Comcast Corp. (NASDAQ:CMCSA)

The financial metrics presented demonstrate varied trends over the five-year period. While reported and adjusted asset turnover ratios remain relatively stable, fluctuating between 0.42 and 0.47, liquidity and solvency ratios exhibit more pronounced shifts. Profitability metrics show significant divergence between reported and adjusted figures, particularly in the earlier years of the period.

Asset Turnover

Both reported and adjusted total asset turnover ratios remain consistent, averaging around 0.46. This suggests a stable efficiency in utilizing assets to generate revenue throughout the period. The lack of significant change indicates no major shifts in operational efficiency.

Liquidity

The reported current ratio demonstrates a decline from 0.85 in 2021 to a low of 0.60 in 2023, followed by a recovery to 0.88 in 2025. The adjusted current ratio shows a similar pattern, though less pronounced, starting at 0.97 and reaching 1.03 in 2025. This suggests fluctuations in short-term liquidity, with a strengthening position in the most recent year.

Solvency

Reported debt to equity and debt to capital ratios increased from 2021 to 2023, peaking at 1.17 and 0.54 respectively, before showing a slight decrease. Adjusted ratios follow a similar trend, but at lower levels, indicating a more conservative debt structure when adjustments are considered. The adjusted debt to equity ratio decreased from 0.77 to 0.81 over the period. Financial leverage, both reported and adjusted, increased initially, peaking in 2023, then decreased in the subsequent years.

Profitability

Reported net profit margin experienced substantial volatility, dropping to 4.42% in 2022 before recovering to 16.17% in 2025. The adjusted net profit margin shows even more dramatic swings, including a negative value of -0.50% in 2022, and a significant increase to 20.05% in 2025. This disparity between reported and adjusted figures suggests the presence of significant non-recurring items or accounting adjustments impacting reported profitability. Return on equity (ROE) mirrors the net profit margin trend, with reported ROE rising to 20.64% in 2025, while adjusted ROE shows a similar pattern of volatility. Return on assets (ROA) also follows a similar trend, with adjusted ROA showing a negative value in 2022 and a substantial increase to 9.12% in 2025.

Overall, the analysis reveals a company experiencing fluctuating profitability and liquidity, with adjustments to reported figures significantly altering the observed trends. The stability in asset turnover suggests consistent operational performance, while changes in solvency ratios indicate evolving capital structure management. The substantial differences between reported and adjusted profitability metrics warrant further investigation into the nature of the adjustments being made.

The financial information presents a five-year trend of revenue, total assets, and associated asset turnover ratios, both reported and adjusted. Revenue demonstrates a generally increasing pattern over the period, while total assets fluctuate. The adjusted total asset turnover ratio remains relatively stable.

Revenue Trend

Revenue increased from US$116,385 million in 2021 to US$121,427 million in 2022, representing a growth of approximately 4.3%. Revenue growth slowed in subsequent years, reaching US$121,572 million in 2023, then increasing to US$123,731 million in 2024, and remaining nearly constant at US$123,707 million in 2025. This suggests a maturing revenue stream with diminishing growth rates.

Total Asset Trend

Total assets decreased from US$275,905 million in 2021 to US$257,275 million in 2022, a decline of approximately 6.8%. Assets then increased to US$264,811 million in 2023, continued to US$266,211 million in 2024, and further to US$272,631 million in 2025. The asset fluctuations may reflect strategic capital allocation or divestitures.

Adjusted Total Asset Turnover

The adjusted total asset turnover ratio exhibited stability across the five-year period. It remained at 0.42 in 2021, increased to 0.47 in 2022, and then stabilized around 0.46 for 2023 and 2024, before decreasing slightly to 0.45 in 2025. This consistency suggests efficient asset utilization in generating revenue, despite the fluctuations in total asset value. The ratio indicates that for every dollar of adjusted assets, approximately US$0.45 to US$0.47 of revenue is generated.

Comparison of Reported and Adjusted Ratios

The reported and adjusted total asset turnover ratios are identical across all reported years. This indicates that the adjustments made to revenue and total assets did not materially impact the asset turnover calculation. The consistency between the reported and adjusted figures suggests the adjustments are not significant in altering the overall assessment of asset efficiency.

