Selected Financial Data
since 2005
Income Statement
Comcast Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenue | Operating income | Net income attributable to Comcast Corporation |
|---|---|---|---|
| Dec 31, 2025 | 123,707) | 20,672) | 19,998) |
| Dec 31, 2024 | 123,731) | 23,297) | 16,192) |
| Dec 31, 2023 | 121,572) | 23,314) | 15,388) |
| Dec 31, 2022 | 121,427) | 14,041) | 5,370) |
| Dec 31, 2021 | 116,385) | 20,817) | 14,159) |
| Dec 31, 2020 | 103,564) | 17,493) | 10,534) |
| Dec 31, 2019 | 108,942) | 21,125) | 13,057) |
| Dec 31, 2018 | 94,507) | 19,009) | 11,731) |
| Dec 31, 2017 | 84,526) | 17,987) | 22,714) |
| Dec 31, 2016 | 80,403) | 16,859) | 8,695) |
| Dec 31, 2015 | 74,510) | 15,998) | 8,163) |
| Dec 31, 2014 | 68,775) | 14,904) | 8,380) |
| Dec 31, 2013 | 64,657) | 13,563) | 6,816) |
| Dec 31, 2012 | 62,570) | 12,179) | 6,203) |
| Dec 31, 2011 | 55,842) | 10,721) | 4,160) |
| Dec 31, 2010 | 37,937) | 7,980) | 3,635) |
| Dec 31, 2009 | 35,756) | 7,214) | 3,638) |
| Dec 31, 2008 | 34,256) | 6,732) | 2,547) |
| Dec 31, 2007 | 30,895) | 5,578) | 2,587) |
| Dec 31, 2006 | 24,966) | 4,619) | 2,533) |
| Dec 31, 2005 | 22,255) | 3,690) | 928) |
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).
Over the period examined, the company demonstrated substantial growth in revenue, with notable fluctuations in operating income and net income attributable to Comcast Corporation. Revenue experienced a generally upward trajectory, while profitability metrics exhibited more varied patterns.
- Revenue Trend
- Revenue increased significantly from US$22.255 billion in 2005 to US$123.707 billion in 2023, before slightly decreasing to US$123.731 billion in 2024 and then increasing to US$123.707 billion in 2025. The most substantial growth occurred between 2010 and 2019, with revenue more than doubling. A temporary decline in revenue was observed in 2020, followed by a recovery in subsequent years.
- Operating Income Trend
- Operating income showed an increasing trend from US$3.690 billion in 2005 to US$23.314 billion in 2022. However, it experienced a significant decrease to US$14.041 billion in 2021 and US$20.672 billion in 2023, before increasing to US$23.297 billion in 2024 and then decreasing to US$20.672 billion in 2025. This suggests potential volatility in operational efficiency or increased operating expenses during certain periods.
- Net Income Trend
- Net income attributable to Comcast Corporation exhibited considerable variation. Starting at US$928 million in 2005, it rose to US$8.380 billion in 2014. A dramatic increase was observed in 2017, reaching US$22.714 billion, followed by a substantial decline to US$11.731 billion in 2018. Net income then fluctuated, reaching US$15.388 billion in 2022, US$5.370 billion in 2021, US$16.192 billion in 2024 and US$19.998 billion in 2025. These fluctuations suggest the company’s net income is sensitive to external factors or specific events.
The divergence between revenue growth and net income fluctuations indicates that factors beyond revenue generation, such as cost of goods sold, operating expenses, and potentially non-operating items, significantly impact the company’s bottom line. The period from 2017 to 2020 demonstrates a particularly pronounced example of this dynamic.
Overall, the company experienced substantial revenue growth over the analyzed period. However, profitability, as measured by operating income and net income, was subject to considerable volatility, requiring further investigation to understand the underlying drivers of these fluctuations.
Balance Sheet: Assets
Comcast Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2025 | 29,567) | 272,631) |
| Dec 31, 2024 | 26,801) | 266,211) |
| Dec 31, 2023 | 23,987) | 264,811) |
| Dec 31, 2022 | 21,826) | 257,275) |
| Dec 31, 2021 | 24,807) | 275,905) |
| Dec 31, 2020 | 26,741) | 273,869) |
| Dec 31, 2019 | 25,392) | 263,414) |
| Dec 31, 2018 | 21,848) | 251,684) |
| Dec 31, 2017 | 16,060) | 186,949) |
| Dec 31, 2016 | 16,361) | 180,500) |
| Dec 31, 2015 | 12,303) | 166,574) |
| Dec 31, 2014 | 13,531) | 159,339) |
| Dec 31, 2013 | 14,075) | 158,813) |
| Dec 31, 2012 | 19,991) | 164,971) |
| Dec 31, 2011 | 8,573) | 157,818) |
| Dec 31, 2010 | 8,886) | 118,534) |
| Dec 31, 2009 | 3,223) | 112,733) |
| Dec 31, 2008 | 3,716) | 113,017) |
| Dec 31, 2007 | 3,667) | 113,417) |
| Dec 31, 2006 | 5,202) | 110,405) |
| Dec 31, 2005 | 2,594) | 103,146) |
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).
