Analysis of Profitability Ratios
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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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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Profitability Ratios (Summary)
Comcast Corp., profitability ratios
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).
The profitability metrics demonstrate a generally positive trajectory over the five-year period, though with some fluctuations. Gross profit margin consistently increased, while operating and net profit margins exhibited more variability. Returns on equity and assets also showed improvement, particularly in the later years.
- Gross Profit Margin
- The gross profit margin experienced a steady increase from 66.96% in 2021 to 71.75% in 2025. This suggests improving efficiency in managing the cost of goods sold or increased pricing power. The consistent upward trend is a positive indicator of core business performance.
- Operating Profit Margin
- The operating profit margin displayed significant volatility. It decreased substantially from 17.89% in 2021 to 11.56% in 2022, before recovering to 19.18% in 2023. Subsequent years saw a slight decline to 18.83% in 2024 and further to 16.71% in 2025. This suggests that while core operations are profitable, operating expenses may be impacting overall profitability, and the recent decline warrants further investigation.
- Net Profit Margin
- The net profit margin mirrored the pattern of the operating profit margin, with a sharp decrease from 12.17% in 2021 to 4.42% in 2022. It then rebounded strongly to 12.66% in 2023 and continued to improve, reaching 16.17% in 2025. This indicates that factors beyond core operations, such as interest expense or taxes, significantly impacted net income in 2022, but these effects diminished in subsequent years.
- Return on Equity (ROE)
- Return on equity followed a similar pattern to the profit margins, declining to 6.63% in 2022 before a substantial recovery. It rose to 18.61% in 2023 and continued to increase, reaching 20.64% in 2025. This suggests improved profitability relative to shareholder equity, indicating efficient utilization of shareholder investments.
- Return on Assets (ROA)
- Return on assets also showed an upward trend, increasing from 5.13% in 2021 to 7.34% in 2025, with a low of 2.09% in 2022. This indicates improved profitability relative to total assets, suggesting more effective asset utilization. The consistent growth in ROA is a positive sign of overall financial health.
In summary, while a dip in profitability occurred in 2022, the overall trend across all measured ratios is positive, with improvements observed in the later years of the period. The increasing gross profit margin is particularly encouraging, while the fluctuations in operating and net profit margins suggest a need for continued monitoring of operating expenses and non-core financial impacts.
Return on Sales
Return on Investment
Gross Profit Margin
Comcast Corp., gross profit margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Gross profit | ||||||
| Revenue | ||||||
| Profitability Ratio | ||||||
| Gross profit margin1 | ||||||
| Benchmarks | ||||||
| Gross Profit Margin, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
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
Gross profit margin = 100 × Gross profit ÷ Revenue
= 100 × ÷ =
2 Click competitor name to see calculations.
The gross profit margin exhibited a consistent upward trend over the five-year period. Simultaneously, gross profit increased year-over-year, though at a decelerating rate, while revenue demonstrated modest growth, with a slight decrease in the final year.
- Gross Profit Margin
- The gross profit margin increased from 66.96% in 2021 to 71.75% in 2025. This represents a cumulative increase of 4.79 percentage points over the period. The largest single-year increase occurred between 2022 and 2023, with a rise of 1.23 percentage points. Subsequent increases were more moderate, at 0.32 percentage points between 2023 and 2024, and 1.67 percentage points between 2024 and 2025. This sustained improvement suggests increasing efficiency in cost of goods sold relative to revenue.
- Gross Profit
- Gross profit increased each year, moving from US$77,935 million in 2021 to US$88,756 million in 2025. However, the rate of growth diminished over time. The largest absolute increase was observed between 2021 and 2022 (US$5,279 million), while the smallest was between 2024 and 2025 (US$2,051 million). This deceleration in gross profit growth, coupled with the increasing gross profit margin, indicates that cost management is playing a more significant role in profitability than revenue expansion.
- Revenue
- Revenue increased from US$116,385 million in 2021 to US$123,731 million in 2024, representing a cumulative increase of US$7,346 million. However, revenue experienced a slight decrease in 2025, falling to US$123,707 million. This suggests potential challenges in maintaining revenue growth, despite the continued expansion of gross profit. The relatively small revenue change in the final year, contrasted with the continued margin improvement, reinforces the importance of cost control in driving profitability.
