Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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Solvency Ratios (Summary)
Comcast Corp., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
An analysis of solvency metrics between March 2022 and June 2026 reveals a cyclical trend characterized by a period of moderate leverage increase followed by a systematic deleveraging phase. The overall solvency position remains stable, with most ratios returning toward their baseline levels by the end of the observed period.
- Capital Structure and Debt Ratios
- The debt to equity ratio exhibited an upward trend from 1.00 in March 2022, peaking at 1.18 during several quarters in 2023 and 2024. A subsequent contraction is observed starting in late 2024, with the ratio descending to 1.01 by June 2026. Similarly, the debt to capital ratio remained consistent at 0.54 for an extended period between September 2022 and March 2024 before gradually declining back to 0.50. The debt to assets ratio demonstrated the highest level of stability, fluctuating narrowly between 0.35 and 0.38, indicating a consistent proportion of assets financed through debt.
- Financial Leverage
- Financial leverage followed a trajectory closely aligned with the debt-to-equity trend. After starting at 2.89 in March 2022, the ratio climbed to a peak of 3.20 in December 2023. A downward trend is observed throughout 2024 and 2025, resulting in a final value of 2.87 in June 2026, effectively neutralizing the leverage expansion seen in the first half of the period.
- Interest Coverage and Debt Servicing
- The interest coverage ratio experienced significant volatility. A sharp decline occurred between March 2022 (5.57) and September 2022 (3.35), suggesting a temporary compression in the margin of safety for debt servicing. This was followed by a strong recovery phase, peaking at 7.46 in March 2025. However, a marked decrease is noted in the final quarters, with the ratio dropping to 4.18 by June 2026, indicating a recent reduction in the capacity to cover interest expenses from operating earnings.
Debt Ratios
Coverage Ratios
Debt to Equity
Comcast Corp., debt to equity calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current portion of debt | ||||||||||||||||||||||||
| Noncurrent portion of debt | ||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||
| Total Comcast Corporation shareholders’ equity | ||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to equity1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Debt to equity = Total debt ÷ Total Comcast Corporation shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The solvency profile exhibits a cyclical pattern characterized by an initial increase in leverage, a period of stability at higher debt levels, and a subsequent deleveraging phase returning the capital structure toward its original state.
- Total Debt Trajectory
- Debt levels remained relatively stable between early 2022 and early 2023, fluctuating around the 94 billion to 95 billion range. A gradual upward trend followed, with total debt reaching a peak of 101.36 billion by September 2024. Following this peak, a corrective phase is observed, culminating in a significant reduction to 90.38 billion by June 2026, marking the lowest debt level within the analyzed period.
- Shareholders' Equity Fluctuations
- Equity experienced a sharp contraction in 2022, dropping from 94.69 billion in March to 80.30 billion by September. A period of slow recovery followed through 2023 and 2024, with equity stabilizing between 82 billion and 86 billion. A notable surge occurred in 2025, where equity peaked at 97.08 billion in June, before experiencing a moderate decline to 89.76 billion by June 2026.
- Debt to Equity Ratio Analysis
- The debt to equity ratio began at 1.00 in March 2022 and rose to a plateau between 1.14 and 1.18 from December 2022 through September 2024. This increase in leverage was primarily driven by the rapid decline in shareholders' equity during 2022 rather than a proportional increase in debt. The ratio subsequently trended downward starting in late 2024, falling to 1.02 by mid-2025 and ultimately reaching 1.01 by June 2026. This return to near-parity suggests a strategic shift toward reducing financial risk and optimizing the balance sheet.
Debt to Capital
Comcast Corp., debt to capital calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current portion of debt | ||||||||||||||||||||||||
| Noncurrent portion of debt | ||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||
| Total Comcast Corporation shareholders’ equity | ||||||||||||||||||||||||
| Total capital | ||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to capital1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
The solvency profile exhibits a period of sustained leverage followed by a projected trend toward deleveraging. The relationship between total debt and total capital remained remarkably stable for a significant portion of the analyzed period before showing a gradual decline in the final quarters.
- Total Debt Trends
- Total debt demonstrated a general upward trajectory from March 2022, rising from 94,560 million USD to a peak of 101,364 million USD in September 2024. Following this peak, debt levels remained elevated through 2025, oscillating between 98,937 million USD and 101,528 million USD. A significant reduction in total debt is observed in the first half of 2026, with values falling to 90,381 million USD by June 2026.
- Total Capital Fluctuations
- Total capital experienced initial volatility, dropping from 189,253 million USD in March 2022 to a period low of 172,747 million USD in September 2022. This was followed by a steady recovery and growth phase, reaching a maximum of 198,379 million USD in June 2025. Toward the end of the period, total capital decreased, ending at 180,144 million USD in June 2026.
- Debt to Capital Ratio Analysis
- The debt to capital ratio increased from 0.50 in March 2022 and entered a phase of absolute stability at 0.54 between September 2022 and June 2024. A gradual reduction in the ratio began in March 2025, decreasing to 0.51 by September 2025. Despite a slight uptick to 0.52 in March 2026, the ratio concludes the period at 0.50 in June 2026, returning to the level recorded at the start of the analysis.
Debt to Assets
Comcast Corp., debt to assets calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current portion of debt | ||||||||||||||||||||||||
| Noncurrent portion of debt | ||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to assets1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The solvency profile of the organization exhibits a high degree of stability over the analyzed period from March 2022 through June 2026. The relationship between total debt and total assets remains consistent, indicating a disciplined approach to leverage management and a stable capital structure despite fluctuations in absolute values.
