Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Comcast Corp., balance sheet: goodwill and intangible assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Goodwill	58,209)	59,268)	58,494)	70,189)	70,669)
Franchise rights	59,400)	59,400)	59,400)	59,365)	59,365)
FCC licenses	2,800)	2,800)	2,800)	2,807)	2,804)
Indefinite-lived intangible assets	62,200)	62,200)	62,200)	62,172)	62,169)
Customer relationships	20,500)	20,800)	20,400)	22,119)	22,197)
Software	24,900)	23,200)	20,900)	20,329)	17,819)
Other agreements and rights	11,400)	11,300)	11,100)	11,870)	12,394)
Finite-lived intangible assets, gross carrying amount	56,800)	55,300)	52,400)	54,318)	52,410)
Accumulated amortization	(34,000)	(30,300)	(25,900)	(23,545)	(19,825)
Finite-lived intangible assets, net	22,800)	25,000)	26,500)	30,773)	32,585)
Intangible assets	85,000)	87,200)	88,700)	92,945)	94,754)
Goodwill and intangible assets	143,209)	146,468)	147,194)	163,134)	165,423)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	Comcast Corp. goodwill increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Intangible assets	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Comcast Corp. intangible assets decreased from 2022 to 2023 and from 2023 to 2024.
Goodwill and intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Comcast Corp. goodwill and intangible assets decreased from 2022 to 2023 and from 2023 to 2024.

Comcast Corp., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	266,211)	264,811)	257,275)	275,905)	273,869)
Less: Goodwill	58,209)	59,268)	58,494)	70,189)	70,669)
Total assets (adjusted)	208,002)	205,543)	198,781)	205,716)	203,200)
Adjustment to Total Comcast Corporation Shareholders’ Equity
Total Comcast Corporation shareholders’ equity (as reported)	85,560)	82,703)	80,943)	96,092)	90,323)
Less: Goodwill	58,209)	59,268)	58,494)	70,189)	70,669)
Total Comcast Corporation shareholders’ equity (adjusted)	27,351)	23,435)	22,449)	25,903)	19,654)
Adjustment to Net Income Attributable To Comcast Corporation
Net income attributable to Comcast Corporation (as reported)	16,192)	15,388)	5,370)	14,159)	10,534)
Add: Goodwill impairment losses	—)	—)	8,100)	—)	—)
Net income attributable to Comcast Corporation (adjusted)	16,192)	15,388)	13,470)	14,159)	10,534)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Comcast Corp., Financial Data: Reported vs. Adjusted

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Comcast Corp., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Profit Margin
Reported net profit margin	13.09%	12.66%	4.42%	12.17%	10.17%
Adjusted net profit margin	13.09%	12.66%	11.09%	12.17%	10.17%
Total Asset Turnover
Reported total asset turnover	0.46	0.46	0.47	0.42	0.38
Adjusted total asset turnover	0.59	0.59	0.61	0.57	0.51
Financial Leverage
Reported financial leverage	3.11	3.20	3.18	2.87	3.03
Adjusted financial leverage	7.60	8.77	8.85	7.94	10.34
Return on Equity (ROE)
Reported ROE	18.92%	18.61%	6.63%	14.73%	11.66%
Adjusted ROE	59.20%	65.66%	60.00%	54.66%	53.60%
Return on Assets (ROA)
Reported ROA	6.08%	5.81%	2.09%	5.13%	3.85%
Adjusted ROA	7.78%	7.49%	6.78%	6.88%	5.18%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Comcast Corp. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Comcast Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Comcast Corp. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Comcast Corp. adjusted ROE improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Comcast Corp. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Comcast Corp., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation	16,192)	15,388)	5,370)	14,159)	10,534)
Revenue	123,731)	121,572)	121,427)	116,385)	103,564)
Profitability Ratio
Net profit margin¹	13.09%	12.66%	4.42%	12.17%	10.17%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Comcast Corporation	16,192)	15,388)	13,470)	14,159)	10,534)
Revenue	123,731)	121,572)	121,427)	116,385)	103,564)
Profitability Ratio
Adjusted net profit margin²	13.09%	12.66%	11.09%	12.17%	10.17%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Net profit margin = 100 × Net income attributable to Comcast Corporation ÷ Revenue
= 100 × 16,192 ÷ 123,731 = 13.09%

