Comcast Corp. (NASDAQ:CMCSA)

Debt to Equity Ratio

The debt to equity ratio initially shows a gradual decline from 1.12 at the start of the period to a low of 0.99 by the end of 2021. Following this, there is an increase and stabilization around 1.15 to 1.18 throughout 2022 and 2023. A modest decline is observed after mid-2024, reaching 1.02 by the third quarter of 2025. This trend indicates a decrease in leverage early on, followed by a period of increased leverage that later slightly diminishes.

Debt to Capital Ratio

The debt to capital ratio remains relatively stable across the analyzed period, fluctuating narrowly between 0.50 and 0.54. This close stability suggests a consistent capital structure with roughly half of the capital being financed through debt.

Debt to Assets Ratio

This ratio exhibits minimal variation, maintaining values between 0.34 and 0.38. The ratio trends slightly upwards from 0.34 at the end of 2021 to around 0.38 in late 2024, followed by a slight decline towards 0.36 by the third quarter of 2025. This denotes a fairly steady proportion of assets financed through debt over the periods assessed.

Financial Leverage Ratio

Financial leverage shows a downward trend from 3.01 at the start of 2021 to around 2.87 by year-end 2021. Post 2021, a notable increase occurs with values peaking around 3.20 in late 2023, then gradually declining to 2.81 by the third quarter of 2025. The overall pattern indicates fluctuations in equity relative to total assets, with periods of both increasing and decreasing leverage intensity.

Interest Coverage Ratio

The interest coverage ratio starts at a moderate level of 4.54 and improves steadily to a peak of 5.67 by the third quarter of 2021. A decline is seen mid-2022, reaching a low of approximately 3.35, suggesting reduced ability to meet interest expenses during that quarter. Subsequently, there is a significant recovery with the ratio rising to over 6.0 in late 2023, followed by a slight decrease but remaining strong above 5.3 through mid-2025. The last two periods show a substantial improvement to values above 7.2, indicating a robust capacity to cover interest payments at the end of the timeframe.

The analysis of the quarterly financial data reveals notable trends in the company's leverage and equity position over the observed periods.

Total Debt

Total debt exhibited a general decreasing trend from March 31, 2021, starting at approximately $103.7 billion, declining steadily to about $92.4 billion by September 30, 2022. This was followed by a slight increase reaching roughly $95.5 billion by March 31, 2023. Subsequently, total debt remained relatively stable with minor fluctuations, peaking again near $101.4 billion in September 30, 2025.

Total Shareholders’ Equity

Shareholders’ equity started at about $92.6 billion on March 31, 2021, and demonstrated moderate growth, reaching a low point of approximately $80.3 billion by September 30, 2022. From that trough, equity steadily increased to close to $97.1 billion by the end of the reporting period in September 30, 2025. This indicates an overall strengthening of the company’s equity base over the longer term, despite some intermediate declines.

Debt to Equity Ratio

The debt to equity ratio showed a declining tendency during the early periods, moving from 1.12 in March 2021 down to 0.99 by December 31, 2021. However, from March 2022 onward, the ratio rose again, peaking at around 1.18 several times between September 2022 and December 2024, which suggests an increase in leverage relative to shareholders’ equity during this phase. Toward the final quarters, the ratio declined to approximately 1.02 by September 2025, illustrating a reduction in relative debt levels or improvement in equity.

In summary, the company initially reduced its total debt and improved its leverage position through late 2021, as reflected in the decreasing debt to equity ratio. However, during 2022 and into 2024, leverage increased despite some growth in equity, indicating a rise in debt levels or slower equity growth. The latest quarters show a beneficial trend where the company reduced leverage once again as equity improved relative to debt. This mixed pattern reflects dynamic financial management aimed at balancing debt servicing capacity and growth in equity capital.