In summary, the company demonstrates a stable asset turnover ratio alongside moderate revenue growth and fluctuating total asset levels. The consistency in the adjusted total asset turnover ratio suggests a consistent approach to asset utilization over the observed period.

The adjusted current ratio exhibited fluctuations over the five-year period. Initially, the ratio stood at 0.97 in 2021, decreased to 0.88 in 2022, and continued to decline to 0.67 in 2023. A subsequent increase to 0.76 was observed in 2024, followed by a rise to 1.03 in 2025.

Overall Trend

Despite interim declines, the adjusted current ratio demonstrates an overall improving trend from 2021 to 2025. The ratio concludes the period above its initial value, suggesting strengthening short-term liquidity.

Year-over-Year Changes

A decrease in the adjusted current ratio was noted from 2021 to 2022, and again from 2022 to 2023. The largest year-over-year decrease occurred between 2022 and 2023. Conversely, the most significant increase occurred between 2024 and 2025.

Comparison to Reported Current Ratio

The adjusted current ratio consistently exceeded the reported current ratio across all observed years. This indicates that the adjustments made to current assets and liabilities positively impacted the assessment of short-term liquidity. The difference between the adjusted and reported ratios varied, but generally remained substantial.

Adjusted Components

Adjusted current assets generally increased over the period, moving from US$25,465 million in 2021 to US$30,280 million in 2025. Adjusted current liabilities showed a different pattern, peaking at US$36,956 million in 2023 before decreasing to US$29,427 million in 2025. The interplay between these adjusted components significantly influenced the ratio’s trajectory.

The fluctuations in the adjusted current ratio suggest a dynamic relationship between short-term assets and liabilities. The increase in 2025 is a positive indicator, but the prior declines warrant continued monitoring to understand the underlying drivers of these changes.

The adjusted debt to equity ratio exhibited fluctuations over the five-year period. Initially, the ratio decreased from 0.77 in 2021 to 0.81 in 2025, though not in a strictly linear fashion. Concurrent changes in both adjusted total debt and adjusted total equity contributed to these shifts.

Adjusted Debt to Equity Ratio - Overall Trend

The adjusted debt to equity ratio began at 0.77 in 2021. It increased to 0.89 in 2022 and remained relatively stable at 0.91 in both 2023 and 2024 before decreasing to 0.81 in 2025. This suggests a period of increasing leverage followed by stabilization and then a slight deleveraging.

Adjusted Total Debt

Adjusted total debt generally increased over the period, rising from US$102,089 million in 2021 to US$105,413 million in 2024. A slight decrease was observed in 2025, with adjusted total debt reported at US$105,033 million. The increases suggest increased reliance on debt financing during much of the period.

Adjusted Total Equity

Adjusted total equity demonstrated more volatility. It increased significantly from US$132,161 million in 2021 to US$130,458 million in 2025, with interim fluctuations. The largest decrease occurred between 2021 and 2022, falling to US$114,397 million. The subsequent increases in equity likely contributed to the stabilization and eventual decrease in the adjusted debt to equity ratio in later years.

The interplay between the increasing adjusted debt and fluctuating adjusted equity resulted in the observed pattern for the adjusted debt to equity ratio. The decrease in the ratio in 2025, despite a slight decrease in debt, indicates that the increase in adjusted equity had a more substantial impact on the ratio during that year.

Comparison to Reported Debt to Equity

The reported debt to equity ratio showed a different trend, increasing from 0.99 in 2021 to 1.17 in 2022 and remaining at 1.17 in 2023, before decreasing to 1.16 in 2024 and 1.02 in 2025. The divergence between the reported and adjusted ratios suggests that the adjustments made to debt and equity significantly alter the leverage picture.

The adjusted debt to capital ratio exhibits a generally stable pattern over the five-year period, with fluctuations indicating shifts in the company’s capital structure. Total debt shows a modest increase from 2021 to 2023, followed by further increases in 2024 and a slight decrease in 2025. Total capital experienced a decrease between 2021 and 2022, then demonstrated incremental growth through 2025.

Adjusted Debt to Capital Ratio - Trend Analysis

The adjusted debt to capital ratio began at 0.44 in 2021, increasing to 0.47 in 2022 and continuing to rise to 0.48 in both 2023 and 2024. A slight decrease to 0.45 is observed in 2025. This suggests an initial increase in leverage, followed by a period of stabilization, and a minor reduction in reliance on debt financing by the end of the period.

