Analysis of Geographic Areas
Comcast Corp. operates in 2 regions: United States and Other.
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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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Area Asset Turnover
Comcast Corp., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Other |
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).
Asset turnover ratios for the examined geographic areas demonstrate divergent trends over the five-year period. The United States exhibits a consistent decline, while the ‘Other’ area shows a steady increase.
- United States
- The asset turnover ratio for the United States decreased steadily from 2.21 in 2021 to 1.70 in 2025. This represents a cumulative decrease of approximately 23%. The rate of decline appears to be accelerating, with the largest single-year decrease occurring between 2023 and 2024 (0.11) and again between 2024 and 2025 (0.13). This suggests potentially decreasing efficiency in asset utilization within the United States segment.
- Other
- In contrast to the United States, the asset turnover ratio for the ‘Other’ area increased consistently throughout the period, rising from 1.98 in 2021 to 2.91 in 2025. This represents a cumulative increase of approximately 47%. The increase was relatively consistent year-over-year, ranging from 0.23 to 0.13. This indicates improving efficiency in asset utilization within the ‘Other’ geographic segment.
- Comparative Trends
- Initially, the asset turnover ratio for the United States was higher than that of the ‘Other’ area in both 2021 and 2022. However, the ratio for the ‘Other’ area surpassed that of the United States in 2023 and continued to widen the gap through 2025. By 2025, the ‘Other’ area’s asset turnover ratio was 1.21 higher than that of the United States, indicating a significant divergence in operational efficiency.
The contrasting trends suggest a potential shift in asset utilization effectiveness between the two geographic areas. Further investigation may be warranted to understand the drivers behind these changes, including potential differences in investment strategies, market conditions, or operational performance.
Area Asset Turnover: United States
Comcast Corp.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Property and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Property and equipment, net
= ÷ =
The financial performance indicators reveal a consistent decline in asset utilization within the specified geographic area over the five-year period. Revenue exhibited initial growth followed by a stabilization and slight decrease, while property and equipment, net, demonstrated continuous expansion. Consequently, the area asset turnover ratio decreased steadily throughout the observed timeframe.
- Revenue
- Revenue increased from US$90,926 million in 2021 to US$96,441 million in 2022, representing a growth of approximately 6.0%. However, revenue then decreased to US$94,375 million in 2023 and continued to fluctuate, reaching US$96,237 million in 2024 before settling at US$95,143 million in 2025. This suggests a period of initial expansion followed by revenue stabilization and a minor contraction.
- Property and Equipment, Net
- Property and equipment, net, increased consistently each year. From US$41,187 million in 2021, it rose to US$44,200 million in 2022, US$48,700 million in 2023, US$52,600 million in 2024, and finally reached US$55,900 million in 2025. This indicates a continuous investment in fixed assets within the area.
- Area Asset Turnover
- The area asset turnover ratio experienced a consistent downward trend. Starting at 2.21 in 2021, it decreased to 2.18 in 2022, then to 1.94 in 2023, 1.83 in 2024, and finally to 1.70 in 2025. This decline suggests that the company is generating less revenue for each dollar of assets employed in the area, potentially indicating decreasing efficiency in asset utilization or a shift in asset composition.
The combination of relatively stable revenue and increasing property and equipment, net, directly contributed to the observed decrease in the area asset turnover ratio. Further investigation may be warranted to understand the drivers behind the asset investment and whether the returns on these investments are aligning with expectations.
Area Asset Turnover: Other
Comcast Corp.; Other; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Property and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Property and equipment, net
= ÷ =
The financial performance related to asset utilization within the 'Other' geographic area demonstrates a consistent positive trend over the five-year period. Revenue exhibits fluctuations but ultimately shows an increasing pattern, while the value of property and equipment, net, consistently declines. This combination drives a significant improvement in the area asset turnover ratio.
- Revenue
- Revenue experienced a slight decrease from US$25,459 million in 2021 to US$24,986 million in 2022. However, it rebounded strongly, increasing to US$27,197 million in 2023, US$27,494 million in 2024, and further to US$28,564 million in 2025. This indicates a recovery and subsequent growth in revenue generation within this area.
- Property and Equipment, Net
- Property and equipment, net, decreased steadily throughout the period, moving from US$12,860 million in 2021 to US$11,300 million in 2022, US$11,000 million in 2023, US$9,900 million in 2024, and finally reaching US$9,800 million in 2025. This consistent decline suggests potential asset disposals, depreciation exceeding new investments, or a shift towards more efficient asset utilization.