The financial review over the periods reflects several notable trends concerning debt, capital structure, and leverage ratios. The total debt exhibited a generally stable pattern with minor fluctuations. Starting at approximately $103.7 billion, total debt decreased through 2021 and early 2022, reaching a low near $92.4 billion by the third quarter of 2022. Subsequently, total debt showed a moderate increase during 2023 and early 2024, peaking slightly above $101 billion in the third quarter of 2024, followed by a downward correction towards the end of the period, closing at approximately $99.1 billion by the third quarter of 2025.

Total capital demonstrated a gradual decline from $196.3 billion at the beginning of 2021 to a low point near $172.7 billion by the third quarter of 2022, indicating a contraction phase. However, from late 2022 to 2025, total capital steadily increased, reaching a high close to $198.4 billion in mid-2025 before slightly retreating towards the end of the observation window to about $196.1 billion. This recovery suggests a strategic expansion or asset base rebuilding phase following an earlier reduction.

The debt-to-capital ratio provides insight into leverage management and remained relatively stable throughout the period, oscillating around the 0.50 to 0.54 range. The ratio initially decreased slightly from 0.53 to 0.50 in 2021, coinciding with the reduction in total debt relative to capital. From late 2021 through mid-2025, the ratio consistently hovered near 0.54, indicating a modestly increased leverage, though still steady without significant volatility. Towards the very end of the timeline, a slight decrease in the ratio to 0.51 suggests a marginal deleveraging action.

Overall, the data illustrate a stable capital structure with a moderate increase in indebtedness balanced by growth in capital values over the analyzed quarters. The company's approach appears oriented toward maintaining a consistent leverage level while managing fluctuations in debt and capital effectively. This pattern reflects prudent financial management emphasizing balance between growth initiatives and risk control through leverage.

Total Debt

The total debt exhibits a general downward trend from March 2021 through December 2021, decreasing from approximately $103.7 billion to $94.9 billion. After reaching this low, the debt remains fairly stable throughout 2022 but begins to increase again starting in the first quarter of 2023. The debt peaks around $101.4 billion in the third quarter of 2024 before showing some fluctuations, with the last recorded figure in September 2025 at approximately $99.1 billion. Overall, total debt sees an initial decline followed by a gradual increase and some variability towards the later periods.

Total Assets

Total assets display a declining trend from March 2021 through September 2022, falling from about $278.5 billion to $254.3 billion. Following this low point, assets recover moderately, with fluctuations but a general upward movement from late 2022 to mid-2024, peaking at nearly $269.9 billion in September 2024. After this peak, total assets show some volatility, slightly decreasing but remaining above the lowest early period levels, ending near $273 billion by September 2025.

Debt to Assets Ratio

The debt to assets ratio gradually declines from 0.37 in March 2021 to a low of 0.34 by December 2021, consistent with the observed decrease in total debt and a slight reduction in total assets. Beginning in early 2022, the ratio edges upward back towards 0.37, where it remains relatively stable through most of 2023 and 2024 despite some minor fluctuations. By the end of the observed period in September 2025, the ratio slightly decreases again to 0.36. This pattern indicates that leverage decreased initially but stabilized at a moderate level over the latter periods.

Summary

Overall, the data reveals a strategic reduction in total debt and moderate asset contraction during the first two years, contributing to an improved debt to asset ratio. Subsequently, both debt and assets show recovery and growth with some volatility, while the leverage ratio remains relatively stable around 0.37. These trends suggest active management of the balance sheet with a focus on maintaining consistent leverage while navigating fluctuations in asset base and debt levels over time.

The analysis of the quarterly financial data reveals several notable trends in the company's balance sheet components and financial leverage over the observed periods.

Total assets

Total assets demonstrate a general declining trend from March 31, 2021, to June 30, 2022, dropping from approximately $278.5 billion to $267.0 billion. This decline is followed by a fluctuating pattern with a slight recovery toward early 2024, peaking at around $269.9 billion at September 30, 2024, before again modestly decreasing and stabilizing near $273.0 billion by September 30, 2025. Overall, the asset base shows relative stability with periods of minor contraction and expansion throughout the timeline.