Over the period examined, both current assets and total assets demonstrate significant fluctuations and overall growth. Initial observations reveal a period of instability followed by substantial expansion, particularly in the latter half of the timeframe.
- Current Assets
- Current assets exhibited volatility in the early years, increasing substantially from 2005 to 2006, then declining in 2007. A relatively stable period followed from 2007 to 2010. A marked increase is observed in 2010, continuing into 2012, representing a period of significant liquidity growth. Following 2012, current assets decreased, then experienced another period of growth from 2016 to 2019. A slight decrease occurred in 2020, followed by fluctuations through 2025, with a general upward trend in the most recent years.
- Total Assets
- Total assets generally increased over the period, although not consistently. From 2005 to 2007, a moderate increase is apparent. A period of relative stagnation occurred between 2007 and 2009. A substantial increase in total assets is evident from 2010 to 2011, driven by a significant jump in value. While fluctuating between 2011 and 2014, total assets continued to grow. The most dramatic increase occurred between 2014 and 2018, more than doubling in value. Growth continued through 2019, followed by a decrease in 2020, potentially reflecting strategic divestitures or economic impacts. A recovery and continued growth are observed from 2021 to 2025.
- Relationship between Current and Total Assets
- The proportion of current assets to total assets appears to have decreased over time. In 2005, current assets represented approximately 2.5% of total assets. By 2025, this proportion had decreased to roughly 10%. This suggests a shift in asset allocation towards longer-term investments or less liquid assets as the company matured. The significant increases in total assets, particularly after 2014, were not matched by proportional increases in current assets, further supporting this observation.
The observed trends suggest a company undergoing significant expansion and strategic shifts in asset management. The initial volatility in current assets stabilized over time, while total assets demonstrated a consistent, albeit uneven, growth trajectory. The decreasing proportion of current assets relative to total assets indicates a potential evolution in the company’s investment strategy and financial structure.
Balance Sheet: Liabilities and Stockholders’ Equity
Comcast Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Long-term debt | Total Comcast Corporation shareholders’ equity | |
|---|---|---|---|
| Dec 31, 2025 | 33,524) | 98,937) | 96,903) |
| Dec 31, 2024 | 39,581) | 99,093) | 85,560) |
| Dec 31, 2023 | 40,198) | 97,090) | 82,703) |
| Dec 31, 2022 | 27,887) | 94,811) | 80,943) |
| Dec 31, 2021 | 29,348) | 94,850) | 96,092) |
| Dec 31, 2020 | 28,796) | 103,760) | 90,323) |
| Dec 31, 2019 | 30,292) | 102,217) | 82,726) |
| Dec 31, 2018 | 27,603) | 111,743) | 71,613) |
| Dec 31, 2017 | 21,561) | 64,556) | 68,606) |
| Dec 31, 2016 | 21,535) | 61,046) | 53,943) |
| Dec 31, 2015 | 18,178) | 52,621) | 52,269) |
| Dec 31, 2014 | 17,410) | 48,234) | 52,711) |
| Dec 31, 2013 | 18,912) | 47,847) | 50,694) |
| Dec 31, 2012 | 16,714) | 40,458) | 49,356) |
| Dec 31, 2011 | 13,241) | 39,309) | 47,274) |
| Dec 31, 2010 | 8,234) | 31,415) | 44,354) |
| Dec 31, 2009 | 7,249) | 29,096) | 42,721) |
| Dec 31, 2008 | 8,939) | 32,456) | 40,450) |
| Dec 31, 2007 | 7,952) | 31,323) | 41,340) |
| Dec 31, 2006 | 7,440) | 28,975) | 41,167) |
| Dec 31, 2005 | 6,269) | 23,371) | 40,219) |
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).
An examination of the balance sheet information reveals notable trends in Comcast Corporation’s liabilities and stockholders’ equity between 2005 and 2025. Current liabilities generally increased over the period, though not consistently. Long-term debt exhibited a more pronounced increase, particularly in the latter half of the observed timeframe. Stockholders’ equity demonstrated a generally positive trend, with significant growth in more recent years.
