Selected Financial Data
since 2008
Income Statement
Activision Blizzard Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net revenues | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Dec 31, 2022 | 7,528) | 1,670) | 1,513) |
| Dec 31, 2021 | 8,803) | 3,259) | 2,699) |
| Dec 31, 2020 | 8,086) | 2,734) | 2,197) |
| Dec 31, 2019 | 6,489) | 1,607) | 1,503) |
| Dec 31, 2018 | 7,500) | 1,988) | 1,813) |
| Dec 31, 2017 | 7,017) | 1,309) | 273) |
| Dec 31, 2016 | 6,608) | 1,412) | 966) |
| Dec 31, 2015 | 4,664) | 1,319) | 892) |
| Dec 31, 2014 | 4,408) | 1,183) | 835) |
| Dec 31, 2013 | 4,583) | 1,372) | 1,010) |
| Dec 31, 2012 | 4,856) | 1,451) | 1,149) |
| Dec 31, 2011 | 4,755) | 1,328) | 1,085) |
| Dec 31, 2010 | 4,447) | 469) | 418) |
| Dec 31, 2009 | 4,279) | (26) | 113) |
| Dec 31, 2008 | 3,026) | (233) | (107) |
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).
The financial performance between 2008 and 2022 is characterized by a transition from initial operating losses to a period of significant expansion and profitability, followed by a contraction in the final year of the period.
- Revenue Growth Trends
- Net revenues grew from 3,026 million USD in 2008 to a peak of 8,803 million USD in 2021. The trajectory indicates three distinct phases: an initial growth phase from 2008 to 2012, a period of relative stagnation between 2012 and 2015, and a phase of accelerated growth starting in 2016. A contraction occurred in 2022, with revenues declining to 7,528 million USD.
- Operating Income and Efficiency
- Operating income shifted from a loss of 233 million USD in 2008 to a positive position by 2010. From 2011 to 2017, operating income remained relatively stable, generally fluctuating between 1,100 million USD and 1,400 million USD. A sharp increase in operational profitability was observed between 2018 and 2021, peaking at 3,259 million USD, before falling to 1,670 million USD in 2022.
- Net Income and Profitability Anomalies
- Net income followed the general upward trend of operating income, reaching a high of 2,699 million USD in 2021. However, a significant anomaly occurred in 2017, where net income dropped to 273 million USD despite an increase in net revenues and stable operating income. This divergence suggests the occurrence of substantial non-operating expenses or one-time tax charges during that fiscal year.
- Comparative Margin Analysis
- The period between 2018 and 2021 showed an improvement in the conversion of revenue to operating income, with operating income growing at a faster rate than net revenues. The decline in 2022 was more pronounced in profitability than in revenue, as operating income decreased by approximately 48% while net revenues decreased by roughly 15%.
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Balance Sheet: Assets
Activision Blizzard Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 14,469) | 27,383) |
| Dec 31, 2021 | 12,556) | 25,056) |
| Dec 31, 2020 | 10,565) | 23,109) |
| Dec 31, 2019 | 7,292) | 19,845) |
| Dec 31, 2018 | 6,106) | 17,835) |
| Dec 31, 2017 | 6,520) | 18,668) |
| Dec 31, 2016 | 4,830) | 17,452) |
| Dec 31, 2015 | 3,387) | 15,251) |
| Dec 31, 2014 | 6,909) | 14,746) |
| Dec 31, 2013 | 6,241) | 14,012) |
| Dec 31, 2012 | 6,274) | 14,200) |
| Dec 31, 2011 | 5,380) | 13,277) |
| Dec 31, 2010 | 5,385) | 13,406) |
| Dec 31, 2009 | 5,329) | 13,742) |
| Dec 31, 2008 | 5,495) | 14,701) |
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).
The asset structure demonstrates a transition from relative stability in the early period to aggressive expansion in the later years, particularly accelerating after 2019.
- Total Asset Trajectory
- Between 2008 and 2011, total assets experienced a slight contraction, declining from 14,701 million USD to 13,277 million USD. A period of gradual recovery and steady growth followed through 2018. A significant acceleration in asset accumulation occurred between 2019 and 2022, where total assets rose from 19,845 million USD to a peak of 27,383 million USD, representing a substantial increase in the overall financial scale of the organization.
- Current Asset Volatility and Growth
- Current assets remained largely stable between 2008 and 2014, fluctuating between 5,329 million USD and 6,909 million USD. A notable sharp decline occurred in 2015, with values dropping to 3,387 million USD. Following this trough, a consistent upward trend emerged, culminating in a rapid surge from 2019 (7,292 million USD) to 2022 (14,469 million USD). The current asset base more than doubled within the 2019 to 2022 window.
