad… (90) (90)
EB… 35.9 % 36.8 % bps bps
Ma…
Change percentages represent year/year growth rates. The changes in Adjusted
EBITDA margins are presented as year/year basis point changes in the rounded
Adjusted EBITDA margins.
Revenue
for Residential Connectivity & Platforms decreased compared to the prior year
period, primarily reflecting lower video and domestic broadband revenue,
partially offset by higher domestic wireless equipment, domestic wireless
service, international connectivity and advertising revenue. Domestic broadband
revenue decreased due to lower average rates and a decline in the number of
domestic broadband customers. Domestic wireless service revenue increased,
reflecting growth in the customer base and the conversion of promotional free
lines to paid service. Domestic wireless equipment revenue increased, driven by
higher device sales. International connectivity revenue increased due to higher
wireless revenue, primarily reflecting higher equipment revenue. Video revenue
decreased primarily due to a decline in the number of video customers.
Advertising revenue increased primarily due to higher domestic political
advertising and higher revenue from our advanced advertising business, partially
offset by lower international advertising and lower domestic nonpolitical
advertising. Other revenue decreased primarily due to lower residential wireline
voice revenue, driven by a decline in the number of customers.
3
Adjusted EBITDA
for Residential Connectivity & Platforms decreased due to lower revenue,
partially offset by lower operating expenses. Programming expenses decreased
primarily due to a decline in the number of domestic video customers. Non-
programming expenses increased primarily reflecting an increase in direct
product costs, mainly due to growth in our domestic wireless business, partially
offset by lower technical and support costs.
Adjusted EBITDA margin
was 35.9%.
Business Services Connectivity
($
in Const…
mil…
3rd
Quar…
2026 2025 Chan…
Rev… $2,6… $2,576 2.7 % 2.7 %
Ope… 1,167 1,122 4.0 % 4.0 %
Exp…
Adj… $1,4… $1,454 1.7 % 1.7 %
EBI…
Adj… (50) (50)
EBI… 55.9 % 56.4 % bps bps
Mar…
Change percentages represent year/year growth rates. The changes in Adjusted
EBITDA margins are presented as year/year basis point changes in the rounded
Adjusted EBITDA margins.
Revenue
for Business Services Connectivity increased primarily due to an increase in
revenue from enterprise solutions offerings.
Adjusted EBITDA
for Business Services Connectivity increased due to higher revenue, partially
offset by higher operating expenses. The increase in operating expenses was
primarily due to increases in direct product costs and marketing and promotion
expenses.
Adjusted EBITDA margin
was 55.9%.
4
Content & Experiences
($ in
millio…
3rd
Quarter
2026 20256 Change
Content
&
Experi…
Revenue
Media $5,359 $4,744 13.0 %
Exclud…
FIFA 5,136 4,744 8.3 %
World
Cup10
Studios 2,967 3,000 (1.1 %)
Theme 2,597 2,717 (4.4 %)
Parks
Headqu… 14 15 (8.8 %)
& Other
Elimin… -400 -579 30.9 %
Total
Content
& $10,537 $9,898 6.5 %
Experi…
Revenue
Content
&
Experi…
Adjust…
EBITDA
Media $769 $247 NM
Studios 402 339 18.6%
Theme 780 940 (17.1 %)
Parks
Headqu… -191 -204 6.2 %
& Other
Elimin… 40 69 42.2 %
Total
Content
& $1,800 $1,392 29.3 %
Experi…
Adjust…
EBITDA
NM=com…
not
meanin…
Revenue
for Content & Experiences increased compared to the prior year period primarily
driven by Media, which included $224 million of incremental revenue from the
FIFA World Cup.
Adjusted EBITDA
for Content & Experiences increased primarily due to growth in Media and
Studios, partially offset by a decline in Theme Parks.
Media
($ in
million…
3rd
Quarter
2026 20256 Change
Revenue
Domestic $1,783 $1,556 14.6 %
Adverti…
Excludi…
FIFA 1,560 1,556 0.3 %
World
Cup10
Domestic 2,069 1,690 22.4 %
Distrib…
Interna… 1,270 1,239 2.5 %
Networks
Other 236 259 (8.9 %)
Total $5,359 $4,744 13.0 %
Revenue
Excludi…
FIFA 5,136 4,744 8.3 %
World
Cup10
Operati… 4,590 4,497 2.1 %
Expenses
Adjusted $769 $247 NM
EBITDA
NM=comp…
not
meaning…
Revenue
for Media increased primarily due to higher domestic distribution and domestic
advertising revenue. Excluding $224 million of incremental revenue from the FIFA
World Cup, Media revenue increased 8.3%. Domestic advertising revenue increased
primarily due to the impact of the FIFA World Cup. Excluding the incremental
revenue associated with this event, domestic advertising revenue was consistent
primarily reflecting higher revenue at Peacock, offset by lower revenue at our
networks. Domestic distribution revenue increased primarily due to higher
revenue at Peacock, driven by higher average rates and an increase in paid
subscribers compared to the prior year period.
