Analysis of Revenues
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Revenues as Reported
Comcast Corp., income statement, revenues
US$ in millions
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 for the period exhibited an initial increase followed by stabilization and a slight decline. Revenue peaked in 2024 at US$123,731 million before decreasing marginally to US$123,707 million in 2025. A detailed examination of the revenue streams reveals varying performance across different segments.
- Residential Connectivity & Platforms Segment
- This segment, representing a significant portion of total revenue, demonstrated a slight downward trend over the five-year period, decreasing from US$72,694 million in 2021 to US$70,704 million in 2025. Within this segment, Domestic broadband revenue showed consistent growth from 2021 to 2023, peaking at US$25,489 million, before experiencing a minor decrease in 2025. Domestic wireless revenue exhibited strong and consistent growth throughout the period, increasing from US$2,380 million to US$4,967 million. Residential connectivity also showed growth, peaking in 2025 at US$35,767 million, but video revenue consistently declined from US$32,440 million to US$26,387 million.
- Media Segment
- The Media segment experienced fluctuations. Revenue decreased from US$27,406 million in 2021 to US$26,719 million in 2022, then further to US$25,355 million in 2023, before rebounding to US$28,148 million in 2024 and slightly decreasing to US$27,090 million in 2025. Domestic advertising showed volatility, decreasing from US$10,177 million to US$8,600 million in 2023, increasing to US$10,008 million in 2024, and then decreasing to US$8,382 million in 2025. Domestic distribution showed consistent growth, increasing from US$10,080 million to US$11,613 million.
- Studios Segment
- Revenue from the Studios segment increased significantly from US$10,077 million in 2021 to US$12,257 million in 2022, then decreased to US$11,625 million in 2023 and US$11,092 million in 2024, before slightly increasing to US$11,286 million in 2025. Theatrical revenue experienced a similar pattern, with a substantial increase in 2022 followed by fluctuations. Content licensing remained relatively stable, fluctuating between US$8,193 million and US$9,348 million.
- Theme Parks Segment
- The Theme Parks segment demonstrated substantial growth throughout the period, increasing from US$5,051 million in 2021 to US$9,836 million in 2025. This represents a significant contribution to overall revenue growth.
- Other Revenue Streams
- Other revenue, including eliminations, showed a consistent, albeit moderate, decline. Eliminations remained relatively stable, while other revenue streams within each segment generally decreased over the five-year period. Business Services Connectivity Segment showed consistent growth, increasing from US$8,056 million to US$10,237 million.
In summary, while overall revenue experienced a period of growth followed by stabilization, the performance of individual revenue streams varied considerably. Growth in areas like domestic wireless and theme parks was offset by declines in video and fluctuations in the media segment. The slight overall revenue decrease in 2025 warrants further investigation to determine the underlying causes and potential mitigation strategies.