Analysis of Reportable Segments
Comcast Corp. operates in 5 segments: Residential Connectivity & Platforms; Business Services Connectivity; Media; Studios; and Theme Parks.
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- Analysis of Liquidity Ratios
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Segment Profit Margin
Comcast Corp., profit margin by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Residential Connectivity & Platforms | |||||
| Business Services Connectivity | |||||
| Media | |||||
| Studios | |||||
| Theme Parks |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment profit margins exhibited varied performance across the analyzed period. Overall, margins demonstrate a degree of cyclicality, influenced by individual segment dynamics. The period between 2021 and 2024 generally showed increasing profitability for several segments, followed by some moderation or decline in 2025.
- Residential Connectivity & Platforms
- This segment demonstrated a consistent upward trend in profit margin from 34.65% in 2021 to 38.20% in 2024. However, 2025 saw a slight decrease to 37.70%, suggesting potential stabilization after a period of growth. The segment consistently maintained the highest margins among those analyzed.
- Business Services Connectivity
- Profit margins in this segment experienced a gradual decline throughout the period, moving from 58.12% in 2021 to 55.92% in 2025. While remaining the most profitable segment overall, the consistent downward trend warrants further investigation into potential cost pressures or competitive dynamics.
- Media
- The Media segment exhibited a significant decline in profit margin from 18.73% in 2021 to 11.12% in 2024. A modest recovery to 11.80% was observed in 2025, but margins remain substantially lower than in 2021. This suggests challenges within the Media segment, potentially related to content costs or shifting consumer preferences.
- Studios
- The Studios segment experienced volatility. Profit margin decreased from 8.72% in 2021 to 7.84% in 2022, then increased substantially to 12.66% in 2024 before decreasing to 9.74% in 2025. This fluctuation may be attributable to the timing of major film releases and associated revenue recognition.
- Theme Parks
- Theme Parks demonstrated a strong recovery and growth in profit margins from 25.08% in 2021 to 37.39% in 2023. However, margins decreased to 34.22% in 2024 and further to 31.31% in 2025, potentially reflecting a normalization of demand following the initial post-pandemic rebound or increased operating costs.
In summary, while Residential Connectivity & Platforms and, to a lesser extent, Studios showed positive margin trends, Business Services Connectivity and Media experienced declines. Theme Parks demonstrated a strong initial recovery followed by a moderation in profitability. These varying trends suggest differing operational and market conditions impacting each segment.
Segment Profit Margin: Residential Connectivity & Platforms
Comcast Corp.; Residential Connectivity & Platforms; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | |||||
| Revenue | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × ÷ =
The Residential Connectivity & Platforms segment demonstrates a consistent pattern of growth in profitability alongside a slight decline in revenue over the five-year period. Adjusted EBITDA exhibits an overall upward trajectory, while the segment profit margin shows a marked improvement before stabilizing. Revenue, conversely, experiences a gradual decrease.
- Adjusted EBITDA
- Adjusted EBITDA increased from US$25,188 million in 2021 to US$26,111 million in 2022, representing a growth of approximately 3.6%. This positive trend continued into 2023, reaching US$26,948 million, and further to US$27,338 million in 2024. However, 2025 saw a slight decrease to US$26,653 million, though remaining above the 2021 level. The overall trend indicates a strengthening of operational profitability within the segment, despite the final year’s modest reduction.
- Revenue
- Revenue decreased incrementally each year. Starting at US$72,694 million in 2021, it declined to US$72,386 million in 2022, US$71,946 million in 2023, US$71,574 million in 2024, and finally to US$70,704 million in 2025. This consistent, albeit moderate, decline suggests potential challenges in maintaining sales volume or pricing power within the segment.
- Segment Profit Margin
- The segment profit margin experienced substantial improvement from 2021 to 2024. It rose from 34.65% in 2021 to 36.07% in 2022, then to 37.46% in 2023, peaking at 38.20% in 2024. This indicates increasing efficiency in converting revenue into profit. In 2025, the margin experienced a slight decrease to 37.70%, but remained significantly higher than the 2021 level. The margin’s performance suggests effective cost management and/or pricing strategies, offsetting the revenue decline.
The segment’s ability to increase its profit margin despite declining revenue is noteworthy. This suggests a focus on higher-margin products or services, or successful cost control measures. The slight dip in both Adjusted EBITDA and segment profit margin in 2025 warrants further investigation to determine if this represents a temporary fluctuation or the beginning of a new trend.