5
Adjusted EBITDA
for Media increased due to higher revenue partially offset by higher operating
expenses. The increase in operating expenses was primarily driven by higher
other expenses, partially offset by lower programming and production costs.
Other expenses increased primarily due to costs related to Peacock. Programming
and production costs decreased primarily due to lower programming costs at
Peacock and our international networks, partially offset by costs associated
with the FIFA World Cup. Media results include $1.8 billion of revenue and
Adjusted EBITDA 11 of $261 million related to Peacock, which includes amounts
attributable to the FIFA World Cup, compared to $1.4 billion of revenue and an
Adjusted EBITDA 11 loss of $217 million in the prior year period.
Studios
($ in millions)
3rd Quarter
2026 20256 Change
Revenue
Content $1,553 $2,035 (23.7 %)
Licensing
Theatrical 1,129 639 76.6%
Other 285 326 (12.7 %)
Total Revenue $2,967 $3,000 (1.1 %)
Operating 2,565 2,661 (3.6 %)
Expenses
Adjusted EBITDA $402 $339 18.6%
Revenue
for Studios decreased primarily due to lower content licensing revenue,
partially offset by higher theatrical revenue. Content licensing revenue
decreased primarily due to the timing of when content was made available by our
television studios. Theatrical revenue increased primarily due to the successful
performance of recent releases, including The Odyssey and Minions & Monsters ,
as well as the carryover benefit of Obsession .
Adjusted EBITDA
for Studios increased due to lower operating expenses, which more than offset
lower revenue. The decrease in operating expenses was primarily driven by lower
programming and production expenses, mainly due to lower content licensing sales
at our television studios, partially offset by higher film costs, as well as
lower marketing and promotion expenses due to the timing of spending on recent
and upcoming theatrical film releases.
Theme Parks
($ in millions)
3rd Quarter
2026 20256 Change
Revenue $2,597 $2,717 (4.4 %)
Operating 1,817 1,777 2.3 %
Expenses
Adjusted EBITDA $780 $940 (17.1 %)
Revenue
for Theme Parks decreased primarily due to lower revenue from park admissions,
including from the impact of increased promotional activity.
Adjusted EBITDA
for Theme Parks decreased reflecting lower revenue and higher operating
expenses. The increase in operating expenses was primarily due to operating
costs associated with our domestic parks, partially offset by a decrease in
operating costs at our international parks.
Headquarters & Other
Content & Experiences Headquarters & Other includes overhead, personnel costs
and costs associated with corporate initiatives. Headquarters & Other Adjusted
EBITDA loss in the third quarter was $191 million, compared to a loss of $204
million in the prior year period.
Eliminations
Amounts represent eliminations of transactions between our Content & Experiences
segments, the most significant being content licensing between the Studios and
Media segments, which are affected by the timing of recognition of content
licenses. Revenue eliminations were $400 million, compared to $579
6
million in the prior year period, and Adjusted EBITDA eliminations were a
benefit of $40 million, compared to a benefit of $69 million in the prior year
period.
Corporate, Other and Eliminations
($ in
millions)
3rd Quarter
2026 20256 Change
Corporate &
Other
Revenue $341 $315 8.2 %
Operating 640 587 8.9 %
Expenses
Adjusted -$299 -$272 (9.7 %)
EBITDA
Eliminations
Revenue -$1,242 -$1,273 (2.5 %)
Operating -1,260 -1,254 0.5 %
Expenses
Adjusted $18 -$19 NM
EBITDA
NM=comparison
not
meaningful.
Amounts for 2025 exclude the impacts of Versant and our Sky operations in
Germany. Amounts for 2026 exclude the impacts of our Sky operations in Germany
through the date of sale. See Table 8 for the reconciliation to consolidated
results.
Corporate & Other
Corporate & Other primarily includes overhead and personnel costs; our regional
sports networks; and Comcast Spectacor, which owns the Philadelphia Flyers and
the Xfinity Mobile Arena in Philadelphia, Pennsylvania. Corporate & Other
Adjusted EBITDA decreased primarily reflecting lower revenue associated with our
regional sports networks.
