Debt to Equity
since 2005
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- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Calculation
Comcast Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt1 | ÷ | Total Comcast Corporation shareholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2025 | = | ÷ | |||
| Dec 31, 2024 | = | ÷ | |||
| Dec 31, 2023 | = | ÷ | |||
| Dec 31, 2022 | = | ÷ | |||
| Dec 31, 2021 | = | ÷ | |||
| Dec 31, 2020 | = | ÷ | |||
| Dec 31, 2019 | = | ÷ | |||
| Dec 31, 2018 | = | ÷ | |||
| Dec 31, 2017 | = | ÷ | |||
| Dec 31, 2016 | = | ÷ | |||
| Dec 31, 2015 | = | ÷ | |||
| Dec 31, 2014 | = | ÷ | |||
| Dec 31, 2013 | = | ÷ | |||
| Dec 31, 2012 | = | ÷ | |||
| Dec 31, 2011 | = | ÷ | |||
| Dec 31, 2010 | = | ÷ | |||
| Dec 31, 2009 | = | ÷ | |||
| Dec 31, 2008 | = | ÷ | |||
| Dec 31, 2007 | = | ÷ | |||
| Dec 31, 2006 | = | ÷ | |||
| Dec 31, 2005 | = | ÷ |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The debt-to-equity ratio for the analyzed period demonstrates a generally increasing trend, punctuated by periods of relative stability and a significant spike. Initially, the ratio rose from 0.58 in 2005 to 0.80 in 2008, indicating a growing reliance on debt financing relative to equity. Following a slight decrease in 2009, the ratio continued to climb, exceeding 1.0 in 2015 and reaching a peak of 1.56 in 2018.
Subsequent to 2018, the ratio experienced a decrease, falling to 1.15 in 2020. However, it increased again in 2021 to 1.17, remaining relatively stable at 1.17 in 2022 and 1.16 in 2023 before decreasing to 1.02 in 2025. This suggests a recent effort to moderate leverage, although the ratio remains elevated compared to levels observed in the earlier part of the analyzed period.
- Overall Trend
- The overall trend indicates a shift towards increased financial leverage over much of the period, with a more recent stabilization and slight decrease. The substantial increase between 2015 and 2018 warrants further investigation to understand the underlying drivers, such as significant acquisitions or capital investments.
- Period of Rapid Increase (2015-2018)
- The period from 2015 to 2018 saw the most dramatic increase in the debt-to-equity ratio. Long-term debt increased substantially during this time, while equity growth did not keep pace, resulting in a significant rise in leverage. The ratio more than doubled, moving from 1.01 to 1.56.
- Recent Stabilization (2020-2023)
- From 2020 through 2023, the debt-to-equity ratio exhibited relative stability, fluctuating between 1.15 and 1.17. This suggests a period where debt and equity were growing at similar rates, or where deliberate actions were taken to manage the debt level. The slight decrease in 2025 indicates a continuation of this trend.
- Long-Term Debt and Equity Relationship
- Throughout the period, both long-term debt and total shareholders’ equity generally increased in absolute terms. However, the rate of increase in long-term debt frequently outpaced that of equity, contributing to the upward trend in the debt-to-equity ratio. The period between 2021 and 2023 saw a decrease in equity, contributing to the ratio increase.
Comparison to Competitors
Comcast Corp., debt to equity, long-term trends, comparison to competitors
| Comcast Corp. | Alphabet Inc. | Meta Platforms Inc. | Netflix Inc. | Trade Desk Inc. | Walt Disney Co. | |
|---|---|---|---|---|---|---|
| Dec 31, 2025 | ||||||
| Dec 31, 2024 | ||||||
| Dec 31, 2023 | ||||||
| Dec 31, 2022 | ||||||
| Dec 31, 2021 | ||||||
| Dec 31, 2020 | ||||||
| Dec 31, 2019 | ||||||
| Dec 31, 2018 | ||||||
| Dec 31, 2017 | ||||||
| Dec 31, 2016 | ||||||
| Dec 31, 2015 | ||||||
| Dec 31, 2014 | ||||||
| Dec 31, 2013 | ||||||
| Dec 31, 2012 | ||||||
| Dec 31, 2011 | ||||||
| Dec 31, 2010 | ||||||
| Dec 31, 2009 | ||||||
| Dec 31, 2008 | ||||||
| Dec 31, 2007 | ||||||
| Dec 31, 2006 | ||||||
| Dec 31, 2005 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Media & Entertainment)
Comcast Corp., debt to equity, long-term trends, comparison to sector (media & entertainment)
| Comcast Corp. | Media & Entertainment | |
|---|---|---|
| Dec 31, 2025 | ||
| Dec 31, 2024 | ||
| Dec 31, 2023 | ||
| Dec 31, 2022 | ||
| Dec 31, 2021 | ||
| Dec 31, 2020 | ||
| Dec 31, 2019 | ||
| Dec 31, 2018 | ||
| Dec 31, 2017 | ||
| Dec 31, 2016 | ||
| Dec 31, 2015 | ||
| Dec 31, 2014 | ||
| Dec 31, 2013 | ||
| Dec 31, 2012 | ||
| Dec 31, 2011 | ||
| Dec 31, 2010 | ||
| Dec 31, 2009 | ||
| Dec 31, 2008 | ||
| Dec 31, 2007 | ||
| Dec 31, 2006 | ||
| Dec 31, 2005 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Communication Services)
Comcast Corp., debt to equity, long-term trends, comparison to industry (communication services)
| Comcast Corp. | Communication Services | |
|---|---|---|
| Dec 31, 2025 | ||
| Dec 31, 2024 | ||
| Dec 31, 2023 | ||
| Dec 31, 2022 | ||
| Dec 31, 2021 | ||
| Dec 31, 2020 | ||
| Dec 31, 2019 | ||
| Dec 31, 2018 | ||
| Dec 31, 2017 | ||
| Dec 31, 2016 | ||
| Dec 31, 2015 | ||
| Dec 31, 2014 | ||
| Dec 31, 2013 | ||
| Dec 31, 2012 | ||
| Dec 31, 2011 | ||
| Dec 31, 2010 | ||
| Dec 31, 2009 | ||
| Dec 31, 2008 | ||
| Dec 31, 2007 | ||
| Dec 31, 2006 | ||
| Dec 31, 2005 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).