Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Comcast Corp. (NASDAQ:CMCSA)

Analysis of Income Taxes

Advanced level

Income Tax Expense (Benefit)

Comcast Corp., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Federal 2,824  2,085  2,026  2,411  3,190 
State 836  425  639  277  480 
Foreign 254  600  425  389  194 
Current expense 3,914  3,110  3,090  3,077  3,864 
Federal (111) 902  546  (10,659) 1,192 
State (71) (15) (167) 10  154 
Foreign (368) (324) (89) (6) 98 
Deferred expense (benefit) (550) 563  290  (10,655) 1,444 
Income tax expense (benefit) 3,364  3,673  3,380  (7,578) 5,308 

Based on: 10-K (filing date: 2021-02-04), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03).

Item Description The company
Current expense Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Comcast Corp.’s current expense increased from 2018 to 2019 and from 2019 to 2020.
Deferred expense (benefit) Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Comcast Corp.’s deferred expense (benefit) increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.
Income tax expense (benefit) Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Comcast Corp.’s income tax expense (benefit) increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.

Effective Income Tax Rate (EITR)

Comcast Corp., effective income tax rate (EITR) reconciliation

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Federal statutory tax rate 21.00% 21.00% 21.00% 35.00% 35.00%
Effective income tax rate 23.92% 21.61% 22.18% -49.46% 36.98%

Based on: 10-K (filing date: 2021-02-04), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03).

Item Description The company
Effective income tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Comcast Corp.’s effective income tax rate decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

Components of Deferred Tax Assets and Liabilities

Comcast Corp., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Net operating loss and other loss carryforwards 2,609  2,017  1,926  481  544 
Nondeductible accruals and other 3,253  2,779  2,656  2,026  3,789 
Deferred tax assets, gross 5,862  4,796  4,582  2,507  4,333 
Valuation allowance (2,312) (1,906) (632) (377) (266)
Deferred tax assets, net 3,550  2,890  3,950  2,130  4,067 
Differences between book and tax basis of property and equipment and intangible assets (29,829) (29,387) (29,139) (25,154) (37,401)
Differences between book and tax basis of investments (405) (702) (491) (466) (144)
Differences between book and tax basis of long-term debt (680) (751) (604) (673) (375)
Differences between book and tax basis of foreign subsidiaries and undistributed foreign earnings (468) (143) (85) (39) (960)
Deferred tax liabilities (31,382) (30,983) (30,319) (26,332) (38,880)
Net deferred tax asset (liability) (27,832) (28,093) (26,369) (24,202) (34,813)

Based on: 10-K (filing date: 2021-02-04), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03).

Item Description The company
Deferred tax assets, gross Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Comcast Corp.’s deferred tax assets, gross increased from 2018 to 2019 and from 2019 to 2020.
Deferred tax assets, net Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Comcast Corp.’s deferred tax assets, net decreased from 2018 to 2019 but then increased from 2019 to 2020 not reaching 2018 level.
Net deferred tax asset (liability) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Comcast Corp.’s net deferred tax asset (liability) decreased from 2018 to 2019 but then slightly increased from 2019 to 2020.

Deferred Tax Assets and Liabilities, Classification

Comcast Corp., deferred tax assets and liabilities, classification

US$ in millions

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Deferred tax assets 219  87  1,220  54  41 
Deferred tax liabilities 28,051  28,180  27,589  24,256  34,854 

Based on: 10-K (filing date: 2021-02-04), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03).

Item Description The company
Deferred tax assets Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Comcast Corp.’s deferred tax assets decreased from 2018 to 2019 but then slightly increased from 2019 to 2020.
Deferred tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Comcast Corp.’s deferred tax liabilities increased from 2018 to 2019 but then slightly decreased from 2019 to 2020.

Adjustments to Financial Statements: Removal of Deferred Taxes

Comcast Corp., adjustments to financial statements

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Adjustment to Total Assets
Total assets (as reported) 273,869  263,414  251,684  186,949  180,500 
Less: Noncurrent deferred tax assets, net 219  87  1,220  54  41 
Total assets (adjusted) 273,650  263,327  250,464  186,895  180,459 
Adjustment to Total Liabilities
Total liabilities (as reported) 180,851  178,168  177,866  116,143  122,880 
Less: Noncurrent deferred tax liabilities, net 28,051  28,180  27,589  24,256  34,854 
Total liabilities (adjusted) 152,800  149,988  150,277  91,887  88,026 
Adjustment to Total Comcast Corporation Shareholders’ Equity
Total Comcast Corporation shareholders’ equity (as reported) 90,323  82,726  71,613  68,606  53,943 
Less: Net deferred tax assets (liabilities) (27,832) (28,093) (26,369) (24,202) (34,813)
Total Comcast Corporation shareholders’ equity (adjusted) 118,155  110,819  97,982  92,808  88,756 
Adjustment to Net Income Attributable To Comcast Corporation
Net income attributable to Comcast Corporation (as reported) 10,534  13,057  11,731  22,714  8,695 
Add: Deferred income tax expense (benefit) (550) 563  290  (10,655) 1,444 
Net income attributable to Comcast Corporation (adjusted) 9,984  13,620  12,021  12,059  10,139 

Based on: 10-K (filing date: 2021-02-04), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03).


