Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Debt Ratios
Coverage Ratios
Comcast Corp., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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).
The solvency profile exhibits a distinct cycle of debt expansion followed by a concerted deleveraging phase. From early 2022 through late 2023, there was a general increase in debt-related metrics, indicating a period of increased financial risk. However, starting in early 2024, a consistent downward trend in leverage is observed, suggesting a strategic shift toward strengthening the balance sheet and reducing reliance on external financing.
- Debt-to-Equity and Debt-to-Capital Ratios
- The debt-to-equity ratio rose from 1.00 in March 2022 to a peak of 1.18 by September 2023. This was followed by a steady decline, eventually dropping below the initial starting point to reach 0.94 by September 2026. Similarly, the debt-to-capital ratio remained elevated at 0.54 for an extended period between September 2022 and March 2024 before gradually decreasing to 0.49. These trends indicate a reduction in the proportion of debt relative to both shareholder equity and total capital.
- Debt-to-Assets and Financial Leverage
- The debt-to-assets ratio remained relatively stable, fluctuating within a narrow range between 0.34 and 0.38, which suggests that debt levels grew roughly in proportion to total asset growth. Financial leverage followed a trajectory similar to the debt-to-equity ratio, peaking at 3.20 in December 2023 and contracting to 2.79 by September 2026. This contraction reflects a decrease in the overall use of debt to finance assets.
- Interest Coverage Ratio
- Interest coverage exhibited the highest volatility among the solvency metrics. A significant decline occurred between June 2022 (5.43) and September 2022 (3.35), representing a period of diminished capacity to service interest obligations. This was followed by a strong recovery period, with the ratio peaking at 7.46 in June 2025. However, a second notable decline is observed in 2026, with the ratio falling to 4.18 in June before slightly recovering to 4.29 in September 2026.
Overall, the solvency position improved significantly toward the end of the observed period. The reduction in debt-to-equity and financial leverage suggests a lower risk profile. While interest coverage improved substantially from its 2022 lows, the recent downward trend in 2026 warrants monitoring to ensure that debt serviceability remains within acceptable limits.
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Debt to Equity
Comcast Corp., debt to equity calculation (quarterly data)
| Sep 30, 2026 | 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 | 3,560) | 6,117) | 5,394) | 5,958) | 5,852) | 5,720) | 6,848) | 4,907) | 2,610) | 1,021) | 2,502) | 2,069) | 2,978) | 2,524) | 1,130) | 1,743) | 2,047) | 2,083) | 2,117) | ||||||
| Noncurrent portion of debt | 83,806) | 84,264) | 89,218) | 92,979) | 93,211) | 95,808) | 92,274) | 94,186) | 98,754) | 97,107) | 94,071) | 95,021) | 94,351) | 94,972) | 94,403) | 93,068) | 90,404) | 91,459) | 92,443) | ||||||
| Total debt | 87,366) | 90,381) | 94,612) | 98,937) | 99,063) | 101,528) | 99,122) | 99,093) | 101,364) | 98,128) | 96,573) | 97,090) | 97,329) | 97,496) | 95,533) | 94,811) | 92,451) | 93,542) | 94,560) | ||||||
| Total Comcast Corporation shareholders’ equity | 92,529) | 89,763) | 88,274) | 96,903) | 97,081) | 96,851) | 86,638) | 85,560) | 85,774) | 83,219) | 82,549) | 82,703) | 82,625) | 84,119) | 82,421) | 80,943) | 80,296) | 91,426) | 94,693) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 0.94 | 1.01 | 1.07 | 1.02 | 1.02 | 1.05 | 1.14 | 1.16 | 1.18 | 1.18 | 1.17 | 1.17 | 1.18 | 1.16 | 1.16 | 1.17 | 1.15 | 1.02 | 1.00 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||
| Alphabet Inc. | 0.18 | 0.15 | 0.16 | 0.11 | 0.06 | 0.07 | 0.03 | 0.03 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.06 | ||||||
| Meta Platforms Inc. | 0.30 | 0.32 | 0.24 | 0.27 | 0.15 | 0.15 | 0.16 | 0.16 | 0.18 | 0.12 | 0.12 | 0.12 | 0.13 | 0.14 | 0.08 | 0.08 | 0.08 | 0.00 | 0.00 | ||||||
| Netflix Inc. | 0.52 | 0.47 | 0.46 | 0.54 | 0.56 | 0.58 | 0.62 | 0.63 | 0.70 | 0.63 | 0.66 | 0.71 | 0.65 | 0.63 | 0.66 | 0.69 | 0.68 | 0.75 | 0.83 | ||||||
| Walt Disney Co. | 0.42 | 0.44 | 0.43 | 0.38 | 0.39 | 0.41 | 0.44 | 0.45 | 0.47 | 0.47 | 0.47 | 0.47 | 0.48 | 0.50 | 0.50 | 0.51 | 0.56 | 0.57 | 0.60 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Debt to equity = Total debt ÷ Total Comcast Corporation shareholders’ equity
