Ctrl K
Operating cash flow averaged $7.6B per quarter with dividend coverage at 6.6x, while capex intensity rose to 41% of OCF, supporting network upgrades without straining cash generation.
Comcast Corporation (CMCSA) cash flow statement — 30-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 32.52B | 33.64B | 27.67B | 28.5B | 26.41B | 29.15B | 24.74B | 25.7B | 24.3B | 21.4B | 19.24B | 18.78B | 16.95B | 14.16B | 14.85B | 14.35B | 11.18B | 10.28B | 10.23B | 8.79B | 6.62B | 4.92B | 5.93B | 2.85B | 3B | 1.23B | 1.22B | 1.25B | 1.08B | 916M | 799.6M |
| Operating CF Growth % | 19.86% | 21.57% | -2.91% | 7.91% | -9.38% | 17.82% | -3.74% | 5.76% | 13.52% | 11.24% | 2.46% | 10.82% | 19.67% | -4.67% | 3.55% | 28.32% | 8.73% | 0.49% | 16.37% | 32.85% | 34.46% | -17% | 107.78% | -4.71% | 143.59% | 0.84% | -2.41% | 15.72% | 17.87% | 14.56% | 53.56% |
| Operating CF / Revenue % | 26.03% | 27.2% | 22.37% | 23.44% | 21.75% | 25.04% | 23.89% | 23.59% | 25.71% | 25.17% | 23.83% | 25.2% | 24.64% | 21.9% | 23.74% | 25.69% | 29.47% | 28.75% | 29.72% | 28.46% | 26.51% | 23.35% | 30.85% | 15.55% | 36.97% | 12.71% | 14.84% | 19.14% | 19.92% | 20.5% | 22.14% |
| Net Income | 11.2B | 20B | 15.88B | 15.11B | 4.92B | 13.83B | 10.7B | 13.32B | 11.86B | 22.9B | 9.04B | 8.41B | 8.59B | 7.13B | 7.87B | 5.16B | 3.67B | 3.63B | 2.55B | 2.59B | 2.53B | 928M | 970M | 3.24B | -274M | 608.6M | 2.05B | 1.12B | 976.3M | -208.5M | -52.5M |
| Depreciation & Amortization | 15.76B | 16.21B | 14.8B | 14.34B | 13.82B | 13.8B | 13.1B | 12.95B | 10.68B | 9.82B | 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 |
| Deferred Taxes | 1.54B | 2.67B | -902M | -2.74B | -834M | 1.89B | -550M | 563M | 290M | -10.65B | 1.44B | 958M | 1.17B | 16M | 139M | 1.06B | 549M | 832M | 495M | 247M | 674M | 183M | 531M | 820M | -100M | -240.7M | 1.1B | -31.9M | 418.2M | -56.6M | 14M |
| Other Non-Cash Items | 1.19B | -7.42B | 1.55B | -452M | 10.07B | -830M | -273M | 397M | 940M | 78M | 250M | 380M | 191M | 204M | -1.63B | 7.3B | 15M | 23M | 547M | 337M | 322M | 30M | 137M | -113M | 975M | 1.5M | -4.23B | -1.62B | -1.25B | 216.5M | 49.2M |
| Working Capital Changes | 1.98B | 2.18B | -4.94B | 1.01B | -2.9B | -868M | 566M | -2.56B | -297M | -1.5B | -1.7B | -220M | -1.53B | -9.73B | -9.14B | -7.15B | 31M | -959M | -16M | -277M | -294M | -1.02B | -331M | -380M | 362M | -152.8M | -328.1M | 569.2M | 0 | 28.2M | 90.6M |
| Capital Expenditures | -12.07B | -11.75B | -12.3B | -15.54B | -13.77B | -12.06B | -11.63B | -12.43B | -50.85B | -11.3B | -18.39B | -9.87B | -8.54B | -7.61B | -6.64B | -12.51B | -5.5B | -5.64B | -6.28B | -6.56B | -9.87B | -3.62B | -3.66B | -4.16B | -1.98B | -2.19B | -1.64B | -2.54B | -1.35B | -925.5M | -730.8M |
| CapEx / Revenue % | 10.8% | 9.5% | 12.32% | 12.78% | 11.34% | 10.36% | 11.23% | 11.41% | 53.81% | 13.29% | 22.77% | 13.25% | 12.42% | 11.76% | 10.61% | 22.4% | 14.49% | 15.77% | 18.23% | 21.25% | 39.54% | 17.18% | 19.04% | 22.68% | 24.38% | 22.62% | 19.92% | 38.89% | 24.89% | 20.72% | 20.23% |
