Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Amazon.com Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
A comprehensive analysis of the investment activity ratios reveals a consistent downward trajectory across all metrics over the analyzed period. While the ratios remained relatively stable between March 2022 and early 2024, a sustained decline is observed starting in mid-2024, continuing through March 2026. This pattern suggests a period of aggressive asset accumulation or capital expenditure that has not been matched by a proportional increase in revenue generation.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited stability in the initial two years, fluctuating narrowly between 2.75 and 2.84. However, starting in June 2024, a steady decline began, with the ratio falling from 2.74 to 1.87 by March 2026. When including operating lease right-of-use assets, the ratio followed an identical pattern, maintaining a range of 2.03 to 2.13 until early 2024 before descending to 1.53. This suggests that the efficiency of fixed infrastructure in generating sales has diminished as the asset base expanded.
- Total Asset Turnover
- Total asset turnover remained resilient through 2022 and 2023, peaking at 1.17 in September 2022 and remaining above 1.09 until early 2024. A decelerating trend is evident from June 2024 onward, where the ratio dropped from 1.09 to 0.81 by the end of the period. This decline indicates a broad reduction in the overall efficiency of the company's entire asset base in producing revenue.
- Equity Turnover
- Equity turnover demonstrates the most significant and continuous contraction of all measured ratios. After peaking at 3.70 in June 2022, the ratio entered a persistent decline, falling to 2.73 by March 2024 and further dropping to 1.68 by March 2026. This sharp decrease reflects a substantial increase in shareholders' equity relative to revenue, indicating a lower rate of return on equity investments over time.
The convergence of these downward trends indicates a systemic shift in the company's asset utilization. The simultaneous decline in fixed asset, total asset, and equity turnovers suggests that the scale of investment in long-term assets is outpacing the growth of top-line revenue, leading to reduced operational efficiency from an investment perspective.
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Net Fixed Asset Turnover
Amazon.com Inc., net fixed asset turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net sales | 181,519) | 213,386) | 180,169) | 167,702) | 155,667) | 187,792) | 158,877) | 147,977) | 143,313) | 169,961) | 143,083) | 134,383) | 127,358) | 149,204) | 127,101) | 121,234) | 116,444) | ||||||
| Property and equipment, net | 397,458) | 357,025) | 324,435) | 297,616) | 272,781) | 252,665) | 237,917) | 220,717) | 209,950) | 204,177) | 196,468) | 193,784) | 190,754) | 186,715) | 177,195) | 173,706) | 168,468) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover1 | 1.87 | 2.01 | 2.13 | 2.25 | 2.38 | 2.52 | 2.61 | 2.74 | 2.81 | 2.82 | 2.82 | 2.78 | 2.75 | 2.75 | 2.83 | 2.80 | 2.84 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Home Depot Inc. | 6.08 | 5.97 | 5.82 | 5.71 | 5.84 | 5.84 | 5.97 | 5.98 | 6.07 | 6.14 | 6.23 | 6.15 | 6.06 | 6.00 | 5.92 | 5.83 | 5.73 | ||||||
| Lowe’s Cos. Inc. | 4.72 | 4.74 | 4.76 | 4.80 | 4.87 | 4.89 | 5.15 | 5.37 | 5.50 | 5.53 | 5.55 | 5.10 | 5.05 | 5.05 | 5.03 | 4.97 | 4.95 | ||||||
| TJX Cos. Inc. | 7.54 | 7.67 | 7.91 | 7.98 | 8.29 | 8.25 | 8.36 | 8.31 | 8.53 | 8.63 | 8.84 | 9.21 | 9.43 | 9.21 | 8.84 | 8.46 | 7.46 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Net fixed asset turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Property and equipment, net
= (181,519 + 213,386 + 180,169 + 167,702)
÷ 397,458 = 1.87
2 Click competitor name to see calculations.
An analysis of long-term activity ratios reveals a significant shift in asset utilization efficiency between March 2022 and March 2026. While net sales exhibited a consistent upward trajectory, the growth rate of net property and equipment exceeded that of revenue, resulting in a progressive decline in the net fixed asset turnover ratio.