= 87,366 ÷ 92,529 = 0.94
2 Click competitor name to see calculations.
An analysis of the solvency metrics indicates a cyclical pattern in leverage, characterized by an initial period of increasing debt-to-equity ratios followed by a significant deleveraging phase toward the end of the observed period.
- Total Debt Trends
- Total debt exhibited a gradual upward trajectory from March 31, 2022, reaching a peak of 101,364 million USD by September 30, 2024. Following this peak, a consistent reduction in debt is observed, with the balance declining to 87,366 million USD by September 30, 2026, representing a notable reduction in total liabilities.
- Shareholders' Equity Fluctuations
- Equity levels experienced an initial decline, dropping from 94,693 million USD in March 2022 to a low of 80,296 million USD by September 30, 2022. A recovery phase followed, with equity peaking at 97,081 million USD in June 2025 before stabilizing around 92,529 million USD by the end of the period.
- Debt to Equity Ratio Analysis
- The debt-to-equity ratio began at a balanced 1.00 in March 2022 and trended upward as equity declined and debt increased, peaking at 1.18 between June and September 2024. This indicated a period of higher financial leverage. However, a reversal occurred starting in late 2024, with the ratio steadily declining to 0.94 by September 30, 2026. This final value indicates that the organization transitioned from a position where debt exceeded equity to one where equity represents a larger portion of the capital structure.
The overall trend reflects a strategic shift toward a stronger solvency position. The reduction of total debt coupled with the stabilization of shareholders' equity resulted in a lower leverage profile by the final quarter of the analysis.
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Debt to Capital
Comcast Corp., debt to capital calculation (quarterly data)
| Sep 30, 2026 | 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 | 3,560) | 6,117) | 5,394) | 5,958) | 5,852) | 5,720) | 6,848) | 4,907) | 2,610) | 1,021) | 2,502) | 2,069) | 2,978) | 2,524) | 1,130) | 1,743) | 2,047) | 2,083) | 2,117) | ||||||
| Noncurrent portion of debt | 83,806) | 84,264) | 89,218) | 92,979) | 93,211) | 95,808) | 92,274) | 94,186) | 98,754) | 97,107) | 94,071) | 95,021) | 94,351) | 94,972) | 94,403) | 93,068) | 90,404) | 91,459) | 92,443) | ||||||
| Total debt | 87,366) | 90,381) | 94,612) | 98,937) | 99,063) | 101,528) | 99,122) | 99,093) | 101,364) | 98,128) | 96,573) | 97,090) | 97,329) | 97,496) | 95,533) | 94,811) | 92,451) | 93,542) | 94,560) | ||||||
