AI Takeaway
Comcast's Q2 FY2026 10-Q shows revenue declining 1.2% year-over-year to $29.94B and net income falling sharply by 68.3% to $3.526B, though this decline is heavily distorted by an unusually large prior-year comparison base, alongside continued margin compression and reduced cash flow generation.
Revenue
$29.94B
-1.23% YoY
EPS (Basic)
$0.99
-66.89% YoY
Operating Income
$5.16B
-13.89% YoY
Filed · Source: SEC EDGAR 10-Q filing
Comcast (CMCSA) reported Q2 FY2026 revenue of $29.94B, down 1.2% year over year. The company posted net income of $3.53B, down 68.3% from a year earlier, with diluted EPS of $0.99.
Total revenue fell 1.2% YoY to $29.94B from $30.313B, while operating income declined a steeper 13.9% to $5.16B from $5.992B, indicating cost pressures or unfavorable revenue mix outpaced the top-line decline.
Source: 10-Q Income Statement (XBRL)
Net income dropped 68.3% YoY to $3.526B from $11.123B, a much larger decline than the 13.9% drop in operating income, suggesting the prior-year period likely included a significant one-time gain or non-operating item not present in the current quarter.
Source: 10-Q Income Statement (XBRL)
Year-to-date operating cash flow was $14.983B, down 7.0% from $16.109B in the prior-year period, while D&A decreased 5.6% to $7.553B, reflecting a modest reduction in cash generation capacity alongside lower non-cash charges.
Source: 10-Q Cash Flow Statement (XBRL)
Cumulative financing cash outflows increased dramatically to $11.313B from $5.881B in the prior year (a 92.4% YoY increase in outflows), even as share buybacks decreased 38.3% to $2.507B, pointing to increased debt repayment or other financing uses.
Source: 10-Q Cash Flow Statement (XBRL)
Current ratio stands at 0.80, with current liabilities of $33.093B exceeding current assets of $26.335B, while cash and equivalents declined 20.9% YoY to $7.661B, indicating a tighter near-term liquidity position compared to the prior year.
Source: 10-Q Balance Sheet (XBRL)
Net income fell 68.3% YoY to $3.526B while operating income declined only 13.9%, a divergence that may reflect the absence of a large non-recurring gain present in the prior-year period, elevated non-operating expenses, or higher effective tax rates. This gap warrants scrutiny of below-the-line items in the full filing.
Source: 10-Q Income Statement (XBRL)
The current ratio of 0.80 indicates current liabilities ($33.093B) exceed current assets ($26.335B), a reversal from a more balanced position in the prior year. Combined with a 20.9% YoY decline in cash and equivalents to $7.661B, this signals reduced short-term financial flexibility.
Source: 10-Q Balance Sheet (XBRL)
Cumulative financing activities used $11.313B in cash, nearly double the $5.881B used in the prior-year period, despite lower share buyback spending. This substantial increase in financing outflows, combined with declining operating cash flow, could pressure overall cash reserves if the trend continues.
Source: 10-Q Cash Flow Statement (XBRL)
ROE fell to 3.93% and ROA to 1.37%, both compressed considerably versus prior-year levels implied by the net income decline, suggesting reduced efficiency in generating returns from the company's equity and asset base.
Source: 10-Q Key Ratios (XBRL)
Revenue declined 1.2% YoY to $29.94B while operating margin compressed to 17.23% from 19.77%, indicating the company faces both top-line softness and cost structure challenges simultaneously.
Source: 10-Q Income Statement (XBRL)
Reported EPS of $1.04 versus the $1.00 analyst consensus — a +4.4% beat for Q2 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $29.94B | $30.31B | -1.23% |
Operating Income | $5.16B | $5.99B | -13.89% |
Net Income | $3.53B | $11.12B | -68.30% |
EPS (Basic) | $0.99 | $2.99 | -66.89% |
EPS (Diluted) | $0.99 | $2.98 | -66.78% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $257.55B | $273.85B | -5.95% |
Current Assets | $26.34B | $29.04B | -9.30% |
Current Liabilities | $33.09B | $31.79B | +4.09% |
Stockholders' Equity | $89.76B | $96.85B | -7.32% |
Cash & Equivalents | $7.66B | $9.69B | -20.91% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash FlowYTD | $14.98B | $16.11B | -6.99% |
Investing Cash FlowYTD | $-6.49B | $-7.9B | +17.87% |
Financing Cash FlowYTD | $-11.31B | $-5.88B | -92.37% |
Dividends PaidYTD | $2.43B | $2.46B | -1.22% |
Share BuybacksYTD | $2.51B | $4.07B | -38.34% |
D&AYTD | $7.55B | $8B | -5.62% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 17.2% | 19.8% | -2.53% |
Net Margin | 11.8% | — | — |
ROE | 3.9% | — | — |
ROA | 1.4% | — | — |
Current Ratio | $0.796 | — | — |
Expected release date, analyst estimates & what to watch
Comcast reported Q1 2026 revenue of $31.5B (+5.3% YoY), but operating income fell sharply by 26.9% to $4.1B and net income dropped 35.6% to $2.2B, reflecting significant margin compression and cost pressures.
Comcast (CMCSA) delivered flat revenue of $123.7B in FY2025 while net income surged 23.5% to $20.0B and operating cash flow jumped 21.6% to $33.6B, though operating income declined 11.3% due to higher depreciation and amortization charges.
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The filing data provided does not include analyst consensus estimates, so a beat/miss determination cannot be made from this information alone. What is clear is that Comcast reported EPS of $0.99 (diluted), down 66.8% from $2.98 in the prior-year period, and net income of $3.526B, down 68.3% YoY.
Comcast reported revenue of $29.94B (down 1.2% YoY) and net income of $3.526B (down 68.3% YoY), with operating margin compressing to 17.23% from 19.77% a year earlier. The steep net income decline significantly outpaced the operating income decline of 13.9%, suggesting non-operating items weighed heavily on the bottom line.
Based on the financial data, key concerns include a current ratio of 0.80 (current liabilities exceeding current assets), a 20.9% YoY decline in cash to $7.661B, and elevated financing cash outflows of $11.313B year-to-date versus $5.881B in the prior year. These signal tighter near-term liquidity and increased use of cash for financing activities.
Comcast's revenue declined 1.2% year-over-year to $29.94B, down from $30.313B in the same period last year. This was accompanied by a larger 13.9% decline in operating income, indicating margin pressure alongside the modest top-line contraction.
Comcast maintains sizable operations with $257.548B in total assets and $89.763B in stockholders' equity, though both declined YoY (down 6.0% and 7.3% respectively). Liquidity metrics show some pressure, with a current ratio of 0.80 and cash declining 20.9% to $7.661B, while year-to-date operating cash flow of $14.983B remains substantial despite a 7.0% YoY decline.