Operating margins have faced persistent pressure, declining from 22.3% in 2024Q2 to 13.1% in 2026Q1, reflecting challenges in scaling profitability against a substantial SG&A expense base.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 125.28B | 123.71B | 123.73B | 121.57B | 121.43B | 116.39B | 103.56B | 108.94B | 94.51B | 84.53B | 80.4B | 74.51B | 68.78B | 64.66B | 62.57B | 55.84B | 37.94B | 35.76B | 34.26B | 30.89B | 24.97B | 22.25B | 20.31B | 18.35B | 12.46B | 9.67B | 8.22B | 6.21B | 5.15B | 4.91B | 4.04B |
| Revenue Growth % | 1.39% | -0.02% | 1.78% | 0.12% | 4.33% | 12.38% | -4.94% | 15.27% | 11.81% | 5.13% | 7.91% | 8.34% | 6.37% | 3.34% | 12.05% | 47.2% | 6.1% | 4.38% | 10.88% | 23.75% | 12.18% | 9.59% | 10.68% | 47.26% | 28.8% | 17.71% | 32.36% | 20.68% | 4.74% | 21.65% | 20.09% |
| Cost of Goods Sold | 0 | 0 | 0 | 36.76B | 38.21B | 38.45B | 33.12B | 34.44B | 29.69B | 25.38B | 24.46B | 22.55B | 20.91B | 19.67B | 19.93B | 37.48B | 15.25B | 22.04B | 13.47B | 11.18B | 9.01B | 7.97B | 7.46B | 7.04B | 6.3B | 5.42B | 4.5B | 3.4B | 0 | 0 | 2.06B |
| COGS % of Revenue | - | - | - | 30.24% | 31.47% | 33.04% | 31.98% | 31.61% | 31.42% | 30.03% | 30.43% | 30.26% | 30.41% | 30.42% | 31.85% | 67.13% | 40.2% | 61.65% | 39.33% | 36.17% | 36.09% | 35.81% | 36.75% | 38.37% | 50.59% | 56.02% | 54.72% | 54.81% | - | - | 51% |
| Gross Profit | -29.89B | 0 | 123.73B | 84.81B | 83.21B | 77.94B | 70.44B | 74.5B | 64.81B | 59.14B | 55.94B | 51.96B | 47.86B | 44.99B | 42.64B | 18.36B | 22.69B | 13.71B | 20.78B | 19.72B | 15.96B | 14.29B | 12.85B | 11.31B | 6.16B | 4.25B | 3.72B | 2.81B | 5.15B | 4.91B | 1.98B |
| Gross Margin % | -23.86% | - | 100% | 69.76% | 68.53% | 66.96% | 68.02% | 68.39% | 68.58% | 69.97% | 69.57% | 69.74% | 69.59% | 69.58% | 68.15% | 32.87% | 59.8% | 38.35% | 60.67% | 63.83% | 63.91% | 64.19% | 63.25% | 61.63% | 49.41% | 43.98% | 45.28% | 45.19% | 100% | 100% | 49% |
| Gross Profit Growth % | - | -100% | 45.89% | 1.92% | 6.77% | 10.64% | -5.45% | 14.95% | 9.59% | 5.72% | 7.66% | 8.56% | 6.39% | 5.5% | 132.29% | -19.09% | 65.43% | -34.02% | 5.4% | 23.59% | 11.69% | 11.22% | 13.6% | 83.67% | 44.7% | 14.33% | 32.62% | -45.46% | 4.74% | 148.26% | -41.16% |
| Operating Expenses | 66.97B | 103.03B | 48.61B | 61.5B | 69.17B | 57.12B | 52.95B | 53.38B | 45.81B | 41.16B | 39.08B | 35.96B | 32.96B | 31.42B | 30.46B | 7.64B | 14.71B | 6.5B | 27.52B | 14.14B | 11.34B | 10.6B | 9.94B | 9.35B | 4.5B | 5B | 3.88B | 2.14B | 0 | 0 | 1.47B |
| OpEx % of Revenue | - | 83.29% | 39.28% | 50.58% | 56.97% | 49.08% | 51.13% | 49% | 48.47% | 48.69% | 48.61% | 48.26% | 47.92% | 48.6% | 48.68% | 13.67% | 38.77% | 18.18% | 80.35% | 45.77% | 45.41% | 47.61% | 48.93% | 50.98% | 36.09% | 51.69% | 47.24% | 34.5% | - | - | 36.4% |