Segment Profit Margin: Business Services Connectivity
Comcast Corp.; Business Services Connectivity; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | |||||
| Revenue | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × ÷ =
The Business Services Connectivity segment demonstrates consistent growth in both Adjusted EBITDA and Revenue over the five-year period from 2021 to 2025. However, the Segment profit margin exhibits a gradual, albeit consistent, decline throughout the same timeframe.
- Adjusted EBITDA
- Adjusted EBITDA increased from US$4,682 million in 2021 to US$5,725 million in 2025. This represents a cumulative increase of approximately 22.3%. The year-over-year growth rates were positive each year, indicating sustained profitability within the segment. Growth appears to be moderating slightly in the later years, with smaller increases from 2023 to 2024 and 2024 to 2025.
- Revenue
- Revenue followed a similar upward trajectory, rising from US$8,056 million in 2021 to US$10,237 million in 2025. This signifies a cumulative increase of approximately 27.1%. Revenue growth was consistently positive year-over-year, mirroring the trend observed in Adjusted EBITDA. The rate of revenue increase also appears to be slowing in the later periods.
- Segment Profit Margin
- The Segment profit margin experienced a consistent decline from 58.12% in 2021 to 55.92% in 2025. While remaining at a relatively high level, the decrease of approximately 2.2 percentage points over the five-year period warrants attention. The decline was incremental each year, suggesting a consistent pressure on profitability relative to revenue. This suggests that while revenue and EBITDA are growing, the rate of EBITDA growth is not keeping pace with revenue growth, leading to margin compression.
In summary, the Business Services Connectivity segment is expanding in terms of both revenue and profitability. However, the observed decline in segment profit margin suggests increasing costs or pricing pressures that are impacting the segment’s overall efficiency. Further investigation into the underlying drivers of this margin compression is recommended.
Segment Profit Margin: Media
Comcast Corp.; Media; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | |||||
| Revenue | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × ÷ =
The Media segment experienced fluctuating financial performance between 2021 and 2025. Revenue and Adjusted EBITDA both demonstrated volatility over the five-year period, impacting the segment profit margin.
- Adjusted EBITDA Trend
- Adjusted EBITDA decreased from US$5,133 million in 2021 to US$3,598 million in 2022, representing a substantial decline. This downward trend continued to US$2,955 million in 2023, the lowest value observed during the analyzed period. A modest recovery occurred in 2024, with Adjusted EBITDA reaching US$3,130 million, followed by a further increase to US$3,196 million in 2025. Despite the recent gains, the 2025 figure remains below the 2021 level.
- Revenue Trend
- Revenue followed a similar pattern of initial decline and subsequent stabilization. It decreased from US$27,406 million in 2021 to US$26,719 million in 2022, and further to US$25,355 million in 2023. A notable increase was observed in 2024, with revenue rising to US$28,148 million. However, revenue decreased again in 2025, settling at US$27,090 million. The 2025 revenue is lower than the 2021 revenue.
- Segment Profit Margin Trend
- The segment profit margin mirrored the trends in Adjusted EBITDA and Revenue. It decreased consistently from 18.73% in 2021 to 13.47% in 2022, and then to 11.65% in 2023. The margin remained relatively stable at 11.12% in 2024 before increasing slightly to 11.80% in 2025. While the 2025 margin represents an improvement over the previous two years, it remains significantly lower than the 2021 margin, indicating reduced profitability within the segment.
The correlation between Adjusted EBITDA, Revenue, and segment profit margin suggests that changes in revenue directly influence the segment’s profitability. The recovery observed in 2024 and 2025, while positive, has not yet restored the segment to its 2021 levels of performance.
Segment Profit Margin: Studios
Comcast Corp.; Studios; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | |||||
| Revenue | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × ÷ =
The Studios segment demonstrated fluctuating performance between 2021 and 2025. Revenue and Adjusted EBITDA exhibited distinct trends, ultimately impacting the segment profit margin.
- Revenue
- Revenue increased from US$10,077 million in 2021 to US$12,257 million in 2022, representing a substantial year-over-year growth. However, revenue then decreased to US$11,625 million in 2023 and further to US$11,092 million in 2024. A slight recovery was observed in 2025, with revenue reaching US$11,286 million. This indicates a period of initial expansion followed by contraction and stabilization.