| Total Comcast Corporation shareholders’ equity | 92,529) | 89,763) | 88,274) | 96,903) | 97,081) | 96,851) | 86,638) | 85,560) | 85,774) | 83,219) | 82,549) | 82,703) | 82,625) | 84,119) | 82,421) | 80,943) | 80,296) | 91,426) | 94,693) | ||||||
| Total capital | 179,895) | 180,144) | 182,886) | 195,840) | 196,144) | 198,379) | 185,760) | 184,653) | 187,138) | 181,347) | 179,122) | 179,793) | 179,954) | 181,615) | 177,954) | 175,754) | 172,747) | 184,968) | 189,253) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 0.49 | 0.50 | 0.52 | 0.51 | 0.51 | 0.51 | 0.53 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.51 | 0.50 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| Alphabet Inc. | 0.16 | 0.13 | 0.14 | 0.10 | 0.05 | 0.06 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | ||||||
| Meta Platforms Inc. | 0.23 | 0.24 | 0.19 | 0.21 | 0.13 | 0.13 | 0.13 | 0.14 | 0.15 | 0.10 | 0.11 | 0.11 | 0.11 | 0.12 | 0.07 | 0.07 | 0.07 | 0.00 | 0.00 | ||||||
| Netflix Inc. | 0.34 | 0.32 | 0.32 | 0.35 | 0.36 | 0.37 | 0.38 | 0.39 | 0.41 | 0.39 | 0.40 | 0.41 | 0.39 | 0.39 | 0.40 | 0.41 | 0.40 | 0.43 | 0.45 | ||||||
| Walt Disney Co. | 0.29 | 0.30 | 0.30 | 0.28 | 0.28 | 0.29 | 0.31 | 0.31 | 0.32 | 0.32 | 0.32 | 0.32 | 0.33 | 0.33 | 0.33 | 0.34 | 0.36 | 0.36 | 0.38 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 87,366 ÷ 179,895 = 0.49
2 Click competitor name to see calculations.
The solvency profile exhibits a period of prolonged stability followed by a corrective downward trend in leverage. The debt-to-capital ratio transitioned from an initial 0.50 in March 2022 to a sustained plateau of 0.54 that lasted from September 2022 through June 2024. Beginning in early 2025, a consistent reduction in the ratio is evident, ending at 0.49 by September 2026.
- Debt Obligations
- Total debt showed a gradual upward trajectory from March 2022, peaking at 101,364 million US dollars in September 2024. A reversal occurred after this peak, with debt levels decreasing steadily to 87,366 million US dollars by the end of the observed period in September 2026.
- Capitalization Trends
- Total capital fluctuated throughout the period, reaching a minimum of 172,747 million US dollars in September 2022 and a maximum of 198,379 million US dollars in June 2025. The subsequent decline to 179,895 million US dollars indicates a contraction in the overall capital base toward the end of 2026.
- Leverage Analysis
- The sustained ratio of 0.54 for several consecutive quarters indicates a period of static solvency management. The eventual transition to 0.49 by September 2026 represents a decrease in the proportion of debt used to finance the capital structure, signaling improved solvency and a reduced reliance on borrowed funds.
