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Call sheet · Q2'26

Comcast (CMCSA)

Q2'26 earnings call · held July 23, 2026 · compared with the Q1'26 call · management-credibility review
5/12
Disclosure score
3 high, 3 medium, 2 low flags
Financial quality
Bottom line
The sleeper story is that free wireless lines are actually converting successfully, validating a path from $85 to $170+ convergence ARPA that could drive massive value. But management's credibility is shot after the parks reversal ('extremely well' to 'softening' in 90 days) and the defensive separation announcement with zero strategic rationale beyond 'focus.' The binding constraint isn't competition; it's execution dysfunction requiring outside leadership (Angelakis return) and corporate surgery. Most revealing quote: 'We believe there are some temporary factors at work' about parks, the same excuse they've used for broadband for three years. My view changes if they disclose actual free-line conversion rates above 75% or announce a strategic buyer for NBCUniversal.

The 30-second version

  • The real story: Free wireless lines are converting at 'significant majority' rates, validating the $85 convergence ARPA runway to $170+ telco levels
  • The obvious headline: Separation creates two 'exceptional' companies, but the timing screams defensive move
  • The red flag: Parks softness that 'began in June' is worse than disclosed, continuing into Q3

What changed this quarter

MetricQ1'26Q2'26Change
Revenue+11% YoY (Q1 pro forma)+5% YoY600 bps deceleration
Adjusted EBITDA-9% YoY (Q1)-5% YoY400 bps improvement but still declining
EPS$0.79 (Q1)$1.04+32% sequential improvement
Broadband Losses-65k improved 117k YoY (Q1)-167k improved 34k YoYYoY improvement collapsed from 117k to 34k
Broadband ARPU-3.1% (Q1)-3.8%70 bps acceleration in decline
Wireless Net Adds435k record (Q1)448k new record+13k sequential, second consecutive record
Total Wireless Lines9.7M at 16% penetration (Q1)10.2M at 17% penetrationCrossed 10M milestone but only 7% of TAM
Peacock Paid Subs46M added 2M (Q1)48M added 2MConsistent 2M quarterly adds
Peacock EBITDA-$432M loss (Q1)+$189M profitFirst-ever profitability, $621M swing
Parks Revenue+24% (Q1)+3%2100 bps deceleration

Accountability tracked

8 new promises made5 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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