Stock Analysis on Net
Stock Analysis on Net

Comcast Corp. (NASDAQ:CMCSA)

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Common-Size Income Statement
Quarterly Data

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Comcast Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Revenue
Programming and production
Gross profit
Marketing and promotion
Other operating and administrative
Depreciation
Amortization
Goodwill and long-lived asset impairments
Operating income (loss)
Interest expense
Investment and other income (loss), net
Income (loss) before income taxes
Income tax expense
Net income (loss)
Net loss attributable to noncontrolling interests
Net income (loss) attributable to Comcast Corporation

Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The common-size income statement reveals significant fluctuations in profitability and expense management over the observed period. Revenue is consistently represented as 100% by definition, allowing for a focused analysis of expense and income percentages. A notable period of volatility is apparent, particularly in operating income and net income.

Gross Profit
Gross profit as a percentage of revenue generally remained in the 65% to 71% range between March 2021 and December 2022. However, it experienced a slight increase in 2023, peaking at 71.27% in September, before declining to 68.10% by December 2023. This trend continued into 2024 and 2025, with a peak of 75.01% in June 2025, suggesting improved cost of goods sold management or pricing strategies in the latter part of the period.
Programming and Production Costs
Programming and production costs consistently represent a substantial portion of revenue, ranging from approximately 29% to 34%. A noticeable decrease occurred between 2021 and mid-2022, followed by a return to higher percentages in late 2022 and early 2023. A significant reduction is observed in 2024 and 2025, falling to 24.99% in March 2025, indicating potential cost control measures or shifts in content strategy.
Operating Expenses
Combined operating expenses, including marketing, promotion, other administrative costs, depreciation, and amortization, demonstrate a considerable impact on overall profitability. These expenses generally consumed between 45% and 55% of revenue. A substantial increase in other operating and administrative expenses is observed in December 2022 (34.56%), contributing to a significant decline in operating income during that period. Amortization expenses also show a gradual increase over time, peaking at 5.95% in June 2025.
Operating Income
Operating income exhibits substantial variability. It ranged from a low of -8.13% in September 2022 to a high of 22.35% in June 2024. The negative operating income in September 2022 is directly linked to the increased operating expenses, particularly the significant impairment charge. The recovery in 2023 and 2024 suggests successful expense management and revenue growth. A slight decline is observed in late 2025, but remains positive.
Net Income
Net income mirrors the trends in operating income, with a low of -15.40% in September 2022 and a peak of 36.69% in June 2025. The impact of interest expense and investment income is evident, though relatively consistent. The substantial increase in net income in June 2025 is largely attributable to a significant positive impact from investment and other income, net, which reached 32.20% of revenue. Income tax expense fluctuates with profitability, consuming between 3% and 12% of revenue.
Impairment Charges
A significant goodwill and long-lived asset impairment charge occurred in September 2022, representing 28.75% of revenue. This one-time event substantially reduced operating and net income for that quarter and highlights the importance of monitoring asset valuations.

Overall, the financial performance demonstrates a period of challenge in 2022, followed by a strong recovery and growth trajectory in 2023, 2024, and the first half of 2025. The company appears to have successfully implemented cost control measures and benefited from favorable investment outcomes, particularly in June 2025.