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Comcast Corp. (NASDAQ:CMCSA)

Common-Size Income Statement 
Quarterly Data

Comcast Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Programming and production -28.02 -34.60 -31.90 -27.74 -24.99 -28.16 -31.41 -31.86 -26.82 -29.35 -32.82 -28.73 -29.00 -30.33 -32.10 -29.98 -29.61 -34.09 -32.57 -34.31 -32.42 -32.78
Gross profit 71.98% 65.40% 68.10% 72.26% 75.01% 71.84% 68.59% 68.14% 73.18% 70.65% 67.18% 71.27% 71.00% 69.67% 67.90% 70.02% 70.39% 65.91% 67.43% 65.69% 67.58% 67.22%
Marketing and promotion -7.54 -6.88 -7.51 -7.04 -7.15 -6.93 -6.72 -6.20 -6.47 -6.71 -6.53 -6.20 -6.88 -6.61 -7.14 -6.92 -7.32 -6.65 -7.36 -6.58 -6.48 -5.94
Other operating and administrative -34.89 -33.09 -36.83 -34.60 -34.38 -33.10 -34.22 -31.58 -32.44 -32.79 -35.01 -31.97 -30.53 -31.33 -34.56 -31.30 -30.31 -29.86 -32.37 -29.64 -29.95 -30.40
Depreciation -7.99 -7.42 -7.41 -7.54 -7.75 -7.46 -6.84 -6.92 -7.25 -7.24 -7.01 -7.32 -7.19 -7.63 -7.20 -7.20 -7.20 -7.14 -7.32 -7.19 -7.40 -7.78
Amortization -4.33 -4.87 -5.56 -5.34 -5.95 -5.41 -5.17 -5.17 -4.67 -4.58 -4.27 -4.28 -4.40 -5.10 -4.17 -3.96 -4.35 -4.31 -4.48 -4.29 -4.45 -4.58
Goodwill and long-lived asset impairments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -28.75 0.00 0.00 0.00 0.00 0.00 0.00
Operating income (loss) 17.23% 13.14% 10.80% 17.74% 19.77% 18.93% 15.64% 18.27% 22.35% 19.33% 14.35% 21.50% 21.99% 19.02% 14.83% -8.13% 21.21% 17.96% 15.89% 17.99% 19.29% 18.52%
Interest expense -3.51 -3.48 -3.49 -3.62 -3.65 -3.51 -3.35 -3.23 -3.46 -3.33 -3.26 -3.52 -3.27 -3.40 -3.19 -3.22 -3.22 -3.20 -3.69 -3.47 -3.83 -3.74
Investment and other income (loss), net 1.68 -0.98 -0.63 0.20 32.20 -0.39 -1.10 -0.01 -1.46 0.99 1.85 0.17 0.05 2.04 0.37 -0.89 -2.99 0.61 0.61 2.53 4.26 1.43
Income (loss) before income taxes 15.40% 8.69% 6.68% 14.32% 48.32% 15.03% 11.20% 15.03% 17.43% 16.98% 12.94% 18.15% 18.77% 17.66% 12.01% -12.23% 15.00% 15.36% 12.81% 17.05% 19.72% 16.21%
Income tax expense -3.98 -2.24 -0.27 -3.91 -11.89 -4.00 3.48 -3.88 -4.50 -4.42 -2.85 -4.87 -5.04 -4.97 -2.61 -3.40 -4.20 -4.15 -2.99 -4.08 -7.01 -4.11
Net income (loss) 11.42% 6.44% 6.41% 10.41% 36.43% 11.03% 14.68% 11.15% 12.93% 12.57% 10.09% 13.27% 13.73% 12.69% 9.41% -15.63% 10.80% 11.21% 9.82% 12.97% 12.72% 12.10%
Net loss attributable to noncontrolling interests 0.36 0.47 0.30 0.27 0.26 0.26 0.29 0.17 0.30 0.27 0.34 0.16 0.19 0.23 0.49 0.23 0.52 0.24 0.25 0.34 0.38 0.14
Net income (loss) attributable to Comcast Corporation 11.78% 6.91% 6.71% 10.68% 36.69% 11.29% 14.97% 11.32% 13.23% 12.83% 10.43% 13.44% 13.92% 12.91% 9.89% -15.40% 11.31% 11.44% 10.08% 13.32% 13.09% 12.24%

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.

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