Debt to Equity
since 2008
Calculation
Activision Blizzard Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt, net, including current portion1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 0.19 | = | 3,611) | ÷ | 19,243) |
| Dec 31, 2021 | 0.21 | = | 3,608) | ÷ | 17,599) |
| Dec 31, 2020 | 0.24 | = | 3,605) | ÷ | 15,037) |
| Dec 31, 2019 | 0.21 | = | 2,675) | ÷ | 12,805) |
| Dec 31, 2018 | 0.24 | = | 2,671) | ÷ | 11,357) |
| Dec 31, 2017 | 0.46 | = | 4,390) | ÷ | 9,462) |
| Dec 31, 2016 | 0.54 | = | 4,887) | ÷ | 9,119) |
| Dec 31, 2015 | 0.51 | = | 4,079) | ÷ | 8,068) |
| Dec 31, 2014 | 0.60 | = | 4,324) | ÷ | 7,233) |
| Dec 31, 2013 | 0.71 | = | 4,693) | ÷ | 6,622) |
| Dec 31, 2012 | 0.00 | = | —) | ÷ | 11,317) |
| Dec 31, 2011 | 0.00 | = | —) | ÷ | 10,492) |
| Dec 31, 2010 | 0.00 | = | —) | ÷ | 10,203) |
| Dec 31, 2009 | 0.00 | = | —) | ÷ | 10,756) |
| Dec 31, 2008 | 0.00 | = | —) | ÷ | 11,527) |
Based on: 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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
1 US$ in millions
The analysis of the financial data over the reported periods reveals several noteworthy trends in the company's capital structure and financial position.
- Long-term Debt
- From 2014 onwards, the company held long-term debt ranging between approximately US$2.67 billion and US$4.69 billion. The debt peaked at about US$4.69 billion in 2014, followed by a generally declining trend through 2019, where it reached approximately US$2.67 billion. However, beginning in 2020, there was an increase in long-term debt, rising to around US$3.61 billion by 2022. Overall, the data suggest an initial period of high borrowing levels declining over several years, with a moderate rebound in debt levels in the later years.
- Shareholders’ Equity
- Shareholders’ equity showed a mostly positive and upward trajectory throughout the entire period from 2008 to 2022. Starting at about US$11.5 billion in 2008, equity experienced fluctuations, particularly dipping to around US$6.6 billion in 2013. From that point, equity steadily increased, consistently reaching new highs each year from 2014 through 2022, culminating in approximately US$19.2 billion in 2022. This consistent increase in equity indicates retained earnings growth and potentially successful capital management and profitability over the latter years.
- Debt to Equity Ratio
- The debt to equity ratio, available from 2014 onward, shows a clear downward trend, starting at about 0.71 in 2014 and decreasing to 0.19 by 2022. This indicates that the company progressively reduced its financial leverage during this period. The ratio's decline corresponds with the reduction in long-term debt and the rise in shareholders' equity, reflecting a stronger equity base relative to debt and a more conservative financial structure.
In summary, the company’s financial position strengthened over the period assessed, characterized by a significant increase in equity and reduced reliance on long-term debt relative to its equity base. Despite some fluctuations in absolute debt amounts, the improving debt to equity ratio suggests a strategic shift toward lower financial leverage and enhanced balance sheet resilience.
