Comcast
CMCSA · NasdaqCable & Other Pay Television Services · Fiscal year ends Dec 31
Comcast reported revenue of $124B in the fiscal year ended Dec 2025, down 0.0% from the year before. Operating income was $20.7B, an operating margin of 16.7%, and net income was $20B. Operating cash flow of $33.6B less capital expenditure of $11.8B left free cash flow of $21.9B. Net debt was $89.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $116B | $121B | $122B | $124B | $124B |
| Operating income | $20.8B | $14B | $23.3B | $23.3B | $20.7B |
| Interest expense | $4.3B | $3.9B | $4.1B | $4.1B | $4.4B |
| Pre-tax income | $19.1B | $9.3B | $20.5B | $18.7B | $25.8B |
| Income tax | $5.3B | $4.4B | $5.4B | $2.8B | $6.1B |
| Net income | $14.2B | $5.4B | $15.4B | $16.2B | $20B |
| Diluted EPS | 3.04 | 1.21 | 3.71 | 4.14 | 5.39 |
| Diluted shares | 4,654M | 4,430M | 4,148M | 3,908M | 3,709M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $8.7B | $4.7B | $6.2B | $7.3B | $9.5B |
| Receivables | $12B | $12.7B | $13.8B | $13.7B | $13.9B |
| Current assets | $24.8B | $21.8B | $24B | $26.8B | $29.6B |
| Net PP&E | $54B | $55.5B | $59.7B | $62.5B | $65.7B |
| Goodwill | $70.2B | $58.5B | $59.3B | $58.2B | $61.5B |
| Total assets | $276B | $257B | $265B | $266B | $273B |
| Payables | $12.5B | $12.5B | $12.4B | $11.3B | $11.1B |
| Deferred revenue | $3B | $2.4B | $3.2B | $3.5B | $4.1B |
| Current liabilities | $29.3B | $27.9B | $40.2B | $39.6B | $33.5B |
| Short-term debt | $2.1B | $1.7B | $2.1B | $4.9B | $6B |
| Long-term debt | $92.7B | $93.1B | $95B | $94.2B | $93B |
| Shareholders' equity | $96.1B | $80.9B | $82.7B | $85.6B | $96.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $29.1B | $26.4B | $28.5B | $27.7B | $33.6B |
| Capital expenditure | $9.2B | $10.6B | $12.2B | $12.2B | $11.8B |
| Free cash flow | $20B | $15.8B | $16.3B | $15.5B | $21.9B |
| Depreciation & amortisation | $13.8B | $13.8B | $14.3B | $14.8B | $16.2B |
| Stock-based compensation | $1.3B | $1.3B | $1.2B | $1.3B | $1.3B |
| Acquisitions | $1.4B | $12M | $0 | $119M | $1.3B |
| Share buybacks | $4.7B | $13.3B | $11.3B | $9.1B | $7.2B |
| Dividends paid | $4.5B | $4.7B | $4.8B | $4.8B | $4.9B |
| Dividend per share | 1.00 | 1.08 | 1.16 | 1.24 | 1.32 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.3% | 0.1% | 1.8% | −0.0% |
| Operating income growth (YoY) | – | −32.6% | 66.0% | −0.1% | −11.3% |
| EPS growth (YoY) | – | −60.2% | 206.6% | 11.6% | 30.2% |
| Operating margin | 17.9% | 11.6% | 19.2% | 18.8% | 16.7% |
| Net margin | 12.2% | 4.4% | 12.7% | 13.1% | 16.2% |
| Return on equityBlank when equity is negative | 14.7% | 6.6% | 18.6% | 18.9% | 20.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.4% | 6.1% | 10.4% | 10.3% | 8.6% |
| Free cash flow margin | 17.2% | 13.0% | 13.4% | 12.5% | 17.7% |
| Cash conversion (CFO ÷ net income) | 2.06x | 4.92x | 1.85x | 1.71x | 1.68x |
| Receivable days | 38 | 38 | 41 | 40 | 41 |
| Interest cover | 4.86x | 3.60x | 5.70x | 5.64x | 4.69x |
| Debt ÷ equity | 0.99x | 1.17x | 1.17x | 1.16x | 1.02x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $86.1B | $90.1B | $90.9B | $91.8B | $89.5B |
| Current ratio | 0.85x | 0.78x | 0.60x | 0.68x | 0.88x |
Recent filings
More in Cable & Other Pay Television Services
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.