Comcast Corp. (NASDAQ:CMCSA)

Current assets exhibited fluctuations over the five-year period, while adjusted current assets mirrored this pattern with slightly elevated values. Both metrics demonstrate an overall upward trajectory when comparing the beginning and end of the observed timeframe.

Overall Trend

Both current assets and adjusted current assets experienced a decrease from 2021 to 2022. Following this decline, both metrics showed consistent year-over-year increases from 2022 through 2025. The magnitude of the increase appears to be accelerating in the later years of the period.

Year-over-Year Changes

From 2021 to 2022, current assets decreased by US$2,981 million. Adjusted current assets also decreased, by US$2,904 million. The largest single-year increase in current assets occurred between 2024 and 2025, with an increase of US$2,766 million. The corresponding increase in adjusted current assets was US$2,741 million. The smallest increase occurred between 2022 and 2023, with current assets increasing by US$2,161 million and adjusted current assets increasing by US$2,124 million.

Relationship Between Metrics

Adjusted current assets consistently exceed current assets across all reported years. The difference between the two metrics remains relatively stable, ranging between approximately US$658 million and US$713 million throughout the period. This suggests a consistent application of adjustments to the reported current asset values.

The consistent positive difference between adjusted and reported current assets indicates that adjustments are systematically increasing the reported value of current assets. The accelerating growth in both metrics towards the end of the period warrants further investigation to understand the underlying drivers of this trend.

The reported total assets exhibited fluctuations over the five-year period. Initially, a decrease is observed, followed by a period of stabilization and subsequent growth. A comparison with adjusted total assets reveals a consistent pattern, though with minor differences in magnitude.

Overall Trend

Total assets decreased from US$275,905 million in 2021 to US$257,275 million in 2022, representing a decline of approximately 6.8%. A subsequent recovery occurred in 2023, with total assets reaching US$264,811 million. This upward trend continued modestly in 2024, reaching US$266,211 million, and further accelerated in 2025, closing at US$272,631 million.

Adjusted Total Assets Trend

Adjusted total assets mirrored the trend of total assets. A decrease from US$276,281 million in 2021 to US$257,805 million in 2022 was observed, a reduction of roughly 6.7%. Similar to total assets, adjusted total assets increased to US$265,400 million in 2023, US$266,840 million in 2024, and US$273,208 million in 2025. The magnitude of the increases in adjusted total assets was slightly higher than those reported for total assets in 2023, 2024, and 2025.

Difference Between Total and Adjusted Assets

The difference between total assets and adjusted total assets remained relatively small throughout the period. In 2021, adjusted total assets exceeded total assets by US$376 million. This difference persisted in subsequent years, fluctuating between approximately US$530 million in 2022 and US$577 million in 2025. This suggests that the adjustments made consistently increased the reported asset value by a modest amount annually.

The period concludes with both total and adjusted total assets demonstrating positive growth, indicating a potential stabilization and expansion of the asset base.

Current liabilities exhibited volatility over the five-year period. Initially decreasing from 2021 to 2022, they increased substantially in 2023 before declining slightly in 2024 and experiencing a further decrease in 2025. Adjusted current liabilities mirrored this pattern, though the magnitudes of change differed.

Overall Trend

Both current liabilities and adjusted current liabilities demonstrate a non-linear trend. A decrease is observed from 2021 to 2022, followed by a significant increase in 2023. Subsequent years show a leveling off and then a decline, suggesting potential shifts in short-term financial obligations or accounting practices.

Magnitude of Change

The largest single-year increase in current liabilities occurred between 2022 and 2023, rising by 12,311 US$ millions. The largest single-year decrease occurred between 2023 and 2025, falling by 6,674 US$ millions. Adjusted current liabilities experienced a similar pattern, with the largest increase between 2022 and 2023 (11,449 US$ millions) and the largest decrease between 2023 and 2025 (7,529 US$ millions).

Difference Between Reported and Adjusted Values

A consistent difference exists between current liabilities and adjusted current liabilities throughout the period. The adjustment consistently reduces the reported value, indicating the presence of items being reclassified or accounted for differently. The difference between the two values remained relatively stable in terms of absolute US$ millions, ranging from approximately 2,800 to 3,500 over the period.

The fluctuations in both reported and adjusted current liabilities warrant further investigation to understand the underlying drivers. The consistent adjustment suggests a recurring accounting treatment impacting the presentation of short-term obligations.