- Current Liabilities
- Current liabilities increased from approximately $6.3 billion in 2005 to around $40.2 billion in 2023, before decreasing to $33.5 billion in 2025. The period between 2010 and 2013 saw a substantial rise, more than doubling from $8.2 billion to $18.9 billion. Fluctuations were observed in subsequent years, with a peak of $40.2 billion in 2023, followed by a decrease in the final two years of the period. This suggests a dynamic working capital management strategy or potentially timing differences related to accounts payable and other short-term obligations.
- Long-Term Debt
- Long-term debt showed a consistent upward trajectory for much of the period. Starting at $23.4 billion in 2005, it rose to $52.6 billion by 2015. A significant increase occurred between 2017 and 2018, jumping from $64.6 billion to $111.7 billion, likely associated with a major acquisition or financing event. While decreasing to $98.9 billion in 2025, the level remained substantially higher than at the beginning of the period. This indicates a greater reliance on debt financing over time.
- Stockholders’ Equity
- Total stockholders’ equity generally increased throughout the period, starting at $40.2 billion in 2005 and reaching $96.9 billion in 2025. Growth was relatively steady until 2017, after which it accelerated significantly, reaching $82.7 billion in 2019 and $96.1 billion in 2021. A decrease to $80.9 billion in 2022 was followed by a recovery to $96.9 billion in 2025. This suggests successful profitability and reinvestment of earnings, as well as potential share repurchase activity or other capital management strategies.
The combined effect of these trends is a shifting capital structure. While stockholders’ equity increased, the substantial rise in long-term debt suggests a greater degree of financial leverage. The fluctuations in current liabilities indicate active management of short-term obligations. Further analysis, incorporating income statement and cash flow statement information, would be necessary to fully assess the implications of these trends for the company’s financial health and future performance.
Cash Flow Statement
Comcast Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2025 | 33,643) | (16,157) | (14,346) |
| Dec 31, 2024 | 27,673) | (15,670) | (10,883) |
| Dec 31, 2023 | 28,501) | (7,161) | (19,850) |
| Dec 31, 2022 | 26,413) | (14,140) | (16,184) |
| Dec 31, 2021 | 29,146) | (13,446) | (18,618) |
| Dec 31, 2020 | 24,737) | (12,047) | (6,513) |
| Dec 31, 2019 | 25,697) | (14,841) | (9,181) |
| Dec 31, 2018 | 24,297) | (50,854) | 27,140) |
| Dec 31, 2017 | 21,403) | (13,704) | (7,572) |
| Dec 31, 2016 | 19,240) | (18,385) | 151) |
| Dec 31, 2015 | 18,778) | (11,964) | (8,429) |
| Dec 31, 2014 | 16,945) | (8,733) | (6,020) |
| Dec 31, 2013 | 14,160) | (9,514) | (13,879) |
| Dec 31, 2012 | 14,854) | (1,486) | (4,037) |
| Dec 31, 2011 | 14,345) | (12,508) | (6,201) |
| Dec 31, 2010 | 11,179) | (5,711) | (155) |
| Dec 31, 2009 | 10,281) | (5,897) | (4,908) |
| Dec 31, 2008 | 10,231) | (7,477) | (2,522) |
| Dec 31, 2007 | 8,792) | (8,752) | (316) |
| Dec 31, 2006 | 6,618) | (9,872) | 3,546) |
| Dec 31, 2005 | 4,922) | (3,748) | (933) |
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).
Over the period examined, the company demonstrates significant fluctuations in its cash flow activities. Operating activities consistently generate positive cash flow, while investing activities consistently consume cash. Financing activities exhibit the most volatility, alternating between positive and negative cash flow.
- Operating Activities
- Net cash provided by operating activities generally increased from 2005 to 2017, rising from US$4,922 million to US$24,297 million. A slight decrease was observed in 2019 (US$25,697 million) and 2020 (US$24,737 million), followed by a rebound to US$29,146 million in 2021. Subsequent years show a decrease to US$26,413 million (2022) and US$28,501 million (2023), before increasing significantly to US$33,643 million in 2025. This indicates a strong and generally improving ability to generate cash from core business operations, with some recent fluctuations.
- Investing Activities
- Net cash used in investing activities remained negative throughout the period, indicating consistent investment in assets. The magnitude of cash outflow varied considerably. Outflows peaked in 2018 at US$50,854 million, likely due to a significant acquisition or capital expenditure program. Prior to this, outflows were generally in the range of US$7,000 to US$12,000 million annually. A substantial decrease in cash used for investing was observed in 2022 (US$7,161 million) and 2023 (US$15,670 million), before increasing again to US$16,157 million in 2025. This suggests a dynamic investment strategy with periods of high and lower capital deployment.