Operating Profit Margin
Comcast Corp., operating profit margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | ||||||
| Revenue | ||||||
| Profitability Ratio | ||||||
| Operating profit margin1 | ||||||
| Benchmarks | ||||||
| Operating Profit Margin, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
| Operating Profit Margin, Sector | ||||||
| Media & Entertainment | ||||||
| Operating Profit Margin, Industry | ||||||
| Communication Services | ||||||
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
Operating profit margin = 100 × Operating income ÷ Revenue
= 100 × ÷ =
2 Click competitor name to see calculations.
The operating profit margin exhibited considerable fluctuation over the five-year period. Initial values demonstrated a decline followed by a recovery and subsequent stabilization, indicating shifts in the company’s operational efficiency and cost management.
- Operating Profit Margin Trend
- In 2021, the operating profit margin stood at 17.89%. A significant decrease was observed in 2022, falling to 11.56%. This represents the lowest value within the observed timeframe. A substantial recovery occurred in 2023, with the margin increasing to 19.18%, the highest value recorded. The margin experienced a slight decrease in 2024, settling at 18.83%, and continued to decline in 2025, reaching 16.71%.
The initial decline in the operating profit margin in 2022 suggests potential increases in operating costs or a decrease in revenue growth relative to costs. The subsequent rebound in 2023 indicates successful cost control measures or improved revenue generation. The slight decrease observed in 2024 and 2025 could be attributed to increased competitive pressures, rising input costs, or a shift in the company’s product/service mix.
- Relationship to Operating Income and Revenue
- The operating profit margin’s fluctuations correlate with changes in both operating income and revenue. While revenue demonstrated consistent growth over the period, operating income experienced more volatility. The substantial drop in operating income in 2022 directly contributed to the lower operating profit margin observed that year. The increase in operating income in 2023 drove the margin’s recovery. The relatively stable revenue figures from 2023-2025 suggest that changes in the operating profit margin during these years are primarily driven by variations in operating income.
Overall, the operating profit margin demonstrates a pattern of volatility, with a clear dip in 2022 followed by a recovery and a more recent stabilization at a level below the 2021 value. Continued monitoring of operating income and revenue, alongside a detailed analysis of underlying cost structures, is recommended to understand the drivers behind these fluctuations.
Net Profit Margin
Comcast Corp., net profit margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income attributable to Comcast Corporation | ||||||
| Revenue | ||||||
| Profitability Ratio | ||||||
| Net profit margin1 | ||||||
| Benchmarks | ||||||
| Net Profit Margin, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
| Net Profit Margin, Sector | ||||||
| Media & Entertainment | ||||||
| Net Profit Margin, Industry | ||||||
| Communication Services | ||||||
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
Net profit margin = 100 × Net income attributable to Comcast Corporation ÷ Revenue
= 100 × ÷ =
2 Click competitor name to see calculations.
The net profit margin exhibited considerable fluctuation over the five-year period. Initial values demonstrate a substantial decline followed by a consistent upward trajectory.
- Net Profit Margin Trend
- In 2021, the net profit margin stood at 12.17%. A significant decrease was observed in 2022, with the margin falling to 4.42%. This represents the lowest value within the observed timeframe. Subsequently, the net profit margin began a period of consistent growth. It increased to 12.66% in 2023, further rising to 13.09% in 2024. The most recent year, 2025, shows the highest net profit margin at 16.17%.
The substantial drop in profitability in 2022 warrants further investigation to understand the underlying factors contributing to this decline. However, the subsequent recovery and continued improvement through 2025 suggest effective strategies were implemented to enhance profitability. The increasing net profit margin from 2023 to 2025 indicates improving operational efficiency, effective cost management, or increased pricing power.
- Relationship to Revenue
- While revenue experienced moderate growth over the period, increasing from US$116,385 million in 2021 to US$123,707 million in 2025, the net profit margin’s improvement was not solely driven by revenue increases. The significant margin expansion, particularly between 2022 and 2025, suggests that factors beyond revenue growth played a crucial role in boosting profitability. The relatively stable revenue between 2023 and 2025, coupled with increasing net income, reinforces this conclusion.