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Debt to Assets
Comcast Corp., debt to assets calculation (quarterly data)
| Sep 30, 2026 | 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 | 3,560) | 6,117) | 5,394) | 5,958) | 5,852) | 5,720) | 6,848) | 4,907) | 2,610) | 1,021) | 2,502) | 2,069) | 2,978) | 2,524) | 1,130) | 1,743) | 2,047) | 2,083) | 2,117) | ||||||
| Noncurrent portion of debt | 83,806) | 84,264) | 89,218) | 92,979) | 93,211) | 95,808) | 92,274) | 94,186) | 98,754) | 97,107) | 94,071) | 95,021) | 94,351) | 94,972) | 94,403) | 93,068) | 90,404) | 91,459) | 92,443) | ||||||
| Total debt | 87,366) | 90,381) | 94,612) | 98,937) | 99,063) | 101,528) | 99,122) | 99,093) | 101,364) | 98,128) | 96,573) | 97,090) | 97,329) | 97,496) | 95,533) | 94,811) | 92,451) | 93,542) | 94,560) | ||||||
| Total assets | 257,769) | 257,548) | 260,002) | 272,631) | 272,995) | 273,850) | 267,770) | 266,211) | 269,871) | 262,555) | 263,601) | 264,811) | 261,072) | 262,147) | 259,429) | 257,275) | 254,308) | 267,032) | 274,074) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 0.34 | 0.35 | 0.36 | 0.36 | 0.36 | 0.37 | 0.37 | 0.37 | 0.38 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.36 | 0.35 | 0.35 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| Alphabet Inc. | 0.12 | 0.11 | 0.11 | 0.08 | 0.04 | 0.05 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | ||||||
| Meta Platforms Inc. | 0.17 | 0.19 | 0.15 | 0.16 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.05 | 0.05 | 0.06 | 0.00 | 0.00 | ||||||
| Netflix Inc. | 0.26 | 0.24 | 0.24 | 0.26 | 0.26 | 0.27 | 0.29 | 0.29 | 0.31 | 0.28 | 0.29 | 0.30 | 0.29 | 0.28 | 0.29 | 0.30 | 0.29 | 0.31 | 0.32 | ||||||
| Walt Disney Co. | 0.22 | 0.23 | 0.23 | 0.21 | 0.21 | 0.22 | 0.23 | 0.23 | 0.24 | 0.24 | 0.24 | 0.23 | 0.23 | 0.24 | 0.24 | 0.24 | 0.25 | 0.26 | 0.27 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 87,366 ÷ 257,769 = 0.34
2 Click competitor name to see calculations.
The solvency profile of the organization remained relatively stable over the analyzed period from March 2022 through September 2026, with the debt-to-assets ratio fluctuating within a narrow range between 0.34 and 0.38. While total debt and total assets experienced several fluctuations, the proportional relationship between the two suggests a consistent approach to leverage management.
- Debt to Assets Trend
- The debt-to-assets ratio began at 0.35 in March 2022 and exhibited a gradual increase, peaking at 0.38 in September 2024. This peak coincided with the highest recorded level of total debt during the period. Following this peak, the ratio trended downward, reaching its lowest point of 0.34 by September 2026, indicating an improvement in the solvency position and a reduction in the proportion of assets financed through debt.
- Total Debt Dynamics
- Total debt levels showed moderate volatility, starting at 94,560 million USD in March 2022. A period of growth occurred between December 2022 and September 2024, where debt rose to a peak of 101,364 million USD. However, a significant deleveraging trend is observed starting in March 2026, with total debt decreasing consistently to 87,366 million USD by September 2026, representing the lowest debt level in the observed timeframe.
- Total Asset Performance
- Total assets fluctuated between a high of 274,074 million USD in March 2022 and a low of 254,308 million USD in September 2022. For the majority of the remaining period, assets stabilized between approximately 260,000 million USD and 274,000 million USD. The decline in the debt-to-assets ratio toward the end of the period was driven primarily by the reduction in total debt rather than a significant expansion of the asset base, as assets ended the period at 257,769 million USD.
Overall, the data indicates a strategic shift toward lower leverage in the final year of the analysis. The synchronization of decreasing total debt and a falling debt-to-assets ratio suggests a deliberate effort to strengthen the balance sheet and reduce financial risk.