- Adjusted EBITDA
- Adjusted EBITDA followed a similar pattern to revenue, increasing from US$879 million in 2021 to US$961 million in 2022. A significant increase was then recorded in 2023, reaching US$1,269 million, and continuing to US$1,404 million in 2024. In 2025, Adjusted EBITDA decreased to US$1,099 million. The growth in EBITDA outpaced revenue growth in 2023 and 2024, but this trend reversed in 2025.
- Segment Profit Margin
- The segment profit margin initially decreased from 8.72% in 2021 to 7.84% in 2022, coinciding with the increased revenue. A notable improvement occurred in 2023, with the margin rising to 10.92%, and further increasing to 12.66% in 2024. This suggests improved operational efficiency or a shift in revenue mix. However, the segment profit margin declined to 9.74% in 2025, likely due to the decrease in Adjusted EBITDA relative to revenue.
Overall, the Studios segment experienced a period of growth followed by a period of contraction and stabilization. While revenue fluctuated, the segment profit margin demonstrated a more pronounced trend of improvement followed by a decline, indicating a sensitivity to changes in both revenue and profitability.
Segment Profit Margin: Theme Parks
Comcast Corp.; Theme Parks; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | |||||
| Revenue | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × ÷ =
The Theme Parks segment demonstrated substantial growth in financial performance between 2021 and 2023, followed by a stabilization and slight decline through 2025. Adjusted EBITDA and Revenue both exhibited positive trajectories initially, with the segment profit margin reflecting these gains. However, recent periods indicate a potential shift in this performance.
- Adjusted EBITDA
- Adjusted EBITDA increased significantly from US$1,267 million in 2021 to US$3,345 million in 2023, representing a more than doubling of earnings. This growth slowed in 2024, with a decrease to US$2,949 million, and experienced a modest recovery to US$3,080 million in 2025. This suggests a potential plateauing of earnings growth after the initial surge.
- Revenue
- Revenue mirrored the trend in Adjusted EBITDA, increasing from US$5,051 million in 2021 to US$8,947 million in 2023. Similar to EBITDA, revenue decreased to US$8,617 million in 2024 before increasing to US$9,836 million in 2025. The rate of revenue growth appears to be accelerating in the most recent period.
- Segment Profit Margin
- The segment profit margin increased from 25.08% in 2021 to a peak of 37.39% in 2023, indicating improved operational efficiency and pricing power. A decrease to 34.22% was observed in 2024, and this downward trend continued to 31.31% in 2025. This decline in margin, despite revenue growth in 2025, suggests increasing costs or a shift in revenue mix within the segment.
Overall, the Theme Parks segment experienced a period of strong expansion followed by a stabilization and a slight decline in profitability. While revenue continues to grow, the decreasing segment profit margin warrants further investigation to determine the underlying drivers and potential impact on future performance.
Revenue
Comcast Corp., revenue by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Residential Connectivity & Platforms | |||||
| Business Services Connectivity | |||||
| Connectivity & Platforms | |||||
| Media | |||||
| Studios | |||||
| Theme Parks | |||||
| Content & Experiences | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall revenue exhibited a generally increasing trend from 2021 to 2025, though with variations across reportable segments. Total revenue increased from US$123.284 billion in 2021 to US$129.153 billion in 2025, representing a cumulative growth of approximately 4.7%. However, this growth was not uniform across all segments.
- Residential Connectivity & Platforms
- This segment demonstrated a consistent, albeit slight, downward trend in revenue over the five-year period, decreasing from US$72.694 billion in 2021 to US$70.704 billion in 2025. This represents a cumulative decline of approximately 2.7%.
- Business Services Connectivity
- In contrast to the residential segment, Business Services Connectivity experienced steady growth. Revenue increased from US$8.056 billion in 2021 to US$10.237 billion in 2025, a cumulative increase of approximately 27.1%. This segment consistently contributed to the overall revenue growth.
- Connectivity & Platforms (Combined)
- The combined Connectivity & Platforms segment showed relatively stable revenue, fluctuating around the US$81 billion mark. While there was a slight increase from US$80.750 billion in 2021 to US$80.941 billion in 2025, the growth was minimal, approximately 0.2%.