Total Debt - Trend Analysis

Total debt remained relatively consistent between 2021 and 2022, at approximately US$94.8 billion. An increase to US$97.1 billion is noted in 2023, continuing to US$99.1 billion in 2024, before decreasing slightly to US$98.9 billion in 2025. This indicates a moderate increase in debt levels over the period, with a minimal reduction in the final year.

Total Capital - Trend Analysis

Total capital decreased from US$190.9 billion in 2021 to US$175.8 billion in 2022. Subsequent years show a gradual increase, reaching US$195.8 billion in 2025. This suggests a period of capital reduction followed by reinvestment and growth in the capital base.

The interplay between the trends in adjusted total debt and adjusted total capital contributes to the observed pattern in the adjusted debt to capital ratio. The initial increase in the ratio reflects a faster growth in debt compared to capital, while the subsequent stabilization and slight decrease are attributable to a more balanced growth between the two components.

The financial leverage metrics exhibit fluctuations over the five-year period. Reported financial leverage initially increased from 2.87 in 2021 to 3.20 in 2023, before decreasing to 3.11 in 2024 and further to 2.81 in 2025. However, the adjusted financial leverage ratios present a different trend, remaining relatively stable and lower than the reported figures throughout the period.

Total Assets

Total assets decreased from $275.905 billion in 2021 to $257.275 billion in 2022, then experienced a modest increase over the subsequent three years, reaching $272.631 billion in 2025. The adjusted total assets follow a similar pattern.

Shareholders’ Equity

Total Comcast Corporation shareholders’ equity decreased significantly from $96.092 billion in 2021 to $80.943 billion in 2022. It showed limited growth in 2023 and 2024, reaching $85.560 billion, before increasing substantially to $96.903 billion in 2025. Adjusted total equity demonstrates a similar pattern of decline in 2022, followed by growth, and a larger increase in 2025, consistently exceeding the reported equity values.

Adjusted Financial Leverage Trend

Adjusted financial leverage began at 2.09 in 2021, increased to 2.33 in 2023, and then decreased to 2.29 in 2024, before returning to 2.09 in 2025. This suggests a degree of stability in the adjusted leverage position, with fluctuations remaining within a relatively narrow range. The difference between reported and adjusted leverage indicates that adjustments to asset and equity valuations significantly impact the leverage calculation.

The consistent difference between reported and adjusted financial leverage suggests the presence of items impacting the reported figures that are being adjusted for in the latter calculation. The increase in both reported and adjusted equity in 2025 contributes to the decrease in both leverage ratios in that year.

The adjusted net profit margin exhibited considerable fluctuation over the five-year period. Initial values indicated a relatively stable, though declining, profitability, followed by a significant recovery and subsequent surge. A detailed examination of the trends reveals key insights into the company’s performance.

Overall Trend

The adjusted net profit margin began at 13.06% in 2021, decreased substantially to -0.50% in 2022, then experienced a moderate recovery to 11.77% in 2023 and 11.69% in 2024. A marked increase was observed in 2025, reaching 20.05%. This indicates a period of initial strength, followed by a challenging year, and a subsequent return to, and then surpassing, previous levels of profitability.

Year-over-Year Changes

The most significant year-over-year change occurred between 2021 and 2022, with a decrease of 13.56 percentage points in the adjusted net profit margin. This represents a substantial decline in profitability. The period between 2022 and 2023 showed a considerable improvement of 12.27 percentage points, suggesting a recovery in underlying business performance. The increase from 2024 to 2025 was also substantial, at 8.36 percentage points, indicating accelerating profitability.

Comparison to Reported Net Profit Margin

The adjusted net profit margin consistently differed from the reported net profit margin. The largest discrepancy was in 2022, where the reported margin was 4.42% while the adjusted margin was -0.50%. This suggests significant adjustments were made to net income in that year. In 2025, the adjusted margin (20.05%) exceeded the reported margin (16.17%) by 3.88 percentage points. These differences highlight the impact of the adjustments made to arrive at the adjusted figures.

