Revenue growth remains highly volatile, fluctuating from a 2.7% contraction in 2025Q3 to a 5.3% expansion in 2026Q1, while operating margins have compressed from 22.3% in 2024Q2 to 13.1% in 2026Q1.
| 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 | 48.02B | 49.4B | 51.83B | 51.1B | 52.03B | 52.25B | 46.22B | 47.39B | 40.71B | 35.48B | 34.02B | 31.21B | 28.93B | 27.54B | 27.73B | 24.26B | 21.87B | 20.9B | 19.87B | 17.38B | 13.83B | 12.02B | 12.09B | 7.04B | 6.3B | 5.42B | 4.5B | 3.4B | 0 | 0 | 2.06B |
| COGS % of Revenue | - | 39.93% | 41.89% | 42.03% | 42.85% | 44.9% | 44.63% | 43.5% | 43.08% | 41.98% | 42.31% | 41.89% | 42.07% | 42.6% | 44.31% | 43.44% | 57.64% | 58.44% | 58.01% | 56.26% | 55.41% | 54.03% | 59.51% | 38.37% | 50.59% | 56.02% | 54.72% | 54.81% | - | - | 51% |
| Gross Profit | 77.26B | 74.31B | 71.9B | 70.47B | 69.39B | 64.13B | 57.34B | 61.55B | 53.8B | 49.54B | 46.38B | 43.3B | 39.84B | 37.12B | 34.84B | 31.58B | 16.07B | 14.86B | 14.38B | 13.51B | 11.13B | 9.05B | 8.22B | 11.31B | 6.16B | 4.25B | 3.72B | 2.81B | 5.15B | 4.91B | 1.98B |
| Gross Margin % | 61.67% | 60.07% | 58.11% | 57.97% | 57.15% | 55.1% | 55.37% | 56.5% | 56.92% | 58.61% | 57.69% | 58.11% | 57.93% | 57.4% | 55.69% | 56.56% | 42.36% | 41.56% | 41.99% | 43.74% | 44.59% | 40.67% | 40.49% | 61.63% | 49.41% | 43.98% | 45.28% | 45.19% | 100% | 100% | 49% |
| Gross Profit Growth % | - | 3.34% | 2.03% | 1.56% | 8.21% | 11.84% | -6.83% | 14.41% | 8.59% | 6.82% | 7.12% | 8.67% | 7.35% | 6.52% | 10.32% | 96.52% | 8.15% | 3.31% | 6.45% | 21.37% | 23% | 10.08% | -27.28% | 83.67% | 44.7% | 14.33% | 32.62% | -45.46% | 4.74% | 148.26% | -41.16% |
| Operating Expenses | 58.11B | 53.63B | 48.61B | 47.16B | 46.77B | 43.31B | 39.62B | 40.24B | 34.79B | 31.97B | 29.46B | 27.1B | 24.7B | 23.55B | 22.66B | 20.71B | 8.09B | 7.65B | 7.65B | 7.89B | 6.51B | 5.49B | 5.31B | 9.35B | 4.5B | 5B | 3.88B | 2.14B | 0 | 0 | 1.47B |
| OpEx % of Revenue | - | 43.36% | 39.28% | 38.79% | 38.52% | 37.22% | 38.25% | 36.94% | 36.81% | 37.82% | 36.64% | 36.38% | 35.92% | 36.43% | 36.22% | 37.08% | 21.33% | 21.38% | 22.34% | 25.55% | 26.09% | 24.67% | 26.17% | 50.98% | 36.09% | 51.69% | 47.24% | 34.5% | - | - | 36.4% |
| Selling, General & Admin | 52.48B | 49.45B | 48.61B | 47.16B | 46.77B | 43.31B | 39.62B | 40.24B | 34.79B | 31.97B | 29.46B | 27.1B | 24.7B | 23.55B | 22.66B | 20.71B | 8.09B | 7.65B | 7.65B | 7.89B | 6.51B | 5.49B | 5.31B | 4.92B | 2.46B | 1.55B | 1.25B | 926M | 0 | 0 | 771.6M |
| SG&A % of Revenue | - | 39.97% | 39.28% | 38.79% | 38.52% | 37.22% | 38.25% | 36.94% | 36.81% | 37.82% | 36.64% | 36.38% | 35.92% | 36.43% | 36.22% | 37.08% | 21.33% | 21.38% | 22.34% | 25.55% | 26.09% | 24.67% | 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 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 19.15B | 20.67B | 23.3B | 23.31B | 22.62B | 20.82B | 17.73B | 21.3B | 19.01B | 17.58B | 16.92B | 16.2B | 15.14B | 13.56B | 12.18B | 10.88B | 7.98B | 7.21B | 6.73B | 5.62B | 4.62B | 3.56B | 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% | 18.63% | 17.89% | 17.12% | 19.56% | 20.11% | 20.79% | 21.04% | 21.74% | 22.02% | 20.98% | 19.46% | 19.48% | 21.03% | 20.18% | 19.65% | 18.18% | 18.5% | 16% | 14.32% | 10.65% | 13.31% | -7.71% | -1.96% | 10.69% | 100% | 100% | 12.6% |
