Comcast Heads Into Earnings With Bulls Leaning In

CMCSA reaches its Q2 2026 earnings report on June 10 with options traders notably more bullish than usual — an unusual setup for a stock that has lost 6% over the past month.

The clearest positioning signal comes from the options market. The put/call ratio has dropped to 0.34, well below its 20-day average of 0.40 and more than one standard deviation beneath it. That puts the ratio near its 52-week low of 0.33, meaning call buying relative to puts is about as aggressive as it has been all year. It is a striking lean into the print given the stock trades at $23.85 after sliding 4% over the past week alone. Borrow conditions offer no meaningful counterweight to that bullishness — availability remains exceptionally loose, with roughly 73 shares available to borrow for every one already lent out, and the cost to borrow is negligible at 0.37%. There is no short squeeze pressure here.

Short interest has climbed about 19% over the past month to 2.4% of the free float, a level that is real but not extreme. The direction of travel — steady accumulation of short positions even as options traders pile into calls — creates a genuine divergence heading into the print. Bears have been adding quietly. Bulls are making a more visible statement in the derivatives market.

The fundamental debate is well-defined. Bulls point to Comcast's broadband dominance, a strong studio and theme park pipeline, and a valuation that already prices in a lot of bad news — the stock trades at a PE of roughly 6.5x and under book value. The consensus mean target of $32.58 implies 37% upside from current levels, and Citi maintained its Buy rating in late April with a $35.50 target after the last print. Bears counter with the Q1 2026 broadband subscriber loss of 181,000, a 4% EBITDA decline in the Connectivity & Platforms segment, and the relentless pressure from fiber overbuilders and fixed wireless competition. Just last week, Rosenblatt cut its target sharply from $30 to $24 while staying Neutral — the firmest recent signal that the sellside is reassessing the near-term earnings trajectory. The last earnings event, on April 23, resulted in a 6.2% single-day decline and a further 7.9% loss over the following five days, a sobering precedent for those holding calls through the number.

Capital Research added over 74 million shares in its most recent reported period, making it the second-largest institutional holder at roughly 8% of shares. That is a significant vote of confidence from an active manager, and it provides some context for why call buyers may feel emboldened at these price levels.

Today's print is ultimately a test of whether Comcast's broadband stabilisation story — management's promised recovery in the second half via simplified pricing and wireless conversion — has any early evidence to support it, or whether the subscriber bleed continues at a pace that justifies the stock's new lows.