- Area Asset Turnover
- The area asset turnover ratio increased consistently from 1.98 in 2021 to 2.21 in 2022, 2.47 in 2023, 2.78 in 2024, and 2.91 in 2025. This upward trend signifies that the area is becoming increasingly efficient in generating revenue from its assets. The combination of relatively stable or growing revenue alongside decreasing property and equipment, net, is the primary driver of this improvement. A higher ratio suggests improved operational efficiency and effective asset management.
Overall, the analysis suggests a positive trajectory for asset utilization within the 'Other' geographic area. The decreasing asset base, coupled with increasing revenue, results in a demonstrably improving asset turnover ratio, indicating enhanced efficiency in revenue generation.
Revenue
Comcast Corp., revenue by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Other | |||||
| Total |
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).
Revenue performance between 2021 and 2025 demonstrates distinct trends across geographic areas. Total revenue exhibited an overall increase, though growth decelerated in later periods. A closer examination of revenue contributions from the United States and ‘Other’ regions reveals differing patterns.
- United States Revenue
- Revenue from the United States experienced growth from 2021 to 2022, increasing from US$90,926 million to US$96,441 million. However, this was followed by a decrease in 2023 to US$94,375 million. A modest recovery occurred in 2024, reaching US$96,237 million, but this growth stalled in 2025, with revenue reported at US$95,143 million. The United States remains the dominant revenue contributor, consistently accounting for the majority of total revenue.
- ‘Other’ Revenue
- Revenue from areas categorized as ‘Other’ initially decreased from US$25,459 million in 2021 to US$24,986 million in 2022. Subsequently, this segment demonstrated consistent growth, increasing to US$27,197 million in 2023, US$27,494 million in 2024, and further to US$28,564 million in 2025. This indicates a strengthening contribution from international or non-US markets.
- Total Revenue Trend
- Total revenue increased from US$116,385 million in 2021 to US$121,427 million in 2022, representing a significant year-over-year gain. Growth continued, albeit at a slower pace, reaching US$121,572 million in 2023. Further increases were observed in 2024 (US$123,731 million), but growth plateaued in 2025, with total revenue remaining relatively stable at US$123,707 million. The stabilization in 2025 suggests a potential maturity in overall revenue expansion.
- Relative Contributions
- The proportion of revenue derived from the ‘Other’ segment increased over the analyzed period. While the United States consistently generated the larger share of revenue, the growing contribution from ‘Other’ areas suggests a diversification of revenue streams. This shift could be indicative of successful international expansion or increased market penetration in non-US regions.
In summary, while overall revenue increased between 2021 and 2025, the rate of growth slowed, particularly in the most recent period. The United States experienced fluctuating revenue, while the ‘Other’ segment demonstrated consistent growth, becoming a more significant contributor to total revenue.
Property and equipment, net
Comcast Corp., property and equipment, net by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Other | |||||
| Total |
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).
Property and equipment, net, demonstrates a consistent upward trend overall between 2021 and 2025. However, this growth is driven primarily by investments within the United States, while the ‘Other’ geographic segment exhibits a contrasting pattern.
- United States
- The value of property and equipment, net, within the United States increased steadily throughout the period. Beginning at US$41,187 million in 2021, it rose to US$55,900 million by 2025, representing a cumulative increase of approximately 36%. The annual increases were relatively consistent, ranging from approximately US$3,000 million to US$3,300 million each year.
- Other
- In contrast to the United States, the ‘Other’ geographic segment experienced a decline in property and equipment, net, over the five-year period. Starting at US$12,860 million in 2021, the value decreased to US$9,800 million in 2025, a reduction of approximately 23.6%. The decline was most pronounced between 2021 and 2022, followed by more gradual decreases in subsequent years. The rate of decline slowed between 2023 and 2025.
- Total
- The total value of property and equipment, net, increased from US$54,047 million in 2021 to US$65,700 million in 2025, an overall increase of approximately 21.6%. The growth in the total value is largely attributable to the increases observed in the United States, offsetting the declines in the ‘Other’ segment. The rate of total growth remained relatively stable throughout the period.
The divergence in trends between the United States and ‘Other’ segments suggests a strategic shift in capital allocation. Continued investment within the United States, coupled with a reduction in assets within other geographic areas, may indicate a focus on strengthening the domestic market position or a reassessment of international investments.