Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Comcast Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts payable and accrued expenses related to trade creditors	11,058)	11,321)	12,437)	12,544)	12,455)
Deferred revenue	4,097)	3,507)	3,242)	2,380)	3,040)
Accrued expenses and other current liabilities	12,411)	10,679)	13,283)	11,220)	11,721)
Current portion of debt	5,958)	4,907)	2,069)	1,743)	2,132)
Advance on sale of investment	—)	9,167)	9,167)	—)	—)
Current liabilities	33,524)	39,581)	40,198)	27,887)	29,348)
Noncurrent portion of debt	92,979)	94,186)	95,021)	93,068)	92,718)
Collateralized obligation	—)	—)	—)	5,172)	5,170)
Deferred income taxes	27,788)	25,227)	26,003)	28,714)	30,041)
Other noncurrent liabilities	20,965)	20,942)	20,122)	20,395)	20,619)
Noncurrent liabilities	141,732)	140,355)	141,146)	147,349)	148,548)
Total liabilities	175,256)	179,936)	181,344)	175,236)	177,896)
Redeemable noncontrolling interests	224)	237)	241)	411)	519)
Preferred stock; issued, zero	—)	—)	—)	—)	—)
Class A common stock, $0.01 par value	45)	47)	48)	51)	54)
Class B common stock, $0.01 par value	—)	—)	—)	—)	—)
Additional paid-in capital	37,709)	38,102)	38,533)	39,411)	40,173)
Retained earnings	66,674)	56,971)	52,892)	51,609)	61,902)
Treasury stock	(7,517)	(7,517)	(7,517)	(7,517)	(7,517)
Accumulated other comprehensive income (loss)	(8)	(2,043)	(1,253)	(2,611)	1,480)
Total Comcast Corporation shareholders’ equity	96,903)	85,560)	82,703)	80,943)	96,092)
Noncontrolling interests	248)	478)	523)	684)	1,398)
Total equity	97,151)	86,038)	83,226)	81,627)	97,490)
Total liabilities and equity	272,631)	266,211)	264,811)	257,274)	275,905)

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).

An examination of the provided financial information reveals several noteworthy trends in the liabilities and stockholders’ equity of the company between 2021 and 2025. Total liabilities experienced fluctuations over the period, while stockholders’ equity demonstrated a more pronounced recovery in later years.

Current Liabilities: Current liabilities decreased from US$29.348 billion in 2021 to US$27.887 billion in 2022, then increased significantly to US$40.198 billion in 2023, driven primarily by a substantial rise in the current portion of debt and accrued expenses. A subsequent decrease to US$39.581 billion in 2024 was observed, followed by a further decline to US$33.524 billion in 2025. Accounts payable and accrued expenses related to trade creditors exhibited a consistent, albeit modest, downward trend throughout the period. Deferred revenue showed an initial decrease, followed by increases in 2023, 2024, and 2025.
Noncurrent Liabilities: Noncurrent liabilities remained relatively stable between 2021 and 2025, fluctuating between US$147.349 billion and US$148.548 billion. The noncurrent portion of debt constituted the largest component of these liabilities and remained consistently high. Deferred income taxes also represented a significant portion, decreasing slightly over the period before increasing in 2025. Collateralized obligations were reported in 2021 and 2022 but were not present in subsequent years.
Total Liabilities: Total liabilities decreased from US$177.896 billion in 2021 to US$175.236 billion in 2022. An increase to US$181.344 billion occurred in 2023, followed by a slight decrease to US$179.936 billion in 2024, and a further decrease to US$175.256 billion in 2025. The fluctuations in total liabilities largely mirrored the trends observed in current liabilities.
Stockholders’ Equity: Total Comcast Corporation shareholders’ equity experienced a notable decrease from US$96.092 billion in 2021 to US$80.943 billion in 2022. A modest recovery to US$82.703 billion occurred in 2023, followed by further increases to US$85.560 billion in 2024 and US$96.903 billion in 2025. This recovery was primarily driven by an increase in retained earnings, which rose significantly in 2024 and 2025. Treasury stock remained constant throughout the period. Accumulated other comprehensive income (loss) was negative for most of the period, with a slight improvement in 2023 before becoming more negative again in 2024 and remaining minimal in 2025.
Total Equity: Total equity followed a similar pattern to shareholders’ equity, decreasing from US$97.490 billion in 2021 to US$81.627 billion in 2022, and then recovering to US$97.151 billion in 2025. Noncontrolling interests decreased consistently throughout the period, but represented a relatively small portion of total equity.
Total Liabilities and Equity: Total liabilities and equity decreased from US$275.905 billion in 2021 to US$257.274 billion in 2022, then increased to US$264.811 billion in 2023, followed by US$266.211 billion in 2024, and finally US$272.631 billion in 2025. The overall trend reflects the combined effects of the fluctuations in both liabilities and equity.

In summary, the company experienced a period of liability management with fluctuations in current obligations, while stockholders’ equity demonstrated a clear recovery trend, particularly in the later years of the observed period, largely attributable to increased retained earnings.

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Comcast Corp. (NASDAQ:CMCSA)

Balance Sheet: Liabilities and Stockholders’ Equity