| Selling, General & Admin | 52.48B | 51.88B | 48.61B | 47.16B | 8.51B | 7.7B | 6.74B | 7.62B | 7.04B | 6.32B | 6.11B | 5.94B | 5.08B | 4.97B | 4.81B | 16.73B | 8.09B | 7.65B | 7.65B | 7.93B | 6.51B | 5.79B | 5.31B | 4.92B | 2.46B | 1.55B | 1.25B | 926M | 0 | 0 | 771.6M |
| SG&A % of Revenue | - | 41.93% | 39.28% | 38.79% | 7% | 6.61% | 6.51% | 6.99% | 7.45% | 7.47% | 7.6% | 7.98% | 7.38% | 7.69% | 7.68% | 29.95% | 21.33% | 21.38% | 22.34% | 25.68% | 26.09% | 26.03% | 26.17% | 26.79% | 19.78% | 16.05% | 15.22% | 14.91% | - | - | 19.11% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 51.16B | 0 | 14.34B | 60.67B | 49.42B | 46.21B | 45.76B | 326M | 61M | 327M | 320M | -215M | -364M | 773M | 7.64B | 6.62B | 6.5B | 6.4B | 6.21B | 4.82B | 4.8B | 4.62B | 4.44B | 2.03B | 3.45B | 2.63B | 1.22B | 0 | 0 | 698.3M |
| Operating Income | 19.15B | 20.67B | 23.3B | 23.31B | 14.04B | 20.82B | 17.49B | 21.13B | 19.01B | 17.99B | 16.86B | 16B | 14.9B | 13.56B | 12.18B | 10.72B | 7.98B | 7.21B | 6.73B | 5.58B | 4.62B | 3.69B | 2.91B | 1.95B | 1.66B | -746.2M | -161M | 664M | 5.15B | 4.91B | 508.9M |
| Operating Margin % | 15.29% | 16.71% | 18.83% | 19.18% | 11.56% | 17.89% | 16.89% | 19.39% | 20.11% | 21.28% | 20.97% | 21.47% | 21.67% | 20.98% | 19.46% | 19.2% | 21.03% | 20.18% | 19.65% | 18.05% | 18.5% | 16.58% | 14.32% | 10.65% | 13.31% | -7.71% | -1.96% | 10.69% | 100% | 100% | 12.6% |
| Operating Income Growth % | - | -11.27% | -0.07% | 66.04% | -32.55% | 19% | -17.19% | 11.13% | 5.68% | 6.69% | 5.38% | 7.34% | 9.89% | 11.36% | 13.6% | 34.35% | 10.62% | 7.16% | 20.69% | 20.76% | 25.18% | 26.89% | 48.82% | 17.78% | 322.33% | -363.48% | -124.25% | -87.09% | 4.74% | 865.34% | -84.87% |
| EBITDA | 16.73B | 36.88B | 32.05B | 37.65B | 27.86B | 34.62B | 30.59B | 34.08B | 30.03B | 28.12B | 26.42B | 24.68B | 22.92B | 29.68B | 29.43B | 18.36B | 14.6B | 13.71B | 13.13B | 11.79B | 9.58B | 8.49B | 7.53B | 6.39B | 3.69B | 2.7B | 2.47B | 1.88B | 6.08B | 5.85B | 1.21B |
| EBITDA Margin % | 13.35% | 29.81% | 25.91% | 30.97% | 22.95% | 29.75% | 29.54% | 31.28% | 31.77% | 33.26% | 32.86% | 33.12% | 33.33% | 45.91% | 47.04% | 32.87% | 38.47% | 38.35% | 38.33% | 38.15% | 38.38% | 38.16% | 37.09% | 34.84% | 29.62% | 27.93% | 30.06% | 30.28% | 118.26% | 119.06% | 29.89% |
| EBITDA Growth % | -52.56% | 15.06% | -14.86% | 35.13% | -19.52% | 13.17% | -10.23% | 13.49% | 6.79% | 6.44% | 7.05% | 7.66% | -22.77% | 0.86% | 60.33% | 25.77% | 6.43% | 4.43% | 11.42% | 23.01% | 12.81% | 12.77% | 17.82% | 73.18% | 36.61% | 9.37% | 31.4% | -69.1% | 4.03% | 384.51% | -70.21% |
| D&A (Non-Cash Add-back) | -2.22B | 16.21B | 8.76B | 14.34B | 13.82B | 13.8B | 13.1B | 12.95B | 11.02B | 10.13B | 9.56B | 8.68B | 8.02B | 16.12B | 17.25B | 7.64B | 6.62B | 6.5B | 6.4B | 6.21B | 4.96B | 4.8B | 4.62B | 4.44B | 2.03B | 3.45B | 2.63B | 1.22B | 939.6M | 936.4M | 698.3M |
