Comcast $CMCSA rises 8% premarket as Q1 revenue beats at $31.46B

Comcast $CMCSA delivered an earnings beat with enough broadband improvement to move the stock. CNBC reported that shares climbed as much as 8% in premarket trading after first-quarter adjusted EPS of $0.79 topped the $0.73 LSEG estimate and revenue of $31.46B beat the $30.43B estimate. The company's Q1 release put consolidated adjusted EBITDA at $7.9B and free cash flow at $3.9B.

The key operating line was broadband. Comcast lost 65,000 broadband customers, a better trend than prior quarters, while mobile added 435,000 new lines. Total mobile customers reached 9.7M. Connectivity & Platforms revenue declined 2% to $17.32B, but the mobile additions gave investors evidence that the bundle is still offsetting part of the broadband drag.

NBCUniversal supplied the upside through sports and streaming. Comcast said Media revenue rose 60.8% to $7.28B, helped by the Milan Cortina Olympics and Super Bowl LX. Excluding those events, Media revenue still rose 12.7%. Peacock paid subscribers increased 12% year over year to 46M, and Peacock revenue reached $2.1B, surpassing $2B for the first time.

The beat came with margin costs. Adjusted EBITDA fell 16.8% year over year, and Media adjusted EBITDA swung to a $426M loss as Olympics, Super Bowl, and NBA rights costs flowed through operating expenses. Studios revenue rose 21.2% to $3.426B, and Theme Parks revenue rose 24.2% to $2.331B, with Theme Parks adjusted EBITDA up 33.3% to $551M after Epic Universe opened in May 2025.

The next watch item is whether Comcast can keep broadband losses near 65,000 while sports-driven media revenue normalizes after the Olympics and Super Bowl quarter. Investors will also track whether Peacock's $2.1B revenue base can narrow losses without slowing subscriber growth.

Not investment advice. Verify all figures with primary sources before acting.