Comcast Corp. (NASDAQ:CMCSA)

The analysis of the financial turnover ratios and periods reveals several observable trends over the reported quarters.

Receivables Turnover

The receivables turnover ratio demonstrates an overall moderate fluctuation. Starting at 9.03 in March 2020, it increased steadily reaching peaks above 10.0 in late 2021. However, from 2022 onwards, a downward trend is apparent, with the ratio declining to levels below 9.0 by the end of 2024 before recovering slightly to about 9.5 in mid-2025. This suggests that the efficiency in collecting accounts receivable has generally improved early on but faced some softness more recently.

Payables Turnover

The payables turnover ratio shows relative stability with mild variability. Beginning at 2.91 in mid-2020, it gradually increased to about 3.27 in early 2025. This steady rise indicates a slightly quicker payment of suppliers or turnover of payables, implying consistently maintained or improving management of short-term obligations over the period.

Working Capital Turnover

Working capital turnover data is largely absent except for a single high value reported at 165.1. The lack of further data points hinders any conclusive trend analysis for this ratio across the quarters.

Average Receivable Collection Period

The average receivable collection period, expressed in days, fluctuates within a narrow range from 36 to 42 days. It shows minor short-term oscillations but remains relatively stable over time. An initial decrease is noticed from 40 days in early 2020 to a low near 36 days by late 2020, followed by fluctuations around 38 to 41 days thereafter. This indicates a consistent duration for collecting receivables without substantial improvement or deterioration.

Average Payables Payment Period

The average payables payment period trends downward over the period analyzed. Starting at 125 days in early 2020, it declines steadily to about 112 days by the third quarter of 2024, indicating a trend towards paying suppliers more quickly. Some minor rises occur periodically but the overall direction signifies an improvement in settling payables faster over time.

In summary, the company maintains relatively stable receivables collection cycles, though receivables turnover suggests some recent easing in collection efficiency. Payables management shows a gradual increase in turnover and a corresponding decrease in payment days, indicating enhanced short-term liability management. The absence of data for working capital turnover prevents full analysis in that area.

Revenue Trends

Revenue displays a generally upward trajectory from March 31, 2020, to December 31, 2024, albeit with some volatility. It started at approximately $26,609 million in early 2020, declined to a low near $23,715 million by mid-2020, and then steadily increased to peak near $32,070 million in March 31, 2024. There are fluctuations observed in some quarters, for instance, a slight downturn in June and September 2022 as well as September 2024 and June 2025, indicating variability in quarterly performance. Despite these variations, the overall pattern is positive revenue growth over the five-year span.

Receivables, Net

Net receivables follow a pattern of gradual increase consistent with rising revenue. Starting around $10,800 million in March 2020, the figures briefly dipped to just over $10,200 million by mid-2020. Subsequently, receivables steadily increased to approximately $14,036 million in March 2024, suggesting the expanding scale of credit extended or sales on account. The receivables level slightly recedes after this peak but remains elevated relative to earlier periods, implying stable credit management with growth. The parallel movement with revenue supports a proportional relationship between credit sales and total sales volume.

Receivables Turnover Ratio

The receivables turnover ratio, calculated for most quarters from June 2020 onward, shows values ranging roughly between 8.77 and 10.18. It peaked near 10.18 in September 2021, indicating the most efficient collection period during the timeframe analyzed. However, the ratio exhibits a slight downward tendency from late 2021 through 2025, with fluctuations suggesting some variability in collection efficiency. For instance, it falls to approximately 8.77 by September 2024, followed by a moderate rebound to near 9.59 by June 2025. The decline could reflect extended collection periods or increasing receivables balances relative to sales during certain intervals.

Overall Insights

The data indicates a company experiencing growth in revenue and corresponding increases in net receivables, reflecting expanding business operations. The receivables turnover ratio reveals a generally healthy but somewhat declining collection efficiency over time, suggesting potential challenges in maintaining the same level of credit control. Revenue volatility in specific quarters points to market or operational factors influencing sales. The firm’s ability to manage receivables in step with growth will be important to maintain liquidity and operational efficiency going forward.

The analysis of the quarterly financial data reveals several noteworthy trends. Programming and production expenses exhibit significant volatility throughout the observed periods. Initially, there is a decline from March 31, 2020, through June 30, 2020, followed by an overall upward trend peaking around December 31, 2021. Subsequently, fluctuations occur with a notable decrease in mid-2024, ending with lower values in mid-2025 compared to previous peaks.

Accounts payable and accrued expenses related to trade creditors show a generally increasing trend over time, with minor fluctuations. From March 31, 2020, to March 31, 2023, these liabilities steadily grow, suggesting increasing operational scale or delayed payments. After that period, values fluctuate mildly but remain elevated through mid-2025, indicating sustained obligations at a relatively high level.

The payables turnover ratio, available starting from the third quarter of 2020, presents a relatively stable pattern around 3.0. It shows a gradual increase until the end of 2022, peaking above 3.2 in some quarters, followed by a slight decrease but remaining close to 3.1 into 2025. This stability suggests consistent efficiency in managing payables relative to purchases or cost of goods sold.

Programming and Production Expenses

Fluctuate significantly, with peaks around late 2021 and declines at various intervals thereafter.

Overall volatility could reflect operational adjustments, cost management strategies, or market influences affecting content spending.

Accounts Payable and Accrued Expenses

Show an upward trend across the period, indicating increased liabilities potentially due to expanded business activities or payment terms.

Moderate fluctuations in recent periods suggest stable but elevated trade creditor balances.

