Comcast Business Connectivity revenue climbed 3.7 percent to $2.67 billion in the second quarter of 2026, with EBITDA up 5.0 percent to $1.52 billion. The lift came mainly from enterprise customers buying complex connectivity, security and managed services rather than plain broadband pipes.
Underneath the headline sits a quieter shift. Three years ago the company sold roughly 20 cents of advanced solutions for every dollar of connectivity. That figure now sits near 70 cents. The mix change turns ordinary connections into stickier, higher-value relationships just as residential broadband absorbs heavier competition.
The Adjusted Print Behind the Headlines
Official results put Business Services Connectivity revenue of $2.67 billion against $2.58 billion a year earlier. EBITDA reached $1.52 billion and the margin expanded 60 basis points to 56.7 percent.
A nonrecurring long-term fiber lease renewal added roughly 0.7 percentage points to revenue growth and about 2 points to EBITDA growth. Strip that out and both lines grew just under 3 percent. Chief Financial Officer Jason Armstrong told analysts the adjusted pace matches the trend of the past year after the company lapped the Nitel deal.
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $2.671 billion | $2.575 billion | +3.7% |
| EBITDA | $1.516 billion | $1.444 billion | +5.0% |
| EBITDA margin | 56.7% | 56.1% | +60 bps |
| Underlying growth (ex fiber lease) | ~3% | – | consistent with recent trend |
Co-CEOs Brian Roberts and Mike Cavanagh called out Business Services for “industry-leading growth” in the earnings release. The unit remains a bright spot inside Connectivity & Platforms while residential broadband posts net losses.
Seventy Cents on the Connectivity Dollar
Armstrong zeroed in on the product mix. “Growth continues to be driven by strong momentum in Enterprise Solutions, where we are seeing demand from larger customers with more complex connectivity, security and managed services needs.”
The advanced-solutions attach rate tells the deeper story.
- Three years ago: about $0.20 of advanced solutions per connectivity dollar
- Today: closer to $0.70 of advanced solutions per connectivity dollar
- Drivers: managed security, SD-WAN, cloud connectivity and custom networking packages
- Effect: higher ARPU, longer contracts and more switching friction for customers
That multiplication is the second-order effect. Volume growth stays modest, yet each new or expanded relationship carries more revenue and more durability. In the SMB segment the same advanced mix helps lift ARPU even while fiber and fixed-wireless rivals keep pressure high.
Wireless Lines Now Reach Midsize and Large Accounts
Residential wireless set a company record with 448,000 net line additions and total lines of 10.2 million. Business is following the same convergence path.
This quarter Comcast Business went live on its multi-year exclusive T-Mobile 5G MVNO deal. The arrangement, announced with Charter in July 2025, lets the company offer mobile service under the Comcast Business Mobile brand and target accounts needing up to 1,000 lines.
Cavanagh said early signs are encouraging and activity should ramp in the second half. The partnership sits alongside the company’s existing Wi-Fi scale and fiber footprint, giving midsize and large customers a single bill for fixed, wireless and managed services.
- Target: midsize to large businesses up to 1,000 lines
- Network: T-Mobile 5G under exclusive MVNO terms for the business segment
- Brand: Comcast Business Mobile
- Timing: live in Q2 2026, ramp expected later in the year
- Strategic fit: deepens convergence beyond residential free-line promotions
Edward Zimmermann, president of Comcast Business, has described the capital-light model as a way to add top-tier mobile without heavy network spend.
Only Two Carriers Gained Ethernet Share
Independent rankings back the enterprise push. Vertical Systems Group placed Comcast Business as the number one U.S. managed SD-WAN provider by site share for the second straight year on its 2025 leaderboard. The U.S. SD-WAN market itself grew 15 percent in new site installations.
| Service | Comcast Business Rank | Note |
|---|---|---|
| U.S. Managed SD-WAN (2025 site share) | #1 | Second consecutive year; six providers on LEADERBOARD |
| U.S. Carrier Ethernet (2025 port share) | #5 | Only AT&T and Comcast gained port share among LEADERBOARD firms |
| U.S. Ethernet market overall | – | Total retail ports +1.5% in 2025 |
On the Ethernet board AT&T held the top spot for a fourth year. Comcast sat fifth among six ranked carriers, yet it was one of only two that actually gained port share. Gigabit Ethernet demand and AI-driven security needs are the growth pockets Vertical Systems flags for 2026.
