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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- Current Ratio since 2005
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Solvency Ratios (Summary)
Comcast Corp., solvency ratios (quarterly data)
Based on: 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).
The solvency profile exhibits a period of moderate leverage expansion followed by a targeted deleveraging phase, while maintaining a consistently strong capacity to service interest obligations. The overall capital structure remains stable, with minimal fluctuations in the proportion of debt relative to total assets.
- Debt to Equity and Financial Leverage
- A coordinated upward trend is observed from March 2022 through December 2023, with the debt to equity ratio rising from 1.00 to 1.17 and financial leverage peaking at 3.20. This period of increased leverage stabilized throughout 2024 before a notable reduction occurred in 2025, where the debt to equity ratio reached a low of 1.02 and financial leverage dropped to 2.81. A slight uptick is recorded in the final quarter, with the debt to equity ratio returning to 1.07.
- Debt to Capital and Debt to Assets
- These metrics demonstrate high levels of stability. The debt to capital ratio remained nearly flat at 0.54 for the majority of the analyzed period, with a slight contraction to 0.51 in 2025. Similarly, the debt to assets ratio fluctuated narrowly between 0.35 and 0.38, indicating a disciplined approach to asset-backed financing and a consistent capital composition over time.
- Interest Coverage
- The interest coverage ratio experienced significant volatility, characterized by a sharp decline from 5.57 in March 2022 to a trough of 3.35 in September 2022. A robust recovery followed, with the ratio climbing back above 6.00 by December 2023. The peak coverage of 7.46 was achieved in March 2025, suggesting a substantial improvement in the margin of safety for debt servicing, although a gradual decline to 6.39 is noted by March 2026.
In summary, the solvency metrics indicate a strategic cycle of leverage utilization. The transition from peak leverage in 2023 to reduced levels in 2025, coupled with the recovery and strengthening of interest coverage, suggests an improved solvency position and enhanced financial resilience toward the end of the observed period.
Debt Ratios
Coverage Ratios
Debt to Equity
Comcast Corp., debt to equity calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
Debt to equity = Total debt ÷ Total Comcast Corporation shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
An analysis of the solvency metrics indicates a period of increased leverage between early 2022 and late 2024, followed by a strengthening of the equity position in 2025 and a slight moderation in early 2026.
- Debt to Equity Ratio Trends
- The debt to equity ratio began at 1.00 in March 2022 and experienced a steady climb, peaking at 1.18 between June 2023 and September 2024. This upward trajectory suggests a period where the organization relied more heavily on debt relative to equity. However, a significant reversal occurred in 2025, with the ratio descending to 1.02 by June 2025, before ending the period at 1.07 in March 2026.
- Total Debt Dynamics
- Total debt exhibited moderate volatility, starting at 94,560 million USD in March 2022 and reaching a maximum of 101,364 million USD in September 2024. Following this peak, debt levels generally trended downward, returning to 94,612 million USD by March 2026, effectively neutralizing the growth seen over the preceding three years.
- Shareholders' Equity Fluctuations
- The solvency ratio was heavily influenced by significant shifts in shareholders' equity. A sharp decline was observed from March 2022 (94,693 million USD) to September 2022 (80,296 million USD), which drove the initial spike in the debt to equity ratio. A period of stability followed until early 2025, when equity rose sharply to a peak of 97,081 million USD in June 2025. This surge in equity was the primary driver behind the improvement in the solvency ratio during that year.
- Overall Solvency Interpretation
- The correlation between the total debt and shareholders' equity suggests that the company's solvency profile is more sensitive to changes in equity than to fluctuations in total debt. The return to a debt to equity ratio of 1.07 in March 2026, following a decline in equity to 88,274 million USD, indicates a shift back toward a higher leverage position compared to the mid-2025 lows.
Debt to Capital
Comcast Corp., debt to capital calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
The company's solvency profile is characterized by a prolonged period of stability in its leverage ratio, followed by a slight downward adjustment in the most recent quarters. Between March 2022 and March 2026, the capital structure transitioned from an initial ratio of 0.50 to a sustained plateau of 0.54, before concluding the period at 0.52.
- Debt to Capital Ratio Stability
- A consistent ratio of 0.54 was maintained from September 2022 through December 2024. This stability indicates a strategic alignment where fluctuations in total debt were offset by corresponding changes in total capital, ensuring the leverage proportion remained unchanged for approximately two and a half years.
- Total Debt and Capital Dynamics
- Total debt exhibited a general upward trajectory, reaching a peak of 101.5 billion US dollars in June 2025. Total capital followed a similar pattern, peaking at 198.3 billion US dollars in the same month. A contraction is observed by March 2026, with total debt decreasing to 94.6 billion US dollars and total capital falling to 182.8 billion US dollars.
