Comcast Corp. (NASDAQ:CMCSA)

The financial data reveals fluctuations in both current assets and adjusted current assets over the five-year period from December 31, 2020, through December 31, 2024.

Current Assets

Current assets demonstrate a declining trend from USD 26,741 million in 2020 to USD 21,826 million in 2022, indicating a reduction in liquidity or short-term resources during this timeframe. Subsequently, current assets recover, increasing to USD 23,987 million in 2023 and further to USD 26,801 million in 2024, nearly reaching the level observed at the beginning of the period.

Adjusted Current Assets

Similar to current assets, adjusted current assets follow a comparable trend. They decrease from USD 27,548 million in 2020 to USD 22,561 million in 2022, then rebound to USD 24,685 million in 2023 and rise again to USD 27,539 million in 2024. This pattern indicates that even after adjustments, the company's short-term asset base experienced a temporary contraction followed by recovery.

Overall, the data reflects a dip in liquidity or the availability of short-term resources around 2022, followed by a steady recovery through 2023 and 2024. The synchronization of current assets and adjusted current assets trends suggests consistency in asset valuation adjustments over the evaluated periods.

The analysis of the annual financial data reveals the following trends and observations over the five-year period:

Total Assets

Total assets demonstrate a fluctuating trend with an initial increase from 273,869 million US dollars in 2020 to 275,905 million in 2021. Subsequently, there is a notable decrease to 257,275 million in 2022. The total assets then show signs of recovery, increasing to 264,811 million in 2023 and slightly rising further to 266,211 million in 2024. Overall, despite the dip in 2022, the total assets in 2024 remain marginally below the peak reached in 2021.

Adjusted Total Assets

The adjusted total assets follow a similar pattern to total assets, with a slight increase from 274,457 million in 2020 to 276,281 million in 2021. A decline occurs in 2022 to 257,805 million, mirroring the decrease seen in total assets. Recovery is evident in 2023 and 2024, with adjusted total assets rising to 265,400 million and 266,840 million, respectively. The adjusted figures consistently stay marginally higher than the reported total assets for each corresponding year, indicating minor adjustments likely for more accurate valuation or accounting purposes.

In summary, the financial position in terms of asset base experienced a peak in 2021, followed by a contraction in 2022, but demonstrated resilience and a positive rebound in subsequent years. The adjusted total assets closely track the total assets, reflecting consistent adjustments without significant deviations. This pattern may suggest external or internal factors impacting asset valuation or holdings during 2022, with a stabilization and modest growth thereafter.

The financial data indicates a significant upward trend in current liabilities over the period analyzed. Initially, current liabilities increased slightly from 28,796 million USD in 2020 to 29,348 million USD in 2021, followed by a decrease to 27,887 million USD in 2022. Subsequently, there was a sharp rise to 40,198 million USD in 2023, with a slight decline to 39,581 million USD in 2024. This suggests a notable increase in short-term obligations beginning in 2023, which may impact liquidity considerations.

Adjusted current liabilities follow a similar pattern, starting at 25,833 million USD in 2020 and showing marginal fluctuations until 2022, when the figure stood at 25,507 million USD. A substantial increase to 36,956 million USD occurred in 2023, followed by a minor decrease to 36,074 million USD in 2024. The adjusted figures, which presumably exclude certain short-term obligations, reveal a comparable trend to the total current liabilities, reinforcing the observation of increased liabilities in the most recent years.

Trend Analysis

Both current and adjusted current liabilities exhibited relative stability from 2020 through 2022, with slight declines in 2022 compared to prior years.

Starting in 2023, there was a marked increase in liabilities, with growth exceeding 40% compared to 2022 levels.

The 2024 data shows a minor reduction from the 2023 peak, indicating possible efforts to manage or reduce liabilities.

Insights

The sharp increase in liabilities in 2023 could reflect strategic financial decisions, such as financing expansions, acquisitions, or increased operational costs.

The parallel movement of adjusted and total current liabilities suggests that the changes are broadly consistent across different liability classifications.

The slight decrease in 2024 liabilities might indicate initial steps toward stabilizing or improving the company's short-term financial position.

Total liabilities

There is a generally stable trend in total liabilities over the five-year period. Starting at 180,851 million US dollars at the end of 2020, total liabilities slightly decreased to 177,896 million by the end of 2021 and continued a gradual decline to 175,236 million in 2022. However, in 2023, total liabilities increased to 181,344 million, reaching the highest point in the observed period before slightly decreasing again to 179,936 million in 2024. This indicates small fluctuations around a relatively consistent liability base without significant upward or downward shifts.