| EBIT | 28.94B | 30.18B | 14.54B | 24.57B | 22.62B | 23.37B | 17.49B | 21.56B | 19.15B | 18.44B | 17.3B | 16.07B | 15.14B | 13.69B | 14.13B | 10.71B | 8.26B | 7.45B | 6.5B | 5.58B | 5.66B | 3.52B | 2.83B | 1.95B | 921M | -747M | -161M | 664.1M | 557.1M | 466.6M | 465.9M |
| Net Interest Income | -7.67B | -4.41B | 0 | -4.09B | -3.9B | -4.28B | -4.59B | -4.57B | -3.54B | -3.09B | -2.94B | -2.7B | -2.62B | -2.57B | -2.52B | -2.5B | -2.16B | -2.35B | -2.44B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 6.58B | 4.41B | -4.13B | 4.09B | 3.9B | 4.28B | 4.59B | 4.57B | 3.54B | 3.09B | 2.94B | 2.7B | 2.62B | 2.57B | 2.52B | 2.5B | 2.16B | 2.35B | 2.44B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4.86B | 5.09B | -4.62B | -2.84B | -4.76B | -1.72B | -3.43B | -4.13B | -3.77B | -2.67B | -2.48B | -2.63B | -2.44B | -2.45B | -570M | -2.51B | -1.88B | -2.11B | -2.67B | -1.23B | -1.02B | -1.8B | -1.17B | -2.09B | -1.48B | 1.44B | 3.65B | 840.6M | -3.54B | -579.1M | -363.3M |
| Pretax Income | 24.01B | 25.77B | 18.67B | 20.48B | 9.28B | 19.09B | 14.06B | 17B | 15.24B | 15.32B | 14.35B | 13.37B | 12.46B | 11.12B | 11.61B | 8.21B | 6.1B | 5.11B | 4.06B | 4.35B | 3.59B | 1.88B | 1.81B | -137M | 70M | 695.8M | 3.49B | 1.5B | 0 | 0 | 31.9M |
| Pretax Margin % | 19.16% | 20.83% | 15.09% | 16.84% | 7.65% | 16.41% | 13.58% | 15.6% | 16.13% | 18.13% | 17.85% | 17.95% | 18.12% | 17.19% | 18.55% | 14.7% | 16.09% | 14.28% | 11.85% | 14.08% | 14.4% | 8.45% | 8.91% | -0.75% | 0.56% | 7.19% | 42.42% | 24.23% | - | - | 0.79% |
| Income Tax | 4.03B | 6.11B | -2.8B | 5.37B | 4.36B | 5.26B | 3.36B | 3.67B | 3.38B | -7.58B | 5.31B | 4.96B | 3.87B | 3.98B | 3.74B | 3.05B | 2.44B | 1.48B | 1.53B | 1.8B | 1.35B | 933M | 826M | -16M | 134M | 470.2M | 1.44B | 723.7M | 4.17B | 5.15B | 84.4M |
| Effective Tax Rate % | 16.77% | 23.7% | -14.97% | 26.23% | 46.95% | 27.54% | 23.92% | 21.61% | 22.18% | -49.46% | 36.98% | 37.08% | 31.07% | 35.81% | 32.25% | 37.16% | 39.91% | 28.95% | 37.78% | 41.39% | 37.48% | 49.63% | 45.64% | 11.68% | 191.43% | 67.58% | 41.34% | 48.1% | - | - | 264.58% |
| Net Income | 18.8B | 19.66B | 16.19B | 15.39B | 5.37B | 14.16B | 10.53B | 13.06B | 11.73B | 22.71B | 8.7B | 8.16B | 8.38B | 6.82B | 6.2B | 4.16B | 3.63B | 3.64B | 2.55B | 2.59B | 2.53B | 928M | 970M | 3.24B | -274M | 608.6M | 2.02B | 1.07B | 972.1M | -238.7M | -53.5M |
| Net Margin % | 15% | 15.89% | 13.09% | 12.66% | 4.42% | 12.17% | 10.17% | 11.99% | 12.41% | 26.87% | 10.81% | 10.96% | 12.18% | 10.54% | 9.91% | 7.45% | 9.58% | 10.17% | 7.44% | 8.37% | 10.15% | 4.17% | 4.78% | 17.66% | -2.2% | 6.29% | 24.6% | 17.16% | 18.89% | -4.86% | -1.32% |