| Operating Income Growth % | - | -11.26% | -0.06% | 3.05% | 8.68% | 17.44% | -16.8% | 12.09% | 8.14% | 3.88% | 4.47% | 6.97% | 11.63% | 11.36% | 11.98% | 36.29% | 10.62% | 7.16% | 19.83% | 21.63% | 29.71% | 22.46% | 48.82% | 17.78% | 322.33% | -363.48% | -124.25% | -87.09% | 4.74% | 865.34% | -84.87% |
| EBITDA | 35.38B | 36.88B | 38.1B | 37.65B | 36.45B | 34.62B | 30.83B | 34.26B | 29.68B | 27.26B | 26.35B | 24.88B | 23.16B | 21.43B | 19.98B | 25.3B | 14.78B | 13.71B | 13.13B | 11.83B | 9.58B | 8.37B | 7.53B | 6.39B | 3.57B | 2.7B | 2.47B | 1.88B | 6.08B | 5.74B | 1.09B |
| EBITDA Margin % | 28.24% | 29.82% | 30.79% | 30.97% | 30.01% | 29.75% | 29.77% | 31.45% | 31.41% | 32.26% | 32.77% | 33.39% | 33.67% | 33.15% | 31.93% | 45.3% | 38.97% | 38.35% | 38.33% | 38.28% | 38.38% | 37.59% | 37.09% | 34.84% | 28.68% | 27.93% | 30.06% | 30.28% | 118.26% | 116.82% | 26.99% |
| EBITDA Growth % | -7.5% | -3.19% | 1.2% | 3.3% | 5.27% | 12.31% | -10.02% | 15.41% | 8.87% | 3.48% | 5.91% | 7.41% | 8.05% | 7.29% | -21.04% | 71.14% | 7.8% | 4.43% | 11.04% | 23.43% | 14.54% | 11.07% | 17.82% | 78.85% | 32.28% | 9.37% | 31.4% | -69.1% | 6.03% | 426.52% | -73.1% |
| D&A (Non-Cash Add-back) | 16.23B | 16.21B | 14.8B | 14.34B | 13.82B | 13.8B | 13.1B | 12.95B | 10.68B | 9.69B | 9.43B | 8.68B | 8.02B | 7.87B | 7.8B | 14.42B | 6.8B | 6.5B | 6.4B | 6.21B | 4.96B | 4.8B | 4.62B | 4.44B | 1.92B | 3.45B | 2.63B | 1.22B | 939.6M | 826.5M | 581.1M |
| EBIT | 28.77B | 30.18B | 22.81B | 24.57B | 13.18B | 23.17B | 18.29B | 21.51B | 18.78B | 18.16B | 17.3B | 16.03B | 15.08B | 13.69B | 14.13B | 10.71B | 8.26B | 7.45B | 6.5B | 6.64B | 5.66B | 3.52B | 3.69B | 1.95B | 921M | -747M | -161M | 664.1M | 557.1M | 466.6M | 465.9M |
| Net Interest Income | -4.45B | -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 |
| 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 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| 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 | 5.62B | 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 % | 23.39% | 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 | 18.6B | 19.8B | 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 % | 14.85% | 16.01% | 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 % | 18.41% | 22.3% | 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) | 18.39B | 19.66B | 15.88B | 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 | 61M | 473M | 714M | 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 | 223M | 256M | 126M | 250M | 241M | 657M | 468M | 292M | 1.17B | 880M | 717.3M | 959.5M | 834M | 1.03B | 859.3M |
| EPS (Diluted) | 5.14 | 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 % | 24.57% | 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) | - | 5.41 | 4.17 | 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 | 0.11 | 0.36 | -0.05 | 0.21 | 0.74 | 0.46 | 0.43 | -0.12 | -0.04 |
| Diluted Shares Outstanding | 3.62B | 3.64B | 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 | 9.94B | 9.11B | 9.11B | 4.99B | 4.34B | 2.81B | 2.35B | 2.36B | 2B | 1.48B |
| Basic Shares Outstanding | 3.62B | 3.64B | 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 | 9.88B | 9.08B | 9.08B | 4.99B | 4.27B | 2.73B | 2.25B | 2.21B | 2B | 1.48B |
| Dividend Payout Ratio | - | 24.71% | 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 subscriber churn pressure