| CapEx / D&A | 0.86x | 0.72x | 1.03x | 1.08x | 1.00x | 0.87x | 0.89x | 0.96x | 4.76x | 1.15x | 1.92x | 1.14x | 1.07x | 0.47x | 0.38x | 1.64x | 0.83x | 0.87x | 0.98x | 1.06x | 1.99x | 0.75x | 0.79x | 0.94x | 0.97x | 0.63x | 0.62x | 2.09x | 1.44x | 0.99x | 1.05x |
| CapEx Coverage (OCF/CapEx) | 2.41x | 2.86x | 1.82x | 1.83x | 1.92x | 2.42x | 2.13x | 2.07x | 0.48x | 1.89x | 1.05x | 1.90x | 1.98x | 1.86x | 2.24x | 1.15x | 2.03x | 1.82x | 1.63x | 1.34x | 0.67x | 1.36x | 1.62x | 0.69x | 1.52x | 0.56x | 0.74x | 0.49x | 0.80x | 0.99x | 1.09x |
| Cash from Investing | -14.74B | -16.16B | -15.67B | -7.16B | -14.14B | -13.45B | -12.05B | -14.84B | -50.85B | -13.7B | -18.39B | -11.96B | -8.73B | -9.51B | -1.49B | -12.51B | -5.71B | -5.9B | -7.48B | -8.75B | -9.87B | -3.75B | -4.51B | 5.24B | -1.27B | -3.01B | -1.22B | -2.54B | -1.43B | -1.19B | -926.2M |
| Acquisitions | -16M | -1.31B | 652M | 524M | 1.64B | -1.67B | 608M | -600M | -38.68B | -532M | -3.71B | -1.35B | 189M | 984M | 3.01B | -6.13B | -183M | -88M | -738M | -1.32B | -5.11B | -199M | -296M | -152M | -251M | -1.33B | -187.3M | 361.1M | 0 | 0 | 0 |
| Purchase of Investments | -652M | -1.3B | -1.08B | -1.31B | -2.27B | -174M | -812M | -1.9B | -1.26B | -2.29B | -1.7B | -784M | -191M | -1.22B | -297M | -135M | -260M | -346M | -1.17B | -2.09B | -2.81B | -392M | -169M | -234M | -88M | -317M | -1.01B | -3.05B | -202.1M | 0 | -502M |
| Sale of Investments | 106M | 670M | 0 | 8.61B | 0 | 12.06B | 11.63B | 12.43B | 141M | 150M | 10.82B | 9.87B | 8.54B | 2M | 6.64B | 6.26B | 99M | 102M | 737M | 1.16B | 2.75B | 861M | 228M | 7.97B | 1.26B | 1.17B | 2.03B | 2.06B | 169.5M | 45.6M | 377.7M |
| Other Investing | -698M | -2.47B | 6M | 558M | 258M | -11.61B | -11.84B | -12.34B | 650M | 267M | -12.98B | -9.83B | -8.73B | -1.67B | -4.2B | -6.24B | 130M | 74M | -32M | 62M | -2M | -397M | -615M | 1.81B | -221M | -346.2M | -409.2M | -263.5M | -45.7M | -309.3M | -71.1M |
| Cash from Financing | -19.78B | -14.35B | -10.88B | -19.85B | -16.18B | -18.62B | -6.51B | -9.18B | 27.14B | -7.57B | 151M | -8.43B | -6.02B | -13.88B | -4.04B | -6.2B | -155M | -4.91B | -2.52B | -316M | 3.55B | -933M | -2.52B | -7.05B | -1.29B | 1.48B | -271.4M | 1.34B | 809.2M | 355.6M | -81.2M |
| Dividends Paid | -4.86B | -4.89B | -4.81B | -4.77B | -4.74B | -4.53B | -4.14B | -3.73B | -3.35B | -2.88B | -2.6B | -2.44B | -2.25B | -1.96B | -1.61B | -1.19B | -1.06B | -761M | -547M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.4M | -36M | -34M | -26.8M |
| Dividend Payout Ratio % | - | 24.47% | 29.73% | 30.97% | 88.29% | 32.01% | 39.3% | 28.61% | 28.57% | 12.68% | 29.97% | 29.85% | 26.9% | 28.81% | 25.92% | 28.53% | 29.27% | 20.92% | 21.48% | - | - | - | - | - | - | - | - | 0.88% | 3.7% | - | - |
