Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Cash Flow Statement
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- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
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- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Profitability Ratios (Summary)
Comcast Corp., profitability 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 profitability ratios reveals a cyclical trend characterized by a significant dip in late 2022 and early 2023, a sustained recovery and growth phase peaking in mid-2025, and a subsequent decline throughout the first half of 2026. While gross margins showed consistent resilience and growth for most of the period, bottom-line profitability and efficiency ratios exhibited higher volatility.
- Gross Profit Margin
- A steady upward trajectory is observed from March 2022 (66.64%) through September 2025, where the margin peaked at 71.88%. This suggests a sustained improvement in the direct cost of revenue relative to sales over the majority of the period. However, a contraction began in early 2026, with the margin receding to 69.39% by June 2026.
- Operating and Net Profit Margins
- Both margins experienced a sharp contraction in the second half of 2022, with net profit margins falling from 11.96% in March 2022 to 4.42% by December 2022. A strong recovery phase occurred between September 2023 and June 2025, during which the net profit margin reached a period high of 18.44%. Following this peak, a significant downward trend emerged, with the net profit margin dropping to 8.97% by June 2026, and the operating margin falling to 14.66% in the same period.
- Return on Equity (ROE) and Return on Assets (ROA)
- The efficiency ratios closely mirrored the volatility of the net profit margins. ROE plummeted from 15.18% in March 2022 to a low of 6.63% in December 2022, before climbing to a peak of 23.65% in June 2025. Similarly, ROA decreased to 2.09% in December 2022 and recovered to peak at 8.36% in June 2025. By June 2026, both metrics saw a sharp decline, with ROE ending at 12.48% and ROA at 4.35%.
The divergence between the relatively stable gross profit margin and the volatile operating and net margins indicates that the fluctuations in overall profitability were primarily driven by operating expenses, non-operating items, or tax adjustments rather than changes in the cost of sales. The synchronized decline across all profitability and efficiency metrics in the first half of 2026 suggests a systemic compression of margins during that period.
Return on Sales
Return on Investment
Gross Profit Margin
Comcast Corp., gross profit margin 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) | ||||||||||||||||||||||||
| 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-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
Gross profit margin = 100
× (Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025
+ Gross profitQ3 2025)
÷ (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The analysis of quarterly financial results reveals a consistent expansion in the gross profit margin from the first quarter of 2022 through the third quarter of 2025, followed by a slight contraction in the first half of 2026. This period is characterized by an overall improvement in the efficiency of converting revenue into gross profit.
- Gross Profit Margin Trajectory
- A steady upward trend is observed starting from 66.64% in March 2022, reaching a peak of 71.88% in September 2025. The margin maintained a baseline above 69% from March 2023 onward, indicating a sustained increase in operational profitability over a three-and-a-half-year period.
- Revenue and Gross Profit Correlation
- Revenue fluctuated within a range of approximately 29.6 billion to 32.3 billion US dollars. Despite this volatility in the top line, gross profit generally increased from 20.44 billion US dollars in March 2022 to a peak of 22.74 billion US dollars in June 2025. The fact that the margin grew while revenue remained relatively stable suggests that the improvement was driven by effective cost management or a shift toward higher-margin revenue streams.
- Recent Performance and Correction
- Following the peak in September 2025, a downward correction occurred. The gross profit margin declined to 70.13% by March 2026 and further to 69.39% by June 2026. This decline corresponds with a reduction in revenue to 29.94 billion US dollars and a decrease in gross profit to 21.55 billion US dollars, suggesting a period of tightening margins in the most recent quarters.
Operating Profit Margin
Comcast Corp., operating profit margin 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) | ||||||||||||||||||||||||
| Operating income (loss) | ||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Operating profit margin1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Operating Profit Margin, 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
Operating profit margin = 100
× (Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025)
÷ (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The operating profit margin exhibits significant volatility over the analyzed period, characterized by a sharp contraction in late 2022, a strong recovery and stabilization phase through 2023 and 2024, and a consistent downward trend beginning in late 2024 and extending through mid-2026.
- Margin Volatility and Recovery (2022–2023)
- A substantial decline in profitability is observed during the second half of 2022, with the operating profit margin dropping from 18.25% in June 2022 to a low of 11.56% by December 31, 2022. This period coincided with a significant deficit in operating income in September 2022. However, a rapid recovery occurred throughout 2023, where the margin climbed from 11.75% in March to a peak of 19.33% by September 30, 2023.
- Stability and Peak Performance (2023–2024)
- A period of relative stability is noted between December 2023 and June 2024, during which the operating profit margin remained consistently high, fluctuating within a narrow band between 19.18% and 19.32%. This phase represents the highest efficiency levels observed in the data set, supported by operating incomes consistently exceeding 4.4 billion US dollars.
- Sequential Margin Erosion (2024–2026)
- Starting in the third quarter of 2024, a persistent downward trajectory is evident. The margin decreased from 18.52% in September 2024 to 14.66% by June 30, 2026. This contraction is particularly pronounced between December 2025 and June 2026, where the margin fell from 16.71% to 14.66%, indicating a steady erosion of operating efficiency despite revenue remaining relatively stable within the 29 billion to 32 billion US dollar range.
Net Profit Margin
Comcast Corp., net profit margin 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 | ||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Net profit margin1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Profit Margin, 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
Net profit margin = 100
× (Net income (loss) attributable to Comcast CorporationQ2 2026
+ Net income (loss) attributable to Comcast CorporationQ1 2026
+ Net income (loss) attributable to Comcast CorporationQ4 2025
+ Net income (loss) attributable to Comcast CorporationQ3 2025)
÷ (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The analysis of net profit margins reveals a period of significant volatility characterized by a sharp contraction in late 2022, a steady recovery through 2023 and 2024, a peak in mid-2025, and a subsequent decline moving into 2026.
