Comcast (CMCSA) official guidance

That remains our expectation, and we expect modest improvements starting in the third quarter.

While we see it continuing into the third quarter, not something that we think is a permanent change in the outlook at all, because we continue to see continued consumer appeal and satisfaction in all the things we look at as it relates to the excitement people have about our parks.

That remains our expectation, and we expect modest improvements starting in the third quarter.

As to Peacock profitability itself, we do expect it to continue to improve on an annual basis, but profitability is going to vary quarter by quarter just based on the timing of sports schedules and other content hitting one quarter versus another.

We continue to expect a significant majority of these customers to convert to paid relationships as roll-offs accelerate in the second half of the year.

We do see some incremental pressure in Q2, but we do expect relief as we exit the year.

Importantly, we expect the setup to improve from here, with second quarter reflecting a meaningful inflection point, with Peacock expected to approach profitability.

Importantly, we expect the setup to improve from here, with second quarter reflecting a meaningful inflection point, with Peacock expected to approach profitability.

We were transparent about this last year, flagging that these pressures would intensify into the early part of this year, including the quarter we're reporting now and some incremental pressure in the second quarter. That expectation remains unchanged.

Yeah, I would say we do expect improvement year-over-year, but more than half of the benefit in Q1 was tied into the Legendary February. We really leaned into that from a marketing investment and an offer investment. Like I said, it was a great moment, and we took advantage of it.

As Versant exits the calculation over the course of this year, we expect leverage will tick up a bit. As I said last quarter, our intention is to bring leverage back to 2.3 times.

Looking ahead, we expect further ARPU pressure for the next couple of quarters, driven by the absence of rate increase, the impact from free wireless lines, and the ongoing migration of our base to simplified pricing.

As a result, our investors should see higher total dividends in 2026, marking our 18th consecutive year of dividend growth.

As we have said before, as we continue to invest through this transition, we expect incremental EBITDA pressure over the next couple of quarters until we begin to lap these initial investments in the second half of 2026.

And at Peacock, we expect another year of meaningful EBITDA improvement as we continue progressing toward break-even, even as we absorb the NBA rights.

And then as time passes between over several years, 2025 to 2028, as our affiliate deals renew, as opposed to they don't accelerate simply because we took on new content. So we will see that revenue stream build as we and those multiple levers are the levers that over the period of time ahead bring Peacock to profitability in the overall media segment to sustainable profitability alongside parks and studios.

It marks NBCUniversal's 100th anniversary, a century of leadership in broadcast and live storytelling, and a year in which NBCUniversal will deliver roughly 40% of the industry's major live events, bringing the biggest moments in media to audiences at scale.

Our intention will be to migrate back to the 2025 ending leverage of 2.3x.

Looking ahead to the second half of 2026, we expect to convert the vast majority of free lines into paying relationships, which in turn should provide a meaningful tailwind to convergence revenue growth.

Given the investments we're making, as we said, it's unlikely that we'll be able to grow ARPU in 2026, especially in the early part of the year.

As we continue to transition customers to more consistent pricing and ramp up free wireless line additions, we expect ARPU growth to step down more than a point in the fourth quarter, and we expect continued pressure on ARPU in early 2026 as our current plan is to not take a rate increase in broadband in the early part of next year.

This is a deliberate investment phase, one that will take time and carry a cost as reflected in the 3.7% decline in connectivity and platforms EBITDA this quarter, and we expect this decline to build slightly over the next several quarters as we continue to invest in pricing, product, and customer experience.