| Debt Issuance (Net) | -4M | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23M | 36M | 35M | 40M | 233M | 283M | 34M | 1M | 53M | 412M | 410M | 93M | 113M | 67M | 19M | 27.2M | 30.5M | 0 | 28.9M | 970.2M | 0 |
| Share Repurchases | -5.6B | -7.16B | -9.1B | -11.29B | -13.33B | -4.67B | -534M | -504M | -5.32B | -5.43B | -5B | -6.75B | -4.25B | -2B | -3B | -2.14B | -1.2B | -765M | -2.8B | -3.1B | -2.35B | -2.31B | -1.36B | -14M | 0 | -27.1M | -324.9M | -13.6M | 0 | 0 | -175.9M |
| Other Financing | -1.08B | -51M | 339M | 5M | 787M | -544M | -1.71B | -1.24B | -550M | -2.45B | -240M | -60M | -18M | -10.44B | -781M | -484M | -192M | -209M | -153M | 62M | 25M | 15M | 25M | -34M | -562M | -22.1M | -55.8M | -54M | -8.3M | -16.8M | 16.4M |
| Net Change in Cash | -3.03B | 3.18B | 1.09B | 1.5B | -4B | -2.99B | 6.18B | 1.68B | 338M | 127M | 1.01B | -1.61B | 2.19B | -9.23B | 9.33B | -4.36B | 5.31B | -524M | 232M | -276M | 292M | 241M | -1.1B | 1.04B | 431M | -301.5M | -270.7M | 51.5M | 809.2M | 355.6M | -81.2M |
| Exchange Rate Effect | -1.03B | 42M | -26M | 9M | -86M | -71M | 2M | 5M | -245M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 347.6M | 273.2M | 126.6M |
| Cash at Beginning | 9.52B | 7.38B | 6.28B | 4.78B | 8.78B | 11.77B | 5.59B | 3.91B | 3.57B | 3.3B | 2.29B | 3.91B | 1.72B | 10.95B | 1.62B | 5.98B | 671M | 1.2B | 963M | 1.24B | 947M | 452M | 1.55B | 505M | 350M | 651.5M | 922.2M | 870.7M | 409.1M | 331.3M | 539.1M |
| Cash at End | 7.74B | 10.56B | 7.38B | 6.28B | 4.78B | 8.78B | 11.77B | 5.59B | 3.91B | 3.43B | 3.3B | 2.29B | 3.91B | 1.72B | 10.95B | 1.62B | 5.98B | 671M | 1.2B | 963M | 1.24B | 693M | 452M | 1.55B | 781M | 350M | 651.5M | 922.2M | 1.22B | 686.9M | 457.9M |
| Free Cash Flow | 20.44B | 21.89B | 15.38B | 12.96B | 12.65B | 17.09B | 13.1B | 13.27B | -26.56B | 10.11B | 855M | 8.91B | 8.4B | 6.55B | 8.22B | 1.84B | 5.68B | 4.64B | 3.95B | 2.23B | -3.25B | 1.3B | 2.27B | -1.31B | 1.02B | -958.4M | -417.5M | -1.29B | -269.3M | -9.5M | 68.8M |
| FCF Growth % | 28.89% | 42.38% | 18.63% | 2.49% | -26% | 30.42% | -1.25% | 149.96% | -362.78% | 1081.99% | -90.4% | 6.02% | 28.19% | -20.23% | 347.31% | -67.67% | 22.4% | 17.4% | 77.47% | 168.47% | -350.12% | -42.69% | 273.68% | -228.14% | 206.43% | -129.56% | 67.63% | -378.98% | -2734.74% | -113.81% | 103.76% |
| FCF Margin % | 16.37% | 17.7% | 12.43% | 10.66% | 10.41% | 14.68% | 12.65% | 12.18% | -28.1% | 11.89% | 1.06% | 11.96% | 12.22% | 10.14% | 13.13% | 3.29% | 14.98% | 12.98% | 11.49% | 7.21% | -13.03% | 6.17% | 11.81% | -7.12% | 12.59% | -9.91% | -5.08% | -19.76% | -4.97% | -0.21% | 1.9% |
| FCF / Net Income % | 182.54% | 109.48% | 94.96% | 84.23% | 235.49% | 120.69% | 124.39% | 101.62% | -226.38% | 44.45% | 9.85% | 109.14% | 100.27% | 96.17% | 132.47% | 44.16% | 156.31% | 127.6% | 155.24% | 86.12% | -128.46% | 140.19% | 234.02% | -40.34% | -523.08% | -157.37% | -20.65% | -121.04% | -27.7% | 3.98% | -128.6% |
Quick answers to the most common questions about buying CMCSA stock.