Revenue Impact

Adjusted revenue demonstrated a consistent upward trend throughout the period, increasing from US$116,407 million in 2021 to US$124,253 million in 2025. However, the substantial fluctuations in the adjusted net profit margin suggest that revenue growth alone does not fully explain the observed profitability changes. The significant margin improvement in 2025, despite relatively modest revenue growth, indicates improved cost control or operational efficiency.

In conclusion, the adjusted net profit margin demonstrates a volatile pattern over the observed period. While revenue consistently increased, profitability experienced a significant downturn in 2022 before recovering and ultimately achieving substantial growth in 2025. The differences between reported and adjusted margins indicate the importance of considering the adjustments made to net income when evaluating the company’s financial performance.

The adjusted return on equity (ROE) exhibited considerable fluctuation over the five-year period. While the reported ROE generally increased, the adjusted ROE presents a more complex picture, demonstrating initial decline followed by substantial recovery.

Adjusted ROE Trend

In 2021, the adjusted ROE stood at 11.51%. It experienced a significant decrease in 2022, falling to -0.53%. A recovery began in 2023, with the adjusted ROE rising to 12.63%, and continued into 2024, reaching 12.47%. The most substantial increase occurred in 2025, with the adjusted ROE climbing to 19.09%.

Relationship to Adjusted Net Income

The negative adjusted ROE in 2022 directly correlates with the negative adjusted net income reported for that year. The subsequent increases in adjusted ROE in 2023, 2024, and particularly 2025 align with the increasing trend in adjusted net income over those periods. The substantial jump in adjusted ROE in 2025 is largely driven by the significant increase in adjusted net income to US$24,908 million.

Relationship to Adjusted Total Equity

Adjusted total equity increased from US$132,161 million in 2021 to US$130,458 million in 2025. While generally increasing, the growth was not consistent year-over-year. The adjusted ROE’s recovery from the negative value in 2022 was not solely attributable to net income; the increase in adjusted total equity also played a role in mitigating the negative impact. The larger increase in adjusted net income in 2025, coupled with a moderate increase in adjusted total equity, resulted in the most significant improvement in adjusted ROE.

The divergence between reported and adjusted ROE suggests that certain accounting adjustments are materially impacting the reported profitability metrics. The substantial improvement in adjusted ROE in the final year of the period indicates a potentially positive shift in underlying business performance or the impact of specific adjustments made to net income.

The adjusted return on assets (ROA) exhibited fluctuating performance over the five-year period. Initial values demonstrated a moderate level, followed by a significant decline, and then a recovery culminating in a substantial increase. A comparison between reported and adjusted ROA reveals the impact of specific adjustments to net income and total assets.

Adjusted ROA Trend

In 2021, the adjusted ROA stood at 5.50%. This decreased substantially in 2022, resulting in a negative value of -0.23%. A recovery was observed in 2023, with the adjusted ROA rising to 5.42%, and continued modestly in 2024 to 5.44%. The most significant change occurred in 2025, with the adjusted ROA increasing markedly to 9.12%.

Relationship to Adjusted Net Income

The negative adjusted ROA in 2022 directly correlates with the negative adjusted net income of US$ -602 million reported for that year. Conversely, the substantial increase in adjusted ROA in 2025 aligns with a significant increase in adjusted net income, reaching US$ 24,908 million. This suggests that changes in adjusted net income are a primary driver of fluctuations in adjusted ROA.

Relationship to Adjusted Total Assets

Adjusted total assets remained relatively stable throughout the period, ranging from US$ 257,805 million to US$ 273,208 million. While asset levels did not demonstrate the same volatility as net income, the increase in adjusted ROA in 2025 occurred alongside a moderate increase in adjusted total assets, amplifying the effect of the higher net income.

Comparison with Reported ROA

The adjusted ROA consistently differed from the reported ROA. The largest divergence occurred in 2022, where the reported ROA was 2.09% while the adjusted ROA was -0.23%. This indicates that the adjustments made to net income and total assets had a considerable impact on the overall profitability assessment for that year. In 2025, the adjusted ROA (9.12%) was notably higher than the reported ROA (7.34%), suggesting positive adjustments contributed to a more favorable profitability picture.

Overall, the adjusted ROA demonstrates a sensitivity to adjustments made to net income, with asset levels playing a secondary role in the observed trends. The substantial improvement in 2025 suggests a significant positive impact from these adjustments on the company’s asset utilization efficiency.