Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
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Comcast Corp., consolidated income statement
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31).
The financial data reveals several notable trends over the five-year period from 2020 to 2024.
- Revenue Growth
- Revenue shows a consistent upward trajectory, increasing from approximately $103.6 billion in 2020 to $123.7 billion in 2024. This steady growth suggests expanding business operations or market demand.
- Cost of Programming and Production
- The expense in programming and production rose significantly from about $33.1 billion in 2020 to a peak of roughly $38.4 billion in 2021, then stabilizes around $36.7 to $37.0 billion in subsequent years. This indicates initial investment increases, followed by cost control or efficiency improvements.
- Gross Profit
- Gross profit increased steadily from $70.4 billion in 2020 to $86.7 billion in 2024. This increase corresponds with revenue growth and a relatively controlled rise in programming and production costs, reflecting healthy gross margin management.
- Operating Expenses
- Marketing and promotion expenses rose from $6.7 billion in 2020 to a high of $8.5 billion in 2022, then slightly declined and stabilized near $8.0 billion. Other operating and administrative expenses consistently increased from $33.1 billion to $40.5 billion, indicating ongoing investments in administrative functions and operational support.
- Depreciation and Amortization
- Depreciation remained relatively stable around $8.3 to $8.8 billion, while amortization increased gradually from $4.8 billion to $6.1 billion, reflecting either increased capital expenditures or acquisitions impacting intangible asset amortization.
- Impairments
- A significant goodwill and long-lived asset impairment of about $8.6 billion was recorded in 2022, representing an exceptional charge likely affecting the operating results for that year.
- Operating Income
- Operating income fluctuated considerably. After rising from $17.5 billion in 2020 to $20.8 billion in 2021, it dropped sharply to $14.0 billion in 2022, attributable to the major impairment. Subsequently, it rebounded to approximately $23.3 billion by 2023-2024, approaching record levels, indicating operational recovery and improved efficiency.
- Interest Expense
- Interest expenses decreased moderately from $4.6 billion in 2020 to $3.9 billion in 2022 but slightly rose again to around $4.1 billion in 2024, suggesting variable debt levels or interest rate fluctuations.
- Equity in Net Income (Losses) of Investees
- This line shows volatility with a notable positive spike to $2.0 billion in 2021 and negative values in 2022 and 2024, indicating inconsistent performance in equity investments.
- Gains and Other Income
- Realized and unrealized gains on equity securities turned negative after 2021, reflecting unfavorable market conditions or investment performance. Other income and investment income also fluctuate, with a notable negative swing in 2022, partially recovering thereafter.
- Income Before Income Taxes and Tax Expense
- Income before taxes follows the operating income pattern, dropping markedly in 2022 then recovering substantively. Income tax expense peaked in 2021, dropped in 2022, and decreased sharply by 2024, potentially due to changes in taxable income or tax strategies.
- Net Income
- Net income attributable to the corporation shows a strong upward trend from $10.5 billion in 2020 to $16.2 billion in 2024, despite the 2022 dip to $5.4 billion largely due to the impairment charge. This signifies improved profitability and successful management of operating challenges.