Comcast Corporation (CMCSA) generated $33.64B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Comcast Corporation (CMCSA) generated $21.89B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Comcast Corporation (CMCSA) spent $11.75B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Comcast Corporation (CMCSA) returned $4.89B to shareholders via cash dividends and spent $7.16B on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Broadband subscriber erosion risk
Metrics are mathematically derived from official filings.
OCF Stability Masks Subscriber Pressures
Operating cash flow averaged $7.6B per quarter over the last four quarters, per the cash flow statement, providing a stable base to fund dividends and capex despite flat revenue growth.
OCF has remained remarkably consistent, ranging from $6.9B to $8.8B in the last four quarters, which suggests the connectivity business generates predictable cash despite competitive pressures. However, the flat revenue trend implies that OCF growth is limited, and any acceleration in subscriber losses could erode this stability. Investors should monitor whether OCF can sustain its current level as the company invests in network upgrades.
Capex Intensity Rising with DOCSIS 4.0
Capex as a percentage of OCF averaged 41% over the last four quarters, per the cash flow statement, indicating a moderate reinvestment rate that supports network upgrades without straining cash generation.
Capex has ranged from $2.4B to $4.5B quarterly, with the highest intensity in Q4 2025 at 50.7% of OCF, reflecting the ongoing DOCSIS 4.0 rollout. This level of investment appears manageable given the stable OCF, but it has not yet translated into revenue growth, suggesting the returns on this capital may be delayed. The company's ability to maintain this pace while preserving cash flow will be critical to its competitive position.
FCF Positive but External Financing Needed
Free cash flow turned positive in Q2 2026 at $5.2B, per the cash flow statement, yet the company still issued $1.0B in debt and repurchased $1.0B in stock, indicating ongoing capital market activity.
Despite positive FCF, Comcast continues to access debt markets and execute buybacks, suggesting a deliberate capital structure strategy. The reported debt-to-equity of 1.13 appears unusually low for a capital-intensive telecom, which may indicate either significant deleveraging or a data anomaly that warrants verification. If the low leverage is accurate, it provides substantial financial flexibility for future investments or shareholder returns.
Dividend Coverage Remains Robust
OCF-to-dividend coverage averaged 6.6x over the last four quarters, per the cash flow statement, indicating that the $1.2B quarterly dividend is well-supported by operating cash flow.
Dividend coverage has been consistently above 5.5x, even in the weakest quarter (Q2 2024 at 3.9x), which suggests the dividend is secure under current conditions. The stable dividend payout of $1.2B per quarter appears sustainable given the OCF generation, but any prolonged decline in OCF due to subscriber losses could pressure this coverage. Investors should monitor whether the company can maintain this coverage as it invests in growth initiatives.
Net Income Volatility vs Cash Stability
Net income swung from $11.1B in Q2 2025 to $3.5B in Q2 2026, per the income statement, while OCF remained stable, highlighting the disconnect between GAAP earnings and cash generation.
The $11.1B net income in Q2 2025 likely included one-time gains, as OCF in that quarter was only $7.8B, suggesting non-cash items inflated earnings. Conversely, Q2 2026 net income of $3.5B was lower than OCF of $8.1B, indicating that cash flow is more reliable than reported earnings for assessing the company's health. This volatility underscores the need to focus on cash-based metrics when evaluating Comcast's performance.
What the Cash Flow Statement Hides
The cash flow statement shows no interest paid in most quarters, per the data, which is unusual for a company with significant debt, suggesting either a data gap or a reporting nuance that warrants investigation.
Interest paid is reported as zero in most quarters, which is inconsistent with Comcast's known debt levels, and may indicate that interest is capitalized or reported elsewhere. Additionally, the negative net stock issuance figures reflect substantial buybacks, which could be masking underlying cash outflows. Investors should verify these figures against SEC filings to ensure a complete picture of cash commitments, including potential off-balance-sheet obligations.