Eliminations
Amounts represent eliminations of transactions between Connectivity & Platforms,
Content & Experiences and other businesses, the most significant being
distribution of television network programming between the Media and Residential
Connectivity & Platforms segments. Revenue eliminations were $1.2 billion,
compared to $1.3 billion in the prior year period, and Adjusted EBITDA
eliminations were a benefit of $18 million compared to a loss of $19 million in
the prior year period.
7
Notes:
1 Certain financial information is presented on a pro forma basis in connection
with the separation of Versant, which was completed on January 2, 2026 (the
“Versant Separation”), and the sale of our Sky operations in Germany, which was
completed on May 31, 2026 (the "Sale"). The pro forma financial measures are
non-GAAP financial measures and are presented as if the Versant Separation and
the Sale had both occurred on January 1, 2024. The pro forma information is
primarily based on historical results of operations and includes pro forma
adjustments in accordance with Article 11 of Regulation S-X that are directly
attributable to the Versant Separation and the Sale. For the Versant Separation,
this includes adjustments related to the commercial services agreement for the
sale and use of Versant’s advertising and promotional inventory. This pro forma
information is not necessarily indicative of future results. See Table 8 for
reconciliations of non-GAAP financial measures.
2 We define Adjusted Net Income and Adjusted EPS as net income attributable to
Comcast Corporation and diluted earnings per common share attributable to
Comcast Corporation shareholders, respectively, adjusted to exclude the effects
of the amortization of acquisition-related intangible assets, investments that
investors may want to evaluate separately (such as based on fair value) and the
impact of certain events, gains, losses or other charges that affect period-
over-period comparisons. See Table 5 for reconciliations of non-GAAP financial
measures.
3 We define Adjusted EBITDA as net income attributable to Comcast Corporation
before net income (loss) attributable to noncontrolling interests, income tax
expense, investment and other income (loss), net, interest expense, depreciation
and amortization expense, and other operating gains and losses (such as
impairment charges related to fixed and intangible assets and gains or losses on
the sale of long-lived assets), if any. From time to time, we may exclude from
Adjusted EBITDA the impact of certain events, gains, losses or other charges
(such as significant legal settlements) that affect the period-to-period
comparability of our operating performance. See Table 4 for reconciliation of
non-GAAP financial measure.
4 All earnings per share amounts are presented on a diluted basis.
5 We define Free Cash Flow as net cash provided by operating activities (as
stated in our Consolidated Statement of Cash Flows) reduced by capital
expenditures and cash paid for intangible assets. From time to time, we may
exclude from Free Cash Flow the impact of certain cash receipts or payments
(such as significant legal settlements) that affect period-to-period
comparability. Cash payments related to certain capital or intangible assets,
such as the construction of Universal Beijing Resort, are presented separately
in our Consolidated Statement of Cash Flows and are therefore excluded from
capital expenditures and cash paid for intangible assets for Free Cash Flow. See
Table 4 for reconciliation of non-GAAP financial measure.
6 Beginning in the first quarter of 2026, we updated the composition of our
segments to align with the segment-level information that is regularly provided
to our chief operating decision maker, including (1) adjusting the Media segment
to exclude the historical results of Versant; (2) reclassifying the results of
our regional sports networks to Corporate and other from the Media segment; (3)
reclassifying the results of Xumo, our streaming platform joint venture with
Charter Communications, to the Residential Connectivity & Platforms segment from
Corporate and other; (4) reclassifying certain shared expenses into the related
Media, Studios and Theme Parks segments from Content & Experiences Headquarters
& Other; and (5) adjusting the Media segment and Versant for the effects of our
commercial services agreement. Prior periods have been reclassified to reflect
the current year presentation.
7 Constant currency growth rates are calculated by comparing the results for
each comparable prior year period adjusted to reflect the average exchange rates
from each current year period presented rather than the actual exchange rates
that were in effect during the respective periods. See Table 6 for
reconciliations of non-GAAP financial measures.
8 Residential Connectivity & Platforms customer relationships and International
Residential Connectivity & Platforms customer relationships were updated in the
first quarter of 2026 due to a conforming change in methodology, resulting in a
decrease of 125,000 customers. There was no impact to net additions and
information for all periods have been recast on a comparable basis.
9 Beginning in the first quarter of 2026, commission revenue from the sale of
certain direct to consumer (“DTC”) streaming services is presented in domestic
broadband revenue or video revenue based on whether a customer is entitled to
receive the DTC streaming service through a broadband or video service offering.
Domestic broadband revenue also includes revenue from streaming devices
available
8
to our broadband customers. Previously, all of these amounts were in video
revenue. Prior periods have been reclassified to reflect the current year
presentation.
10 From time to time, we may present adjusted information (e.g., Adjusted
Revenues) to exclude the impact of certain events, gains, losses or other
charges affecting period-to-period comparability of our operating performance.