- Revenue Trends
- Net sales grew from 116,444 million USD in March 2022 to 181,519 million USD by March 2026. This growth pattern is characterized by strong seasonal peaks every December, reflecting recurring annual cycles of increased sales volume.
- Fixed Asset Investment
- There was an aggressive expansion of the net property and equipment base, which increased from 168,468 million USD in March 2022 to 397,458 million USD by March 2026. The scale of this investment more than doubled over the analyzed period, indicating substantial capital expenditure in long-term infrastructure.
- Net Fixed Asset Turnover Efficiency
- The turnover ratio remained relatively stable between 2.75 and 2.84 from March 2022 through March 2024, suggesting a period where asset growth and revenue growth were closely aligned. However, from March 2024 onward, a steady and accelerating downward trend is observed, with the ratio falling from 2.81 to 1.87 by March 2026.
The observed decline in the net fixed asset turnover ratio indicates that each unit of investment in fixed assets is generating progressively less revenue. This trend suggests that the company entered a phase of heavy capacity expansion where the deployment of new physical assets preceded the realization of their full revenue-generating potential.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Amazon.com Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net sales | 181,519) | 213,386) | 180,169) | 167,702) | 155,667) | 187,792) | 158,877) | 147,977) | 143,313) | 169,961) | 143,083) | 134,383) | 127,358) | 149,204) | 127,101) | 121,234) | 116,444) | ||||||
| Property and equipment, net | 397,458) | 357,025) | 324,435) | 297,616) | 272,781) | 252,665) | 237,917) | 220,717) | 209,950) | 204,177) | 196,468) | 193,784) | 190,754) | 186,715) | 177,195) | 173,706) | 168,468) | ||||||
| Operating leases | 88,741) | 86,054) | 83,456) | 82,125) | 78,495) | 76,141) | 76,527) | 74,575) | 73,313) | 72,513) | 70,758) | 70,332) | 68,262) | 66,123) | 62,033) | 58,430) | 56,161) | ||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 486,199) | 443,079) | 407,891) | 379,741) | 351,276) | 328,806) | 314,444) | 295,292) | 283,263) | 276,690) | 267,226) | 264,116) | 259,016) | 252,838) | 239,228) | 232,136) | 224,629) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.53 | 1.62 | 1.69 | 1.76 | 1.85 | 1.94 | 1.97 | 2.05 | 2.09 | 2.08 | 2.07 | 2.04 | 2.03 | 2.03 | 2.10 | 2.09 | 2.13 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||
| Home Depot Inc. | 4.59 | 4.52 | 4.41 | 4.31 | 4.48 | 4.49 | 4.69 | 4.69 | 4.78 | 4.83 | 4.95 | 4.95 | 4.90 | 4.85 | 4.79 | 4.70 | 4.63 | ||||||
| Lowe’s Cos. Inc. | 3.88 | 3.91 | 3.92 | 3.94 | 4.00 | 4.04 | 4.26 | 4.43 | 4.58 | 4.60 | 4.62 | 4.17 | 4.15 | 4.15 | 4.12 | 4.14 | 4.11 | ||||||
| TJX Cos. Inc. | 3.26 | 3.32 | 3.38 | 3.37 | 3.41 | 3.40 | 3.36 | 3.29 | 3.34 | 3.36 | 3.38 | 3.45 | 3.47 | 3.44 | 3.19 | 3.02 | 2.66 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (181,519 + 213,386 + 180,169 + 167,702)
÷ 486,199 = 1.53
2 Click competitor name to see calculations.
The financial data indicates a period of significant capital expansion relative to revenue growth, resulting in a gradual decline in the efficiency of fixed asset utilization over the analyzed period.