The reported total liabilities exhibited fluctuations over the five-year period, while adjusted total liabilities demonstrated a different pattern. A comparison of these figures reveals notable differences and trends worthy of consideration.

Total Liabilities Trend

Total liabilities decreased from US$177,896 million in 2021 to US$175,236 million in 2022, representing a decline of approximately 1.5%. An increase was then observed in 2023, with total liabilities reaching US$181,344 million. This was followed by a slight decrease to US$179,936 million in 2024, and a further decrease to US$175,256 million in 2025. Overall, total liabilities show a modest fluctuating pattern with a net decrease over the period.

Adjusted Total Liabilities Trend

Adjusted total liabilities also decreased from US$144,120 million in 2021 to US$143,407 million in 2022, a decrease of roughly 0.5%. A subsequent increase occurred in 2023, reaching US$151,481 million, and continued into 2024 with a value of US$150,537 million. However, 2025 saw a more substantial decrease, with adjusted total liabilities falling to US$142,750 million. This represents the lowest value within the observed period.

Relationship Between Total and Adjusted Liabilities

The difference between total and adjusted liabilities remained substantial throughout the period. The adjustments consistently reduced the reported liabilities, suggesting the presence of items being reclassified or removed from the total liability figure. The magnitude of the adjustment varied, but generally represented a significant portion of the total liabilities reported. The gap between the two figures narrowed slightly in 2024 and 2025, potentially indicating a change in the nature or volume of these adjustments.

The decrease in adjusted total liabilities in 2025 warrants further investigation to understand the underlying reasons for this reduction and its potential impact on the financial position.

Shareholders’ equity, as originally reported, experienced volatility between 2021 and 2025. A significant decrease occurred between 2021 and 2022, followed by moderate increases in subsequent years. However, adjusted total equity presents a different picture, exhibiting a more stable, albeit fluctuating, pattern over the same period.

Total Shareholders’ Equity Trend

Total shareholders’ equity decreased substantially from US$96,092 million in 2021 to US$80,943 million in 2022, representing a decline of approximately 15.7%. A modest recovery was observed in 2023, with equity reaching US$82,703 million. Further growth occurred in 2024, reaching US$85,560 million, and continued into 2025, culminating in US$96,903 million. This final value represents a return to levels comparable to those seen in 2021.

Adjusted Total Equity Trend

Adjusted total equity began at US$132,161 million in 2021, decreasing to US$114,397 million in 2022, a decrease of approximately 13.5%. The adjusted equity remained relatively stable between 2022 and 2024, fluctuating between US$113,919 million and US$116,303 million. A notable increase was then observed in 2025, with adjusted equity rising to US$130,458 million.

Relationship Between Reported and Adjusted Equity

The difference between the reported and adjusted equity values is substantial throughout the period. Adjusted equity consistently exceeds reported equity by a significant margin, suggesting the presence of adjustments related to items not typically reflected in standard shareholders’ equity calculations. The magnitude of this difference remained relatively consistent between 2021 and 2024, but widened in 2025, indicating a larger adjustment impact in that year.

The contrasting trends between reported and adjusted equity suggest that the adjustments are mitigating the volatility observed in the originally reported shareholders’ equity. Further investigation into the nature of these adjustments would be necessary to fully understand their impact on the company’s financial position.

An examination of the financial information reveals trends in the company’s capital structure over a five-year period. Reported total debt exhibited relative stability between 2021 and 2025, fluctuating between approximately US$94.8 billion and US$99.1 billion. Shareholders’ equity, however, demonstrated more volatility, decreasing significantly from 2021 to 2022 before a gradual recovery through 2025. Total reported capital mirrored the equity trend, declining initially and then increasing.

Debt Adjustments

Adjusted total debt consistently exceeded reported total debt throughout the period, with the difference widening over time. This suggests the presence of off-balance sheet financing or other adjustments increasing the recognized debt obligation. The adjusted debt figures show a steady increase from US$102.1 billion in 2021 to US$105.0 billion in 2025.

Equity Adjustments

Adjusted total equity was notably higher than reported shareholders’ equity in each year. The largest difference was observed in 2021, and the gap narrowed in subsequent years. The adjusted equity figures show a similar pattern to the reported equity, with a decline from 2021 to 2022 followed by a recovery, reaching US$130.5 billion in 2025, exceeding the 2021 level.