See Table 7 for reconciliations of non-GAAP financial measures.
11 Adjusted EBITDA is the measure of profit or loss for our segments. From time
to time, we may present Adjusted EBITDA for components of our reportable
segments, such as Peacock. We believe these measures are useful to evaluate our
financial results and provide a basis of comparison to others, although our
definition of Adjusted EBITDA may not be directly comparable to similar measures
used by other companies. Adjusted EBITDA for components are presented on a
consistent basis with the respective segments and disaggregated in accordance
with GAAP.
Numerical information is presented on a rounded basis using actual amounts,
unless otherwise noted. The change in Peacock paid subscribers is calculated
using rounded paid subscriber amounts. Minor differences in totals and
percentage calculations may exist due to rounding.
Conference Call and Other Information
Comcast Corporation will host a conference call with the financial community
today, October 22, 2026, at 8:30 a.m. Eastern Time (ET). The conference call and
related materials will be broadcast live and posted on our Investor Relations
website at www.cmcsa.com . A replay of the call will be available today, October
22, 2026, starting at 11:30 a.m. ET on the Investor Relations website.
From time to time, we post information that may be of interest to investors on
our website at www.cmcsa.com and on our corporate website,
www.comcastcorporation.com . To automatically receive Comcast financial news by
email, please visit www.cmcsa.com and subscribe to email alerts.
###
Investor Press Contacts:
Contacts:
Marci Ryvicker Marci_Ryvicker@C… Jennifer Khoury Jennifer_Khoury…
(215) 531-3296
Jane Kearns Jane_Kearns@Comc… John Demming John_Demming@Co…
(215) 429-4744
###
Caution Concerning Forward-Looking Statements
This press release includes statements that may constitute forward-looking
statements. In evaluating these statements, readers should consider various
factors, including the risks and uncertainties we describe in the “Risk Factors”
sections of our most recent Annual Report on Form 10-K, our most recent
Quarterly Report on Form 10-Q and other reports filed with the Securities and
Exchange Commission (SEC). Factors that could cause our actual results to differ
materially from these forward-looking statements include changes in and/or risks
associated with: the competitive environment; consumer behavior; the advertising
market; consumer acceptance of our content; programming costs; key distribution
and/or licensing agreements; use and protection of our intellectual property;
our reliance on third-party hardware, software and operational support; keeping
pace with technological developments; cyber attacks, security breaches or
technology disruptions; weak economic conditions; acquisitions and strategic
initiatives; operating businesses internationally; natural disasters, severe
weather-related and other uncontrollable events; loss of key personnel; labor
disputes; significant tax liability if the separation of Versant is not tax-
free; laws and regulations; adverse decisions in litigation or governmental
investigations; risks related to our intention to separate NBCUniversal and Sky
in a spin-off; and other risks described from time to time in reports and other
documents we file with the SEC. Readers are cautioned not to place undue
reliance on forward-looking statements, which speak only as of the date they are
made, and involve risks and uncertainties that could cause actual events or our
actual results to differ materially from those expressed in any such forward-
looking statements. We undertake no obligation to update or revise publicly any
forward-looking statements, whether because of new information, future events or
otherwise. The amount and timing of any dividends and share repurchases are
subject to business, economic and other relevant factors.
###
Non-GAAP Financial Measures
In this discussion, we sometimes refer to financial measures that are not
presented according to generally accepted accounting principles in the U.S.
(GAAP). Certain of these measures are considered “non-GAAP financial measures”
under the SEC regulations; those rules require the supplemental explanations and
reconciliations that are in Comcast’s Form 8-K (Quarterly Earnings Release)
furnished to the SEC.
9
###
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company.
From the connectivity and platforms we provide, to the content and experiences
we create, our businesses reach hundreds of millions of customers, viewers, and
guests worldwide. We deliver world-class broadband, wireless, and video through
Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading
entertainment, sports, and news through brands including NBC, Telemundo,
Universal, Peacock, and Sky; and bring incredible theme parks and attractions to
life through Universal Destinations & Experiences. Visit
www.comcastcorporation.com for more information.