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Financial Leverage
Comcast Corp., financial leverage calculation (quarterly data)
| Sep 30, 2026 | 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 | 257,769) | 257,548) | 260,002) | 272,631) | 272,995) | 273,850) | 267,770) | 266,211) | 269,871) | 262,555) | 263,601) | 264,811) | 261,072) | 262,147) | 259,429) | 257,275) | 254,308) | 267,032) | 274,074) | ||||||
| Total Comcast Corporation shareholders’ equity | 92,529) | 89,763) | 88,274) | 96,903) | 97,081) | 96,851) | 86,638) | 85,560) | 85,774) | 83,219) | 82,549) | 82,703) | 82,625) | 84,119) | 82,421) | 80,943) | 80,296) | 91,426) | 94,693) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 2.79 | 2.87 | 2.95 | 2.81 | 2.81 | 2.83 | 3.09 | 3.11 | 3.15 | 3.15 | 3.19 | 3.20 | 3.16 | 3.12 | 3.15 | 3.18 | 3.17 | 2.92 | 2.89 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||
| Alphabet Inc. | 1.48 | 1.44 | 1.47 | 1.43 | 1.39 | 1.38 | 1.38 | 1.39 | 1.37 | 1.38 | 1.39 | 1.42 | 1.45 | 1.43 | 1.42 | 1.43 | 1.41 | 1.39 | 1.41 | ||||||
| Meta Platforms Inc. | 1.76 | 1.72 | 1.62 | 1.68 | 1.57 | 1.51 | 1.51 | 1.51 | 1.56 | 1.47 | 1.49 | 1.50 | 1.51 | 1.54 | 1.48 | 1.48 | 1.44 | 1.35 | 1.33 | ||||||
| Netflix Inc. | 2.00 | 1.94 | 1.96 | 2.09 | 2.12 | 2.13 | 2.17 | 2.17 | 2.30 | 2.22 | 2.29 | 2.37 | 2.24 | 2.23 | 2.27 | 2.34 | 2.32 | 2.43 | 2.58 | ||||||
| Walt Disney Co. | 1.86 | 1.89 | 1.86 | 1.80 | 1.80 | 1.88 | 1.93 | 1.95 | 1.97 | 1.97 | 1.96 | 2.07 | 2.09 | 2.09 | 2.10 | 2.14 | 2.21 | 2.23 | 2.26 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Financial leverage = Total assets ÷ Total Comcast Corporation shareholders’ equity
= 257,769 ÷ 92,529 = 2.79
2 Click competitor name to see calculations.
The analysis of the solvency data reveals a period of increasing financial leverage from early 2022 through late 2023, followed by a strategic deleveraging phase that extends into late 2026. The overall trend indicates a shift from a peak in debt-to-equity reliance back toward a more conservative capital structure.
- Total Asset Trends
- Total assets experienced initial volatility, declining from 274,074 million US dollars in March 2022 to a low of 254,308 million US dollars by September 2022. A gradual recovery followed, with assets stabilizing and eventually peaking at 273,850 million US dollars in June 2025. The final periods show a slight contraction, ending at 257,769 million US dollars by September 2026.
- Shareholders' Equity Dynamics
- Equity levels showed a marked decline during 2022, falling from 94,693 million US dollars to approximately 80,943 million US dollars by year-end. A period of relative stability occurred between 2023 and 2024, where equity fluctuated between 82,421 million and 86,638 million US dollars. A significant increase is noted in 2025, reaching a peak of 97,081 million US dollars in June before settling at 92,529 million US dollars by the end of the observed period in September 2026.
- Financial Leverage Analysis
- The financial leverage ratio increased from 2.89 in March 2022 to a peak of 3.20 in December 2023, reflecting an increase in the proportion of debt relative to equity. Following this peak, the ratio maintained a plateau around 3.15 through much of 2024. A corrective trend began in early 2025, with the ratio dropping to 2.81 by September 2025, coinciding with the increase in shareholders' equity. The ratio concluded the period at 2.79 in September 2026, representing the lowest leverage level in the analyzed timeframe.
The correlation between the spike in shareholders' equity during 2025 and the simultaneous drop in the financial leverage ratio suggests a strengthening of the balance sheet. The transition from a leverage peak of 3.20 to a closing value of 2.79 indicates an improved solvency position and a reduction in financial risk over the four-year horizon.
