Stock Analysis on Net
Stock Analysis on Net

Comcast Corp. (NASDAQ:CMCSA)

Analysis of Income Taxes

Microsoft Excel

Income Tax Expense (Benefit)

Comcast Corp., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Federal 6,270 4,025 2,355 2,824 2,085
State 1,591 961 669 836 425
Foreign 249 207 343 254 600
Current expense 8,110 5,193 3,367 3,914 3,110
Federal (2,126) (281) 1,504 (111) 902
State (468) (483) 255 (71) (15)
Foreign (145) (70) 133 (368) (324)
Deferred expense (benefit) (2,739) (834) 1,892 (550) 563
Income tax expense 5,371 4,359 5,259 3,364 3,673

Based on: 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), 10-K (reporting date: 2019-12-31).

Item Description The company
Current expense Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Comcast Corp. current expense increased from 2021 to 2022 and from 2022 to 2023.
Deferred expense (benefit) Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Comcast Corp. deferred expense (benefit) decreased from 2021 to 2022 and from 2022 to 2023.
Income tax expense Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Comcast Corp. income tax expense decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Effective Income Tax Rate (EITR)

Comcast Corp., effective income tax rate (EITR) reconciliation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Federal statutory tax rate 21.00% 21.00% 21.00% 21.00% 21.00%
Effective income tax rate 26.23% 46.95% 27.54% 23.92% 21.61%

Based on: 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), 10-K (reporting date: 2019-12-31).

Item Description The company
Effective income tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Comcast Corp. effective income tax rate increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Components of Deferred Tax Assets and Liabilities

Comcast Corp., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net operating loss and other loss carryforwards 3,530 3,325 3,194 2,609 2,017
Advance on sale of investment 2,367 — — — —
Nondeductible accruals and other 4,100 3,210 3,246 3,253 2,779
Deferred tax assets, gross 9,997 6,535 6,440 5,862 4,796
Valuation allowance (3,679) (3,295) (2,907) (2,312) (1,906)
Deferred tax assets, net 6,318 3,240 3,533 3,550 2,890
Property and equipment and intangible assets (29,337) (29,688) (30,584) (29,829) (29,387)
Investments (1,002) (265) (526) (405) (702)
Long-term debt (1,814) (1,741) (1,788) (680) (751)
Foreign subsidiaries and undistributed foreign earnings (59) (55) (394) (468) (143)
Deferred tax liabilities (32,212) (31,749) (33,292) (31,382) (30,983)
Net deferred tax asset (liability) (25,894) (28,509) (29,759) (27,832) (28,093)

Based on: 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), 10-K (reporting date: 2019-12-31).

Item Description The company
Deferred tax assets, gross Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Comcast Corp. deferred tax assets, gross increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax assets, net Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Comcast Corp. deferred tax assets, net decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Net deferred tax asset (liability) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Comcast Corp. net deferred tax asset (liability) increased from 2021 to 2022 and from 2022 to 2023.

Deferred Tax Assets and Liabilities, Classification

Comcast Corp., deferred tax assets and liabilities, classification

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Deferred tax assets 109 205 282 219 87
Deferred tax liabilities 26,003 28,714 30,041 28,051 28,180

Based on: 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), 10-K (reporting date: 2019-12-31).

Item Description The company
Deferred tax assets Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Comcast Corp. deferred tax assets decreased from 2021 to 2022 and from 2022 to 2023.
Deferred tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Comcast Corp. deferred tax liabilities decreased from 2021 to 2022 and from 2022 to 2023.

Adjustments to Financial Statements: Removal of Deferred Taxes

Comcast Corp., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported) 264,811 257,275 275,905 273,869 263,414
Less: Noncurrent deferred tax assets, net 109 205 282 219 87
Total assets (adjusted) 264,702 257,070 275,623 273,650 263,327
Adjustment to Total Liabilities
Total liabilities (as reported) 181,344 175,236 177,896 180,851 178,168
Less: Noncurrent deferred tax liabilities, net 26,003 28,714 30,041 28,051 28,180
Total liabilities (adjusted) 155,341 146,522 147,855 152,800 149,988
Adjustment to Total Comcast Corporation Shareholders’ Equity
Total Comcast Corporation shareholders’ equity (as reported) 82,703 80,943 96,092 90,323 82,726
Less: Net deferred tax assets (liabilities) (25,894) (28,509) (29,759) (27,832) (28,093)
Total Comcast Corporation shareholders’ equity (adjusted) 108,597 109,452 125,851 118,155 110,819
Adjustment to Net Income Attributable To Comcast Corporation
Net income attributable to Comcast Corporation (as reported) 15,388 5,370 14,159 10,534 13,057
Add: Deferred income tax expense (benefit) (2,739) (834) 1,892 (550) 563
Net income attributable to Comcast Corporation (adjusted) 12,649 4,536 16,051 9,984 13,620

Based on: 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), 10-K (reporting date: 2019-12-31).