10
TABLE 1
Condensed Consolidated Statements of Income
(Unaudited)
Three Nine
Months Months
Ended Ended
(in
mill…
exce… Septem… Septe…
per 30, 30,
share
data)
2026 2025 2026 2025
Reve… $29,2… $31,198 $90,695 $91,3…
Costs
and
expe…
Prog…
and 7,515 8,655 26,789 24,646
prod…
Mark…
and 2,119 2,196 6,540 6,435
prom…
Other
oper… 10,645 10,795 31,498 31,109
and
admi…
Depr… 2,385 2,353 7,108 6,934
Amor… 1,314 1,666 4,144 5,089
23,978 25,665 76,079 74,213
Oper… 5,320 5,534 14,616 17,184
inco…
Inte… -962 -1,128 -3,108 -3,283
expe…
Inve…
and
other
inco…
(los…
net
Equi…
in
net
inco… 129 -90 23 -312
(los…
of
inve…
net
Real…
and
unre…
gains
(los… -46 -60 -65 52
on
equi…
secu…
net
Other
inco… 6 212 325 9,966
(los…
net
88 61 283 9,705
Inco…
befo… 4,446 4,468 11,791 23,607
inco…
taxes
Inco…
tax -1,084 -1,218 -2,983 -6,017
(exp…
bene…
Net 3,362 3,249 8,807 17,590
inco…
Less:
Net
inco…
(los… -87 -83 -341 -241
attr…
to
nonc…
inte…
Net
inco…
attr… $3,448 $3,332 $9,148 $17,8…
to
Comc…
Corp…
Dilu…
earn…
per
comm…
share $0.97 $0.90 $2.55 $4.78
attr…
to
Comc…
Corp…
shar…
Dilu…
weig…
numb… 3,562 3,689 3,583 3,733
of
comm…
shar…
11
TABLE 2
Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended
(in millions) September 30,
2026 2025
OPERATING ACTIVITIES
Net income $8,807 $17,590
Adjustments to reconcile net
income to
net cash provided by
operating
activities:
Depreciation and amortization 11,252 12,023
Share-based compensation 1,134 1,014
Noncash interest expense 314 359
(income), net
Net (gain) loss on investment
activity -7 -9,282
and other
Deferred income taxes 1,523 3,250
Changes in operating assets
and
liabilities, net of effects
of
acquisitions and
divestitures:
Current and noncurrent -1,000 716
receivables, net
Film and television costs, 251 -168
net
Accounts payable and accrued
expenses 890 -135
related to trade creditors
Other operating assets and -278 -566
liabilities
Net cash provided by
operating 22,886 24,802
activities
INVESTING ACTIVITIES
Capital expenditures -8,311 -8,001
Cash paid for intangible -1,859 -1,934
assets
Construction of Universal — -3
Beijing Resort
Acquisitions, net of cash — -1,279
acquired
Proceeds from sales of
businesses and 128 644
investments
Purchases of investments -668 -1,226
Other 461 80
Net cash (used in) investing -10,249 -11,720
activities
FINANCING ACTIVITIES
Proceeds from borrowings 1,990 2,494
Repurchases and repayments of -10,405 -4,366
debt
Repurchases of common stock
under -2,517 -5,618
repurchase program and
employee plans
Dividends paid -3,606 -3,685
Cash transferred to Versant, -750 —
net
Other -236 51
Net cash (used in) financing -15,525 -11,124
activities
Impact of foreign currency on
cash, cash 6 35
equivalents and restricted
cash
Increase (decrease) in cash,
cash -2,882 1,994
equivalents and restricted
cash
Cash, cash equivalents and
restricted 10,559 7,377
cash, beginning of period
Cash, cash equivalents and
restricted $7,676 $9,371
cash, end of period
12
TABLE 3
Condensed Consolidated Balance Sheets (Unaudited)
(in millions) September 30, December 31,
2026 2025
ASSETS
Current Assets
Cash and cash $7,596 $9,481
equivalents
Receivables, net 13,542 13,869
Other current assets 4,085 6,217
Total current assets 25,223 29,567
Film and television 11,095 12,214
costs
Investments 7,860 7,952
Property and equipment, 66,957 65,680
net
Goodwill 53,239 61,502
Franchise rights 59,365 59,365
Other intangible 19,073 22,474
assets, net
Other noncurrent 14,956 13,877
assets, net
$257,769 $272,631
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and
accrued expenses $11,932 $11,058
related to trade
creditors
Deferred revenue 3,958 4,097
Accrued expenses and
other current 11,269 12,410
liabilities
Current portion of debt 3,560 5,958
Total current 30,719 33,524
liabilities