Payables Turnover Ratio

Remains fairly consistent around 3.0, implying stable payment cycle performance.

Slight increases and decreases point to minor variations in payment efficiency but no significant changes over time.

Working Capital Trends

The working capital values exhibit significant volatility over the observed quarters. Starting with a negative figure of -3516 million in March 2020, the balance fluctuated markedly, reaching positive territory only once in September 2021 with 689 million. After this brief positive shift, the working capital returned to negative figures and exhibited a declining trend from 2022 onwards, reaching a low point of -16211 million in December 2023. Although there was some recovery after this dip, negative working capital persisted, ending at -2756 million in June 2025. The overall pattern indicates persistent challenges in maintaining positive working capital, suggesting possible liquidity management pressures across the period.

Revenue Patterns

Revenue displayed relative stability with some fluctuations across quarters. It began at 26,609 million in March 2020, fluctuated slightly but showed periods of moderate growth, peaking at 32,070 million in December 2024. Despite some quarterly downturns, revenue generally trended upwards until the end of 2024. However, in the first two quarters of 2025, revenue declined to 29,887 million and 30,313 million, respectively. This may indicate a slight weakening in sales or service revenues during the initial part of 2025, after an overall growth trend during the prior years.

Working Capital Turnover Ratio

The working capital turnover ratio was only reported for a single period, showing a very high value of 165.1. The lack of data for other periods prevents a comprehensive analysis of trends. This singular high ratio may indicate an efficient use of working capital during that period or perhaps data inconsistencies related to the working capital amounts.

Summary of Financial Position and Efficiency

Overall, there is a clear indication of working capital challenges, reflected in the predominantly negative values and increasing magnitude of negative balances especially from 2022 through 2023. Despite this liquidity pressure, revenue remained relatively stable with a slight upwards trajectory until late 2024, suggesting that operational income generation was resilient in face of working capital difficulties. The dramatic fluctuations in working capital could impact short-term financial flexibility and may require management attention to improve liquidity management. The limited working capital turnover data provides insufficient insight into how efficiently working capital is utilized over time.

The analysis of the receivables turnover ratio over the periods from March 31, 2020, through June 30, 2025, reveals a generally fluctuating but stable pattern. Starting from a value of 9.03 in March 2020, the turnover ratio increased gradually, reaching a peak of about 10.18 in September 2022. Afterwards, the ratio experienced slight decreases and increases, mostly staying in the range between approximately 8.77 and 9.78 towards the latter periods ending in mid-2025. This suggests that while there is some variation in how frequently receivables are collected in a year, the company maintains a relatively consistent collection efficiency over time.

Regarding the average receivable collection period, measured in days, the trend demonstrates some moderate variation around a central tendency. The collection period started near 40 days in early 2020, decreased to a low of around 36 days in late 2021 and early 2022, and then gradually increased again, peaking at about 42 days by December 2024. By mid-2025, this period shortens somewhat to 38 days. These fluctuations indicate changes in how long it takes, on average, for the company to collect its receivables, with periods of faster collection followed by some lengthening of collection times, but without a strong or sustained directional trend.

Receivables Turnover Ratio Trends

Overall stability with values mostly between 8.8 and 10.2, peaking around 2022 and showing moderate fluctuations afterwards.

Average Receivable Collection Period Trends

Moderate fluctuation between 36 and 42 days, reflecting varying collection efficiency but no long-term worsening or improvement.

Relationship Insights

The inverse movement between turnover ratio and collection period aligns with expectations, where higher turnover corresponds to shorter collection periods and vice versa, confirming the internal consistency of the data.

Conclusion

The financial indicators related to accounts receivable demonstrate that the company's management of credit and collections has remained relatively steady with only moderate variations, indicating effective and stable credit policies across the reported periods.

Payables Turnover

The payables turnover ratio exhibits a generally stable trend with minor fluctuations across the observed periods. Starting at 2.91 in March 2020, the ratio gradually increased, reaching 3.16 by December 2020. Throughout 2021 and 2022, the ratio remained relatively steady around the 3.00 to 3.23 range, indicating consistent management of payables relative to purchases.

In subsequent quarters from 2023 to mid-2025, the ratio oscillated modestly between 2.96 and 3.27, showing no significant upward or downward trend. These fluctuations suggest a stable efficiency in paying off suppliers over time, with no drastic changes in payment practices or credit terms.

Average Payables Payment Period

The average payables payment period, measured in days, shows a general decreasing trend from 125 days in March 2020 to 115 days by mid-2025. Between March 2020 and December 2020, the days decreased steadily from 125 to 115, reflecting faster payments to suppliers during this interval.

Through 2021 and 2022, the payment period saw modest fluctuations ranging between 113 to 123 days, indicating some variability but an overall maintenance of payment speed within a relatively narrow band.

From 2023 to mid-2025, the average days showed minor oscillations around the 115 to 123 days range, with a slight trend towards shorter payment periods towards the end of the timeline, returning to around 115 days by mid-2025. This suggests a mild improvement in payment efficiency or possibly more favorable supplier credit terms.

Combined Analysis

The inverse relationship typically expected between payables turnover and average payment period is generally observed, albeit with moderate fluctuations. As the payables turnover ratio slightly increased or remained steady, the payment period tended to slightly decrease or remain stable, indicating consistent payment behavior and supplier relationship management.

Overall, the data suggests a stable and efficient payables management process with no significant disruptions or sudden changes, maintaining supplier payments within a predictable and controlled range throughout the observed periods.