Why Has Comcast Stock Fallen 30% From Its High?
Comcast fell because its core broadband business keeps losing customers faster, and the rest of the business has not been enough to offset it. The shares closed at $22.69 on October 23, 30% below the 52-week high of $32.86 and down 18% over a year.
- The third-quarter report on October 22 showed 144,000 broadband customers lost against about 117,000 expected, connectivity revenue down 2.7%, free cash flow down 14.8% and theme-park profit down 17%.
- Analysts at Goldman Sachs, Citi and TD Cowen cut price targets, and a restructuring charge above $1 billion was reported.
- Charter's even bigger fall shows it is an industry problem.
This is analysis, not a recommendation.
What has driven Comcast's decline?
| Cause | Evidence |
|---|---|
| Broadband losses | 144,000 customers lost in Q3 against 91,000 a year earlier and about 116,800 expected by analysts (FactSet via Reuters), leaving 28.3 million |
| Falling price per customer | Domestic broadband revenue fell 4.7% in Q3 on lower average rates and fewer customers, and average revenue per customer fell 3.8% in Q2 on simple pricing and free wireless line promotions |
| Competition | Reuters cited fiber rivals pricing gigabit service at $30 to $40 a month in some markets, plus aggressive offers from carriers such as AT&T |
| Cash flow | Free cash flow fell 14.8% to $4.2 billion in Q3 and is down about 14.5% over nine months |
| Theme parks | EBITDA fell 17.1% to $780 million, with the release citing lower admissions revenue and more promotions |
| Smaller company | The January spin-off of Versant cut reported revenue 6.1% and EBITDA 5.8%, though pro forma figures were up slightly |
| Analyst actions | Goldman Sachs cut its target to $23 from $24 (Neutral), and Citi and TD Cowen also cut |
| Restructuring | Reuters reported a fourth-quarter charge above $1 billion, including layoffs, as the connectivity business is overhauled |
Comcast's net broadband customer losses by quarter, from its releases (the Q2 2025 figure is the 167,000 reported in Q2 2026 plus the 34,000 improvement). Q3 2026 losses were worse than a year earlier.
Was the whole company weak?
| Segment (Q3 2026) | Revenue | Adjusted EBITDA | Direction |
|---|---|---|---|
| Residential connectivity and platforms | $17.0 billion (-3.5%) | $6.1 billion (-5.8%) | Falling |
| Business services connectivity | $2.6 billion (+2.7%) | $1.5 billion (+1.7%) | Growing |
| Media | $5.4 billion (+13.0%) | $769 million, from $247 million | Rising, helped by the World Cup |
| Studios | $3.0 billion (-1.1%) | $402 million (+18.6%) | Mixed |
| Theme parks | $2.6 billion (-4.4%) | $780 million (-17.1%) | Falling |
Content and Experiences as a whole grew revenue 6.5% and EBITDA 29%, and Peacock reached $261 million of adjusted EBITDA with 48 million paid subscribers, its second profitable quarter. So the problem is concentrated in the largest and most profitable piece: residential connectivity, where wireless adds (368,000 lines) do not offset the broadband decline.
Is this a Comcast problem or an industry problem?
Both. Charter, the other large cable company, lost 172,000 broadband customers in the second quarter, cut its EBITDA outlook to a decline of about 1% and sits 56% below its high with its stock down 56% over a year. Fixed wireless, fiber and mobile substitution are taking customers from cable, and gross additions, not churn, are the main issue. Comcast's fall is smaller because it has wireless, media and parks to cushion it.
Year to date the shares were down about 18% in late October, and the one-year fall of 18% is smaller than the 30% drop from the high, so the decline is not only recent. See what does RSI below 30 mean for why a price drop alone is not a signal.
What could reverse it?
| Could help | Could hurt |
|---|---|
| Broadband losses narrow in the fourth quarter and 2027 | Losses widen as fiber builds out and promotions continue |
| Wireless and business services keep growing, Peacock stays profitable | Theme parks and content licensing stay weak |
| Restructuring lowers costs and free cash flow stabilises | Restructuring costs cash and savings arrive late |
| The NBCUniversal and Sky separation by mid-2027 gives a clearer connectivity company | Execution and debt allocation go badly |
| Valuation: a P/E near 7 and a free-cash-flow yield near 21% leave room for modest news to lift the price | Cheap stocks with shrinking cores can stay cheap |
The price already assumes a lot of decline: this site's reverse DCF needs very little growth to justify $22.69. What growth does a share price imply explains why, and the value-trap question is covered in Comcast at 7x earnings: bargain or value trap?.
How does CMCSA look on this site's checks?
From the weekly data of October 23, 2026, on the Comcast stock page:
| Measure | CMCSA | What it tells you |
|---|---|---|
| Price / market value | $22.69 / $80.5 billion | 30% below its 52-week high of $32.86 |
| Trailing / forward P/E | 7.1 / 6.3 | Price per dollar of earnings, last year and expected |
| Price to sales / price to book | 0.65 / 0.87 | This site's limits are 7 and 8 |
| Revenue growth / net margin | -0.3% / 9.2% | Trailing twelve months |
| Free-cash-flow yield | 21.2% | Free cash flow per share of $4.82 |
| Dividend yield | 5.98% | Payout 43% of earnings |
| Debt to equity / interest coverage | 0.94 / 6.1x | Total debt against equity, and earnings against interest |
| 1-year change / RSI | -17.6% / 54.4 | RSI below 30 is oversold |
| Value filters / margin of safety | 6 of 8 / +72.4% | A neutral DCF that fades growth from 8% to 2.5% |
What should you read next?
More on Comcast from the same data: Comcast at 7x earnings: bargain or value trap? and how much debt does Comcast really have?.
Sources
- Comcast Q3 2026 earnings release (SEC, October 22, 2026): segments, customers, free cash flow
- Comcast Q2 2026 earnings release (SEC, July 23, 2026): broadband, ARPU, wireless
- Reuters via Investing.com: Comcast broadband losses deepen as competition pressures core business (October 22, 2026): expectations, competition, restructuring
- Charter Q2 2026 earnings release (SEC, July 24, 2026): industry comparison
- Comcast on this site: price and ratios, October 23, 2026
The Reuters and analyst articles could not be read directly, so the broadband expectations, price-target cuts and restructuring charge come from search summaries of them; the day's stock move was reported inconsistently and is not stated. This is educational content, not investment advice.
Comcast stock decline FAQ
Why is Comcast stock down?
Broadband customer losses worsened (144,000 in Q3 against 91,000 a year earlier), cash flow fell about 14%, theme-park profit dropped, and analysts cut targets.
How far has Comcast fallen?
About 30% below its 52-week high of $32.86, with the stock at $22.69 on October 23, 2026, and down about 18% over a year.
Is Comcast's problem unique?
No. Charter lost 172,000 broadband customers in Q2 and is down about 56% from its high, so cable as a whole is under pressure from fiber and fixed wireless.
What is going well at Comcast?
Wireless added 368,000 lines, Peacock earned $261 million of adjusted EBITDA, business services grew 2.7% and Media profit rose.
Could Comcast stock recover?
It could if broadband losses narrow and cash flow stabilises, but nobody can say. The next signals are the fourth-quarter results and the planned separation.