Stock Analysis on Net
Stock Analysis on Net

Comcast Corp. (NASDAQ:CMCSA)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Comcast Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Accounts payable and accrued expenses related to trade creditors 4.06 4.25 4.70 4.88 4.51
Deferred revenue 1.50 1.32 1.22 0.93 1.10
Accrued expenses and other current liabilities 4.55 4.01 5.02 4.36 4.25
Current portion of debt 2.19 1.84 0.78 0.68 0.77
Advance on sale of investment 0.00 3.44 3.46 0.00 0.00
Current liabilities 12.30% 14.87% 15.18% 10.84% 10.64%
Noncurrent portion of debt 34.10 35.38 35.88 36.17 33.61
Collateralized obligation 0.00 0.00 0.00 2.01 1.87
Deferred income taxes 10.19 9.48 9.82 11.16 10.89
Other noncurrent liabilities 7.69 7.87 7.60 7.93 7.47
Noncurrent liabilities 51.99% 52.72% 53.30% 57.27% 53.84%
Total liabilities 64.28% 67.59% 68.48% 68.11% 64.48%
Redeemable noncontrolling interests 0.08 0.09 0.09 0.16 0.19
Preferred stock; issued, zero 0.00 0.00 0.00 0.00 0.00
Class A common stock, $0.01 par value 0.02 0.02 0.02 0.02 0.02
Class B common stock, $0.01 par value 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 13.83 14.31 14.55 15.32 14.56
Retained earnings 24.46 21.40 19.97 20.06 22.44
Treasury stock -2.76 -2.82 -2.84 -2.92 -2.72
Accumulated other comprehensive income (loss) 0.00 -0.77 -0.47 -1.01 0.54
Total Comcast Corporation shareholders’ equity 35.54% 32.14% 31.23% 31.46% 34.83%
Noncontrolling interests 0.09 0.18 0.20 0.27 0.51
Total equity 35.63% 32.32% 31.43% 31.73% 35.33%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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 composition of liabilities and stockholders’ equity exhibited several notable shifts between 2021 and 2025. Overall, the proportion of total liabilities decreased slightly over the period, while the proportion of total equity increased. A more detailed examination reveals specific trends within each category.

Current Liabilities
Current liabilities as a percentage of total liabilities and equity initially increased from 10.64% in 2021 to a peak of 15.18% in 2023. This increase was largely driven by a significant rise in accrued expenses and other current liabilities, and the current portion of debt. However, current liabilities then decreased to 12.30% in 2025, as the increase in accrued expenses and other current liabilities moderated and the current portion of debt decreased. Accounts payable and accrued expenses related to trade creditors remained relatively stable, fluctuating between 4.51% and 4.06%.
Noncurrent Liabilities
Noncurrent liabilities represented the largest portion of the liability structure throughout the period. They initially increased from 53.84% in 2021 to 57.27% in 2022, then decreased gradually to 51.99% in 2025. The noncurrent portion of debt remained the dominant component of noncurrent liabilities, consistently representing approximately one-third of the total liabilities and equity. Deferred income taxes also constituted a substantial portion, fluctuating between 9.48% and 11.16%.
Total Liabilities
Total liabilities decreased from 64.48% of total liabilities and equity in 2021 to 64.28% in 2025. The peak was 68.11% in 2022. This suggests a slight de-leveraging trend over the five-year period, although the changes were relatively modest.
Stockholders’ Equity
Total stockholders’ equity increased from 34.83% in 2021 to 35.54% in 2025. Retained earnings demonstrated a notable increase, rising from 22.44% to 24.46% over the period, indicating profitability and reinvestment of earnings. Additional paid-in capital experienced a slight decrease, while treasury stock remained consistently negative, representing a reduction in equity. Accumulated other comprehensive income (loss) fluctuated, moving from a positive 0.54% to a negative 1.01% before recovering to 0.00% in 2025.
Specific Items
Deferred revenue showed a consistent increase, rising from 1.10% to 1.50% of total liabilities and equity, suggesting a growing reliance on upfront payments for future services. The “Advance on sale of investment” item appeared in 2023 and 2024, representing 3.46% and 3.44% respectively, and then disappeared. Redeemable noncontrolling interests decreased steadily, indicating a reduction in the proportion of ownership not attributable to the parent company.

In summary, the liability structure remained relatively stable, with a slight decrease in the overall proportion of liabilities. Equity increased modestly, driven primarily by growth in retained earnings. These trends suggest a strengthening financial position, with a greater reliance on internal funding sources.