An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.

Adjustments to Financial Statements for Operating Leases
Adjusted Financial Ratios for Operating Leases (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Return on Assets (ROA)

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)
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Total assets (adjusted)	266,211)	264,811)	257,275)	275,905)	273,869)
Adjustment to Total Debt
Total debt (as reported)	99,093)	97,090)	94,811)	94,850)	103,760)
Add: Operating lease liability (before adoption of FASB Topic 842)²	—)	—)	—)	—)	—)
Add: Current operating lease liabilities (included in Accrued expenses and other current liabilities)	751)	748)	675)	766)	718)
Add: Noncurrent operating lease liabilities (included in Other noncurrent liabilities)	5,569)	5,838)	6,107)	6,473)	3,740)
Total debt (adjusted)	105,413)	103,676)	101,593)	102,089)	108,218)

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).

^{1, 2} Equal to total present value of future operating lease payments.

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
Total Asset Turnover¹
Reported total asset turnover	0.46	0.46	0.47	0.42	0.38
Adjusted total asset turnover	0.46	0.46	0.47	0.42	0.38
Debt to Equity²
Reported debt to equity	1.16	1.17	1.17	0.99	1.15
Adjusted debt to equity	1.23	1.25	1.26	1.06	1.20
Return on Assets³ (ROA)
Reported ROA	6.08%	5.81%	2.09%	5.13%	3.85%
Adjusted ROA	6.08%	5.81%	2.09%	5.13%	3.85%

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).

¹ See details »

² See details »

³ See details »

Financial 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.
Adjusted debt to equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Comcast Corp. adjusted debt to equity ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as 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)
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 Operating Leases
Selected Financial Data (US$ in millions)
Revenue	123,731)	121,572)	121,427)	116,385)	103,564)
Adjusted total assets	266,211)	264,811)	257,275)	275,905)	273,869)
Activity Ratio
Adjusted total asset turnover²	0.46	0.46	0.47	0.42	0.38

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 ÷ 266,211 = 0.46

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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 debt	99,093)	97,090)	94,811)	94,850)	103,760)
Total Comcast Corporation shareholders’ equity	85,560)	82,703)	80,943)	96,092)	90,323)
Solvency Ratio
Debt to equity¹	1.16	1.17	1.17	0.99	1.15
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Adjusted total debt	105,413)	103,676)	101,593)	102,089)	108,218)
Total Comcast Corporation shareholders’ equity	85,560)	82,703)	80,943)	96,092)	90,323)
Solvency Ratio
Adjusted debt to equity²	1.23	1.25	1.26	1.06	1.20

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 Debt to equity = Total debt ÷ Total Comcast Corporation shareholders’ equity
= 99,093 ÷ 85,560 = 1.16

² Adjusted debt to equity = Adjusted total debt ÷ Total Comcast Corporation shareholders’ equity
= 105,413 ÷ 85,560 = 1.23

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Solvency ratio	Description	The company
Adjusted debt-to-equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Comcast Corp. adjusted debt-to-equity 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)
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 Operating Leases
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation	16,192)	15,388)	5,370)	14,159)	10,534)
Adjusted total assets	266,211)	264,811)	257,275)	275,905)	273,869)
Profitability Ratio
Adjusted ROA²	6.08%	5.81%	2.09%	5.13%	3.85%

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 × Net income attributable to Comcast Corporation ÷ Adjusted total assets
= 100 × 16,192 ÷ 266,211 = 6.08%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as 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 Operating Leases

Adjustments to Financial Statements for Operating Leases

Comcast Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios for Operating Leases (Summary)

Comcast Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Return on Assets (ROA)