² Adjusted net profit margin = 100 × Adjusted net income attributable to Comcast Corporation ÷ Revenue
= 100 × 16,192 ÷ 123,731 = 13.09%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Comcast Corp. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Revenue	123,731)	121,572)	121,427)	116,385)	103,564)
Total assets	266,211)	264,811)	257,275)	275,905)	273,869)
Activity Ratio
Total asset turnover¹	0.46	0.46	0.47	0.42	0.38
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenue	123,731)	121,572)	121,427)	116,385)	103,564)
Adjusted total assets	208,002)	205,543)	198,781)	205,716)	203,200)
Activity Ratio
Adjusted total asset turnover²	0.59	0.59	0.61	0.57	0.51

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Total asset turnover = Revenue ÷ Total assets
= 123,731 ÷ 266,211 = 0.46

² Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 123,731 ÷ 208,002 = 0.59

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Comcast Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	266,211)	264,811)	257,275)	275,905)	273,869)
Total Comcast Corporation shareholders’ equity	85,560)	82,703)	80,943)	96,092)	90,323)
Solvency Ratio
Financial leverage¹	3.11	3.20	3.18	2.87	3.03
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	208,002)	205,543)	198,781)	205,716)	203,200)
Adjusted total Comcast Corporation shareholders’ equity	27,351)	23,435)	22,449)	25,903)	19,654)
Solvency Ratio
Adjusted financial leverage²	7.60	8.77	8.85	7.94	10.34

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Financial leverage = Total assets ÷ Total Comcast Corporation shareholders’ equity
= 266,211 ÷ 85,560 = 3.11

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Comcast Corporation shareholders’ equity
= 208,002 ÷ 27,351 = 7.60

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Comcast Corp. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation	16,192)	15,388)	5,370)	14,159)	10,534)
Total Comcast Corporation shareholders’ equity	85,560)	82,703)	80,943)	96,092)	90,323)
Profitability Ratio
ROE¹	18.92%	18.61%	6.63%	14.73%	11.66%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Comcast Corporation	16,192)	15,388)	13,470)	14,159)	10,534)
Adjusted total Comcast Corporation shareholders’ equity	27,351)	23,435)	22,449)	25,903)	19,654)
Profitability Ratio
Adjusted ROE²	59.20%	65.66%	60.00%	54.66%	53.60%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROE = 100 × Net income attributable to Comcast Corporation ÷ Total Comcast Corporation shareholders’ equity
= 100 × 16,192 ÷ 85,560 = 18.92%

² Adjusted ROE = 100 × Adjusted net income attributable to Comcast Corporation ÷ Adjusted total Comcast Corporation shareholders’ equity
= 100 × 16,192 ÷ 27,351 = 59.20%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Comcast Corp. adjusted ROE improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation	16,192)	15,388)	5,370)	14,159)	10,534)
Total assets	266,211)	264,811)	257,275)	275,905)	273,869)
Profitability Ratio
ROA¹	6.08%	5.81%	2.09%	5.13%	3.85%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Comcast Corporation	16,192)	15,388)	13,470)	14,159)	10,534)
Adjusted total assets	208,002)	205,543)	198,781)	205,716)	203,200)
Profitability Ratio
Adjusted ROA²	7.78%	7.49%	6.78%	6.88%	5.18%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROA = 100 × Net income attributable to Comcast Corporation ÷ Total assets
= 100 × 16,192 ÷ 266,211 = 6.08%

² Adjusted ROA = 100 × Adjusted net income attributable to Comcast Corporation ÷ Adjusted total assets
= 100 × 16,192 ÷ 208,002 = 7.78%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Comcast Corp. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Comcast Corp. (NASDAQ:CMCSA)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Comcast Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Comcast Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)