Comparison to Competitors
Activision Blizzard Inc., debt to equity, long-term trends, comparison to competitors
| Activision Blizzard Inc. | Alphabet Inc. | Comcast Corp. | Meta Platforms Inc. | Netflix Inc. | Take-Two Interactive Software Inc. | Walt Disney Co. | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 0.19 | 0.06 | 1.17 | 0.08 | 0.69 | 0.00 | 0.51 |
| Dec 31, 2021 | 0.21 | 0.06 | 0.99 | 0.00 | 0.97 | 0.00 | 0.61 |
| Dec 31, 2020 | 0.24 | 0.06 | 1.15 | 0.00 | 1.47 | 0.00 | 0.70 |
| Dec 31, 2019 | 0.21 | 0.02 | 1.24 | 0.00 | 1.95 | 0.00 | 0.53 |
| Dec 31, 2018 | 0.24 | 0.02 | 1.56 | 0.00 | 1.98 | 0.01 | 0.43 |
| Dec 31, 2017 | 0.46 | 0.03 | 0.94 | 0.00 | 1.81 | 0.25 | 0.61 |
| Dec 31, 2016 | 0.54 | 0.03 | 1.13 | 0.00 | 1.26 | 0.86 | 0.47 |
| Dec 31, 2015 | 0.51 | 0.04 | 1.01 | 0.00 | 1.07 | 0.85 | 0.39 |
| Dec 31, 2014 | 0.60 | 0.05 | 0.92 | 0.01 | 0.48 | 0.57 | 0.33 |
| Dec 31, 2013 | 0.71 | 0.06 | 0.94 | 0.03 | 0.37 | 0.57 | 0.31 |
| Dec 31, 2012 | 0.00 | 0.08 | 0.82 | 0.20 | 0.54 | 0.53 | 0.36 |
| Dec 31, 2011 | 0.00 | 0.07 | 0.83 | — | 0.62 | 0.17 | 0.37 |
| Dec 31, 2010 | 0.00 | 0.07 | 0.71 | — | 0.69 | 0.19 | 0.33 |
| Dec 31, 2009 | 0.00 | 0.00 | 0.68 | — | 1.00 | 0.27 | 0.38 |
| Dec 31, 2008 | 0.00 | 0.00 | 0.80 | — | 0.00 | 0.11 | 0.45 |
Based on: 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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
Comparison to Sector (Media & Entertainment)
Activision Blizzard Inc., debt to equity, long-term trends, comparison to sector (media & entertainment)
| Activision Blizzard Inc. | Media & Entertainment | |
|---|---|---|
| Dec 31, 2022 | 0.19 | 0.31 |
| Dec 31, 2021 | 0.21 | 0.31 |
| Dec 31, 2020 | 0.24 | 0.36 |
| Dec 31, 2019 | 0.21 | 0.35 |
| Dec 31, 2018 | 0.24 | 0.38 |
| Dec 31, 2017 | 0.46 | 0.29 |
| Dec 31, 2016 | 0.54 | 0.30 |
| Dec 31, 2015 | 0.51 | 0.30 |
| Dec 31, 2014 | 0.60 | 0.29 |
| Dec 31, 2013 | 0.71 | 0.34 |
| Dec 31, 2012 | 0.00 | 0.36 |
| Dec 31, 2011 | 0.00 | 0.40 |
| Dec 31, 2010 | 0.00 | 0.37 |
| Dec 31, 2009 | 0.00 | 0.37 |
| Dec 31, 2008 | 0.00 | 0.46 |
Based on: 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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
Comparison to Industry (Communication Services)
Activision Blizzard Inc., debt to equity, long-term trends, comparison to industry (communication services)
| Activision Blizzard Inc. | Communication Services | |
|---|---|---|
| Dec 31, 2022 | 0.19 | 0.65 |
| Dec 31, 2021 | 0.21 | 0.65 |
| Dec 31, 2020 | 0.24 | 0.66 |
| Dec 31, 2019 | 0.21 | 0.62 |
| Dec 31, 2018 | 0.24 | 0.71 |
| Dec 31, 2017 | 0.46 | 0.75 |
| Dec 31, 2016 | 0.54 | 0.75 |
| Dec 31, 2015 | 0.51 | 0.81 |
| Dec 31, 2014 | 0.60 | 0.81 |
| Dec 31, 2013 | 0.71 | 0.75 |
| Dec 31, 2012 | 0.00 | 0.62 |
| Dec 31, 2011 | 0.00 | 0.62 |
| Dec 31, 2010 | 0.00 | 0.60 |
| Dec 31, 2009 | 0.00 | 0.69 |
| Dec 31, 2008 | 0.00 | 0.73 |
Based on: 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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).