Stock Analysis on Net
Stock Analysis on Net

Comcast Corp. (NASDAQ:CMCSA)

$24.99

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.

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Comcast Corp., consolidated cash flow statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net income
Depreciation and amortization
Goodwill and long-lived asset impairments
Share-based compensation
Noncash interest expense, net
Net (gain) loss on investment activity and other
Deferred income taxes
Current and noncurrent receivables, net
Film and television costs, net
Accounts payable and accrued expenses related to trade creditors
Other operating assets and liabilities
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures
Adjustments to reconcile net income to net cash provided by operating activities
Net cash provided by operating activities
Capital expenditures
Cash paid for intangible assets
Construction of Universal Beijing Resort
Purchase of spectrum
Proceeds from sales of businesses and investments
Advance on sale of investment
Purchases of investments
Other
Net cash used in investing activities
Proceeds from (repayments of) short-term borrowings, net
Proceeds from borrowings
Repurchases and repayments of debt
Repayment of collateralized obligation
Repurchases of common stock under repurchase program and employee plans
Dividends paid
Other
Net cash used in financing activities
Impact of foreign currency on cash, cash equivalents and restricted cash
Increase (decrease) in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, beginning of year
Cash, cash equivalents and restricted cash, end of year

Based on: 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), 10-K (reporting date: 2020-12-31).

The financial data reveals several notable patterns and trends over the five-year period analyzed.

Profitability and Income
Net income experienced significant volatility. It rose from 10,701 million USD in 2020 to a peak of 13,833 million USD in 2021, then sharply declined to 4,925 million USD in 2022, before rebounding strongly to 15,107 million USD in 2023 and further to 15,877 million USD in 2024. This fluctuation suggests variability in operational performance or one-time events impacting earnings.
Non-Cash Expenses
Depreciation and amortization steadily increased from 13,100 million USD in 2020 to 14,802 million USD in 2024, indicating ongoing investment in depreciable assets. Share-based compensation remained relatively stable, fluctuating narrowly around 1,200–1,300 million USD. Noncash interest expense decreased substantially from 697 million USD in 2020 to a low of 309–316 million USD in 2022–2023 but rose again to 464 million USD in 2024.
Impairments and Investment Gains/Losses
Significant goodwill and long-lived asset impairments amounting to 8,583 million USD were recorded in 2022, contributing to the reduced net income in that year. Net gains or losses on investment activities fluctuated, with gains in 2020 and 2021 (-970 and -1,311 million USD, negative indicating gains), a loss of 1,177 million USD in 2022, a gain of 768 million USD in 2023, and again a loss of 1,088 million USD in 2024. This indicates a volatile investment environment affecting reported earnings.
Working Capital Changes
Changes in operating assets and liabilities showed volatility: a positive adjustment of 566 million USD in 2020 contrasted with negative changes of -869 million USD and -2,904 million USD in 2021 and 2022, before returning to positive 1,008 million USD in 2023 and again dropping to -4,944 million USD in 2024. Similar variability is seen in receivables, film and television costs, and accounts payable, reflecting fluctuations in operating cycle management.
Operating Cash Flows
Net cash provided by operating activities consistently exceeded net income, reflecting the inclusion of non-cash charges and working capital adjustments. Operating cash flow increased from 24,737 million USD in 2020 to a peak of 29,146 million USD in 2021, dipped to 26,413 million USD in 2022, then increased again to 28,501 million USD in 2023 and slightly declined to 27,673 million USD in 2024, indicating generally strong cash generation from operations.
Capital Expenditures and Investments
Capital expenditures steadily increased from -9,179 million USD in 2020 to a peak of -12,242 million USD in 2023, with a slight reduction to -12,181 million USD in 2024, indicating heavy and consistent investment in fixed assets. Cash paid for intangible assets also increased moderately over time. Investments saw variability, with high outflows for acquisitions and purchases offset in some years by proceeds from sales of businesses and investments. The construction investment in Universal Beijing Resort tapered down significantly from -1,498 million USD in 2020 to -116 million USD in 2024, signaling project completion phases.
Investing Cash Flows
Net cash used in investing activities fluctuated significantly, peaking in outflow at -14,140 million USD in 2022, reducing sharply to -7,161 million USD in 2023, before increasing again to -15,670 million USD in 2024. This volatility reflects large capital and investment expenditures interspersed with proceeds from divestitures and advanced sales.
Financing Activities
Cash used in financing activities showed a declining trend after peaking at -19,850 million USD in 2023. The repurchases of common stock were substantial, especially in 2022 and 2023, reflecting aggressive shareholder return strategies, though this activity slowed in 2024. Debt management was active, with borrowings and repayments evident, including the repayment of a significant collateralized obligation in 2023. Dividends paid increased moderately over the period, reflecting steady shareholder distributions.
Liquidity Position
Cash and cash equivalents showed volatility; the balance rose to 11,768 million USD in 2020, then fell substantially to 4,782 million USD by the end of 2022, before recovering to 7,377 million USD in 2024. The increase in 2023 and 2024 suggests improved liquidity management after a period of cash outflow.
Summary
The company demonstrated strong operational cash generation over the period despite fluctuations in net income, impacted notably by impairments and gains/losses on investments. Capital investments remained significant and somewhat increased, while financing activities reflected active debt and equity management, including notable share repurchases and consistent dividends. Liquidity levels recovered in recent years after declining midway through the period. Overall, the data suggests a firm managing growth and shareholder returns amid varying operational challenges and investments.