Common-Size Income Statement
Quarterly Data
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- Cash Flow Statement
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
- Aggregate Accruals
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Comcast Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
Analysis of the common-size income statement reveals a generally stable gross profit margin with significant volatility in net profitability driven by non-recurring items and shifting operating cost structures over the observed period.
- Gross Profitability and Direct Costs
- Gross profit margins consistently fluctuated between 65% and 75% of revenue. A gradual improvement in efficiency was observed through mid-2025, peaking at 75.01% in June 2025. This trend is inversely correlated with programming and production costs, which reached their lowest point of 24.99% of revenue in the same period. However, a regression in margins occurred toward the end of the series, with gross profit declining to 65.40% by March 2026.
- Operating Expense Trends
- Marketing and promotion expenses remained relatively stable, generally oscillating between 6% and 7.5% of revenue. In contrast, other operating and administrative expenses exhibited a steady upward trajectory, increasing from 30.40% in March 2021 to a peak of 36.83% in December 2025. This expansion in administrative overhead has exerted downward pressure on operating margins over time.
- Depreciation and Amortization
- Depreciation expenses remained consistent, typically ranging between 6.8% and 8% of revenue. Amortization costs showed a slight increasing trend, moving from approximately 4.3% to 5.9% of revenue by mid-2025, indicating a higher relative cost of intangible asset consumption over the period.
- Significant Non-Recurring Events
- Two major anomalies significantly impacted the financial results. In September 2022, a goodwill and long-lived asset impairment of 28.75% of revenue resulted in a negative operating income of -8.13% and a net loss of -15.63%. Conversely, in June 2025, a substantial gain in investment and other income, totaling 32.20% of revenue, created an artificial spike in net income, which reached 36.43% for that quarter.
- Net Income and Tax Performance
- Excluding the aforementioned anomalies, net income attributable to the corporation generally fluctuated between 6% and 14% of revenue. A notable decline in net profitability is observed in the latter part of the period, with margins dropping to 6.41% to 6.91% between September 2025 and March 2026, coinciding with the increase in administrative expenses and a decrease in gross profit.
- Financial Obligations
- Interest expense has remained remarkably stable as a percentage of revenue, hovering between 3.19% and 3.83%. This suggests that the company's debt servicing costs have scaled proportionally with its revenue growth throughout the analyzed timeframe.