- Liquidity Profile and Asset Composition
- The proportion of current assets relative to total assets has shifted significantly over the observed period. In 2008, current assets constituted approximately 37% of the total asset base. This proportion reached a low point in 2015 at approximately 22%. By 2022, current assets accounted for approximately 53% of total assets, indicating a strategic shift toward higher liquidity and a greater concentration of short-term resources relative to long-term investments.
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Balance Sheet: Liabilities and Stockholders’ Equity
Activision Blizzard Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Long-term debt, net, including current portion | Shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2022 | 3,555) | 8,140) | 3,611) | 19,243) |
| Dec 31, 2021 | 2,411) | 7,457) | 3,608) | 17,599) |
| Dec 31, 2020 | 3,100) | 8,072) | 3,605) | 15,037) |
| Dec 31, 2019 | 2,915) | 7,040) | 2,675) | 12,805) |
| Dec 31, 2018 | 2,642) | 6,478) | 2,671) | 11,357) |
| Dec 31, 2017 | 3,663) | 9,206) | 4,390) | 9,462) |
| Dec 31, 2016 | 2,656) | 8,333) | 4,887) | 9,119) |
| Dec 31, 2015 | 2,611) | 7,183) | 4,079) | 8,068) |
| Dec 31, 2014 | 2,714) | 7,513) | 4,324) | 7,233) |
| Dec 31, 2013 | 2,405) | 7,390) | 4,693) | 6,622) |
| Dec 31, 2012 | 2,652) | 2,883) | —) | 11,317) |
| Dec 31, 2011 | 2,556) | 2,785) | —) | 10,492) |
| Dec 31, 2010 | 2,907) | 3,203) | —) | 10,203) |
| Dec 31, 2009 | 2,507) | 2,986) | —) | 10,756) |
| Dec 31, 2008 | 2,320) | 3,174) | —) | 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).
The financial structure from 2008 to 2022 is characterized by a significant shift in leverage occurring in 2013, followed by a sustained period of equity growth and balance sheet strengthening.
- Liability Trends and Composition
- Current liabilities remained relatively stable for the majority of the period, fluctuating between 2.3 billion and 3.6 billion US dollars. A notable peak occurred in 2017 at 3.66 billion US dollars, with a similar level reached in 2022. Total liabilities exhibited a sharp increase in 2013, rising from 2.88 billion US dollars in 2012 to 7.39 billion US dollars. After this spike, total liabilities generally remained elevated, peaking at 9.21 billion US dollars in 2017 before stabilizing around 8.14 billion US dollars by 2022.
- Long-Term Debt Analysis
- Long-term debt was not reported between 2008 and 2012, but became a primary component of the capital structure in 2013 at 4.69 billion US dollars. This debt level peaked in 2016 at 4.89 billion US dollars before being reduced to a low of 2.67 billion US dollars in 2018. In the final five years of the period, long-term debt stabilized, maintaining a consistent level around 3.6 billion US dollars from 2020 through 2022.
- Shareholders' Equity Evolution
- Equity levels experienced a significant contraction in 2013, dropping to 6.62 billion US dollars from 11.32 billion US dollars in 2012. However, this marked the beginning of a consistent and aggressive upward trend. From 2014 to 2022, shareholders' equity grew every consecutive year, rising from 7.23 billion US dollars to a peak of 19.24 billion US dollars. This represents a nearly threefold increase from the 2013 trough, indicating substantial accumulation of retained earnings or capital contributions.
- Solvency and Leverage Observations
- The relationship between total liabilities and shareholders' equity shifted dramatically over the analyzed timeframe. While the company maintained a low-leverage position prior to 2013, the introduction of significant long-term debt in 2013 temporarily increased the leverage ratio. By 2022, the substantial growth in equity far outpaced the growth in liabilities, resulting in a significantly strengthened solvency position compared to the mid-period volatility.
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Cash Flow Statement
Activision Blizzard Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 2,220) | (4,994) | (534) |
| Dec 31, 2021 | 2,414) | (59) | (521) |
| Dec 31, 2020 | 2,252) | (178) | 711) |
| Dec 31, 2019 | 1,831) | (22) | (237) |
| Dec 31, 2018 | 1,790) | (230) | (2,020) |
| Dec 31, 2017 | 2,213) | (197) | (624) |
| Dec 31, 2016 | 2,155) | (1,177) | 500) |
| Dec 31, 2015 | 1,192) | (3,716) | (135) |
| Dec 31, 2014 | 1,292) | (84) | (374) |
| Dec 31, 2013 | 1,264) | 308) | (1,223) |
| Dec 31, 2012 | 1,345) | (124) | (497) |
| Dec 31, 2011 | 952) | 266) | (808) |
| Dec 31, 2010 | 1,376) | (312) | (1,053) |
| Dec 31, 2009 | 1,183) | (443) | (949) |
| Dec 31, 2008 | 379) | 1,101) | 1,488) |
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).
