Analysis of Short-term (Operating) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Short-term Activity Ratios (Summary)
Comcast Corp., short-term (operating) activity ratios
Based on: 10-K (reporting date: 2025-12-31), 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).
An analysis of short-term operating activity ratios reveals several trends over the five-year period. The receivables turnover ratio exhibits a generally decreasing pattern, while the payables turnover ratio shows more fluctuation. The average receivable collection period remains relatively stable, but the average payables payment period demonstrates an increasing trend.
- Receivables Turnover
- The receivables turnover ratio decreased from 9.69 in 2021 to 8.92 in 2025. While there are minor year-over-year variations, the overall trend indicates a slight decline in the efficiency of converting receivables into cash. The ratio decreased from 9.69 to 9.58 between 2021 and 2022, then more noticeably to 8.80 in 2023, before a slight recovery to 9.06 in 2024, and a further decrease to 8.92 in 2025.
- Payables Turnover
- The payables turnover ratio experienced fluctuations throughout the period. It decreased from 3.09 in 2021 to 2.96 in 2023, then increased to 3.27 in 2024, and settled at 3.16 in 2025. This suggests some variability in the speed at which the entity pays its suppliers. The increase in 2024 may indicate a strategic shift in payment terms or supplier relationships.
- Average Collection Period
- The average receivable collection period remained consistently around 38-41 days. It was 38 days in both 2021 and 2022, increased to 41 days in 2023, and remained at 40 and 41 days in 2024 and 2025 respectively. This indicates a stable credit and collection policy.
- Average Payment Period
- The average payables payment period exhibited an increasing trend, rising from 118 days in 2021 to 123 days in 2023, before decreasing to 112 days in 2024 and increasing again to 115 days in 2025. This lengthening of the payment period could be due to negotiations with suppliers for extended terms, or potentially indicate a tightening of cash flow management.
The combination of a decreasing receivables turnover and an increasing payables payment period suggests a potential shift in working capital management, possibly prioritizing cash preservation. Further investigation into the underlying reasons for these trends is recommended.
Turnover Ratios
Average No. Days
Receivables Turnover
Comcast Corp., receivables turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Receivables, net | ||||||
| Short-term Activity Ratio | ||||||
| Receivables turnover1 | ||||||
| Benchmarks | ||||||
| Receivables Turnover, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
| Receivables Turnover, Sector | ||||||
| Media & Entertainment | ||||||
| Receivables Turnover, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Receivables turnover = Revenue ÷ Receivables, net
= ÷ =
2 Click competitor name to see calculations.
An examination of the financial information reveals trends in receivables activity over a five-year period. Revenue exhibited a general upward trajectory, increasing from US$116,385 million in 2021 to US$123,731 million in 2024 before experiencing a slight decrease to US$123,707 million in 2025. Net receivables also generally increased, moving from US$12,008 million in 2021 to US$13,869 million in 2025, with fluctuations observed in intervening years.
- Receivables Turnover
- The receivables turnover ratio decreased from 9.69 in 2021 to 9.58 in 2022, representing a slight decline. A more pronounced decrease was observed in 2023, with the ratio falling to 8.80. The ratio partially recovered to 9.06 in 2024, but then decreased again to 8.92 in 2025. This suggests a lengthening of the collection period for receivables over the period, despite increasing revenue. The decrease in turnover, coupled with rising receivables, indicates that the company is taking longer to convert its credit sales into cash.
The observed trend in receivables turnover warrants further investigation. While revenue has generally increased, the declining turnover ratio suggests potential inefficiencies in credit and collection policies, or a shift in customer payment terms. The slight recovery in 2024 was not sustained, indicating that the underlying factors contributing to the lower turnover persist. Monitoring this ratio closely is recommended to assess the impact on cash flow and working capital management.
Payables Turnover
Comcast Corp., payables turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Programming and production | ||||||
| Accounts payable and accrued expenses related to trade creditors | ||||||
| Short-term Activity Ratio | ||||||
| Payables turnover1 | ||||||
| Benchmarks | ||||||
| Payables Turnover, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
| Payables Turnover, Sector | ||||||
| Media & Entertainment | ||||||
| Payables Turnover, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Payables turnover = Programming and production ÷ Accounts payable and accrued expenses related to trade creditors
= ÷ =
2 Click competitor name to see calculations.
The accounts payable turnover ratio exhibits a generally stable pattern over the five-year period, with some fluctuation. Initial values demonstrate a slight decrease from 3.09 in 2021 to 3.05 in 2022, followed by a further decline to 2.96 in 2023. A notable increase is then observed in 2024, with the ratio reaching 3.27, before settling at 3.16 in 2025.
- Payables Turnover Trend
- The ratio decreased for two consecutive years before increasing in 2024. This suggests a potential tightening of payment terms or increased efficiency in managing supplier credit in 2024. The subsequent slight decrease in 2025 could indicate a return to more typical payment practices or a minor increase in outstanding payables.
Concurrent with the payables turnover, accounts payable and accrued expenses related to trade creditors decreased from US$12,455 million in 2021 to US$11,058 million in 2025. This decrease in the absolute value of payables, alongside the fluctuating turnover ratio, suggests a dynamic relationship between payment timing and the overall volume of trade-related liabilities.
- Relationship to Programming and Production Expenses
- Programming and production expenses remained relatively stable throughout the period, fluctuating between US$34,951 million and US$38,450 million. The payables turnover, while showing some variation, remained within a narrow range, indicating that changes in payment practices did not coincide with significant shifts in the underlying expense structure.
Overall, the payables turnover ratio suggests consistent management of trade creditors, with a brief period of accelerated turnover in 2024. The observed fluctuations do not appear to be linked to substantial changes in programming and production expenses.