Total shareholders’ equity

Shareholders’ equity initially rises steadily from about $92.6 billion at March 31, 2021, reaching a peak near $96.1 billion by December 31, 2021. Subsequently, a significant decrease occurs through June 30, 2022, with equity dropping below $81.0 billion by September 30, 2022. From that point on, equity slowly recovers and displays a generally upward trend, concluding near $97.1 billion by September 30, 2025. This pattern indicates a period of equity reduction during 2022 followed by a gradual rebuilding phase over the subsequent years.

Financial leverage

The financial leverage ratio initially decreases from 3.01 in March 2021 to a low of 2.87 at December 31, 2021, indicating a reduction in the relative use of debt. However, leverage increases significantly afterward, peaking around 3.20 in December 2023. After that, the ratio exhibits a downward trend, dropping steadily to approximately 2.81 by September 30, 2025. This movement implies an initial deleveraging followed by increased leverage in late 2022 and 2023, and subsequently a controlled reduction of leverage toward the end of the period.

In summary, the company's total assets have experienced minor fluctuations with slight overall contraction followed by stabilization. Shareholders’ equity showed an initial rise, then a substantial decline in 2022, before recovering and rising consistently through 2025. Financial leverage shows a cycle of decrease, then increase, and finally reduction again, which suggests active management of the capital structure in response to evolving financial conditions. The trends indicate a strategic adjustment phase during 2022, followed by financial consolidation and strengthening through the remainder of the timeline.

The financial data reveals several notable trends in earnings before interest and tax (EBIT), interest expense, and interest coverage ratio over the examined periods.

Earnings Before Interest and Tax (EBIT)

EBIT fluctuated significantly across the quarters. Initially, there was an upward trend from 5,429 million USD in the first quarter of 2021 to a peak of 6,723 million USD in the second quarter of 2021. This was followed by a moderate decline, reaching 5,006 million USD by the end of 2021. The first half of 2022 showed some recovery; however, the third quarter of 2022 experienced a pronounced drop to negative 2,692 million USD, indicating a significant temporary loss or extraordinary expense during that quarter.

Subsequent quarters saw restoration of EBIT to positive territory, with values stabilizing mostly between approximately 4,600 million USD to 6,200 million USD through 2023 and early 2024. A notable spike occurred in the third quarter of 2025 where EBIT surged to 15,752 million USD, an outlier compared to prior quarters, suggesting either a one-time gain or an exceptional positive event. Following this peak, EBIT declined sharply to 5,596 million USD in the last quarter of 2025, returning closer to historical levels.

Interest Expense

The interest expense remained relatively stable over the entire period with a narrow range from 960 million USD to 1,128 million USD. Minor fluctuations were observed, but there was no clear upward or downward trend. Interest expense hovered just above or below the 1,000 million USD mark, reflecting consistent financing costs or debt levels with no substantial increases or reductions.

Interest Coverage Ratio

The interest coverage ratio, which measures the ability to cover interest payments with EBIT, varied notably over the quarters. Early periods showed strong coverage, generally above 4.5, peaking at 5.67 in the third quarter of 2021. It experienced a decline in late 2021 and mid-2022, dropping as low as 3.35, coinciding with the lower EBIT values, notably during the quarter with negative EBIT.

Thereafter, coverage improved steadily and stabilized near the 6.0 mark in late 2023 and early 2024 quarters, reflecting improved EBIT relative to interest expense. The third quarter of 2025 exhibited a peak coverage ratio of 7.46, correlating with the extraordinary EBIT surge, followed by a slight decrease but still elevated coverage of 7.25 in the final reported quarter.

Overall, the data indicates a company experiencing cyclical fluctuations in operational profitability with a generally stable interest expense profile. The ability to cover interest costs improved over time, reinforced by periodic strong EBIT performances, though interrupted by a marked loss in one quarter during 2022 and an exceptional earnings peak in 2025. The trends suggest resilience and capacity to maintain financial obligations despite volatility in earnings.