Comcast (CMCSA) financial statements
Comcast reported revenue of $123.7B in fiscal 2025, up 4.9% a year over 9 years.
Net income was $20.0B and the operating margin 16.7%, against 20.8% in 2016.
Free cash flow was $21.9B, and the company returned $4.9B in dividends and $7.2B in net buybacks.
The diluted share count fell 24% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Comcast's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $80.7B | $85.0B | $94.5B | $108.9B | $103.6B | $116.4B | $121.4B | $121.6B | $123.7B | $123.7B |
| Operating income | $16.8B | $18.0B | $19.0B | $21.1B | $17.5B | $20.8B | $14.0B | $23.3B | $23.3B | $20.7B |
| Interest expense | $2.9B | $3.1B | $3.5B | $4.6B | $4.6B | $4.3B | $3.9B | $4.1B | $4.1B | $4.4B |
| Pre-tax income | $14.3B | $15.4B | $15.2B | $17.0B | $14.1B | $19.1B | $9.3B | $20.5B | $18.7B | $25.8B |
| Income tax | $5.3B | -$7.6B | $3.4B | $3.7B | $3.4B | $5.3B | $4.4B | $5.4B | $2.8B | $6.1B |
| Net income | $8.7B | $22.7B | $11.7B | $13.1B | $10.5B | $14.2B | $5.4B | $15.4B | $16.2B | $20.0B |
| EPS (diluted) | $1.78 | $4.75 | $2.53 | $2.83 | $2.28 | $3.04 | $1.21 | $3.71 | $4.14 | $5.39 |
| Diluted shares | 4.88B | 4.79B | 4.64B | 4.61B | 4.62B | 4.65B | 4.43B | 4.15B | 3.91B | 3.71B |
| Operating margin | 20.8% | 21.2% | 20.1% | 19.4% | 16.9% | 17.9% | 11.6% | 19.2% | 18.8% | 16.7% |
| Net margin | 10.7% | 26.7% | 12.4% | 12.0% | 10.2% | 12.2% | 4.4% | 12.7% | 13.1% | 16.2% |
Balance sheet
Fiscal years, from Comcast's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $3.4B | $3.4B | $3.9B | $7.2B | $12.0B | $9.1B | $5.2B | $6.5B | $7.3B | $9.5B |
| Receivables | $8.0B | $8.8B | $11.1B | $11.3B | $11.5B | $12.0B | $12.7B | $13.8B | $13.7B | $13.9B |
| Total current assets | $16.4B | $16.3B | $21.8B | $25.4B | $26.7B | $24.8B | $21.8B | $24.0B | $26.8B | $29.6B |
| Property, plant and equipment | $36.3B | $38.5B | $44.4B | $48.3B | $52.0B | $54.0B | $55.5B | $59.7B | $62.5B | $65.7B |
| Goodwill | $36.0B | $36.8B | $66.2B | $68.7B | $70.7B | $70.2B | $58.5B | $59.3B | $58.2B | $61.5B |
| Total assets | $180.5B | $187.5B | $251.7B | $263.4B | $273.9B | $275.9B | $257.3B | $264.8B | $266.2B | $272.6B |
| Total current liabilities | $21.5B | $22.0B | $27.6B | $30.3B | $28.8B | $29.3B | $27.9B | $40.2B | $39.6B | $33.5B |
| Long-term debt | $55.6B | $59.4B | $107.3B | $97.8B | $100.6B | $92.7B | $93.1B | $95.0B | $94.2B | $93.0B |
| Total liabilities | $124.3B | $118.0B | $179.2B | $179.5B | $182.1B | $178.4B | $175.6B | $181.6B | $180.2B | $175.5B |
| Shareholders' equity | $53.9B | $68.6B | $71.6B | $82.7B | $90.3B | $96.1B | $80.9B | $82.7B | $85.6B | $96.9B |
| Net debt | $57.7B | $61.1B | $107.9B | $96.7B | $92.0B | $86.1B | $90.1B | $90.9B | $91.8B | $89.5B |
Cash flow
Fiscal years, from Comcast's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $19.7B | $21.3B | $24.3B | $25.7B | $24.7B | $29.1B | $26.4B | $28.5B | $27.7B | $33.6B |
| Capital spending | $9.1B | $9.6B | $9.8B | $10.0B | $9.2B | $9.2B | $10.6B | $12.2B | $12.2B | $11.8B |
| Free cash flow | $10.6B | $11.7B | $14.5B | $15.7B | $15.6B | $20.0B | $15.8B | $16.3B | $15.5B | $21.9B |
| Stock-based compensation | $640M | $751M | $826M | $1.0B | $1.2B | $1.3B | $1.3B | $1.2B | $1.3B | $1.3B |
| Dividends paid | $2.6B | $2.9B | $3.4B | $3.7B | $4.1B | $4.5B | $4.7B | $4.8B | $4.8B | $4.9B |
| Share buybacks (net) | -$5.4B | -$5.4B | -$5.3B | -$504M | -$534M | -$4.7B | -$13.3B | -$11.3B | -$9.1B | -$7.2B |
| Net borrowing | $11.0B | $9.6B | $45.2B | $4.2B | $18.6B | $2.6B | $1.1B | $1.4B | $2.7B | -$2.2B |
| Free cash flow margin | 13.1% | 13.8% | 15.4% | 14.5% | 15.0% | 17.2% | 13.0% | 13.4% | 12.5% | 17.7% |
| Dividends per share | $0.53 | $0.60 | $0.72 | $0.81 | $0.90 | $0.97 | $1.07 | $1.15 | $1.23 | $1.32 |
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Open CMCSA in InvestinglyQuestions
What was Comcast's revenue in 2025?
$123.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Comcast generate?
$21.9B in fiscal 2025 (operating cash flow minus capital spending).
From Comcast's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.