Name: Comcast Corp. (NASDAQ:CMCSA) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

Comcast Corp., income statement, revenues

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Domestic broadband	26,228)	25,489)	24,469)	22,979)	—)
Domestic wireless	4,273)	3,664)	3,071)	2,380)	—)
International connectivity	4,854)	4,207)	3,426)	3,293)	—)
Residential connectivity	35,355)	33,360)	30,966)	28,652)	—)
Video	26,872)	28,797)	30,496)	32,440)	—)
Advertising	4,089)	3,969)	4,546)	4,507)	—)
Other	5,258)	5,820)	6,378)	7,095)	—)
Residential Connectivity & Platforms Segment	71,574)	71,946)	72,386)	72,694)	—)
Business Services Connectivity Segment	9,701)	9,255)	8,819)	8,056)	—)
Domestic advertising	10,008)	8,600)	10,360)	10,177)	—)
Domestic distribution	11,826)	10,663)	10,525)	10,080)	—)
International networks	4,282)	4,109)	3,729)	5,060)	—)
Other	2,032)	1,983)	2,105)	2,089)	—)
Media Segment	28,148)	25,355)	26,719)	27,406)	—)
Content licensing	8,063)	8,231)	9,348)	8,193)	—)
Theatrical	1,693)	2,079)	1,607)	691)	—)
Other	1,336)	1,315)	1,302)	1,193)	—)
Studios Segment	11,092)	11,625)	12,257)	10,077)	—)
Theme Parks Segment	8,617)	8,947)	7,541)	5,051)	—)
Other revenue	2,982)	2,827)	2,737)	2,931)	—)
Eliminations	(8,383)	(8,383)	(9,032)	(9,830)	—)
Revenue	123,731)	121,572)	121,427)	116,385)	—)

Based on: 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), 10-K (reporting date: 2020-12-31).

The revenue data exhibits several distinct trends across various segments and categories over the observed period.

Domestic Broadband: Revenue shows a steady increase from 22,979 million US$ in 2021 to 26,228 million US$ in 2024, reflecting continuous growth in this segment.
Domestic Wireless: This segment experiences notable growth, rising from 2,380 million US$ in 2021 to 4,273 million US$ in 2024, nearly doubling over the period.
International Connectivity: There is a positive upward trend from 3,293 million US$ in 2021 to 4,854 million US$ in 2024, indicating expanding international operations.
Residential Connectivity: This category grows consistently from 28,652 million US$ in 2021 to 35,355 million US$ in 2024, supported by gains in domestic broadband and wireless revenues.
Video: Video revenue shows a declining trend, decreasing annually from 32,440 million US$ in 2021 to 26,872 million US$ in 2024, which may suggest shifts in consumer preferences or competitive pressure.
Advertising: Advertising revenues are relatively stable but fluctuate slightly, with a slight dip in 2023 (3,969 million US$) followed by a moderate recovery in 2024 (4,089 million US$).
Other Revenue Categories: Other revenue streams decrease over time, falling from 7,095 million US$ in 2021 to 5,258 million US$ in 2024, indicating contraction in these areas.
Residential Connectivity & Platforms Segment: This segment shows a small decline from 72,694 million US$ in 2021 to 71,574 million US$ in 2024, indicating overall stability with minor erosion.
Business Services Connectivity Segment: Steady growth is observed, with revenues rising from 8,056 million US$ in 2021 to 9,701 million US$ in 2024, reflecting expansion in business service operations.
Domestic Advertising: After increasing from 10,177 million US$ in 2021 to 10,360 million US$ in 2022, this category declines sharply to 8,600 million US$ in 2023, before rebounding to 10,008 million US$ in 2024, indicating volatility in domestic advertising revenues.
Domestic Distribution: Consistent growth is evident, with revenues rising steadily from 10,080 million US$ in 2021 to 11,826 million US$ in 2024.
International Networks: Revenues fluctuate, starting at 5,060 million US$ in 2021, decreasing to 3,729 million US$ in 2022, then gradually increasing to 4,282 million US$ in 2024.
Media Segment: This segment exhibits a downward trend from 27,406 million US$ in 2021 to 25,355 million US$ in 2023, followed by a recovery to 28,148 million US$ in 2024, suggesting some volatility with recent growth.
Content Licensing: After peaking at 9,348 million US$ in 2022, content licensing revenue declines to 8,063 million US$ in 2024, indicating reduced licensing income.
Theatrical: The theatrical category shows strong growth from 691 million US$ in 2021 to 2,079 million US$ in 2022, followed by a decline to 1,693 million US$ in 2024, suggesting variability in this segment.
Studios Segment: Studios revenue increases from 10,077 million US$ in 2021 to 12,257 million US$ in 2022, then declines to 11,092 million US$ in 2024, reflecting moderate fluctuations.
Theme Parks Segment: This segment experiences significant growth, from 5,051 million US$ in 2021 to 8,947 million US$ in 2023, though a slight decrease to 8,617 million US$ occurs in 2024, indicating robust overall performance.
Other Revenue (excluding eliminations): Revenues show relative stability, ranging between 2,737 million US$ and 2,982 million US$ from 2021 to 2024.
Eliminations: Negative values decrease in magnitude from -9,830 million US$ in 2021 to -8,383 million US$ in 2023 and 2024, indicating fewer intercompany eliminations impacting total revenue.
Total Revenue: Total revenue increases steadily from 116,385 million US$ in 2021 to 123,731 million US$ in 2024, demonstrating overall revenue growth despite variability in specific segments.

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