- Total Debt Trends
- Total debt levels experienced moderate volatility, beginning at 94,560 million USD in March 2022. A gradual increase was observed through late 2024, reaching a peak of 101,364 million USD in September 2024. Following this peak, a consistent deleveraging trend occurred, resulting in a reduction to 90,381 million USD by June 2026, which represents the lowest debt level in the recorded period.
- Total Asset Movements
- Total assets demonstrated a fluctuating pattern, starting at 274,074 million USD and declining to a low of 254,308 million USD by September 2022. A recovery phase followed, with assets peaking at 273,850 million USD in June 2025. However, a downward trend emerged in the subsequent quarters, ending at 257,548 million USD in June 2026.
- Debt to Assets Ratio Analysis
- The debt to assets ratio remained remarkably stable, oscillating within a narrow range between 0.35 and 0.38. The ratio increased slightly from 0.35 in early 2022 to a peak of 0.38 in September 2024, coinciding with the peak in total debt. Subsequently, the ratio contracted, returning to 0.35 by June 2026. This stability suggests that changes in debt levels were largely offset by corresponding changes in the asset base, maintaining a consistent solvency risk profile.
Overall, the convergence of the debt to assets ratio back to its baseline of 0.35 by mid-2026, coupled with the reduction in total debt to its lowest observed point, indicates an improvement in the long-term solvency position toward the end of the period.
Financial Leverage
Comcast Corp., financial leverage calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||
| Total Comcast Corporation shareholders’ equity | ||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Financial leverage1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Financial leverage = Total assets ÷ Total Comcast Corporation shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The financial leverage of the organization exhibits a cyclical trajectory between March 2022 and June 2026. The period is characterized by an initial increase in leverage, peaking in late 2023, followed by a systematic deleveraging phase through 2025 and a subsequent stabilization in early 2026.
- Total Asset Trends
- Total assets demonstrated volatility throughout the analyzed period. A contraction is observed from March 2022, where assets stood at 274,074 million USD, reaching a low of 254,308 million USD by September 2022. Following this decline, assets remained relatively stable, fluctuating between 257,000 million USD and 273,000 million USD, before ending the period at 257,548 million USD in June 2026.
- Shareholders' Equity Fluctuations
- Equity levels mirrored the asset volatility but showed a more pronounced recovery trend. After falling from 94,693 million USD in March 2022 to a low of 80,296 million USD in September 2022, shareholders' equity entered a growth phase. This upward trend culminated in a peak of 97,081 million USD in June 2025. A moderate reduction occurred thereafter, with equity settling at 89,763 million USD by June 2026.
- Financial Leverage Ratio Analysis
- The financial leverage ratio increased from 2.89 in March 2022 to a peak of 3.20 in December 2023, indicating an increased reliance on debt relative to equity during this window. A reversal of this trend began in 2024, as the ratio steadily declined to a low of 2.81 during the second and third quarters of 2025. The final observation in June 2026 shows the ratio at 2.87, suggesting that the leverage profile has returned to levels comparable to the start of the analyzed period.
Interest Coverage
Comcast Corp., interest coverage calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net income (loss) attributable to Comcast Corporation | ||||||||||||||||||||||||
| Add: Net income attributable to noncontrolling interest | ||||||||||||||||||||||||
| Add: Income tax expense | ||||||||||||||||||||||||
| Add: Interest expense | ||||||||||||||||||||||||
| Earnings before interest and tax (EBIT) | ||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Interest coverage1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Interest coverage
= (EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025
+ EBITQ3 2025)
÷ (Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025
+ Interest expenseQ3 2025)
= ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The analysis of solvency indicators reveals a period of volatility in the ability to service debt obligations, primarily driven by fluctuations in operational earnings rather than changes in financing costs. While interest expenses remained relatively stable, the interest coverage ratio experienced significant swings in correlation with Earnings Before Interest and Tax (EBIT).
- Earnings Before Interest and Tax (EBIT) Trends
- EBIT exhibited substantial variance throughout the period. A significant contraction was observed in the third quarter of 2022, with earnings falling to negative 2,692 million US dollars. Following this dip, earnings generally stabilized between 4,600 million and 6,700 million US dollars, interrupted by a substantial peak of 15,752 million US dollars in June 2025. A subsequent decline is noted toward the end of the period, with EBIT ending at 5,664 million US dollars in June 2026.
- Interest Expense Stability
- Interest expenses demonstrated a high degree of consistency, ranging from a minimum of 960 million US dollars in September 2022 to a maximum of 1,128 million US dollars in June 2025. The gradual increase in these costs over the multi-year period suggests a stable debt structure with predictable servicing requirements.
- Interest Coverage Ratio Dynamics
- The interest coverage ratio fluctuated in direct alignment with EBIT performance. The ratio reached a low of 3.35 in September 2022, coinciding with the EBIT contraction. A recovery phase followed, with the ratio strengthening to approximately 6.0 between September 2023 and June 2024. The ratio peaked at 7.46 in June 2025, reflecting the period's highest EBIT. However, a downward trajectory is observed from September 2025 onward, with the ratio descending to 4.18 by June 2026.
Overall, the solvency position remained adequate throughout the observed timeframe, as the interest coverage ratio consistently stayed above 3.0. The primary risk factor identified is the volatility of operational earnings, which directly impacts the margin of safety for interest payments.