- Revenue Growth and Seasonality
- Net sales demonstrate a consistent upward trajectory, increasing from 116,444 million USD in March 2022 to 181,519 million USD by March 2026. A pronounced seasonal pattern is evident, with peak revenues consistently occurring in the December quarters, reflecting cyclical demand surges.
- Fixed Asset Expansion
- Property and equipment, including right-of-use assets, have grown substantially and at an accelerating pace. The asset base increased from 224,629 million USD in March 2022 to 486,199 million USD by March 2026. This represents more than a doubling of the net fixed asset base over the timeframe, signaling aggressive investment in infrastructure and operational capacity.
- Net Fixed Asset Turnover Trend
- The net fixed asset turnover ratio remained relatively stable between March 2022 and March 2024, fluctuating within a narrow range of 2.03 to 2.13. However, starting in June 2024, a consistent downward trend emerged. The ratio declined from 2.05 in June 2024 to 1.53 by March 2026.
- Asset Efficiency Analysis
- The contraction of the turnover ratio suggests that the growth in the asset base is outpacing the growth in net sales. While revenue continues to climb, each dollar invested in property, equipment, and lease assets is generating progressively less sales volume. This divergence indicates a phase of heavy investment where the capacity added to the business has not yet reached full revenue-generating maturity.
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Total Asset Turnover
Amazon.com Inc., total asset turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net sales | 181,519) | 213,386) | 180,169) | 167,702) | 155,667) | 187,792) | 158,877) | 147,977) | 143,313) | 169,961) | 143,083) | 134,383) | 127,358) | 149,204) | 127,101) | 121,234) | 116,444) | ||||||
| Total assets | 916,630) | 818,042) | 727,921) | 682,170) | 643,256) | 624,894) | 584,626) | 554,818) | 530,969) | 527,854) | 486,883) | 477,607) | 464,378) | 462,675) | 428,362) | 419,728) | 410,767) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | 0.81 | 0.88 | 0.95 | 0.98 | 1.01 | 1.02 | 1.06 | 1.09 | 1.11 | 1.09 | 1.14 | 1.13 | 1.13 | 1.11 | 1.17 | 1.16 | 1.16 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Home Depot Inc. | 1.64 | 1.66 | 1.59 | 1.57 | 1.92 | 1.99 | 2.03 | 2.03 | 2.04 | 2.06 | 2.05 | 2.05 | 1.99 | 2.10 | 2.02 | 2.04 | 1.95 | ||||||
| Lowe’s Cos. Inc. | 1.83 | 1.94 | 1.87 | 1.87 | 1.88 | 2.07 | 2.12 | 2.09 | 2.09 | 2.22 | 2.04 | 2.04 | 1.92 | 2.16 | 1.93 | 1.92 | 1.84 | ||||||
| TJX Cos. Inc. | 1.79 | 1.78 | 1.74 | 1.82 | 1.85 | 1.82 | 1.72 | 1.77 | 1.75 | 1.76 | 1.73 | 1.83 | 1.80 | 1.71 | 1.52 | 1.50 | 1.25 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Total asset turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Total assets
= (181,519 + 213,386 + 180,169 + 167,702)
÷ 916,630 = 0.81
2 Click competitor name to see calculations.
An analysis of the asset utilization efficiency reveals a sustained decline in the total asset turnover ratio, indicating that the growth in the company's asset base has outpaced the growth in net sales over the observed period.
- Net Sales Performance
- Net sales exhibit a consistent upward trajectory characterized by significant seasonal volatility. Peak revenues are recorded every December, with a notable increase from 149,204 million in December 2022 to 213,386 million in December 2025. This suggests a strong growth trend in top-line revenue generation.
- Asset Base Expansion
- There is a continuous and aggressive expansion of total assets. The asset base grew from 410,767 million in March 2022 to 916,630 million by March 2026. This represents a substantial increase in capital investment and resource accumulation over the period.
