Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Comcast Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net income	19,660)	15,877)	15,107)	4,925)	13,833)
Depreciation and amortization	16,210)	14,802)	14,336)	13,821)	13,804)
Goodwill and long-lived asset impairments	—)	—)	—)	8,583)	—)
Share-based compensation	1,288)	1,288)	1,241)	1,336)	1,315)
Noncash interest expense, net	488)	464)	316)	309)	482)
Net (gain) loss on investment activity and other	(8,853)	1,088)	(768)	1,177)	(1,311)
Deferred income taxes	2,674)	(902)	(2,739)	(834)	1,892)
Current and noncurrent receivables, net	(135)	136)	(996)	(1,327)	(1,335)
Film and television costs, net	338)	290)	(260)	(451)	(680)
Accounts payable and accrued expenses related to trade creditors	(20)	(758)	(520)	497)	765)
Other operating assets and liabilities	1,993)	(4,612)	2,784)	(1,623)	381)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures	2,176)	(4,944)	1,008)	(2,904)	(869)
Adjustments to reconcile net income to net cash provided by operating activities	13,983)	11,796)	13,394)	21,488)	15,313)
Net cash provided by operating activities	33,643)	27,673)	28,501)	26,413)	29,146)
Capital expenditures	(11,750)	(12,181)	(12,242)	(10,626)	(9,174)
Cash paid for intangible assets	(2,658)	(2,949)	(3,298)	(3,141)	(2,883)
Construction of Universal Beijing Resort	(11)	(116)	(137)	(330)	(976)
Acquisitions, net of cash acquired	(1,306)	(119)	—)	—)	—)
Proceeds from sales of businesses and investments	670)	771)	661)	1,985)	684)
Advance on sale of investment	—)	—)	8,610)	—)	—)
Purchases of investments	(1,302)	(1,082)	(1,313)	(2,274)	(174)
Other	200)	6)	558)	246)	(923)
Net cash used in investing activities	(16,157)	(15,670)	(7,161)	(14,140)	(13,446)
Proceeds from (repayments of) short-term borrowings, net	—)	—)	(660)	660)	—)
Proceeds from borrowings	3,494)	6,268)	6,052)	2,745)	2,628)
Repurchases and repayments of debt	(5,740)	(3,573)	(4,015)	(2,307)	(11,498)
Repayment of collateralized obligation	—)	—)	(5,175)	—)	—)
Repurchases of common stock under repurchase program and employee plans	(7,155)	(9,103)	(11,291)	(13,328)	(4,672)
Dividends paid	(4,894)	(4,814)	(4,766)	(4,741)	(4,532)
Other	(51)	339)	5)	787)	(544)
Net cash used in financing activities	(14,346)	(10,883)	(19,850)	(16,184)	(18,618)
Impact of foreign currency on cash, cash equivalents and restricted cash	42)	(25)	10)	(86)	(71)
Increase (decrease) in cash, cash equivalents and restricted cash	3,182)	1,095)	1,500)	(3,997)	(2,989)
Cash, cash equivalents and restricted cash, beginning of year	7,377)	6,282)	4,782)	8,779)	11,768)
Cash, cash equivalents and restricted cash, end of year	10,559)	7,377)	6,282)	4,782)	8,779)

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 company demonstrates fluctuating cash flows over the five-year period. Operating cash flow remains consistently positive, though with some variation, while investing and financing activities consistently represent cash outflows. Net income exhibits significant volatility, particularly between 2021 and 2022, before stabilizing and increasing through 2025.

Operating Activities: Net cash provided by operating activities generally remains strong, ranging from US$26.4 billion to US$33.6 billion. A dip is observed in 2022, coinciding with a substantial decrease in net income. Adjustments to reconcile net income to net cash from operations are significant and relatively stable, averaging around US$14 billion annually. Changes in operating assets and liabilities show considerable fluctuation, contributing to the variability in overall operating cash flow.
Investing Activities: Net cash used in investing activities is consistently negative, indicating ongoing investments. Capital expenditures represent the largest outflow, steadily increasing from US$9.2 billion in 2021 to US$12.2 billion in 2023, then decreasing slightly to US$11.8 billion in 2025. Cash paid for intangible assets also contributes significantly to the outflow. A large advance on the sale of an investment occurred in 2023, providing a substantial inflow, but this was not repeated in subsequent years. Acquisitions began to represent a cash outflow in 2024 and increased substantially in 2025.
Financing Activities: Net cash used in financing activities is consistently negative, driven primarily by debt repayments, common stock repurchases, and dividend payments. Repurchases of common stock are a major component of the outflow, decreasing over the period but remaining substantial. Debt repayments also contribute significantly, with a notable repayment of collateralized obligation in 2023. Dividend payments remain relatively stable around US$4.7 to US$4.9 billion annually.
Cash Position: The company’s cash, cash equivalents, and restricted cash experienced a decrease in 2021 and 2022, followed by increases in 2023, 2024, and 2025, reaching US$10.6 billion at the end of 2025. The impact of foreign currency on cash is relatively small, with fluctuations between inflows and outflows.
Non-Cash Items & Other Adjustments: Depreciation and amortization consistently contribute a significant positive adjustment to operating cash flow, averaging around US$14 billion annually. Goodwill and long-lived asset impairments had a large impact in 2022. Net (gain) loss on investment activity and other is volatile, with a large loss in 2025. Deferred income taxes show significant fluctuations, impacting cash flow. Accounts payable and accrued expenses related to trade creditors show a decreasing trend, while other operating assets and liabilities are highly variable.

Overall, the company generates substantial cash from operations but consistently utilizes cash in investing and financing activities. The fluctuations in net income and certain non-cash adjustments impact operating cash flow, while strategic decisions regarding capital expenditures, acquisitions, debt management, and stock repurchases drive the patterns observed in investing and financing activities.

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Comcast Corp. (NASDAQ:CMCSA)

Cash Flow Statement