Comcast Corp. (CMCSA): 3Q26 Review: Improving trends in C&P EBITDA, broadband ARPUs

CMCSA 3Q26 EBITDA of $9.1bn beat GSe/Visible Alpha consensus of $8.9/$8.9bn reflecting upside from Media/C&E; C&P EBITDA of $7.6bn was largely in line. Results demonstrated improving trends (slowing yoy declines) in C&P EBITDA & broadband ARPU, which should continue in 4Q26E and provide confidence in CMCSA's convergence strategy. That said, broadband net losses missed and likely will continue to see pressure from increasing competition and as CMCSA focuses more on managing broadband as part of the overall converged relationship. C&P EBITDA declines improved as expected, with a modest beat in broadband ARPU (-2.9% yoy v. GSe/consensus of -3.2%/-3.3%) offset by a slight miss in residential broadband net additions of -144k (v. GS/consensus of -135k/-136k). Competition remains intense, with 3Q26 results further pressured by higher churn due to legacy plan price adjustments, in addition to fiber competition. Within C&E, Peacock drove outperformance, benefiting from growth in distribution an