- Media
- Revenue from the Media segment initially decreased from US$27.406 billion in 2021 to US$25.355 billion in 2022, then increased significantly to US$28.148 billion in 2023 before decreasing again to US$27.090 billion in 2025. This segment exhibited the most volatility, with a net decrease of approximately 1.1% over the entire period.
- Studios
- The Studios segment experienced an initial increase in revenue from US$10.077 billion in 2021 to US$12.257 billion in 2022, followed by a decline to US$11.092 billion in 2023, and a slight recovery to US$11.286 billion in 2025. Overall, the segment showed modest growth, increasing by approximately 12.0% over the five years.
- Theme Parks
- Theme Parks demonstrated substantial growth, particularly from 2021 to 2023, increasing from US$5.051 billion to US$8.947 billion. While revenue decreased slightly to US$8.617 billion in 2024, it recovered to US$9.836 billion in 2025. This segment experienced the highest percentage growth, with a cumulative increase of approximately 94.5%.
- Content & Experiences
- Revenue from Content & Experiences generally increased from US$42.534 billion in 2021 to US$48.212 billion in 2025, representing a cumulative growth of approximately 13.3%. The segment showed consistent performance, contributing significantly to overall revenue.
The growth in Total revenue was primarily driven by the Business Services Connectivity, Theme Parks, and Content & Experiences segments, offsetting the decline in Residential Connectivity & Platforms. The Media segment’s volatility warrants further investigation. The overall trend suggests a shift in revenue composition, with increasing contributions from business-focused and experiential segments.
Adjusted EBITDA
Comcast Corp., adjusted ebitda by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Residential Connectivity & Platforms | |||||
| Business Services Connectivity | |||||
| Connectivity & Platforms | |||||
| Media | |||||
| Studios | |||||
| Theme Parks | |||||
| Content & Experiences | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Adjusted EBITDA exhibited overall growth from 2021 to 2024, followed by a slight decrease in 2025. The largest contributor to this EBITDA, Connectivity & Platforms, demonstrated consistent growth throughout the period, although the rate of increase slowed in the later years. Significant variations were observed within the Content & Experiences segment, and the Media segment experienced a notable decline before stabilizing.
- Connectivity & Platforms
- This segment consistently generated the largest portion of Adjusted EBITDA. Growth progressed from US$29.87 billion in 2021 to US$32.838 billion in 2024, representing a cumulative increase of approximately 10%. However, 2025 saw a modest decrease to US$32.378 billion, indicating a potential plateauing of growth within this segment.
- Residential Connectivity & Platforms vs. Business Services Connectivity
- Residential Connectivity & Platforms consistently represented the larger portion of the Connectivity & Platforms segment’s EBITDA. While both sub-segments experienced growth, Business Services Connectivity demonstrated a more consistent rate of increase, moving from US$4.682 billion in 2021 to US$5.725 billion in 2025. This suggests a strengthening contribution from the business sector.
- Media Segment
- The Media segment experienced a substantial decline in Adjusted EBITDA from US$5.133 billion in 2021 to US$2.955 billion in 2023. A slight recovery was observed in 2024 and 2025, reaching US$3.130 billion and US$3.196 billion respectively, but remained below the 2021 level. This indicates ongoing challenges within this segment, followed by a period of stabilization.
- Studios Segment
- The Studios segment showed considerable volatility. Adjusted EBITDA increased from US$879 million in 2021 to US$1.404 billion in 2024, before decreasing to US$1.099 billion in 2025. This suggests performance is sensitive to specific project releases or market conditions.
- Theme Parks Segment
- The Theme Parks segment exhibited strong growth from 2021 to 2023, increasing from US$1.267 billion to US$3.345 billion. However, EBITDA decreased to US$2.949 billion in 2024 and remained relatively stable at US$3.080 billion in 2025. This could be attributed to a normalization of demand following the initial post-pandemic recovery.
- Content & Experiences Segment
- The Content & Experiences segment demonstrated relative stability, fluctuating around US$7.2 to US$7.6 billion throughout the period. While not exhibiting substantial growth, it maintained a consistent contribution to overall Adjusted EBITDA.
Overall, the total Adjusted EBITDA increased from US$37.149 billion in 2021 to US$40.321 billion in 2024, before declining slightly to US$39.753 billion in 2025. The Connectivity & Platforms segment remained the primary driver of EBITDA, while performance within other segments varied considerably.