Noncurrent portion of 83,806 92,979
debt
Deferred income taxes 29,022 27,788
Other noncurrent 21,554 20,965
liabilities
Redeemable
noncontrolling 171 224
interests
Equity
Comcast Corporation 92,529 96,903
shareholders' equity
Noncontrolling -33 249
interests
Total equity 92,497 97,151
$257,769 $272,631
13
TABLE
4
Recon…
from
Net
Income
Attri…
to
Comca…
Corpo…
to
Adjus…
EBITDA
(Unau…
Three Nine
Months Months
Ended Ended
Septem… Septe…
30, 30,
(in 2026 2025 2026 2025
milli…
Net
income
attri… $3,448 $3,332 $9,148 $17,8…
to
Comca…
Corpo…
Net
income
(loss)
attri… -87 -83 -341 -241
to
nonco…
inter…
Income
tax 1,084 1,218 2,983 6,017
expen…
(bene…
Inter… 962 1,128 3,108 3,283
expen…
Inves…
and
other -88 -61 -283 -9,705
(inco…
loss,
net
Depre… 2,385 2,353 7,108 6,934
Amort… 1,314 1,666 4,144 5,089
Trans… 22 26 73 82
costs…
Trans… 4 90 4 166
costs…
Other 61 — -7 29
adjus…
Adjus… $9,106 $9,669 $25,938 $29,4…
EBITDA
Rec…
from
Net
Cash
Pro…
by
Ope…
Act…
to
Free
Cash
Flow
(Un…
Three Nine
Mont… Mont…
Ended Ended
Sept… Sept…
30, 30,
(in 2026 2025 2026 2025
mil…
Net
cash
pro… $7,9… $8,6… $22,8… $24,…
by
ope…
act…
Cap… -3,0… -3,0… -8,311 -8,0…
exp…
Cash
paid
for
cap…
sof… -633 -677 -1,859 -1,9…
and
oth…
int…
ass…
Free
Cash $4,2… $4,9… $12,7… $14,…
Flow
Tran…
costs
are
incr…
costs
dire…
rela…
to
effe…
the
Vers…
Sepa…
and
the
prop…
NBCU…
Spin…
and
prim…
incl…
advi…
legal
and
audit
fees,
as
well
as
legal
enti…
sepa…
cost…
The
three
and
nine
mont…
ended
Sept…
30,
2026
incl…
$22
mill…
of
tran…
costs
(1) rela…
to
the
prop…
NBCU…
Spin…
The
nine
mont…
ended
Sept…
30,
2026
also
incl…
$51
mill…
of
tran…
costs
rela…
to
the
Vers…
Sepa…
The
three
and
nine
mont…
ended
Sept…
30,
2025
incl…
$26
mill…
and
$82
mill…
resp…
of
tran…
costs
rela…
to
the
Vers…
Sepa…
Tran…
costs
are
incr…
costs
incu…
rela…
to
the
Vers…
Sepa…
and
the
prop…
NBCU…
Spin…
incl…
costs
that
refl…
stra…
deci…
about
how
the
rela…
stan…
busi…
will
be
stru…
or
oper…
which
may
be
diff…
than
if
they
rema…
part
of
Comc…
Tran…
costs
prim…
incl…
cert…
sepa…
empl…
comp…
seve…
and
(2) rete…
bonu…
IT
sepa…
and
impl…
cost…
and
other
one-…
cost…
The
three
and
nine
mont…
ended
Sept…
30,
2026
incl…
$4
mill…
of
tran…
costs
rela…
to
the
prop…
NBCU…
Spin…
The
three
and
nine
mont…
ended
Sept…
30,
2025
incl…
$90
mill…
and
$166
mill…
resp…
of
tran…
costs
rela…
to
the
Vers…
Sepa…
Amou…
repr…
the
impa…
of
cert…
other
even…
gain…
loss…
or
other
char…
that
are
excl…
from
Adju…
EBIT…
The
three
and
nine
mont…
ended
Sept…
30,
2026
incl…
cert…
shar…
comp…
expe…
and
costs
(3) rela…
to
our
inve…
port…
The
nine
mont…
ended
Sept…
30,
2026
also
incl…
a
gain
rela…
to a
legal
sett…
The
three
and
nine
mont…
ended
Sept…
30,
2025
incl…
costs
rela…
to
our
inve…
port…
14
… … … …
… … … …
… % … …
… … … …
… … …
— …
… … …
…
— — … —
— —
— — …
… — —
… … … …
… … … …
(1) Acquisition-related intangible assets are recognized as a result of the
application of Accounting Standards Codification Topic 805, Business
Combinations (such as customer relationships), and their amortization is
significantly affected by the size and timing of our acquisitions. Amortization
of intangible assets not resulting from business combinations (such as software
and acquired intellectual property rights used in our theme parks) is included
in Adjusted Net Income and Adjusted EPS.
Thr… Nine
Mon… Mon…
End… End…
Sep… Sep…
30, 30,
2026 2025 2026 2025
Am…
of
ac…
in… $524 $824 $1,… $2,…
as…
be…
in…
ta…
Am…
of
ac…
in… $402 $633 $1,… $1…
as…
net
of
tax
(2) Adjustments for investments include realized and unrealized (gains) losses
on equity securities, net (as stated in Table 1), as well as the equity in net
(income) losses of investees, net, for certain equity method investments,
including Atairos and Hulu and costs related to our investment portfolio.