Adjusted total liabilities

Adjusted total liabilities mirror a similar pattern but at a consistently lower level than total liabilities. The amount decreased from 149,087 million in 2020 to 144,120 million in 2021, and further declined marginally to 143,407 million in 2022. In 2023, a notable increase occurred, raising adjusted total liabilities to 151,481 million, the highest in the period, followed by a slight decrease to 150,537 million in 2024. This fluctuation suggests adjustments impacting liabilities were more conservative during the first three years, followed by a relatively larger adjustment increase in 2023 before stabilizing again.

Comparative insights

The gap between total liabilities and adjusted total liabilities remains relatively constant, indicating a stable adjustment factor applied throughout the years. Both total and adjusted liabilities show minor year-to-year variations but no major shifts or trends suggesting drastic changes in the company’s long-term or short-term obligations. The increase observed in 2023 for both measures may reflect specific accounting or operational adjustments during that year.

Total Comcast Corporation shareholders’ equity

The total shareholders’ equity showed an increase from 2020 to 2021, rising from 90,323 million US dollars to 96,092 million US dollars. However, in 2022, this figure decreased significantly to 80,943 million US dollars. In the subsequent years, 2023 and 2024, a modest recovery trend is observed, with equity increasing slightly to 82,703 million US dollars and further to 85,560 million US dollars, respectively. Overall, despite this partial recovery, the equity levels in 2023 and 2024 remain below the peak observed in 2021.

Adjusted total equity

Adjusted total equity follows a similar pattern to the total shareholders’ equity but maintains higher absolute values throughout the entire period. From 125,370 million US dollars in 2020, adjusted equity rose to 132,161 million US dollars in 2021, indicating a strong period of growth. Yet, in 2022, a marked decline occurred, bringing the figure down to 114,397 million US dollars. The adjusted equity stabilized in 2023 at 113,919 million US dollars and exhibited a slight increase to 116,303 million US dollars in 2024. Despite fluctuations, adjusted total equity remained above the standard shareholders' equity level, reflecting adjustments that potentially mitigate some impacts of the declines observed in raw equity figures.

Trend analysis

Both total shareholders’ equity and adjusted total equity experienced growth between 2020 and 2021, followed by a considerable decline in 2022. After the decline, the equity metrics exhibited a mild positive trend but did not return to the 2021 peak within the observed period. The adjusted total equity consistently exceeds total shareholders’ equity, suggesting the inclusion of additional components that provide a broader perspective of the company's equity position. The general pattern indicates a period of volatility with potential external or internal factors affecting equity values significantly in 2022, followed by cautious improvement.

The financial data presents several notable trends in the reported and adjusted figures for debt, equity, and total capital over the five-year period.

Total Reported Debt

The total reported debt decreased from 103,760 million US$ in 2020 to 94,850 million US$ in 2021, stabilizing at around 94,811 million US$ in 2022. Thereafter, it showed a gradual increase reaching 99,093 million US$ by the end of 2024. Overall, this indicates an initial debt reduction followed by a moderate upward trend in the latter years.

Total Comcast Corporation Shareholders’ Equity

Shareholders’ equity rose from 90,323 million US$ in 2020 to a peak of 96,092 million US$ in 2021. It then declined significantly to 80,943 million US$ in 2022, before experiencing minor increases to 82,703 million US$ in 2023 and 85,560 million US$ in 2024. This pattern reflects volatility with an overall downward adjustment following the peak in 2021.

Total Reported Capital

Total reported capital followed a downward trajectory, falling from 194,083 million US$ in 2020 to 175,754 million US$ in 2022, then rebounding slightly to 184,653 million US$ by 2024. This trend mirrors the movements in debt and equity, showing an initial contraction and a gradual recovery phase.

Adjusted Total Debt

The adjusted total debt similarly decreased from 108,218 million US$ in 2020 to 102,089 million US$ in 2021, followed by marginal declines and subsequent increases, culminating at 105,413 million US$ in 2024. This pattern parallels the reported debt but includes a consistently higher debt level, indicative of adjustments that increase recognized liabilities.

Adjusted Total Equity

Adjusted total equity increased from 125,370 million US$ in 2020 to 132,161 million US$ in 2021, then declined to 114,397 million US$ in 2022 and remained relatively stable through 2023 and 2024, ending at 116,303 million US$. This suggests that adjustments amplify the equity base in comparison to reported figures but follow a similar overall trend of decline after 2021.