- Total Asset Turnover Trends
- The total asset turnover ratio remained relatively stable between 1.09 and 1.17 from March 2022 through December 2023. However, a distinct downward trend emerged starting in 2024. The ratio declined from 1.11 in March 2024 to 0.81 by March 2026, marking a significant reduction in the efficiency of assets in generating sales.
- Efficiency Correlation
- The divergence between the accelerating growth of total assets and the more moderate growth of net sales has led to a deterioration in asset productivity. The drop in the turnover ratio suggests that recent investments in assets have not yet translated into proportional increases in revenue, resulting in lower capital efficiency toward the end of the analyzed timeframe.
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Equity Turnover
Amazon.com Inc., equity turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net sales | 181,519) | 213,386) | 180,169) | 167,702) | 155,667) | 187,792) | 158,877) | 147,977) | 143,313) | 169,961) | 143,083) | 134,383) | 127,358) | 149,204) | 127,101) | 121,234) | 116,444) | ||||||
| Stockholders’ equity | 441,914) | 411,065) | 369,631) | 333,775) | 305,867) | 285,970) | 259,151) | 236,447) | 216,661) | 201,875) | 182,973) | 168,602) | 154,526) | 146,043) | 137,489) | 131,402) | 134,001) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | 1.68 | 1.74 | 1.87 | 2.01 | 2.13 | 2.23 | 2.39 | 2.56 | 2.73 | 2.85 | 3.03 | 3.19 | 3.40 | 3.52 | 3.65 | 3.70 | 3.57 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| Home Depot Inc. | 20.48 | 24.02 | 26.72 | 34.41 | 83.42 | 146.23 | 107.49 | 116.01 | 430.25 | 100.77 | 121.18 | 655.02 | — | — | 142.70 | 69.80 | 80.86 | ||||||
| Lowe’s Cos. Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 212.01 | ||||||
| TJX Cos. Inc. | 6.70 | 6.72 | 6.90 | 7.15 | 7.32 | 7.42 | 7.66 | 7.75 | 7.83 | 7.85 | 8.70 | 9.20 | 8.91 | 8.09 | 7.08 | 6.75 | 6.16 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Equity turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Stockholders’ equity
= (181,519 + 213,386 + 180,169 + 167,702)
÷ 441,914 = 1.68
2 Click competitor name to see calculations.
A consistent decline in equity turnover is observed over the analyzed period, spanning from March 31, 2022, to March 31, 2026. While absolute revenue continues to expand, the rate of growth in stockholders' equity has significantly outpaced sales growth, leading to a progressive reduction in the efficiency of equity utilization in generating revenue.
- Net Sales Performance
- Revenue exhibits a positive long-term trajectory characterized by distinct seasonal volatility. Net sales increased from 116,444 million USD in March 2022 to 181,519 million USD by March 2026. A recurring pattern is evident where sales peak during the December quarter of each year, reflecting strong cyclical demand.
- Stockholders' Equity Growth
- The equity base has experienced aggressive and uninterrupted growth throughout the period. Stockholders' equity rose from 134,001 million USD in March 2022 to 441,914 million USD by March 2026. This substantial accumulation of equity suggests a significant increase in the company's book value and retained capital.
- Equity Turnover Dynamics
- The equity turnover ratio demonstrates a steady downward trend, falling from a peak of 3.70 in June 2022 to 1.68 in March 2026. This decline indicates that the company is generating less revenue per unit of equity over time, shifting from a high-turnover model to one with a much larger capital base relative to its sales volume.
- Comparative Analysis of Growth Rates
- The contraction in the turnover ratio is the direct result of the divergence between sales and equity growth. While net sales grew by approximately 56% from the start to the end of the period, stockholders' equity grew by approximately 229%. This imbalance confirms that the expansion of the capital base is occurring at a rate far exceeding the growth in top-line revenue.
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