Comcast Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Comcast Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net Profit Margin
Reported net profit margin 12.66% 4.42% 12.17% 10.17% 11.99%
Adjusted net profit margin 10.40% 3.74% 13.79% 9.64% 12.50%
Total Asset Turnover
Reported total asset turnover 0.46 0.47 0.42 0.38 0.41
Adjusted total asset turnover 0.46 0.47 0.42 0.38 0.41
Financial Leverage
Reported financial leverage 3.20 3.18 2.87 3.03 3.18
Adjusted financial leverage 2.44 2.35 2.19 2.32 2.38
Return on Equity (ROE)
Reported ROE 18.61% 6.63% 14.73% 11.66% 15.78%
Adjusted ROE 11.65% 4.14% 12.75% 8.45% 12.29%
Return on Assets (ROA)
Reported ROA 5.81% 2.09% 5.13% 3.85% 4.96%
Adjusted ROA 4.78% 1.76% 5.82% 3.65% 5.17%

Based on: 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), 10-K (reporting date: 2019-12-31).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Comcast Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Comcast Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
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 increased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Comcast Corp. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Comcast Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Comcast Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 15,388 5,370 14,159 10,534 13,057
Revenue 121,572 121,427 116,385 103,564 108,942
Profitability Ratio
Net profit margin1 12.66% 4.42% 12.17% 10.17% 11.99%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Comcast Corporation 12,649 4,536 16,051 9,984 13,620
Revenue 121,572 121,427 116,385 103,564 108,942
Profitability Ratio
Adjusted net profit margin2 10.40% 3.74% 13.79% 9.64% 12.50%

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Net profit margin = 100 × Net income attributable to Comcast Corporation ÷ Revenue
= 100 × 15,388 ÷ 121,572 = 12.66%

2 Adjusted net profit margin = 100 × Adjusted net income attributable to Comcast Corporation ÷ Revenue
= 100 × 12,649 ÷ 121,572 = 10.40%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Comcast Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Revenue 121,572 121,427 116,385 103,564 108,942
Total assets 264,811 257,275 275,905 273,869 263,414
Activity Ratio
Total asset turnover1 0.46 0.47 0.42 0.38 0.41
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Revenue 121,572 121,427 116,385 103,564 108,942
Adjusted total assets 264,702 257,070 275,623 273,650 263,327
Activity Ratio
Adjusted total asset turnover2 0.46 0.47 0.42 0.38 0.41

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Total asset turnover = Revenue ÷ Total assets
= 121,572 ÷ 264,811 = 0.46

2 Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 121,572 ÷ 264,702 = 0.46

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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets 264,811 257,275 275,905 273,869 263,414
Total Comcast Corporation shareholders’ equity 82,703 80,943 96,092 90,323 82,726
Solvency Ratio
Financial leverage1 3.20 3.18 2.87 3.03 3.18
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets 264,702 257,070 275,623 273,650 263,327
Adjusted total Comcast Corporation shareholders’ equity 108,597 109,452 125,851 118,155 110,819
Solvency Ratio
Adjusted financial leverage2 2.44 2.35 2.19 2.32 2.38

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Financial leverage = Total assets ÷ Total Comcast Corporation shareholders’ equity
= 264,811 ÷ 82,703 = 3.20

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Comcast Corporation shareholders’ equity
= 264,702 ÷ 108,597 = 2.44

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 increased from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 15,388 5,370 14,159 10,534 13,057
Total Comcast Corporation shareholders’ equity 82,703 80,943 96,092 90,323 82,726
Profitability Ratio
ROE1 18.61% 6.63% 14.73% 11.66% 15.78%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Comcast Corporation 12,649 4,536 16,051 9,984 13,620
Adjusted total Comcast Corporation shareholders’ equity 108,597 109,452 125,851 118,155 110,819
Profitability Ratio
Adjusted ROE2 11.65% 4.14% 12.75% 8.45% 12.29%

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROE = 100 × Net income attributable to Comcast Corporation ÷ Total Comcast Corporation shareholders’ equity
= 100 × 15,388 ÷ 82,703 = 18.61%

2 Adjusted ROE = 100 × Adjusted net income attributable to Comcast Corporation ÷ Adjusted total Comcast Corporation shareholders’ equity
= 100 × 12,649 ÷ 108,597 = 11.65%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Comcast Corp. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 15,388 5,370 14,159 10,534 13,057
Total assets 264,811 257,275 275,905 273,869 263,414
Profitability Ratio
ROA1 5.81% 2.09% 5.13% 3.85% 4.96%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Comcast Corporation 12,649 4,536 16,051 9,984 13,620
Adjusted total assets 264,702 257,070 275,623 273,650 263,327
Profitability Ratio
Adjusted ROA2 4.78% 1.76% 5.82% 3.65% 5.17%

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROA = 100 × Net income attributable to Comcast Corporation ÷ Total assets
= 100 × 15,388 ÷ 264,811 = 5.81%

2 Adjusted ROA = 100 × Adjusted net income attributable to Comcast Corporation ÷ Adjusted total assets
= 100 × 12,649 ÷ 264,702 = 4.78%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Comcast Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.