Stock Analysis on Net
Stock Analysis on Net

Comcast Corp. (NASDAQ:CMCSA)

Common-Size Income Statement 

Comcast Corp., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Revenue 100.00 100.00 100.00 100.00 100.00
Programming and production -28.25 -29.92 -30.24 -31.47 -33.04
Gross profit 71.75% 70.08% 69.76% 68.53% 66.96%
Marketing and promotion -7.16 -6.52 -6.56 -7.01 -6.61
Other operating and administrative -34.77 -32.76 -32.24 -31.51 -30.60
Depreciation -7.54 -7.05 -7.28 -7.18 -7.41
Amortization -5.56 -4.91 -4.51 -4.20 -4.45
Goodwill and long-lived asset impairments 0.00 0.00 0.00 -7.07 0.00
Operating income 16.71% 18.83% 19.18% 11.56% 17.89%
Interest expense -3.56 -3.34 -3.36 -3.21 -3.68
Equity in net income (losses) of investees, net -0.48 -0.55 0.65 -0.44 1.72
Realized and unrealized gains (losses) on equity securities, net -0.02 -0.25 -0.11 -0.26 0.29
Other income (loss), net 8.18 0.41 0.49 0.00 0.18
Investment and other income (loss), net 7.68% -0.40% 1.03% -0.71% 2.20%
Income before income taxes 20.83% 15.09% 16.84% 7.65% 16.41%
Income tax expense -4.94 -2.26 -4.42 -3.59 -4.52
Net income 15.89% 12.83% 12.43% 4.06% 11.89%
Net loss attributable to noncontrolling interests 0.27 0.25 0.23 0.37 0.28
Net income attributable to Comcast Corporation 16.17% 13.09% 12.66% 4.42% 12.17%

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).

The common-size income statement reveals several noteworthy trends in the company’s profitability and cost structure over the five-year period. Revenue is consistently represented as 100% by definition, allowing for a clear view of how each line item contributes to overall performance. A significant fluctuation in operating income is observed, alongside shifts in expense management and other income sources.

Gross Profit
Gross profit as a percentage of revenue demonstrates a consistent upward trend, increasing from 66.96% in 2021 to 71.75% in 2025. This suggests improving efficiency in managing the cost of goods sold or increased pricing power over the period.
Operating Expenses
Several operating expenses exhibit increasing percentages of revenue. Marketing and promotion increased from 6.61% to 7.16%, while other operating and administrative expenses rose more substantially, from 30.60% to 34.77%. Depreciation and amortization also increased, moving from a combined 11.86% to 13.10%. These increases collectively contribute to pressure on operating income.
Operating Income
Operating income experienced a substantial decline in 2022, falling to 11.56% of revenue from 17.89% in 2021. However, it rebounded strongly in 2023 and 2024, reaching 19.18% and 18.83% respectively, before decreasing slightly to 16.71% in 2025. This volatility suggests significant underlying factors impacting core business performance.
Non-Operating Items
The impact of non-operating items on overall profitability is notable. A significant goodwill and long-lived asset impairment was recorded in 2022, representing 7.07% of revenue. Investment and other income fluctuated considerably, with a negative impact in 2022 (-0.71%) and a substantial positive impact in 2025 (7.68%). Other income, net, shows a dramatic increase in 2025, reaching 8.18% of revenue, significantly boosting income before income taxes.
Net Income
Net income as a percentage of revenue mirrors the trends observed in income before income taxes. A sharp decline in 2022 (4.06%) was followed by recovery in 2023 (12.43%) and 2024 (12.83%), culminating in a further increase to 15.89% in 2025. This final increase is largely attributable to the substantial gains in other income and investment income.
Tax Rate
The effective tax rate, calculated as income tax expense divided by income before income taxes, varied over the period. It was relatively consistent between 2021 and 2023, around 27-28%. A significant decrease occurred in 2024 (15%), followed by a return to a higher rate in 2025 (23.6%).

In summary, the company experienced a period of volatility, particularly in 2022, but demonstrated a recovery and improvement in profitability through 2025. The increasing gross profit margin is a positive sign, but rising operating expenses require attention. The significant impact of non-operating items, especially in 2022 and 2025, highlights the importance of considering these factors when assessing overall financial performance.

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