Three Nine
Months Months
Ended Ended
September September
30, 30,
2026 2025 2026 2025
Realized
and
unrealiz…
(gains) $46 $60 $65 -$52
losses
on equity
securiti…
net
Equity in
net
(income)
losses of -172 -4 -182 152
investee…
net and
other
Investme…
before -126 57 -117 101
income
taxes
Investme…
net of -$95 $43 -$88 $79
tax
(3) Year to date 2026 net income attributable to Comcast Corporation includes
$171 million, $130 million net of tax, of long-lived asset impairments. Year to
date 2025 net income attributable to Comcast Corporation includes $155 million
of long-lived asset impairments.
(4) 3rd quarter and year to date 2026 net income attributable to Comcast
Corporation includes $22 million, $19 million net of tax, of transaction costs
related to the proposed NBCUniversal Spin-off. Year to date 2026 also includes
$51 million, $45 million net of tax, of transaction costs related to the Versant
Separation. 3rd quarter and year to date 2025 net income attributable to Comcast
Corporation includes $26 million and $82 million , $23 million and $72 million
net of tax, respectively, of transaction costs related to the Versant
Separation. Transaction costs are incremental costs directly related to
effectuating the Versant Separation and the proposed NBCUniversal Spin-off and
primarily include advisory, legal and audit fees, and legal entity separation
costs.
(5) 3rd quarter and year to date 2026 net income attributable to Comcast
Corporation includes $4 million , $4 million net of tax, of transaction-related
costs related to the proposed NBCUniversal Spin-off. 3rd quarter and year to
date 2025 net income attributable to Comcast Corporation includes $90 million
and $166 million, $79 million and $146 million net of tax, respectively, of tra
nsaction-related costs related to the Versant Separation. Transaction-related
costs are incremental costs incurred related to the Versant Separation and the
proposed NBCUniversal Spin-off, including costs that reflect strategic decisions
about how the related stand-alone businesses will be structured or operated,
which may be different than if they
15
remained part of Comcast. Transaction-related costs primarily include certain
separation-related employee compensation, severance and retention bonuses; IT
separation and implementation costs; and other one-time costs.
(6) Year to date 2026 net income attributable to Comcast Corporation includes a
loss of $9 million in depreciation expense, $7 million net of tax, due to the
sale of our Sky operations in Germany. Year to date 2026 also includes a $75
million income tax benefit, related to assets of our Sky operations in Germany
that were sold on May 31, 2026.
(7) Year to date 2025 net income attributable to Comcast Corporation includes a
$9.4 billion pre-tax gain in other income (loss), net, $7.1 billion net of tax,
related to the sale of our interest in Hulu, net of an adjustment for related
transaction and other costs of $20 million,$15 million net of tax, recognized in
the 3rd quarter of 2025.
(8) Year to date 2025 net income attributable to Comcast Corporation includes a
$177 million income tax benefit due to an internal corporate reorganization.
(9) 3rd quarter 2026 net income attributable to Comcast Corporation includes $61
million, $46 million net of tax, related to certain share-based compensation
expenses. Year to date 2026 net income attributable to Comcast Corporation
includes $(5) million, $(2) million net of tax, of other adjustments, which
includes a gain related to a legal settlement and certain share-based
compensation expenses.