| Net Income Growth % | 19.64% | 21.42% | 5.22% | 186.55% | -62.07% | 34.41% | -19.32% | 11.3% | -48.35% | 161.23% | 6.52% | -2.59% | 22.95% | 9.88% | 49.11% | 14.44% | -0.08% | 42.83% | -1.55% | 2.13% | 172.95% | -4.33% | -70.06% | 1282.48% | -145.02% | -69.89% | 89.69% | 9.63% | 507.25% | -346.17% | -21.87% |
| Net Income (Continuing) | 18.72B | 19.66B | 16.19B | 15.11B | 4.92B | 13.83B | 10.7B | 13.32B | 11.86B | 22.92B | 9.03B | 8.41B | 8.59B | 7.13B | 7.87B | 5.16B | 3.67B | 3.63B | 2.52B | 2.59B | 2.23B | 847M | 984M | -218M | -469M | 226M | 2.05B | 780.9M | 1.01B | -182.9M | -6.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 205M | 224M | 237M | 764M | 1.09B | 1.92B | 2.69B | 2.52B | 2.21B | 2.2B | 3.68B | 2.93B | 1.42B | 1.32B | 17.44B | 16.39B | 80M | 90M | 297M | 250M | 241M | 657M | 468M | 292M | 2.67B | 880.2M | 1.26B | 959.5M | 834M | 1.04B | 859.3M |
| EPS (Diluted) | 5.20 | 5.39 | 4.14 | 3.71 | 1.21 | 3.04 | 2.28 | 2.83 | 2.53 | 4.75 | 1.71 | 1.62 | 1.60 | 1.28 | 1.14 | 0.75 | 0.65 | 0.63 | 0.43 | 0.42 | 0.40 | 0.09 | 0.14 | 0.48 | -0.05 | 0.21 | 0.72 | 0.44 | 0.40 | -0.12 | -0.04 |
| EPS Growth % | 25.12% | 30.19% | 11.59% | 206.61% | -60.2% | 33.33% | -19.43% | 11.86% | -46.74% | 177.78% | 5.56% | 1.25% | 25% | 12.28% | 52% | 15.38% | 3.17% | 46.51% | 2.38% | 5% | 328.72% | -33.36% | -70.83% | 974.32% | -126.14% | -70.83% | 63.64% | 10% | 433.33% | -231.49% | -20.67% |
| EPS (Basic) | - | 5.39 | 4.14 | 3.73 | 1.22 | 3.09 | 2.30 | 2.87 | 2.59 | 4.89 | 1.71 | 1.67 | 1.79 | 1.44 | 1.30 | 0.87 | 0.75 | 0.74 | 0.44 | 0.42 | 0.40 | 0.09 | 0.14 | 0.48 | -0.05 | 0.21 | 0.74 | 0.46 | 0.43 | -0.12 | -0.04 |
| Diluted Shares Outstanding | 3.62B | 3.71B | 3.91B | 4.15B | 4.43B | 4.65B | 4.62B | 4.61B | 4.64B | 4.79B | 5.09B | 5.04B | 5.24B | 5.33B | 5.43B | 5.56B | 5.64B | 5.77B | 5.92B | 6.38B | 6.36B | 8.28B | 8.28B | 8.28B | 4.99B | 4.34B | 2.81B | 2.35B | 2.36B | 2B | 1.48B |
| Basic Shares Outstanding | 3.62B | 3.71B | 3.91B | 4.12B | 4.41B | 4.58B | 4.57B | 4.55B | 4.53B | 4.64B | 4.88B | 4.88B | 4.67B | 4.74B | 4.76B | 4.8B | 4.85B | 5.76B | 5.92B | 6.2B | 6.32B | 8.27B | 8.27B | 8.27B | 4.99B | 4.27B | 2.73B | 2.25B | 2.21B | 2B | 1.48B |
| Dividend Payout Ratio | - | - | 29.73% | 30.97% | 88.29% | 32.01% | 39.3% | 28.61% | 28.57% | 12.69% | 29.91% | 29.85% | 26.9% | 28.81% | 25.92% | 28.53% | 29.27% | 20.92% | 21.48% | - | - | - | - | - | - | - | - | 0.88% | 3.7% | - | - |
Broadband competitive saturation
According to recent financial filings, Comcast Holdings Corp. reported a 5.3% revenue increase in 2026Q1, yet the underlying trend remains inconsistent, with quarterly growth rates fluctuating between -2.7% and 5.3% over the past ten quarters, suggesting a lack of sustained momentum in its core segments.