Working Capital Turnover
Comcast Corp., working capital turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current assets | ||||||
| Less: Current liabilities | ||||||
| Working capital | ||||||
| Revenue | ||||||
| Short-term Activity Ratio | ||||||
| Working capital turnover1 | ||||||
| Benchmarks | ||||||
| Working Capital Turnover, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
| Working Capital Turnover, Sector | ||||||
| Media & Entertainment | ||||||
| Working Capital Turnover, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Working capital turnover = Revenue ÷ Working capital
= ÷ =
2 Click competitor name to see calculations.
The analysis reveals a significant fluctuation in working capital over the five-year period, coupled with relatively stable revenue. This impacts the interpretation of working capital turnover. The consistently negative working capital balances suggest the company consistently finances its operations with more liabilities than assets classified as current. The working capital turnover ratio, calculated as Revenue divided by Working Capital, is therefore consistently negative, and its magnitude changes substantially with the working capital balance.
- Working Capital Trend
- Working capital demonstrates a marked downward trend from 2021 to 2023, decreasing from negative $4,541 million to negative $16,211 million. A partial recovery is then observed in 2024 and 2025, with working capital increasing to negative $12,780 million and then to negative $3,957 million, respectively. The largest absolute decrease occurs between 2022 and 2023.
- Revenue Trend
- Revenue exhibits a modest increase over the period, rising from $116,385 million in 2021 to $121,427 million in 2022, then remaining relatively flat at $121,572 million in 2023. Further incremental growth is seen in 2024 ($123,731 million) and 2025 ($123,707 million). The revenue figures demonstrate stability, with limited year-over-year variation after 2022.
- Working Capital Turnover
- Due to the negative working capital, the working capital turnover ratio is negative for all periods. The ratio’s absolute value increases significantly from 2021 to 2023, reflecting the larger negative working capital balance. As working capital becomes less negative in 2024 and 2025, the absolute value of the turnover ratio decreases. A higher absolute value indicates the company is generating more revenue per dollar of working capital (even though the working capital is negative), while a lower absolute value suggests the opposite. The substantial fluctuations in working capital overshadow any potential insights derived from revenue changes alone.
The observed trends suggest a changing relationship between current assets and current liabilities. Further investigation into the components of working capital – specifically, changes in accounts receivable, inventory, accounts payable, and short-term debt – is recommended to understand the drivers behind these fluctuations and their implications for liquidity and operational efficiency.
Average Receivable Collection Period
Comcast Corp., average receivable collection period calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Receivables turnover | ||||||
| Short-term Activity Ratio (no. days) | ||||||
| Average receivable collection period1 | ||||||
| Benchmarks (no. days) | ||||||
| Average Receivable Collection Period, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
| Average Receivable Collection Period, Sector | ||||||
| Media & Entertainment | ||||||
| Average Receivable Collection Period, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
The average receivable collection period remained relatively stable over the five-year period, exhibiting minor fluctuations. Receivables turnover demonstrated a slight downward trend, though not consistently. These movements suggest a subtle shift in the efficiency of converting receivables into cash.
- Average Receivable Collection Period
- The average receivable collection period held steady at 38 days in both 2021 and 2022. A slight increase to 41 days was observed in 2023, followed by a decrease to 40 days in 2024, and a return to 41 days in 2025. This indicates a minimal lengthening in the time taken to collect receivables, but the changes are not substantial. The consistency suggests effective credit and collection policies are generally maintained.
- Receivables Turnover
- Receivables turnover decreased from 9.69 in 2021 to 9.58 in 2022, representing a minor decline. A more noticeable decrease to 8.80 was recorded in 2023. The ratio partially recovered to 9.06 in 2024, but then decreased slightly again to 8.92 in 2025. This suggests a gradual reduction in the efficiency with which the company converts its receivables into cash, although the fluctuations are relatively small. The decrease in turnover aligns with the slight increase in the average collection period.
- Relationship between Ratios
- The observed trends in both ratios are correlated. The slight decrease in receivables turnover is consistent with the minor increase in the average receivable collection period. This suggests that, while collection efforts remain largely effective, there may be a subtle slowing in the rate at which receivables are being converted into cash. Further investigation into the composition of receivables and credit terms may be warranted.
Average Payables Payment Period
Comcast Corp., average payables payment period calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Payables turnover | ||||||
| Short-term Activity Ratio (no. days) | ||||||
| Average payables payment period1 | ||||||
| Benchmarks (no. days) | ||||||
| Average Payables Payment Period, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
| Average Payables Payment Period, Sector | ||||||
| Media & Entertainment | ||||||
| Average Payables Payment Period, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
The average payables payment period exhibited a generally increasing trend from 2021 to 2023, followed by a decrease in 2024 and a slight increase in 2025. This indicates fluctuations in the company’s payment practices to its suppliers over the analyzed period.
- Average Payables Payment Period
- The average payables payment period lengthened from 118 days in 2021 to 123 days in 2023, representing a 4.2% increase over three years. This suggests the company took progressively longer to settle its obligations to suppliers during this timeframe. A decrease was then observed in 2024, with the period shortening to 112 days, indicating improved payment efficiency. However, this improvement was partially offset by a slight increase to 115 days in 2025.
Concurrently, payables turnover showed some volatility. While generally stable, a slight decrease in payables turnover from 3.09 in 2021 to 2.96 in 2023 aligns with the increasing payment period, suggesting a slower rate of paying down accounts payable. The increase in payables turnover to 3.27 in 2024 corresponds with the decrease in the average payment period, indicating a faster rate of paying suppliers. The subsequent decrease to 3.16 in 2025 suggests a return towards previous levels.
The observed fluctuations in both metrics suggest potential shifts in the company’s supplier relationships, negotiation strategies, or working capital management policies. Further investigation into the underlying reasons for these changes would be beneficial.