16
TABLE 6
Reconciliation of Constant Currency (Unaudited)
T… …
M… …
E… …
S… …
3… …
2… …
──────────────────────────────────────────────────────────────────────────────
… C… E… …
… As … C… … of …
… R… … A… … F… …
… C…
…
…
…
&
…
…
…
…
&
…
…
…
… $… -… $… … … …
&
…
…
… 2… — 2… … 2 …
…
…
…
& $… -… $… … $… …
…
…
…
…
…
…
…
…
… $… $— $… … … …
&
…
…
… 1… — 1… … … …
…
…
…
& $… $— $… … $… …
…
…
…
…
&
…
…
…
…
…
… … % — … % 3… % (… 3… %
& … b…
…
… — —
… … % … … % 5… % b… 5… %
…
…
…
& — (…
… … % … … % 4… % b… 4… %
…
…
…
T… …
M… …
E… …
S… …
3… …
2… …
… C… E… …
… As … C… … of …
… R… … A… … F… …
… C…
…
…
…
…
&
…
…
…
…
… $… $ — $… … $ — …
…
…
… 9… — 9… … — …
…
…
… 7… — 7… … — …
…
…
… 3… — 3… … — …
…
… 1… -5 1… … 89 …
…
…
… $… -… $… … $… …
…
… 6… -… 6… … … …
… 8… -2 8… … … …
… 1… -1 1… … … …
… $… -… $… … $… …
…
…
…
… $… -… $… … $… …
… 7… -… 7… … 1… …
…
… $… -… $… … $… …
…
… $… $— $… … $… …
…
… — (…
… … % … … % 3… % b… 3… %
…
17
TABLE 7
Reconciliation of Media Revenue Excluding
Olympics, Super Bowl and FIFA World Cup
(Unaudited)
Th… N…
Mo… M…
En… E…
Se… S…
30, 3…
(… 20… 20… C… 2… 2… C…
m…
R… $5… $4… 13… % $1… $1… 32… %
M…
C… — — 1,… —
O…
2…
S… — — 758 —
B…
2…
F… 224 — 664 —
W…
C…
R…
e…
O…
S…
B… $5… $4… 8.3 % $1… $1… 12… %
a…
F…
W…
C…
R…
of
M…
D…
A…
R…
E…
O…
S…
B…
a…
F…
W…
C…
(…
Th… N…
Mo… M…
En… E…
Se… S…
30, 3…
(… 20… 20… C… 2… 2… C…
m…
R… $1… $1… 14… % $7… $4… 67… %
M…
C… — — 1,… —
O…
2…
S… — — 758 —
B…
2…
F… 224 — 664 —
W…
C…
R…
e…
O…
S…
B… $1… $1… 0.3 % $4… $4… 9.1 %
a…
F…
W…
C…
R…
of
M…
D…
D…
R…
E…
O…
(…
Th… N…
Mo… M…
En… E…
Se… S…
30, 3…
(… 20… 20… C… 2… 2… C…
m…
R… $2… $1… 22… % $6… $4… 27… %
M…
C… — — 262 —
O…
R…
e… $2… $1… 22… % $6… $4… 21… %
O…
18
TABLE 8
Reconciliation of Pro Forma Consolidated Revenue
(Unaudited)
T… N…
M… M…
E… E…
S… S…
3… 3…
… 2… 2… C… 2… 2… C…
…
… $… $… -… % $… $… -0… %
…
… — 1… — 5…
…
…
…
… — 5… 9… 1…
…
…
… — -… -… -…
…
…
… $… $… 0… % $… $… 5.3 %
…
…
…
…
…
…
…
…
…
…
T… N…
M… M…
E… E…
S… S…
3… 3…
… 2… 2… C… 2… 2… C…
…
…
…
… $… $… $… $…
…
…
…
…
…
…
… -… -… -… -…
…
…
…
…
… 1… 1… 2… 6…
…
…
… 9… 1… 3… 3…
…
…
…
… -… -… -… -…
…
…
…
… 2… 2… 7… 6…
… 1… 1… 4… 5…
… 22 26 73 82
…
… 4 90 4 1…
…
… 61 — -7 29
…
… $… $… (… %) $… $… (1… %)
…
… — 5… — 2…
…
…
…
… — 69 -… 1…
…
…
… — 8 — 21
…
…
…
… $… $… 0… % $… $… -4… %
…
…
(1) Transaction costs are incremental costs directly related to effectuating the
Versant Separation and the proposed NBCUniversal Spin-off and primarily include
advisory, legal and audit fees, as well as legal entity separation costs. The
three and nine months ended September 30, 2026 include $22 million of
transaction costs related to the proposed NBCUniversal Spin-off. The nine months
ended September 30, 2026 also include $51 million of transaction costs related
to the Versant Separation. The three and nine months ended September 30, 2025
include $26 million and $82 million, respectively, of transaction costs related
to the Versant Separation.
(2) Transaction-related costs are incremental costs incurred related to the
Versant Separation and the proposed NBCUniversal Spin-off, including costs that
reflect strategic decisions about how the related stand-alone businesses will be
structured or operated, which may be different than if they remained part of
Comcast. Transaction-related costs primarily include certain separation-related
employee compensation, severance and retention bonuses; IT separation and
implementation costs; and other one-time costs. The three and nine months ended
September 30, 2026 include $4 million of transaction-related costs related to
the proposed NBCUniversal Spin-off. The three and nine months ended September
30, 2025 include $90 million and $166 million, respectively, of transaction-
related costs related to the Versant Separation.
(3) Amounts represent the impact of certain other events, gains, losses or other
charges that are excluded from Adjusted EBITDA. The three and nine months ended
September 30, 2026 include certain share-based compensation expenses and costs
related to our investment portfolio. The nine months ended September 30, 2026
also include a gain related to a legal settlement. The three and nine months
ended September 30, 2025 include costs related to our investment portfolio.
19