The cash flow profile demonstrates a strong and consistent growth in operational liquidity, which has provided a stable foundation for strategic investments and capital returns. A clear transition is observable from a period of moderate cash generation to a phase of high-volume operating cash flows starting in 2016.
- Operating Activities
- Net cash provided by operating activities showed a significant upward trajectory. From a baseline of 379 million USD in 2008, the figures climbed and stabilized between 952 million and 1,376 million USD from 2009 to 2015. A structural shift occurred in 2016, where operating cash flows jumped to 2,155 million USD and remained consistently above 1.7 billion USD through 2022, peaking at 2,414 million USD in 2021.
- Investing Activities
- Investing activities were characterized by high volatility and periodic large-scale capital deployments. While several years showed minimal activity or small positive inflows, two major outflows are prominent: 3,716 million USD in 2015 and 4,994 million USD in 2022. These substantial negative values suggest significant strategic acquisitions or major capital expenditures during those specific years.
- Financing Activities
- Financing activities were predominantly negative for the majority of the period, indicating a trend of returning capital to shareholders or reducing debt. A notable peak in capital outflow occurred in 2018 with a net use of 2,020 million USD. Occasional positive inflows, such as in 2008, 2016, and 2020, suggest periodic external financing or debt issuance to balance the balance sheet.
- Overall Cash Flow Synergy
- The relationship between the three cash flow components reveals a company that leverages its strong operating cash flow to fund both strategic growth (investing) and shareholder rewards (financing). The ability to sustain operating cash flows above 2 billion USD in later years allowed for the absorption of the massive 4,994 million USD investing outflow in 2022 without compromising the core operational stability.
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Per Share Data
Activision Blizzard Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 1.94 | 1.92 | 0.47 |
| Dec 31, 2021 | 3.47 | 3.44 | 0.47 |
| Dec 31, 2020 | 2.85 | 2.82 | 0.41 |
| Dec 31, 2019 | 1.96 | 1.95 | 0.37 |
| Dec 31, 2018 | 2.38 | 2.35 | 0.34 |
| Dec 31, 2017 | 0.36 | 0.36 | 0.30 |
| Dec 31, 2016 | 1.30 | 1.28 | 0.26 |
| Dec 31, 2015 | 1.21 | 1.19 | 0.23 |
| Dec 31, 2014 | 1.14 | 1.13 | 0.20 |
| Dec 31, 2013 | 0.96 | 0.95 | 0.19 |
| Dec 31, 2012 | 1.01 | 1.01 | 0.18 |
| Dec 31, 2011 | 0.93 | 0.92 | 0.17 |
| Dec 31, 2010 | 0.34 | 0.33 | 0.15 |
| Dec 31, 2009 | 0.09 | 0.09 | 0.00 |
| Dec 31, 2008 | -0.11 | -0.11 | 0.00 |
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, 2, 3 Data adjusted for splits and stock dividends.
The financial performance over the period from 2008 to 2022 is characterized by a general upward trajectory in profitability, despite significant intermittent volatility, paired with a highly disciplined and progressive dividend policy.
- Earnings Per Share Trends
- A transition from a net loss of -0.11 USD in 2008 to consistent profitability is observed starting in 2009. Basic and diluted earnings per share tracked closely throughout the period, showing a steady climb until 2016, where basic EPS reached 1.30 USD. A sharp and significant contraction occurred in 2017, with basic EPS falling to 0.36 USD. This was followed by a period of rapid acceleration, peaking in 2021 at 3.47 USD, before experiencing a decline to 1.94 USD in 2022.
- Dividend Distribution Patterns
- Dividend payments were initiated in 2010 at 0.15 USD per share. From 2010 through 2021, an uninterrupted year-over-year increase in the dividend per share is evident, rising to 0.47 USD. In 2022, the dividend remained flat at 0.47 USD, marking the first instance of non-growth in the distribution since its inception.
- Earnings and Dividend Correlation
- A notable divergence exists between the volatility of earnings and the stability of dividend growth. While earnings per share exhibited substantial fluctuations—most notably the dip in 2017 and the decline in 2022—dividend payments continued to increase or remain stable. This indicates a strategic commitment to consistent shareholder returns that is decoupled from short-term earnings variance.
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