Total Capital Adjustments

Adjusted total capital consistently surpassed reported total capital, reflecting the combined impact of debt and equity adjustments. The adjusted capital figures increased from US$234.3 billion in 2021 to US$235.5 billion in 2025, demonstrating an overall upward trend despite fluctuations in the intervening years. The magnitude of the adjustment to capital remained relatively consistent as a percentage of reported capital.

The adjustments to both debt and equity suggest a potential reclassification or recognition of items not initially captured in the reported figures. The recovery in adjusted equity from 2022 onwards, coupled with the continued growth in adjusted capital, indicates a strengthening of the company’s adjusted financial position over the observed period. The consistent increase in adjusted debt warrants further investigation to understand the nature and implications of these adjustments.

Revenue exhibited a generally increasing trend over the five-year period. Reported revenue increased from US$116,385 million in 2021 to US$121,427 million in 2022, experienced a slight increase to US$121,572 million in 2023, and continued to rise to US$123,731 million in 2024 before leveling off at US$123,707 million in 2025. Adjusted revenue demonstrates a similar pattern, but with notable differences in magnitude.

Adjusted Revenue vs. Reported Revenue

Adjusted revenue consistently exceeds reported revenue across all observed years. The difference between the two figures was approximately US$22 million in 2021, narrowing to US$620 million in 2022. This gap widened to US$745 million in 2023, then to US$312 million in 2024, and finally to US$546 million in 2025. This suggests the nature and magnitude of adjustments impacting revenue recognition have fluctuated over the period.

The growth rate of adjusted revenue appears to be more consistent than that of reported revenue. While reported revenue growth slowed considerably between 2023 and 2024, adjusted revenue continued to increase at a more stable pace. The leveling off of reported revenue in 2025 is mirrored in adjusted revenue, indicating a potential stabilization of core business performance. The variations between reported and adjusted revenue suggest the presence of recurring items requiring adjustment, potentially related to acquisitions, divestitures, or changes in accounting policies.

Growth Rates

Reported revenue grew by 4.3% from 2021 to 2022, then by 0.1% from 2022 to 2023, and 1.8% from 2023 to 2024, before decreasing by 0.04% from 2024 to 2025. Adjusted revenue grew by 3.8% from 2021 to 2022, 1.2% from 2022 to 2023, 2.3% from 2023 to 2024, and 0.2% from 2024 to 2025. These growth rates indicate a general slowing of revenue expansion over the observed period.

The consistent positive difference between adjusted and reported revenue implies that adjustments generally contribute positively to the overall revenue picture. Further investigation into the specific nature of these adjustments would be necessary to fully understand their impact on the company’s financial performance and to assess the sustainability of the reported revenue figures.

Net income attributable to Comcast Corporation demonstrated volatility over the five-year period. Reported net income increased significantly from 2021 to 2023, experienced a moderate increase from 2023 to 2024, and then a substantial increase from 2024 to 2025. Conversely, adjusted net income exhibited a different pattern, initially showing a substantial decrease between 2021 and 2022, followed by recovery and growth in subsequent years.

Net Income Trend

Net income attributable to Comcast Corporation began at US$14,159 million in 2021. It decreased substantially to US$5,370 million in 2022, before rising to US$15,388 million in 2023. This upward trend continued with a further increase to US$16,192 million in 2024, culminating in a significant rise to US$19,998 million in 2025. This indicates increasing profitability in the later years of the observed period.

Adjusted Net Income Trend

Adjusted net income started at US$15,208 million in 2021, but experienced a dramatic decline to a loss of US$602 million in 2022. A recovery was observed in 2023, with adjusted net income reaching US$14,393 million. Moderate growth continued into 2024, reaching US$14,503 million, followed by a substantial increase to US$24,908 million in 2025. The significant difference between reported and adjusted net income, particularly in 2022, suggests the presence of notable non-recurring items or accounting adjustments impacting the reported earnings.

Relationship Between Reported and Adjusted Income

In 2021, reported and adjusted net income were relatively close. However, in 2022, a substantial divergence occurred, with adjusted net income falling into a loss while reported net income remained positive, albeit significantly lower than the prior year. This gap narrowed in 2023 and 2024, but widened again in 2025, with adjusted net income exceeding reported net income by a considerable margin. This suggests that adjustments made to net income have a growing impact on the overall financial picture, particularly in the most recent year.

The fluctuations in both reported and adjusted net income, and the increasing disparity between the two, warrant further investigation into the nature of the adjustments being made to understand their underlying causes and potential implications for future performance.