The volatility in top-line performance appears to reflect the ongoing transition from legacy video services to broadband-centric revenue models. Investors should monitor whether the recent uptick in growth can be sustained or if it remains vulnerable to the broader secular decline in linear media consumption.
As reported in quarterly income statements, the company's gross margin profile has exhibited extreme instability, including a reported -95.8% margin in 2025Q3 and a 100% margin in 2025Q1, which complicates traditional assessments of pricing power and cost efficiency relative to industry peers.
These erratic margin swings suggest significant accounting adjustments or non-recurring items that obscure the true underlying profitability of the connectivity and content divisions. Analysts should exercise caution when benchmarking these figures against more stable peers, as the reported data may not reflect normalized operational performance.
Based on the provided income statement data, operating margins have compressed from a peak of 22.3% in 2024Q2 to 13.1% in 2026Q1, indicating that the company is struggling to scale operating income effectively against its substantial SG&A expense base.
The inability to maintain operating margin expansion suggests that rising overhead costs are outpacing revenue gains, potentially due to increased investment in network infrastructure or competitive subscriber acquisition costs. This trend warrants further investigation into whether management can achieve better cost discipline in the coming quarters.
Data from recent filings reveals that net income has experienced significant variance, highlighted by a spike to $11.1 billion in 2025Q2 followed by a sharp contraction, suggesting that reported EPS figures are heavily influenced by non-operating items rather than core operational performance.
The reliance on non-recurring gains to bolster net income raises questions regarding the sustainability of current earnings levels. Investors should look past the headline EPS to evaluate the underlying cash-generating capacity of the business, as the current volatility may mask underlying structural challenges.
Quick answers to the most common questions about buying CCZ stock.
For fiscal year 2025, Comcast Holdings Corp. (CCZ) reported total revenue of $123.71B. This represents a 2963.3% increase compared to $4.04B in 1996.
Comcast Holdings Corp. (CCZ) is profitable, generating $19.66B in net income for the fiscal year ending 2025 with a net profit margin of 15.9%.
Comcast Holdings Corp. (CCZ) reported an operating income of $20.67B, resulting in an operating profit margin of 16.7%. This margin reflects the operational efficiency of the business before interest and taxes.