Income Statement
Quarterly Data

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.

Comcast Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	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	32,309)	31,198)	30,313)	29,887)	31,915)	32,070)	29,688)	30,058)	31,253)	30,115)	30,513)	29,691)	30,552)	29,849)	30,016)	31,010)	30,336)	30,298)	28,546)	27,205)
Programming and production	(10,305)	(8,655)	(7,576)	(8,415)	(10,026)	(10,216)	(7,961)	(8,823)	(10,257)	(8,652)	(8,849)	(9,004)	(9,807)	(8,949)	(8,887)	(10,570)	(9,880)	(10,395)	(9,256)	(8,919)
Gross profit	22,004)	22,543)	22,737)	21,472)	21,889)	21,854)	21,727)	21,235)	20,996)	21,463)	21,664)	20,687)	20,745)	20,900)	21,129)	20,440)	20,456)	19,903)	19,290)	18,286)
Marketing and promotion	(2,427)	(2,196)	(2,168)	(2,071)	(2,144)	(1,989)	(1,922)	(2,018)	(2,042)	(1,866)	(2,100)	(1,963)	(2,182)	(2,066)	(2,196)	(2,062)	(2,233)	(1,995)	(1,851)	(1,616)
Other operating and administrative	(11,900)	(10,794)	(10,423)	(9,894)	(10,920)	(10,128)	(9,630)	(9,856)	(10,942)	(9,629)	(9,317)	(9,301)	(10,560)	(9,344)	(9,098)	(9,261)	(9,821)	(8,980)	(8,549)	(8,269)
Depreciation	(2,394)	(2,353)	(2,349)	(2,231)	(2,182)	(2,219)	(2,153)	(2,175)	(2,192)	(2,203)	(2,195)	(2,264)	(2,199)	(2,150)	(2,162)	(2,213)	(2,221)	(2,177)	(2,113)	(2,117)
Amortization	(1,795)	(1,666)	(1,805)	(1,618)	(1,650)	(1,659)	(1,387)	(1,376)	(1,336)	(1,290)	(1,343)	(1,513)	(1,273)	(1,183)	(1,306)	(1,335)	(1,360)	(1,301)	(1,270)	(1,245)
Goodwill and long-lived asset impairments	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(8,583)	—)	—)	—)	—)	—)	—)
Operating income (loss)	3,488)	5,534)	5,992)	5,658)	4,993)	5,859)	6,635)	5,810)	4,484)	6,475)	6,709)	5,646)	4,531)	(2,426)	6,367)	5,569)	4,821)	5,450)	5,507)	5,039)
Interest expense	(1,126)	(1,128)	(1,105)	(1,050)	(1,069)	(1,037)	(1,026)	(1,002)	(1,019)	(1,060)	(998)	(1,010)	(975)	(960)	(968)	(993)	(1,120)	(1,050)	(1,093)	(1,018)
Investment and other income (loss), net	(203)	62)	9,760)	(116)	(350)	(3)	(434)	297)	579)	50)	15)	607)	114)	(266)	(897)	188)	185)	766)	1,216)	390)
Income (loss) before income taxes	2,159)	4,468)	14,647)	4,492)	3,574)	4,819)	5,175)	5,105)	4,044)	5,465)	5,726)	5,243)	3,670)	(3,652)	4,502)	4,764)	3,886)	5,166)	5,630)	4,411)
Income tax expense	(88)	(1,219)	(3,603)	(1,196)	1,111)	(1,243)	(1,336)	(1,328)	(890)	(1,468)	(1,537)	(1,476)	(796)	(1,014)	(1,261)	(1,288)	(906)	(1,235)	(2,000)	(1,119)
Net income (loss)	2,071)	3,249)	11,044)	3,296)	4,685)	3,576)	3,839)	3,777)	3,154)	3,997)	4,189)	3,767)	2,874)	(4,666)	3,241)	3,476)	2,980)	3,931)	3,630)	3,292)
Net loss attributable to noncontrolling interests	97)	83)	79)	79)	92)	53)	90)	80)	106)	49)	59)	67)	149)	68)	155)	73)	77)	104)	108)	37)
Net income (loss) attributable to Comcast Corporation	2,168)	3,332)	11,123)	3,375)	4,777)	3,629)	3,929)	3,857)	3,260)	4,046)	4,248)	3,834)	3,023)	(4,598)	3,396)	3,549)	3,057)	4,035)	3,738)	3,329)

The financial performance presented demonstrates considerable fluctuation over the analyzed period, spanning from March 2021 to December 2025. Revenue generally increased from 2021 through 2023, experienced a dip in early 2024, and then showed renewed growth, peaking in the second half of 2025. However, profitability metrics exhibit more pronounced volatility.

Revenue Trends: Revenue increased steadily from $27.205 billion in March 2021 to $31.253 billion in December 2023. A slight decline occurred in the first half of 2024, followed by a significant increase to $32.309 billion by December 2025, indicating a potential resurgence in demand or successful strategic initiatives.
Gross Profit Analysis: Gross profit mirrored the revenue trend, increasing from $18.286 billion in March 2021 to $20.996 billion in December 2023. Similar to revenue, a dip was observed in early 2024, but gross profit recovered strongly, reaching $22.004 billion by the end of 2025. The gross profit margin remained relatively stable, fluctuating between approximately 63% and 68% throughout the period.
Operating Income Volatility: Operating income exhibited significant variability. It rose from $5.039 billion in March 2021 to $6.367 billion in June 2022, but then experienced a substantial decrease, resulting in an operating loss of -$2.426 billion in September 2022. Operating income recovered in subsequent quarters, reaching $6.709 billion in June 2023, before declining again to $3.488 billion in December 2025. This volatility suggests sensitivity to underlying cost structures or external economic factors.
Cost of Revenue and Operating Expenses: Programming and production costs consistently represent a substantial portion of revenue, generally ranging between 28% and 33% of revenue. Other operating and administrative expenses also constitute a significant cost component, fluctuating between 25% and 31% of revenue. Marketing and promotion expenses remained relatively consistent, typically around 5-7% of revenue. Depreciation and amortization expenses were stable, representing approximately 6-8% of revenue. A large impairment charge of -$8.583 billion was recorded in September 2022, significantly impacting operating income for that period.
Net Income Performance: Net income followed a similar pattern to operating income, with a peak of $4.248 billion in June 2023 and a significant decline to $2.168 billion by December 2025. A notable surge in net income to $11.123 billion occurred in June 2025, driven by a substantial increase in investment and other income, net, which reached $9.760 billion. This suggests a one-time gain or significant investment performance during that quarter. Net income attributable to noncontrolling interests remained relatively small, generally below 2% of total net income.
Interest and Tax Expenses: Interest expense remained relatively stable, ranging between $0.960 billion and $1.120 billion per quarter. Income tax expense fluctuated considerably, correlating with net income levels. The effective tax rate varied significantly, particularly in periods with substantial income or losses.

In summary, the financial performance demonstrates revenue growth punctuated by periods of significant cost pressures and volatility in operating and net income. The substantial increase in investment income in June 2025 and the impairment charge in September 2022 were key drivers of the observed fluctuations. Continued monitoring of cost management and revenue diversification strategies will be crucial for sustained profitability.

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Comcast Corp. (NASDAQ:CMCSA)

Income Statement Quarterly Data

Income Statement
Quarterly Data