Comcast Net Income Drops 36% to $2.2B in Q1 2026 Despite Revenue Gain
Comcast Corporation (NASDAQ: CMCSA), a telecommunications and media conglomerate, reported net income of $2.17 billion for the three months ending March 31, 2026, down from $3.38 billion in the same period a year earlier. Revenue rose 5.3% to $31.46 billion.
Comcast Corporation (NASDAQ: CMCSA), a telecommunications and media conglomerate, posted net income of $2.17 billion for the three months ending March 31, 2026, a decline of 35.6% from $3.38 billion in the first quarter of 2025. The company reported revenue of $31.46 billion, up 5.3% from $29.89 billion in the prior-year period. Read more earnings reports.
Operating income fell to $4.14 billion from $5.66 billion a year earlier, a drop of 26.9%. The company's operating margin compressed as revenue growth failed to offset rising costs.
Diluted earnings per share came in at $0.60, down from $0.89 in the first quarter of 2025. The share count declined to 3.62 billion diluted shares from 3.78 billion a year earlier, reflecting the company's ongoing buyback program.
Cash Flow and Balance Sheet
Cash from operations totaled $6.89 billion for the quarter, down from $8.29 billion in the first quarter of 2025. The company used $2.92 billion in investing activities and returned $5.01 billion to shareholders and debt holders through financing activities.
Comcast ended the quarter with $9.47 billion in cash and cash equivalents, essentially flat from $9.48 billion at year-end 2025. Total assets stood at $260.00 billion as of March 31, 2026, down from $272.63 billion at the end of December 2025.
Goodwill declined sharply to $53.37 billion from $61.50 billion at year-end, a decrease of $8.13 billion. Stockholders' equity fell to $88.27 billion from $96.90 billion over the same period.
Tax and Capital Structure
Income tax expense for the quarter was $706 million, down from $1.20 billion in the prior-year period. The effective tax rate declined as pre-tax income fell more sharply than the tax provision.
Common shares outstanding decreased to 3.57 billion from 3.59 billion at year-end 2025. Retained earnings stood at $58.60 billion, down from $66.68 billion at the end of December.
Financial Summary
| Metric | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Revenue | $31.46 billion | $29.89 billion | +5.3% |
| Operating Income | $4.14 billion | $5.66 billion | -26.9% |
| Net Income | $2.17 billion | $3.38 billion | -35.6% |
| EPS (Diluted) | $0.60 | $0.89 | -32.6% |
| Cash from Operations | $6.89 billion | $8.29 billion | -16.9% |
Total liabilities were reported at $7.60 billion as of March 31, 2026, up slightly from $7.30 billion at the end of 2025. Current liabilities decreased marginally to $33.31 billion from $33.52 billion.