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, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Residential Connectivity & Platforms | 38.20% | 37.46% | 36.07% | 34.65% | — |
| Business Services Connectivity | 56.70% | 57.17% | 57.38% | 58.12% | — |
| Media | 11.12% | 11.65% | 13.47% | 18.73% | — |
| Studios | 12.66% | 10.92% | 7.84% | 8.72% | — |
| Theme Parks | 34.22% | 37.39% | 35.58% | 25.08% | — |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Residential Connectivity & Platforms | Residential Connectivity & Platforms segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. |
| Business Services Connectivity | Business Services Connectivity segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. | |
| Media | Media segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. | |
| Studios | Studios segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. | |
| Theme Parks | Theme Parks segment profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Segment Profit Margin: Residential Connectivity & Platforms
Comcast Corp.; Residential Connectivity & Platforms; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | 27,338) | 26,948) | 26,111) | 25,188) | —) |
| Revenue | 71,574) | 71,946) | 72,386) | 72,694) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 38.20% | 37.46% | 36.07% | 34.65% | — |
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 2024 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × 27,338 ÷ 71,574 = 38.20%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Residential Connectivity & Platforms | Residential Connectivity & Platforms segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Business Services Connectivity
Comcast Corp.; Business Services Connectivity; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | 5,500) | 5,291) | 5,060) | 4,682) | —) |
| Revenue | 9,701) | 9,255) | 8,819) | 8,056) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 56.70% | 57.17% | 57.38% | 58.12% | — |
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 2024 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × 5,500 ÷ 9,701 = 56.70%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Business Services Connectivity | Business Services Connectivity segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Media
Comcast Corp.; Media; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | 3,130) | 2,955) | 3,598) | 5,133) | —) |
| Revenue | 28,148) | 25,355) | 26,719) | 27,406) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 11.12% | 11.65% | 13.47% | 18.73% | — |
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 2024 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × 3,130 ÷ 28,148 = 11.12%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Media | Media segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Studios
Comcast Corp.; Studios; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | 1,404) | 1,269) | 961) | 879) | —) |
| Revenue | 11,092) | 11,625) | 12,257) | 10,077) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 12.66% | 10.92% | 7.84% | 8.72% | — |
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 2024 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × 1,404 ÷ 11,092 = 12.66%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Studios | Studios segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Theme Parks
Comcast Corp.; Theme Parks; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | 2,949) | 3,345) | 2,683) | 1,267) | —) |
| Revenue | 8,617) | 8,947) | 7,541) | 5,051) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 34.22% | 37.39% | 35.58% | 25.08% | — |
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 2024 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × 2,949 ÷ 8,617 = 34.22%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Theme Parks | Theme Parks segment profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Revenue
Comcast Corp., revenue by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Residential Connectivity & Platforms | 71,574) | 71,946) | 72,386) | 72,694) | —) |
| Business Services Connectivity | 9,701) | 9,255) | 8,819) | 8,056) | —) |
| Connectivity & Platforms | 81,275) | 81,201) | 81,205) | 80,750) | —) |
| Media | 28,148) | 25,355) | 26,719) | 27,406) | —) |
| Studios | 11,092) | 11,625) | 12,257) | 10,077) | —) |
| Theme Parks | 8,617) | 8,947) | 7,541) | 5,051) | —) |
| Content & Experiences | 47,857) | 45,927) | 46,517) | 42,534) | —) |
| Total | 129,132) | 127,128) | 127,722) | 123,284) | —) |
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).
Adjusted EBITDA
Comcast Corp., adjusted ebitda by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Residential Connectivity & Platforms | 27,338) | 26,948) | 26,111) | 25,188) | —) |
| Business Services Connectivity | 5,500) | 5,291) | 5,060) | 4,682) | —) |
| Connectivity & Platforms | 32,838) | 32,239) | 31,171) | 29,870) | —) |
| Media | 3,130) | 2,955) | 3,598) | 5,133) | —) |
| Studios | 1,404) | 1,269) | 961) | 879) | —) |
| Theme Parks | 2,949) | 3,345) | 2,683) | 1,267) | —) |
| Content & Experiences | 7,483) | 7,569) | 7,242) | 7,279) | —) |
| Total | 40,321) | 39,808) | 38,413) | 37,149) | —) |
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).