Analysis of Reportable Segments
Comcast Corp. operates in 5 segments: Residential Connectivity & Platforms; Business Services Connectivity; Media; Studios; and Theme Parks.
Segment Profit Margin
Comcast Corp., profit margin by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Residential Connectivity & Platforms | 37.46% | 36.07% | 34.65% | — | — |
| Business Services Connectivity | 57.17% | 57.38% | 58.12% | — | — |
| Media | 11.65% | 13.47% | 18.73% | — | — |
| Studios | 10.92% | 7.84% | 8.72% | — | — |
| Theme Parks | 37.39% | 35.58% | 25.08% | — | — |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Residential Connectivity & Platforms | Residential Connectivity & Platforms segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Business Services Connectivity | Business Services Connectivity segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. | |
| Media | Media segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. | |
| Studios | Studios segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. | |
| Theme Parks | Theme Parks segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Residential Connectivity & Platforms
Comcast Corp.; Residential Connectivity & Platforms; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | 26,948) | 26,111) | 25,188) | —) | —) |
| Revenue | 71,946) | 72,386) | 72,694) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 37.46% | 36.07% | 34.65% | — | — |
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).
1 2023 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × 26,948 ÷ 71,946 = 37.46%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Residential Connectivity & Platforms | Residential Connectivity & Platforms segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Business Services Connectivity
Comcast Corp.; Business Services Connectivity; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | 5,291) | 5,060) | 4,682) | —) | —) |
| Revenue | 9,255) | 8,819) | 8,056) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 57.17% | 57.38% | 58.12% | — | — |
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).
1 2023 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × 5,291 ÷ 9,255 = 57.17%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Business Services Connectivity | Business Services Connectivity segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Media
Comcast Corp.; Media; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | 2,955) | 3,598) | 5,133) | —) | —) |
| Revenue | 25,355) | 26,719) | 27,406) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 11.65% | 13.47% | 18.73% | — | — |
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).
1 2023 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × 2,955 ÷ 25,355 = 11.65%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Media | Media segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Studios
Comcast Corp.; Studios; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | 1,269) | 961) | 879) | —) | —) |
| Revenue | 11,625) | 12,257) | 10,077) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 10.92% | 7.84% | 8.72% | — | — |
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).
1 2023 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × 1,269 ÷ 11,625 = 10.92%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Studios | Studios segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Profit Margin: Theme Parks
Comcast Corp.; Theme Parks; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | 3,345) | 2,683) | 1,267) | —) | —) |
| Revenue | 8,947) | 7,541) | 5,051) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 37.39% | 35.58% | 25.08% | — | — |
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).
1 2023 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × 3,345 ÷ 8,947 = 37.39%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Theme Parks | Theme Parks segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Revenue
Comcast Corp., revenue by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Residential Connectivity & Platforms | 71,946) | 72,386) | 72,694) | —) | —) |
| Business Services Connectivity | 9,255) | 8,819) | 8,056) | —) | —) |
| Connectivity & Platforms | 81,201) | 81,205) | 80,750) | —) | —) |
| Media | 25,355) | 26,719) | 27,406) | —) | —) |
| Studios | 11,625) | 12,257) | 10,077) | —) | —) |
| Theme Parks | 8,947) | 7,541) | 5,051) | —) | —) |
| Headquarters and Other | 64) | 75) | 87) | —) | —) |
| Eliminations | (2,800) | (3,442) | (3,047) | —) | —) |
| Content & Experiences | 43,191) | 43,150) | 39,574) | —) | —) |
| Corporate and Other | 2,763) | 2,662) | 2,844) | —) | —) |
| Eliminations | (5,583) | (5,590) | (6,783) | —) | —) |
| Comcast Consolidated | 121,572) | 121,427) | 116,385) | —) | —) |
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).
Adjusted EBITDA
Comcast Corp., adjusted ebitda by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Residential Connectivity & Platforms | 26,948) | 26,111) | 25,188) | —) | —) |
| Business Services Connectivity | 5,291) | 5,060) | 4,682) | —) | —) |
| Connectivity & Platforms | 32,239) | 31,171) | 29,870) | —) | —) |
| Media | 2,955) | 3,598) | 5,133) | —) | —) |
| Studios | 1,269) | 961) | 879) | —) | —) |
| Theme Parks | 3,345) | 2,683) | 1,267) | —) | —) |
| Headquarters and Other | (946) | (881) | (840) | —) | —) |
| Eliminations | 77) | (1) | (205) | —) | —) |
| Content & Experiences | 6,700) | 6,360) | 6,234) | —) | —) |
| Corporate and Other | (1,335) | (1,008) | (1,331) | —) | —) |
| Eliminations | 29) | (64) | (65) | —) | —) |
| Comcast Consolidated | 37,633) | 36,459) | 34,708) | —) | —) |
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).