Comcast Corporation Q1 FY2026 earnings call

• New leadership structure with Mike as co-CEO and Steve leading connectivity and platforms. - First quarter achievements: Broadband net losses improved, best wireless net additions, media outperformed in audience, engagement, and monetization. - Connectivity and platforms investing to compete with focus on exceptional connectivity, reliable Wi-Fi, etc. - Media's legendary February drove record advertising sales and Peacock growth. - Parks continuing investment in growth pipelines.

Connectivity and platforms: Broadband net losses improved by more than 100,000 year over year, wireless had best net additions in history. Media: Legendary February was remarkable, Peacock added 2 million net new subscribers with revenue up over 70%. Parks: Orlando performed extremely well with Epic driving strong resort attendance and higher per-cap spending. Business services: Revenue grew 6% and EBITDA increased 4%.

• Peacock expected to approach profitability next quarter. - Wireless free lines in second half expected to convert to paying relationships. - MBA-related dilution for media expected to improve from second quarter.

• Intense competitive environment with fixed wireless, fiber overbuild, elevated promotional convergence offers. - MBA contract dilution impact in content and experiences. - Inbound international travel trends affecting some parks' attendance.

Q: Craig Moffitt on broadband ARPU and FWA vs fiber; A: Steve discussed broadband ARPU pressure, drivers of decline, improvement in connects, churn, NPS, and benefits from legendary February and organic efforts.

Q: Michael Rollins on wireless success and migration process; A: Mike talked about MVNOs, mobile-led focus, lifecycle management, premium plans, and capital-efficient model.

Q: John Hudlick on broadband subs and cable consolidation; A: Brian and Mike discussed broadband subs improvement tied to legendary February and organic efforts, and views on cable consolidation.

Q: Jessica Referlich on NBCU capital allocation and Peacock profitability; A: Mike spoke about NBCU asset allocation, confidence in returns, and Peacock's path to profitability.

Q: Sean Diffley on fixed wireless vs satellite and cable M&A; A: Steve talked about competing based on customer needs, and Brian commented on reevaluating market and landscape.

Q: Sebastiano Petty on parks macro and fiber overlap; A: Mike discussed macro impacts on parks and advertising, and fiber overlap at 55%.

Q: Michael Eng on wireless line to paid strategy; A: Mike spoke about free line roll-offs and impact on broadband ARPU.