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.
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Comcast Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue Trends
- The company’s revenue exhibited a general upward trend from March 2020 through December 2021, increasing from $26.6 billion to approximately $30.3 billion. However, revenue showed some volatility beyond 2021, with fluctuations in 2022 and into 2023. Despite these fluctuations, the revenue again trended upward toward the end of the period, reaching over $31 billion by December 2025.
- Cost of Programming and Production
- Programming and production expenses followed a somewhat volatile pattern. After a significant decrease in mid-2020, the expense level bounced back and fluctuated around a range of $8.5 billion to over $10 billion, peaking in some quarters such as December 2021 and December 2023. These fluctuations suggest variable content costs or changes in programming investment over time, impacting gross profit.
- Gross Profit Analysis
- Gross profit generally increased from around $18.3 billion in early 2020 to a high of approximately $21.7 billion by the end of 2024. Minor declines appeared sporadically, but the overall gross profitability remained stable and showed strength relative to revenue growth, except for some quarters where gross profit lagged the rising revenue, indicating cost pressures or margin contractions during those times.
- Operating Expenses
- Marketing and promotion expenses were moderately variable, showing a gradual increase overall from approximately $1.3 billion to near $2.2 billion by 2025, indicating heightened promotional activities. Other operating and administrative expenses exhibited a similar upward trend, rising from around $7.6 billion to over $10.7 billion, reflecting increasing operational costs over the period.
- Depreciation and Amortization
- Depreciation expenses remained relatively stable, fluctuating narrowly around the $2.1 to $2.3 billion range. Amortization showed more variability and an increasing trend, especially towards later periods, where it rose from about $1.2 billion to peaks above $1.6 billion, suggesting increased asset amortization or intangible asset write-downs.
- Asset Impairments
- A significant one-time goodwill and long-lived asset impairment of approximately $8.6 billion was recognized in September 2022, which had a pronounced negative effect on net earnings for that quarter. This indicates a major write-down impacting the financial results and possibly reflecting asset value reevaluation.
- Operating Income
- Operating income showed a generally positive trend, with notable peaks above $6 billion occurring in mid-2022 and late 2024. However, the impairment event caused a negative operating income in September 2022, indicating volatility in core profitability during that period. Post-impairment, operating income recovered and remained robust.
- Interest and Investment Income
- Interest expense remained fairly steady near $1 billion per quarter, reflecting stable financing costs. Investment and other income was volatile, including both gains and losses. A particularly large positive spike was seen in June 2025, suggesting extraordinary investment gains or asset disposals affecting that period’s earnings.
- Income Before Taxes and Tax Expense
- Income before taxes generally mirrored operating income trends, showing growth over time but interrupted by the impairment event in late 2022. The income tax expense varied, at times offsetting significant portions of pre-tax income and in one quarter reversing to a tax benefit (positive figure), indicating variability in tax planning, credits, or adjustments.
- Net Income
- Net income mostly reflected the trends in operating income, with steady growth interspersed with volatility. The impairment charge led to a substantial net loss in September 2022. Outside of this anomaly, net earnings progressively increased, reaching high points near $11 billion in mid-2025 before settling slightly lower thereafter. Net income attributed to the company’s shareholders followed this overall pattern closely.