- Volatility and Recovery (2022-2023)
- A substantial decline in profitability is observed during the second half of 2022, where the net profit margin dropped from 11.96% in March to a low of 4.42% by December. This contraction was primarily driven by a net loss of 4,598 million USD recorded in the quarter ending September 30, 2022. A recovery phase followed in 2023, with margins expanding from 4.71% in March to 12.66% by December, reflecting a return to normalized profitability levels.
- Stability and Peak Performance (2024-2025)
- The first half of 2024 showed relative stability, with margins oscillating between 11.92% and 13.09%. A significant anomaly occurred in the first half of 2025, where the net profit margin reached its highest observed levels of 18.44% in March and 18.33% in June. This spike corresponds with a sharp increase in net income to 11,123 million USD during the period ending June 30, 2025, despite revenue remaining consistent with historical averages.
- Recent Downward Trend (Late 2025-2026)
- Following the 2025 peak, a downward trajectory is evident. The net profit margin decreased to 16.17% by September 30, 2025, and further softened to 15.00% by March 31, 2026. A more pronounced contraction is observed by June 30, 2026, where the margin fell to 8.97%, indicating a compression of net earnings relative to revenue.
Return on Equity (ROE)
Comcast Corp., ROE 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 | ||||||||||||||||||||||||
| Total Comcast Corporation shareholders’ equity | ||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROE1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| ROE, 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
ROE = 100
× (Net income (loss) attributable to Comcast CorporationQ2 2026
+ Net income (loss) attributable to Comcast CorporationQ1 2026
+ Net income (loss) attributable to Comcast CorporationQ4 2025
+ Net income (loss) attributable to Comcast CorporationQ3 2025)
÷ Total Comcast Corporation shareholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The Return on Equity (ROE) exhibits significant volatility over the analyzed period, characterized by a sharp contraction in late 2022, a period of stabilization and growth through 2024, and a pronounced peak in the first half of 2025.
- Performance Volatility and Recovery
- A notable decline in ROE is observed between June 2022 and December 2022, where the ratio fell from 15.35% to 6.63%. This downturn is directly linked to a substantial quarterly net loss of 4,598 million US$ recorded in September 2022, which occurred as total shareholders' equity decreased to its lowest point in the series at 80,296 million US$.
- Stabilization and Growth Phase
- A recovery trend emerged in September 2023, with ROE rising to 18.34% and remaining relatively stable between 17.11% and 18.92% through December 2024. During this period, net income remained consistently positive, fluctuating between 3,260 million and 4,777 million US$, while shareholders' equity showed a gradual increase from approximately 82,625 million to 85,560 million US$.
- Exceptional Peak in 2025
- The highest ROE values were recorded in the first half of 2025, peaking at 23.65% in June 2025. This surge was driven by an exceptional increase in net income, which reached 11,123 million US$ in the second quarter of 2025. Despite a concurrent increase in shareholders' equity to 96,851 million US$, the magnitude of the net income spike disproportionately elevated the ROE.
- Recent Trajectory and Normalization
- Following the 2025 peak, a downward trend is evident. ROE declined to 20.64% in September 2025 and further dropped to 12.48% by June 2026. This contraction correlates with a normalization of net income, which returned to a range between 2,168 million and 3,526 million US$, and a reduction in total shareholders' equity to 89,763 million US$.
Return on Assets (ROA)
Comcast Corp., ROA calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net income (loss) attributable to Comcast Corporation | ||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROA1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| ROA, 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
ROA = 100
× (Net income (loss) attributable to Comcast CorporationQ2 2026
+ Net income (loss) attributable to Comcast CorporationQ1 2026
+ Net income (loss) attributable to Comcast CorporationQ4 2025
+ Net income (loss) attributable to Comcast CorporationQ3 2025)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
Analysis of asset utilization efficiency reveals a fluctuating trajectory characterized by distinct phases of contraction, recovery, and peak performance between March 2022 and June 2026. The Return on Assets (ROA) demonstrates a high sensitivity to volatility in net income, while the total asset base remained relatively stable throughout the period.
- Initial Contraction and Volatility (2022-2023)
- A substantial decline in ROA is observed during the second half of 2022, falling from 5.26% in June to a low of 2.09% by December. This contraction is primarily driven by a significant net loss of 4.598 billion US dollars recorded in September 2022. A gradual recovery began in early 2023, with the ratio climbing from 2.18% in March to 2.48% in June.
- Stabilization and Recovery (2023-2024)
- A marked improvement in efficiency is evident starting in September 2023, where ROA jumped to 5.80%. Throughout 2024, the ratio maintained a consistent range between 5.44% and 6.08%. This stability was supported by net income figures that generally remained between 3.6 billion and 4.8 billion US dollars against a total asset base that fluctuated narrowly between 262 billion and 270 billion US dollars.
- Peak Performance and Subsequent Downturn (2025-2026)
- The highest level of asset efficiency was reached in June 2025, with ROA peaking at 8.36%. This surge was preceded by a significant spike in net income to 11.123 billion US dollars in the preceding quarter. However, a downward trend is observed thereafter, with ROA receding to 7.34% by December 2025 and further declining to 4.35% by June 2026. This final decline occurs despite a reduction in total assets to 257.5 billion US dollars, indicating that the drop in ROA was driven by lower net income relative to the asset base.