Common-Size Income Statement
Comcast Corp., common-size consolidated income statement
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 financial data reveals several notable trends in the company's performance over the five-year period.
- Revenue and Profitability Margins
- Revenue remains consistent as a baseline (100%) for comparison purposes. Gross profit as a percentage of revenue shows a gradual increase from 68.02% in 2020 to 70.08% in 2024, indicating improving profitability at the gross margin level. This trend suggests efficient cost management or increased pricing power.
- Cost Structure
- The cost related to programming and production displays a decreasing trend, dropping from -31.98% to -29.92%, which contributes positively to the rising gross profit margin. Marketing and promotion expenses exhibit slight fluctuations but remain relatively stable around 6.5% of revenue. Other operating and administrative costs trend slightly upward from -31.97% to -32.76%, which might require attention to control operational efficiency.
- Depreciation and Amortization
- Depreciation expenses have steadily decreased as a percentage of revenue, from -8.03% to -7.05%, which may reflect changes in the asset base or capital expenditure patterns. Conversely, amortization shows a slight uptrend, ending at -4.91% in 2024 compared to -4.62% in 2020, signaling increased amortizable intangible assets or changes in asset capitalization policies.
- Impairments
- Goodwill and long-lived asset impairments show a notable impact in 2022 at -7.07%, indicating a one-time downward adjustment in asset values that year, not repeated in other periods.
- Operating Income
- Operating income experienced variability, with a decline to 11.56% in 2022 followed by a recovery and growth to approximately 19% in 2023 and 18.83% in 2024. This recovery suggests improved operational leverage or cost management after the 2022 downturn potentially influenced by asset impairments.
- Interest and Other Income Items
- Interest expense steadily decreased from -4.43% to -3.34%, reflecting reduced borrowing costs or lower debt levels. Equity in net income of investees, net, and realized/unrealized gains on equity securities show volatility and generally low or negative contributions, which may indicate fluctuating investment income or losses. Other income items also fluctuate but do not significantly impact overall earnings.
- Income Before Taxes and Net Income
- Income before income taxes follows a similar trend to operating income, decreasing sharply in 2022 but recovering afterwards to reach approximately 15% by 2024. Income tax expense fluctuates but shows a significant decrease in 2024 compared to prior years, enhancing net profitability. Net income rises correspondingly after the dip in 2022, reaching a peak of 13.09% in 2024.
- Attributable Net Income
- Net income attributable to the company closely aligns with overall net income trends, indicating consistent earnings attributable to shareholders and low impact from noncontrolling interests.
Overall, the data highlights a temporary setback in 2022, likely due to asset impairments and other extraordinary factors, followed by a rebound in profitability and improved operational efficiency. Cost control in programming and production alongside stable marketing expenses has supported margin expansion. Reduced interest expenses and lower tax rates in recent periods have also positively influenced net income growth.