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Interest Coverage
Comcast Corp., interest coverage calculation (quarterly data)
| Sep 30, 2026 | 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 | 3,448) | 3,526) | 2,174) | 2,168) | 3,332) | 11,123) | 3,375) | 4,777) | 3,629) | 3,929) | 3,857) | 3,260) | 4,046) | 4,248) | 3,834) | 3,023) | (4,598) | 3,396) | 3,549) | ||||||
| Add: Net income attributable to noncontrolling interest | (86) | (107) | (147) | (97) | (83) | (79) | (79) | (92) | (53) | (90) | (80) | (106) | (49) | (59) | (67) | (149) | (68) | (155) | (73) | ||||||
| Add: Income tax expense | 1,084) | 1,193) | 706) | 88) | 1,219) | 3,603) | 1,196) | (1,111) | 1,243) | 1,336) | 1,328) | 890) | 1,468) | 1,537) | 1,476) | 796) | 1,014) | 1,261) | 1,288) | ||||||
| Add: Interest expense | 962) | 1,052) | 1,094) | 1,126) | 1,128) | 1,105) | 1,050) | 1,069) | 1,037) | 1,026) | 1,002) | 1,019) | 1,060) | 998) | 1,010) | 975) | 960) | 968) | 993) | ||||||
| Earnings before interest and tax (EBIT) | 5,408) | 5,664) | 3,827) | 3,285) | 5,596) | 15,752) | 5,542) | 4,643) | 5,856) | 6,201) | 6,107) | 5,063) | 6,525) | 6,724) | 6,253) | 4,645) | (2,692) | 5,470) | 5,757) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Interest coverage1 | 4.29 | 4.18 | 6.39 | 6.84 | 7.25 | 7.46 | 5.32 | 5.52 | 5.69 | 5.82 | 5.99 | 6.01 | 5.97 | 3.79 | 3.50 | 3.38 | 3.35 | 5.43 | 5.57 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||
| Netflix Inc. | 21.66 | 20.46 | 19.79 | 17.38 | 17.45 | 16.70 | 15.48 | 14.87 | 13.80 | 12.83 | 11.52 | 9.87 | 8.33 | 7.95 | 7.86 | 8.45 | 8.97 | 8.83 | 8.62 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Interest coverage
= (EBITQ3 2026
+ EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025)
÷ (Interest expenseQ3 2026
+ Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025)
= (5,408 + 5,664 + 3,827 + 3,285)
÷ (962 + 1,052 + 1,094 + 1,126)
= 4.29
2 Click competitor name to see calculations.
The solvency profile of the organization exhibits notable volatility in earnings capacity alongside a relatively stable interest cost structure over the observed period from March 2022 through September 2026.
- Earnings Before Interest and Tax (EBIT) Trends
- Operating earnings demonstrated significant fluctuations, most notably a sharp contraction in September 2022, where EBIT fell to negative 2,692 million USD. Following this trough, earnings generally stabilized between 4,600 million USD and 6,700 million USD for several quarters. An anomalous peak occurred in June 2025, with EBIT surging to 15,752 million USD, before returning to a range of 3,200 million USD to 5,600 million USD throughout 2026.
- Interest Expense Stability
- Interest expenses remained remarkably consistent, fluctuating within a narrow band between 960 million USD and 1,128 million USD. A gradual increase was observed from 2022 through mid-2025, peaking at 1,128 million USD in June 2025, followed by a slight deceleration toward the end of the period, closing at 962 million USD in September 2026.
- Interest Coverage Ratio Analysis
- The interest coverage ratio mirrored the volatility of the EBIT. The ratio reached a period low of 3.35 in September 2022, coinciding with the negative EBIT spike. A recovery phase followed, with the ratio maintaining a strength between 5.32 and 6.01 through 2023 and 2024. The ratio reached its maximum value of 7.46 in March 2025, driven by the substantial increase in operating income. However, a downward trend is evident in 2026, with the ratio compressing to 4.18 in June 2026 and 4.29 in September 2026.
Overall, while the organization has maintained a capacity to cover its interest obligations throughout the entire period, the recent decline in the coverage ratio suggests a tightening of the solvency margin as EBIT levels normalize from their 2025 peaks.
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