Comcast (NASDAQ:CMCSA) reported first-quarter results that surpassed Wall Street expectations, as a rare trifecta of major sporting events—the Super Bowl, the Winter Olympics, and a new NBA contract—delivered record viewership and a surge in advertising revenue.
The Philadelphia-based media and technology giant posted consolidated revenue of $31.46 billion for the quarter ended March 31, 2026, a 5.3% increase compared to the prior-year period.
Adjusted earnings per share (EPS) came in at $0.79, beating the analyst consensus of $0.72.
The results were heavily influenced by what executives termed a "Legendary February," during which NBCUniversal hosted both Super Bowl LX and the Milan Cortina Winter Olympics.
The Media segment was the primary beneficiary of this sports-heavy calendar, contributing approximately $2.2 billion in incremental revenue.
Super Bowl LX became the most-watched program in NBCUniversal’s history, averaging 125 million viewers, while the Winter Olympics drew an average of 23.5 million viewers.
This momentum carried over to Peacock, Comcast’s streaming platform, where paid subscribers grew 12% year-over-year to 46 million, and revenue surged 71% to exceed $2 billion for the first time.
Despite the top-line growth, adjusted EBITDA declined 8.8% to $7.9 billion.
This compression was largely attributed to the substantial programming costs associated with the premier sporting events and initial investments related to the company’s new multi-billion dollar NBA rights agreement.
In the Connectivity & Platforms division, Comcast showed signs of stabilization in its competitive broadband business.
Residential broadband net losses improved by 117,000 year-over-year, with the company reporting a loss of 65,000 customers—its best year-over-year comparison since 2020.
Conversely, the wireless business reached a new milestone, adding a record 435,000 lines during the quarter to bring its total base to 9.7 million.
The company also highlighted its robust capital return program, distributing $2.5 billion to shareholders through a combination of dividends and share repurchases.
Free cash flow for the quarter remained strong at $3.9 billion, supported by the gains in connectivity and the sports-led media surge.