- Recent Deleveraging Trend
- A downward shift in the debt to capital ratio began in March 2025, declining from 0.54 to 0.51 by June 2025. Although a marginal increase to 0.52 was recorded in March 2026, the trend over the final six quarters suggests a reduction in the proportion of debt relative to the total capital base compared to the 2022-2024 period.
Debt to Assets
Comcast Corp., debt to assets calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The solvency profile exhibits a high degree of stability over the analyzed period, with the debt-to-assets ratio maintaining a narrow range between 0.35 and 0.38. This consistency suggests a disciplined approach to balancing leverage against the asset base.
- Debt to Assets Ratio Trends
- The ratio began at 0.35 in the first quarter of 2022 and experienced a marginal increase to 0.37 by the end of 2022. For the majority of 2023 and early 2024, the ratio remained constant at 0.37. A peak of 0.38 was recorded in September 2024, followed by a slight correction back to 0.36 by the end of the sequence in March 2026.
- Total Debt Analysis
- Total debt showed moderate fluctuations, starting at 94.56 billion in March 2022. Debt levels peaked at 101.53 billion in June 2025 before trending downward to 94.61 billion by March 2026. The most significant period of expansion in debt occurred between December 2023 and June 2025.
- Total Asset Dynamics
- Total assets demonstrated greater volatility than debt, declining from 274.07 billion in March 2022 to a low of 254.31 billion in September 2022. Assets subsequently recovered, reaching a peak of 273.85 billion in June 2025, which coincided with the peak in total debt, before contracting to 260.00 billion by March 2026.
- Solvency Correlation
- The stability of the debt-to-assets ratio indicates that changes in total debt were largely offset by corresponding movements in total assets. The slight increase in the ratio observed in late 2024 was driven by debt increasing at a faster rate than asset growth, while the subsequent decline to 0.36 reflects a reduction in total liabilities toward the end of the period.
Financial Leverage
Comcast Corp., financial leverage calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
Financial leverage = Total assets ÷ Total Comcast Corporation shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The financial leverage of the organization exhibited a cyclical trajectory between March 2022 and March 2026, characterized by an initial period of increasing leverage, a subsequent phase of deleveraging, and a final modest increase.
- Financial Leverage Trend
- The financial leverage ratio increased from 2.89 in March 2022 to a peak of 3.20 by December 2023. This trend indicates a growing reliance on debt relative to equity during this period. A reversal occurred starting in early 2024, with the ratio steadily declining to a low of 2.81 by June 2025. In the final quarter of the analyzed period, the ratio rose again to 2.95 by March 2026.
- Asset and Equity Correlation
- Total assets experienced fluctuations, declining from 274,074 million in March 2022 to a low of 254,308 million in September 2022, before trending upward to peak at 273,850 million in June 2025. Shareholders' equity followed a similar pattern of volatility; after dropping to 80,296 million in September 2022, equity remained relatively stable before climbing to a peak of 97,081 million in June 2025. The expansion of the equity base in 2024 and 2025 was the primary driver behind the reduction in the financial leverage ratio.
- Solvency Observations
- The most significant improvement in the solvency profile occurred between December 2023 and June 2025, where the leverage ratio dropped from 3.20 to 2.81, reflecting a stronger equity position. However, the movement in March 2026 suggests a shift back toward higher leverage, as total assets decreased to 260,002 million and shareholders' equity contracted to 88,274 million, resulting in the ratio increasing to 2.95.
Interest Coverage
Comcast Corp., interest coverage calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
Interest coverage
= (EBITQ1 2026
+ EBITQ4 2025
+ EBITQ3 2025
+ EBITQ2 2025)
÷ (Interest expenseQ1 2026
+ Interest expenseQ4 2025
+ Interest expenseQ3 2025
+ Interest expenseQ2 2025)
= ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The analysis of solvency metrics indicates a period of fluctuating earnings capacity against a stable interest expense profile. While the interest coverage ratio experienced significant volatility between 2022 and 2023, it maintained a generally positive trajectory, peaking in mid-2025 before moderating toward the conclusion of the observed period.
- Earnings Before Interest and Tax (EBIT)
- EBIT exhibited substantial volatility, characterized by a sharp decline in the third quarter of 2022 and a significant peak of 15,752 million USD in June 2025. Outside of these specific outliers, operating earnings generally fluctuated between 3,285 million USD and 6,724 million USD, indicating periodic variations in core operational profitability.
- Interest Expense
- Interest obligations remained remarkably consistent throughout the analyzed timeframe. Expenses moved from 993 million USD in March 2022 to 1,094 million USD by March 2026, reflecting a gradual and controlled increase in the cost of debt servicing.
- Interest Coverage Ratio
- The interest coverage ratio reached its minimum value of 3.35 in September 2022, representing a temporary contraction in the margin of safety for meeting interest obligations. A recovery trend followed throughout 2023, with the ratio ascending to 6.01 by December 2023. The ratio reached its maximum of 7.46 in June 2025, directly correlating with the surge in EBIT, before trending downward to 6.39 by March 2026.