Comcast’s third-quarter results show why a single earnings headline can be misleading. Revenue fell 6.1% to $29.298 billion, but reported net income attributable to Comcast rose 3.5% to $3.448 billion. Adjusted net income moved the other way, declining 7.3% to $3.824 billion. Those are different reporting bases, not interchangeable descriptions of the same growth rate.
The company released the figures on 22 October for the three months ended 30 September 2026. All amounts below are US dollars. Business disposals also affect the year-on-year comparison, so reported revenue and a pro forma comparison need to be read separately.
The quarter in figures
| Measure | Current quarter | Comparison or basis | Official source |
|---|---|---|---|
| Revenue, reported | $29.298 billion | $31.198 billion in Q3 2025; down 6.1% | Issuer financial tables |
| Revenue, pro forma comparison | $29.298 billion | $29.151 billion adjusted prior-year base; up 0.5% | Issuer financial tables |
| Net income attributable to Comcast | $3.448 billion | $3.332 billion; up 3.5% | Issuer financial tables |
| Adjusted net income | $3.824 billion | $4.125 billion; down 7.3% | Issuer financial tables |
| Diluted EPS, reported / adjusted | $0.97 / $1.07 | $0.90 / $1.12 a year earlier | Issuer financial tables |
| Free cash flow, non-GAAP | $4.211 billion | $4.945 billion; down 14.8% | Issuer financial tables |
What the pro forma comparison changes
Pro forma figures recast the comparison as if specified changes in the business perimeter were reflected in both periods. Comcast’s table removes the effect of Versant and its Sky operations in Germany from the relevant comparison. The Versant separation was completed on 2 January 2026, and the Sky Germany sale on 31 May.
That produces a 0.5% pro forma revenue increase, rather than the 6.1% reported decline. Neither number should be silently substituted for the other. The pro forma figure helps compare a more similar group of businesses; the reported figure remains the accounting revenue in the published statements.
Profit growth does not settle the cash question
Adjusted net income and adjusted EPS exclude specified items in the issuer’s reconciliation. These non-GAAP measures supplement the reported accounts. Reported EPS rose 7.2% to $0.97, while adjusted EPS fell 4% to $1.07. A reader comparing periods needs the same calculation on both sides.
Operating cash flow fell 9.1% to $7.902 billion, and free cash flow declined to $4.211 billion. Cash generation therefore did not follow the reported net-income increase. This is a cash-flow comparison, not evidence of a stock-market reaction. CapKet’s Sonoco report explains another case where reported and adjusted earnings point in different directions.
Customer trends and the next separation
Comcast recorded 144,000 net domestic residential broadband customer losses and 368,000 net domestic wireless line additions during the quarter. These measure different services; a new wireless line is not automatically a replacement broadband household.
The company says work on the proposed separation of NBCUniversal and Sky continues. That proposal must not be confused with the already-completed Versant separation. Comcast also says its share-repurchase pause is expected to remain through the proposed separation. Execution and future customer trends remain matters to watch, not guaranteed benefits.
Official sources and verification
Comcast results announcement (observed 2026-10-22T14:55:10.987Z); Comcast financial document (observed 2026-10-22T14:55:10.512Z). These are formats of the same issuer reporting, not independent corroboration. This is AI-assisted primary-document review, not independent human editorial approval.
Recorded source observation: . This is a source-check timestamp, not a market quote or a new article update.