According to the provided quarterly data, Comcast's revenue growth has fluctuated significantly, ranging from a 2.7% contraction in 2025Q3 to a 5.3% expansion in 2026Q1, suggesting that the company's top-line performance is increasingly sensitive to cyclical shifts in media consumption and competitive broadband pricing pressures.
The inconsistent revenue trajectory reflects the inherent tension between stable connectivity subscriptions and the more volatile performance of the NBCUniversal media and theme park segments. Investors should monitor whether the recent 5.3% growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound driven by specific content cycles.
As reported in financial statements, Comcast achieved a peak gross margin of 65.4% in 2026Q1, a notable improvement from the 55.9% recorded in 2023Q4, which suggests that the company is successfully managing content amortization costs despite the ongoing transition toward lower-margin digital streaming services like Peacock.
The expansion in gross margin appears to indicate effective cost discipline within the connectivity segment, where the marginal cost of service delivery remains low. However, the variability in these margins over the last ten quarters warrants further investigation into whether this is driven by structural efficiencies or favorable accounting timing.
Based on the reported figures, operating margins have struggled to maintain momentum, declining from a high of 22.3% in 2024Q2 to 13.1% in 2026Q1, which implies that rising SG&A expenses are currently outpacing the company's ability to scale its core connectivity and media revenue streams effectively.
The compression in operating margins suggests that the company is incurring significant overhead to defend its market position against fiber and fixed wireless competitors. This trend indicates that the firm may be facing diminishing returns on its recent investments in network infrastructure and content distribution platforms.
Data from the income statement reveals that net income experienced a massive, non-recurring spike to $11.1 billion in 2025Q2, which significantly inflated the EPS to $2.97, suggesting that investors should look past these headline figures to understand the underlying operational performance of the core business segments.
The extreme variance in net income, particularly the 2025Q2 outlier, indicates that non-operating items or tax adjustments are heavily influencing the bottom line. Analysts should focus on normalized earnings to gauge the true health of the company, as the reported net income does not appear to reflect consistent operational trends.
Quick answers to the most common questions about buying CMCSA stock.
For fiscal year 2025, Comcast Corporation (CMCSA) reported total revenue of $123.71B. This represents a 2963.3% increase compared to $4.04B in 1996.
Comcast Corporation (CMCSA) is profitable, generating $19.80B in net income for the fiscal year ending 2025 with a net profit margin of 16.0%.
Comcast Corporation (CMCSA) 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.
Comcast Corporation (CMCSA) generated $74.31B in gross profit for the year, representing a gross profit margin of 60.1%. This demonstrates the company's core pricing power and production efficiency.