Comcast exceeded Wall Street’s expectations for third-quarter earnings, driven by robust performance in its media segment despite challenges in its connectivity and theme parks businesses. The Peacock streaming service reported profitability for the second consecutive quarter, generating $261 million in adjusted EBITDA on $1.8 billion in revenue. Peacock maintained 48 million paid subscribers, holding steady from the prior quarter and growing 17% year over year, even after raising subscription prices in August. The streaming platform benefited from record-high viewership during the FIFA World Cup, with games airing on both Telemundo and Peacock.

The company’s media division overall saw a 13% revenue increase year over year, reaching $5.4 billion, while the broader content and experiences unit, which incorporates film studios and theme parks, rose 6.5%. Meanwhile, Comcast’s connectivity and platforms division experienced a 2.7% decline in revenue amid subscriber losses, including a net loss of 144,000 broadband residential customers and 274,000 cable customers. However, the mobile segment added 368,000 new customers. Comcast has shifted its strategy to focus more on its mobile business, considering it a promising growth area with lower capital requirements.

Comcast remains on track to spin off its media businesses, including NBCUniversal and Sky, into independent publicly traded companies by mid-2027. This follows the January 2026 spin-off of Versant, which consolidated most of Comcast’s cable networks and digital businesses. The upcoming spinoff aims to provide greater strategic flexibility and financial strength for both new entities. Co-CEO Mike Cavanagh expressed confidence in the prospects of the separated companies and emphasized the company’s commitment to completing the transaction as planned.

The theme park segment faced revenue declines of 4.4% and a 17% drop in adjusted EBITDA, attributed to cyclical headwinds and lower admissions revenue amid promotional activity and competitive pressure, including from Disney’s record-setting quarters. Investments continue with new attractions, like a coaster at Universal Studios Hollywood, and efforts to improve include new leadership hires such as Luc Bondar as Chief Brand and Commercial Officer. The studio division saw slightly lower revenue but improved profitability, helped by the success of the July release “The Odyssey,” Universal’s highest-grossing film to date. Overall, Comcast generated $29.3 billion in revenue and $3.45 billion in net income, beating expectations and signaling resilient growth despite sector challenges.