Adjusted Total Capital

The adjusted total capital was relatively stable between 2020 and 2021, moving slightly from 233,588 million US$ to 234,250 million US$; however, it subsequently decreased to 215,990 million US$ in 2022, with minor recovery towards 221,716 million US$ in 2024. This trajectory reflects the combined influence of debt and equity adjustments, showing contraction after 2021 with a mild upward correction later on.

In summary, the data exhibits a pattern of financial contraction around 2022, with debt and equity both decreasing after a peak in 2021. The figures suggest a cautious approach to capital structure management, with some recovery evident by 2024. Adjusted values consistently present higher absolute levels of debt, equity, and capital compared to reported figures, implying the inclusion of previously unrecognized elements in the adjustment process. The overall trends signify periods of financial strain followed by stabilization and modest improvement.

The financial data reveals a consistent upward trend in revenue over the five-year period analyzed. The reported revenue increased steadily from approximately $103.6 billion in 2020 to around $123.7 billion in 2024. This represents a total growth of approximately 19.5% over the span.

Adjusted revenue follows a similar pattern, rising from about $103.9 billion in 2020 to nearly $124.0 billion in 2024, also indicating a consistent and moderate growth trajectory. The differences between reported revenue and adjusted revenue figures are minimal each year, suggesting that adjustments do not substantially alter the overall revenue trend.

2020 to 2021

Revenue increased by approximately $12.8 billion, marking significant growth of around 12.5%. Adjusted revenue growth is consistent with this, indicating underlying operational strength.

2021 to 2022

Increase in revenue slowed slightly to about $5.0 billion or roughly 4.3%, suggesting a deceleration in growth rate compared to the previous year. The adjusted revenue followed a similar slower growth pattern.

2022 to 2023

Revenue growth plateaued, remaining almost flat with just about $0.1 billion increase, which reflects a stabilization phase. Adjusted revenue similarly showed a modest rise of approximately $1.5 billion, indicating slight improvements after the stagnation.

2023 to 2024

The revenue increase resumed moderate growth, rising approximately $2.2 billion or 1.8%. Adjusted revenue growth was slightly higher, by about $1.7 billion, demonstrating renewed momentum in underlying operations on a normalized basis.

Overall, the data portrays a trend of steady growth in both reported and adjusted revenues, with a brief period of near stagnation in the 2022–2023 interval. The growth resumed afterward but at a moderate pace. The close alignment of reported and adjusted revenue figures suggests the company's adjustments have minimal impact on overall revenue trends, which strengthens confidence in the consistency of earnings reported over the period.

Net Income Attributable to Comcast Corporation

From 2020 to 2024, net income demonstrates notable fluctuations. Initially, there is a significant increase from $10,534 million in 2020 to $14,159 million in 2021. However, in 2022, net income declines sharply to $5,370 million, representing a substantial contraction. Following this downturn, net income recovers robustly, rising to $15,388 million in 2023 and further to $16,192 million in 2024. This overall pattern indicates a period of volatility, followed by a strong rebound and growth by the end of the period.

Adjusted Net Income

Adjusted net income generally aligns with the trend observed in net income, though with some divergences. There is an upward trend from $11,823 million in 2020 to $15,208 million in 2021, consistent with the net income increase. Notably, adjusted net income turns negative in 2022, registering -$602 million, which is a notable deviation and suggests the presence of significant adjustments or one-time items impacting profitability metrics on an adjusted basis. In 2023, adjusted net income recovers strongly to $14,393 million and continues to increase modestly to $14,503 million in 2024. This indicates that, after addressing the exceptional factors that affected 2022, the underlying profitability returns to a positive and growing trajectory.

Overall Trend and Insights

The data reflects a pronounced volatility in profitability during the analyzed period, particularly in 2022 where both net income and adjusted net income experience sharp declines, with the latter turning negative. This likely indicates an extraordinary event or significant financial adjustment affecting results in that year. The subsequent recovery in 2023 and 2024 to levels exceeding pre-2022 figures suggests a successful mitigation of the adverse factors and a return to strong earnings growth. The discrepancy observed between net income and adjusted net income in 2022 highlights the importance of considering adjusted figures to understand the sustainable earnings capacity of the company. Overall, the profitability performance suggests resilience with a strong rebound after a challenging year.