Common-Size Income Statement
Quarterly Data
Comcast Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue and Gross Profit Trends
- The revenue is consistently normalized at 100% throughout all reported periods, providing a stable baseline for evaluating cost and profit ratios. Gross profit margins fluctuate between approximately 65.7% and 73.2%, showing moderate volatility but maintaining a generally healthy margin. Notably, higher gross profits are observed intermittently such as in mid-2022 and mid-2024, suggesting occasional operational improvements or cost management efficiency.
- Programming and Production Costs
- Programming and production expenses as a percentage of revenue exhibit variability, generally ranging between 26.8% and 34.3%. There are some periods of reduction, particularly in the mid-2024 timeframe, where costs decrease toward the lower end of the range. This cost behavior could indicate shifts in content acquisition strategies or production efficiencies.
- Marketing and Promotion Expense
- Marketing and promotion expenses remain relatively stable over time, oscillating mainly between 5.6% and 7.4% of revenue. Slight cyclical increases and decreases suggest adjustments aligned with seasonal market activities or campaign intensities but do not indicate any significant structural change in spending patterns.
- Other Operating and Administrative Costs
- Other operating and administrative expenses show fluctuations between roughly 29.5% and 35% of revenue. There is a notable increase in the late 2022 to early 2023 period, peaking near 35%, which could reflect increased overhead or investment in operational capabilities during that timeframe. Overall, these costs represent a substantial portion of revenue and their management appears critical to profitability.
- Depreciation and Amortization
- Depreciation expenses are relatively steady, mostly between 6.8% and 8.8%, suggesting a consistent capital investment and asset base. Amortization shows more variation, ranging from about 3.9% to 5.4%, with a marked increase toward the end of the timeline, possibly reflecting recent intangible asset acquisitions or revaluations impacting expense levels.
- Goodwill and Asset Impairments
- A significant impairment event is recorded in late 2022, with a sharp expense of 28.75% of revenue. This one-time charge would have materially impacted profitability during that quarter, signaling either asset revaluation or recognition of diminished asset values.
- Operating Income
- Operating income as a percentage of revenue generally ranges between 14% and 22%, exhibiting a healthy profit generation from core operations. The exception is the fourth quarter of 2022, where operating income drops to a negative 8.13%, likely linked to the large impairment noted. Following this, operating margins rebound strongly, indicating resilience and recovery in operational profitability.
- Interest Expense
- Interest expense steadily decreases over time from about 4.7% to a low near 3.2%, suggesting improved financing costs or reduced debt levels. The downward trend in interest burden positively influences net profitability.
- Investment and Other Income (Loss), Net
- This line item is volatile, swinging between positive and negative values. Several quarters record notable positive income spikes, often exceeding 4%, while other periods show small losses. These fluctuations suggest variability in investment returns or other non-operational financial activities, introducing an element of earnings unpredictability.
- Income Before Taxes
- Income before taxes fluctuates consistently with operating income trends, mostly ranging from about 11% to nearly 20% of revenue. The same Q4 2022 decline is present here as well, with a negative result reflecting the impairment and other loss factors during that quarter. Recovery trends are evident in subsequent periods.
- Income Tax Expense
- Income tax as a percentage of revenue varies from about -3.5% to -7%, with one unusual positive value in Q1 2025. The variability indicates changing effective tax rates or deferred tax impacts affecting quarterly tax expenses relative to income fluctuations.
- Net Income
- Net income as a percentage of revenue demonstrates positive profitability in most quarters, generally between 8% and 14%. The exception is the Q4 2022 period with a significant loss of approximately -15.6%, directly associated with the impairment event. Post-impairment periods show recovery and stability in net income margins, reaffirming consistent bottom-line performance outside of one-off charges.
- Net Income Attributable to Comcast Corporation
- The net income attributable to the corporation closely mirrors total net income trends, confirming negligible impact from noncontrolling interests. The data indicates stable returns to shareholders, with margins broadly consistent apart from the single period with substantial loss.