Comcast (NASDAQ: CMCSA) marked a significant milestone in its second-quarter results, with streaming service Peacock logging its first profitable quarter in the platform’s history.
Peacock generated revenue of $1.9 billion and adjusted EBITDA of $189 million during the quarter, a dramatic improvement over the $1.2 billion and $101 million recorded in the second quarter of 2025.
The streaming milestone arrived alongside Comcast’s announcement that it plans to spin off its media and entertainment assets into a new standalone company built around NBCUniversal.
Total company revenue for the second quarter slid just over 1% year over year to $29.4 billion, while adjusted net income fell 20% to $3.7 billion, or $1.04 per share.
Despite those declines, both figures surpassed analyst expectations, with the consensus revenue estimate sitting below $29.3 billion and the adjusted earnings per share estimate at $0.96.
Comcast’s connectivity and platforms division, the larger of its two main reporting units, saw revenue dip 3% to just under $19.8 billion, with adjusted EBITDA falling nearly 6% to just under $8 billion.
The content and experiences division, which will form the core of the NBCUniversal spinoff, grew revenue 23% to $10.7 billion, with adjusted EBITDA improving 7% to $1.3 billion.
Audience demand was strong during the quarter, with viewers tuning in for the FIFA World Cup and Love Island USA, while films including The Super Mario Galaxy Movie and horror release Obsession drew strong ticket sales.
Under the spin-off structure, current Comcast shareholders will retain their CMCSA stock and receive a tax-free distribution of NBCUniversal equity, which will also include theme parks and UK-based media and telecom business Sky.
Comcast co-CEO Mike Cavanagh said the legacy company “will continue to build on its leadership in connectivity, while NBCUniversal, together with Sky, will have the scale, brands, content, and financial resources to compete as a premier global media and entertainment company.”
Cavanagh is set to become the sole CEO of NBCUniversal, while CFO Michael Angelakis will take the top role at the slimmed-down Comcast following the separation.
The spin-off is expected to be completed in approximately one year, though the exact share distribution has not yet been made public.
This is not Comcast’s first major divestment in recent history, having earlier separated its legacy cable channels into Versant Media Group (NASDAQ: VSNT) earlier in 2026.
The legacy Comcast business is expected to carry most of the company’s current dividend, which yields 5.6%, positioning it as a relatively stable income stock post-separation.
Analysts and investors will be watching closely to see how NBCUniversal performs as an independent entity, particularly given Peacock’s momentum heading into the spin-off.