- Financing Activities
- Net cash provided by (used in) financing activities exhibited the greatest variability. The period from 2005 to 2009 showed a mix of inflows and outflows, with a peak inflow of US$3,546 million in 2006. From 2010 to 2017, financing activities generally resulted in cash outflows, with a notable inflow of US$151 million in 2015. A large inflow occurred in 2018 (US$27,140 million), potentially from debt issuance or equity offerings. The period from 2019 to 2025 is characterized by consistent cash outflows, ranging from US$6,513 million to US$19,850 million. This pattern suggests the company frequently utilizes financing to fund operations or investments, and also repurchases shares or pays dividends, particularly in recent years.
Overall, the company’s cash flow profile indicates a reliance on operating cash flow to fund investments, supplemented by financing activities. The significant fluctuations in financing cash flow suggest active management of capital structure and shareholder returns. The large investment outflow in 2018 warrants further investigation to understand the underlying drivers.
Per Share Data
Comcast Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2025 | 5.41 | 5.39 | 1.32 |
| Dec 31, 2024 | 4.17 | 4.14 | 1.24 |
| Dec 31, 2023 | 3.73 | 3.71 | 1.16 |
| Dec 31, 2022 | 1.22 | 1.21 | 1.08 |
| Dec 31, 2021 | 3.09 | 3.04 | 1.00 |
| Dec 31, 2020 | 2.30 | 2.28 | 0.92 |
| Dec 31, 2019 | 2.87 | 2.83 | 0.84 |
| Dec 31, 2018 | 2.56 | 2.53 | 0.76 |
| Dec 31, 2017 | 4.82 | 4.75 | 0.63 |
| Dec 31, 2016 | 1.81 | 1.79 | 0.55 |
| Dec 31, 2015 | 1.64 | 1.62 | 0.50 |
| Dec 31, 2014 | 1.62 | 1.60 | 0.45 |
| Dec 31, 2013 | 1.30 | 1.28 | 0.39 |
| Dec 31, 2012 | 1.16 | 1.14 | 0.33 |
| Dec 31, 2011 | 0.76 | 0.75 | 0.23 |
| Dec 31, 2010 | 0.65 | 0.65 | 0.19 |
| Dec 31, 2009 | 0.64 | 0.63 | 0.15 |
| Dec 31, 2008 | 0.44 | 0.43 | 0.13 |
| Dec 31, 2007 | 0.42 | 0.42 | 0.00 |
| Dec 31, 2006 | 0.40 | 0.40 | 0.00 |
| Dec 31, 2005 | 0.14 | 0.14 | 0.00 |
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, 2, 3 Data adjusted for splits and stock dividends.
The per share information reveals a generally positive trajectory in earnings, alongside consistent growth in dividend payouts over the observed period. Earnings per share, both basic and diluted, demonstrate significant fluctuations, while dividends exhibit a steady upward trend.
- Earnings Per Share (EPS)
- Basic and diluted EPS remained relatively stable at a low level between 2005 and 2008, fluctuating around $0.40. A noticeable increase began in 2009, continuing through 2017, where EPS peaked at $4.82 and $4.75 for basic and diluted shares respectively. Following 2017, EPS experienced a substantial decline in 2018 and 2019, before recovering somewhat in 2021. A further decline was observed in 2022, followed by increases in 2023 and 2024, reaching $4.17 and $4.14 for basic and diluted EPS, respectively. The most recent year, 2025, shows continued growth, with EPS reaching $5.41 and $5.39 for basic and diluted shares.
- Dividend Per Share
- Dividend per share was not reported for the initial years, beginning in 2008 at $0.13. From 2008 through 2025, the dividend per share consistently increased. The growth was gradual initially, accelerating between 2015 and 2018. The rate of increase slowed somewhat between 2018 and 2021, but continued nonetheless. By 2025, the dividend per share reached $1.32, representing a substantial increase from its initial value.
The disparity between the EPS and dividend trends suggests that the company has, at times, prioritized returning value to shareholders through dividends even during periods of fluctuating earnings. The significant peak in EPS in 2017 does not appear to have been fully reflected in a corresponding increase in dividends, potentially indicating a conservative approach to dividend policy or other capital allocation priorities. The recent increases in both EPS and dividends suggest a return to a more stable and positive financial performance.