Those share gains matter because Ethernet and SD-WAN form the backbone of the complex solutions larger customers now buy. Comcast already reaches over 90 percent of the Fortune 500 on its nation’s largest fiber-powered network for enterprises.
SMB Competition Stays Hot While Enterprise Contracts Stack Up
Armstrong was frank about the small-and-medium business arena. Competition from fiber overbuilders and fixed wireless remains elevated. The response is deeper attachment of advanced solutions rather than pure price fighting. Total Solutions Advantage packages now bundle connectivity and cybersecurity at starting prices around $60 a month with flexible terms.
On the enterprise side the company keeps landing significant new contracts. Armstrong called Comcast the fastest-growing enterprise provider in the market right now. The Nitel acquisition, which the company completed its acquisition of Nitel in 2025, brought roughly 6,600 mid-enterprise clients focused on managed network and security. That deal is now fully lapped, so the current growth rate is organic.
Business services is growing at a roughly 3% rate with an enormous amount of room to run, particularly in enterprise, and is the fastest-growing provider right now.
Armstrong made that point while discussing the longer path back to broader Connectivity & Platforms growth. The enterprise pipeline and the advanced-mix expansion supply the optimism.
What the Connectivity Company Keeps After the Split
Comcast intends to separate NBCUniversal and Sky into a standalone public company in about a year. Business Services Connectivity stays with the connectivity and platforms side. That unit already posts industry-leading growth, mid-50s EBITDA margins and a clear runway in enterprise and wireless.
The second-order consequences compound. A customer base weighted toward complex multi-year solutions is harder to churn. Wireless attachment via the new MVNO raises the relationship value further. Share gains in SD-WAN and Ethernet give sales teams proof points against traditional telcos. And the advanced-solutions ratio itself becomes a self-reinforcing flywheel: more complex needs justify more advanced attach, which lifts both revenue and stickiness.
Residential broadband still faces fiber, fixed wireless and emerging satellite pressure. Net losses improved year-over-year but remain real. Business Services does not erase that challenge. It does give the future connectivity company a growing, higher-quality engine that can fund network upgrades and absorb some of the residential noise.
The 3 percent underlying print looks ordinary. The 70-cent advanced mix, the fresh MVNO, the SD-WAN crown and the Ethernet share gains do not. Together they describe a franchise that is quietly getting more valuable with every complex enterprise deal it closes.
Frequently Asked Questions
What does Comcast mean by advanced solutions in Business Services?
Advanced solutions cover managed security, SD-WAN, cloud connectivity, custom networking and related professional services sold on top of basic connectivity. The attach rate has risen from roughly 20 cents to about 70 cents per connectivity dollar over three years, directly lifting ARPU and contract length.
How did Comcast Business rank on the latest Vertical Systems Group leaderboards?
It held the number-one U.S. position for managed SD-WAN by 2025 site share for the second consecutive year and ranked fifth on the U.S. Carrier Ethernet LEADERBOARD by retail port share. Only AT&T and Comcast posted Ethernet port-share gains among the six ranked providers.
What is the scale of the T-Mobile MVNO for Comcast Business customers?
The exclusive multi-year deal lets Comcast Business Mobile target midsize and large accounts needing up to 1,000 lines on T-Mobile’s 5G network. Service went live in the second quarter of 2026 with expected ramp in the latter half of the year.
When did Comcast finish the Nitel acquisition and what did it add?
The deal closed in early 2025. Nitel brought roughly 6,600 mid-enterprise clients plus expertise in managed network and security solutions, strengthening channel reach and the advanced-services portfolio that is now fully lapped in year-over-year comparisons.
Why does the advanced-solutions mix matter more than headline revenue growth?
Higher attach rates raise revenue per customer, extend contract duration and increase switching costs. That durability improves lifetime value and free-cash-flow quality even when overall connectivity volume growth stays in the low single digits.