Comcast Corp., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Comcast Corp., adjusted financial ratios

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Net Profit Margin
Reported net profit margin 10.17% 11.99% 12.41% 26.87% 10.81%
Adjusted net profit margin 9.64% 12.50% 12.72% 14.27% 12.61%
Total Asset Turnover
Reported total asset turnover 0.38 0.41 0.38 0.45 0.45
Adjusted total asset turnover 0.38 0.41 0.38 0.45 0.45
Financial Leverage
Reported financial leverage 3.03 3.18 3.51 2.72 3.35
Adjusted financial leverage 2.32 2.38 2.56 2.01 2.03
Return on Equity (ROE)
Reported ROE 11.66% 15.78% 16.38% 33.11% 16.12%
Adjusted ROE 8.45% 12.29% 12.27% 12.99% 11.42%
Return on Assets (ROA)
Reported ROA 3.85% 4.96% 4.66% 12.15% 4.82%
Adjusted ROA 3.65% 5.17% 4.80% 6.45% 5.62%

Based on: 10-K (filing date: 2021-02-04), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Comcast Corp.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Comcast Corp.’s adjusted total asset turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020 not reaching 2018 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Comcast Corp.’s adjusted financial leverage ratio decreased from 2018 to 2019 and from 2019 to 2020.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Comcast Corp.’s adjusted ROE improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Comcast Corp.’s adjusted ROA improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Comcast Corp., Financial Ratios: Reported vs. Adjusted


Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 10,534  13,057  11,731  22,714  8,695 
Revenue 103,564  108,942  94,507  84,526  80,403 
Profitability Ratio
Net profit margin1 10.17% 11.99% 12.41% 26.87% 10.81%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Comcast Corporation 9,984  13,620  12,021  12,059  10,139 
Revenue 103,564  108,942  94,507  84,526  80,403 
Profitability Ratio
Adjusted net profit margin2 9.64% 12.50% 12.72% 14.27% 12.61%

Based on: 10-K (filing date: 2021-02-04), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03).

2020 Calculations

1 Net profit margin = 100 × Net income attributable to Comcast Corporation ÷ Revenue
= 100 × 10,534 ÷ 103,564 = 10.17%

2 Adjusted net profit margin = 100 × Adjusted net income attributable to Comcast Corporation ÷ Revenue
= 100 × 9,984 ÷ 103,564 = 9.64%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Comcast Corp.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Revenue 103,564  108,942  94,507  84,526  80,403 
Total assets 273,869  263,414  251,684  186,949  180,500 
Activity Ratio
Total asset turnover1 0.38 0.41 0.38 0.45 0.45
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Revenue 103,564  108,942  94,507  84,526  80,403 
Adjusted total assets 273,650  263,327  250,464  186,895  180,459 
Activity Ratio
Adjusted total asset turnover2 0.38 0.41 0.38 0.45 0.45

Based on: 10-K (filing date: 2021-02-04), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03).

2020 Calculations

1 Total asset turnover = Revenue ÷ Total assets
= 103,564 ÷ 273,869 = 0.38

2 Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 103,564 ÷ 273,650 = 0.38

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Comcast Corp.’s adjusted total asset turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020 not reaching 2018 level.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Total assets 273,869  263,414  251,684  186,949  180,500 
Total Comcast Corporation shareholders’ equity 90,323  82,726  71,613  68,606  53,943 
Solvency Ratio
Financial leverage1 3.03 3.18 3.51 2.72 3.35
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets 273,650  263,327  250,464  186,895  180,459 
Adjusted total Comcast Corporation shareholders’ equity 118,155  110,819  97,982  92,808  88,756 
Solvency Ratio
Adjusted financial leverage2 2.32 2.38 2.56 2.01 2.03

Based on: 10-K (filing date: 2021-02-04), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03).

2020 Calculations

1 Financial leverage = Total assets ÷ Total Comcast Corporation shareholders’ equity
= 273,869 ÷ 90,323 = 3.03

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Comcast Corporation shareholders’ equity
= 273,650 ÷ 118,155 = 2.32

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Comcast Corp.’s adjusted financial leverage ratio decreased from 2018 to 2019 and from 2019 to 2020.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 10,534  13,057  11,731  22,714  8,695 
Total Comcast Corporation shareholders’ equity 90,323  82,726  71,613  68,606  53,943 
Profitability Ratio
ROE1 11.66% 15.78% 16.38% 33.11% 16.12%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Comcast Corporation 9,984  13,620  12,021  12,059  10,139 
Adjusted total Comcast Corporation shareholders’ equity 118,155  110,819  97,982  92,808  88,756 
Profitability Ratio
Adjusted ROE2 8.45% 12.29% 12.27% 12.99% 11.42%

Based on: 10-K (filing date: 2021-02-04), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03).

2020 Calculations

1 ROE = 100 × Net income attributable to Comcast Corporation ÷ Total Comcast Corporation shareholders’ equity
= 100 × 10,534 ÷ 90,323 = 11.66%

2 Adjusted ROE = 100 × Adjusted net income attributable to Comcast Corporation ÷ Adjusted total Comcast Corporation shareholders’ equity
= 100 × 9,984 ÷ 118,155 = 8.45%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Comcast Corp.’s adjusted ROE improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 10,534  13,057  11,731  22,714  8,695 
Total assets 273,869  263,414  251,684  186,949  180,500 
Profitability Ratio
ROA1 3.85% 4.96% 4.66% 12.15% 4.82%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Comcast Corporation 9,984  13,620  12,021  12,059  10,139 
Adjusted total assets 273,650  263,327  250,464  186,895  180,459 
Profitability Ratio
Adjusted ROA2 3.65% 5.17% 4.80% 6.45% 5.62%

Based on: 10-K (filing date: 2021-02-04), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03).

2020 Calculations

1 ROA = 100 × Net income attributable to Comcast Corporation ÷ Total assets
= 100 × 10,534 ÷ 273,869 = 3.85%

2 Adjusted ROA = 100 × Adjusted net income attributable to Comcast Corporation ÷ Adjusted total assets
= 100 × 9,984 ÷ 273,650 = 3.65%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Comcast Corp.’s adjusted ROA improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.