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.
Comcast Corp., consolidated income statement
US$ in millions
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 income statement reveals a complex financial performance over the five-year period. While revenue demonstrates modest growth, profitability exhibits more significant fluctuations influenced by various factors including programming costs, operating expenses, and investment-related gains and losses.
- Revenue
- Revenue increased from US$116.385 billion in 2021 to US$121.427 billion in 2022, then plateaued at US$121.572 billion in 2023. A slight increase occurred in 2024 to US$123.731 billion, followed by a marginal decrease to US$123.707 billion in 2025. This suggests a maturing revenue stream with limited substantial growth in recent years.
- Gross Profit & Programming Costs
- Gross profit generally increased over the period, rising from US$77.935 billion in 2021 to US$88.756 billion in 2025. This growth is partially offset by consistently high programming and production costs, which decreased slightly from US$38.450 billion in 2021 to US$34.951 billion in 2025. The reduction in programming costs may contribute to the observed gross profit improvement.
- Operating Expenses
- Operating expenses, encompassing marketing, administration, depreciation, and amortization, demonstrate a consistent upward trend. Marketing and promotion expenses increased from US$7.695 billion to US$8.862 billion. Other operating and administrative expenses experienced a more substantial rise, moving from US$35.619 billion to US$43.011 billion. Depreciation and amortization also increased, reaching US$9.327 billion in 2025. These escalating expenses put pressure on operating income.
- Operating Income
- Operating income experienced significant volatility. It declined sharply from US$20.817 billion in 2021 to US$14.041 billion in 2022, then recovered to US$23.314 billion in 2023 and US$23.297 billion in 2024 before decreasing to US$20.672 billion in 2025. This fluctuation highlights the sensitivity of operating results to expense management and external factors.
- Non-Operating Items
- Investment and other income (loss), net, exhibited considerable variation. A loss of US$861 million was recorded in 2022, followed by gains in 2023 and 2025 of US$1.251 billion and US$9.503 billion respectively. Other income (loss), net, showed a dramatic increase in 2025 to US$10.114 billion, significantly impacting income before income taxes. These non-operating items contribute substantially to the overall profitability picture.
- Net Income
- Net income mirrored the volatility observed in operating income and non-operating items. It decreased from US$13.833 billion in 2021 to US$4.925 billion in 2022, then increased to US$15.107 billion in 2023 and US$15.877 billion in 2024, culminating in US$19.660 billion in 2025. Net income attributable to Comcast Corporation followed a similar pattern. The substantial increase in net income in 2025 is largely attributable to the significant gains in other income.
- Tax Rate
- The effective tax rate varied across the period. The income tax expense as a percentage of income before income taxes was approximately 27.6% in 2021, 46.9% in 2022, 26.2% in 2023, 14.3% in 2024, and 24.2% in 2025. These fluctuations suggest changes in the composition of income or applicable tax regulations.