Overall, the net profit margin demonstrates a volatile but ultimately positive trend. The company appears to have successfully navigated challenges that impacted profitability in 2022 and has since implemented strategies to achieve substantial improvements in its financial performance.
Return on Equity (ROE)
Comcast Corp., ROE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income attributable to Comcast Corporation | ||||||
| Total Comcast Corporation shareholders’ equity | ||||||
| Profitability Ratio | ||||||
| ROE1 | ||||||
| Benchmarks | ||||||
| ROE, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
| ROE, Sector | ||||||
| Media & Entertainment | ||||||
| ROE, Industry | ||||||
| Communication Services | ||||||
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
ROE = 100 × Net income attributable to Comcast Corporation ÷ Total Comcast Corporation shareholders’ equity
= 100 × ÷ =
2 Click competitor name to see calculations.
The Return on Equity (ROE) exhibited significant fluctuation over the five-year period. Net income attributable to Comcast Corporation and total shareholders’ equity both influenced the observed trends in ROE.
- ROE Trend
- ROE began at 14.73% in 2021. A substantial decrease was noted in 2022, with ROE falling to 6.63%. Subsequently, ROE demonstrated a strong recovery, increasing to 18.61% in 2023 and continuing to rise to 18.92% in 2024. The upward trend culminated in 2025, with ROE reaching 20.64%.
- Net Income Influence
- Net income attributable to Comcast Corporation decreased considerably from US$14,159 million in 2021 to US$5,370 million in 2022, which contributed to the decline in ROE during that year. A strong rebound in net income, reaching US$15,388 million in 2023, and further increases to US$16,192 million in 2024 and US$19,998 million in 2025, were key drivers of the subsequent increases in ROE.
- Shareholders’ Equity Influence
- Total shareholders’ equity decreased from US$96,092 million in 2021 to US$80,943 million in 2022. Equity then stabilized, increasing modestly to US$82,703 million in 2023 and US$85,560 million in 2024, before experiencing a more substantial increase to US$96,903 million in 2025. The increase in equity in 2025, while positive, was less impactful on ROE than the concurrent increase in net income.
The combined effect of net income and shareholders’ equity movements resulted in a volatile ROE trajectory. The significant recovery in ROE from 2022 onwards is primarily attributable to the substantial growth in net income, partially offset by fluctuations in shareholders’ equity.
Return on Assets (ROA)
Comcast Corp., ROA calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income attributable to Comcast Corporation | ||||||
| Total assets | ||||||
| Profitability Ratio | ||||||
| ROA1 | ||||||
| Benchmarks | ||||||
| ROA, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
| ROA, Sector | ||||||
| Media & Entertainment | ||||||
| ROA, Industry | ||||||
| Communication Services | ||||||
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
ROA = 100 × Net income attributable to Comcast Corporation ÷ Total assets
= 100 × ÷ =
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibited a fluctuating pattern over the five-year period. Initial values demonstrated a decline, followed by a consistent upward trajectory.
- Overall Trend
- The ROA began at 5.13% in 2021, decreased significantly to 2.09% in 2022, and then entered a period of sustained growth. By 2025, the ROA reached 7.34%, representing the highest value within the observed timeframe.
- Year-over-Year Changes
- A substantial decrease in ROA was recorded between 2021 and 2022, indicating a less efficient utilization of assets in generating profit during that period. However, subsequent years showed positive changes. The ROA increased from 2.09% in 2022 to 5.81% in 2023, then to 6.08% in 2024, and finally to 7.34% in 2025.
- Relationship to Net Income and Total Assets
- The decline in ROA in 2022 coincided with a significant reduction in net income attributable to the corporation, while total assets also decreased. The subsequent increases in ROA correlate with increases in net income, with total assets remaining relatively stable between 2022 and 2024 before showing a modest increase in 2025. This suggests that improvements in profitability were the primary driver of the ROA increase, rather than significant changes in asset base.
The observed trend suggests an improving ability to generate earnings from its asset base, particularly in the latter years of the period. The substantial recovery and continued growth in ROA indicate enhanced operational efficiency or strategic decisions positively impacting profitability relative to asset investment.