Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
Amazon.com Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
The profitability profile exhibits a transition from a period of compression in 2022 to a sustained expansion phase through September 2026. While gross profitability remained resilient and grew steadily, bottom-line metrics experienced a notable trough in late 2022 before entering a robust recovery and growth cycle.
- Gross Profit Margin
- A consistent and linear upward trend is observed, increasing from 42.14% in March 2022 to 51.37% by September 2026. This steady growth indicates a continuous improvement in the cost of goods sold relative to revenue over the analyzed period.
- Operating Profit Margin
- The operating margin experienced an initial decline throughout 2022, reaching a minimum of 2.38% in December 2022. Subsequently, a strong recovery began in 2023, with the margin expanding consistently to reach 13.09% by September 2026, suggesting significant improvements in operational efficiency and cost management.
- Net Profit Margin
- This metric showed the highest volatility, dropping from 4.48% in March 2022 to a negative 0.53% in December 2022. A sharp reversal followed, with the margin climbing to a peak of 17.44% in June 2026 before settling at 16.90% in September 2026, reflecting a substantial increase in overall net profitability.
- Return on Equity (ROE)
- ROE mirrored the trend of the net profit margin, falling to -1.86% in December 2022. From 2023 onward, a marked improvement is evident, with the ratio escalating to 24.52% in June 2026, indicating a significantly enhanced ability to generate profits from shareholders' equity.
- Return on Assets (ROA)
- A synchronized pattern is observed in ROA, which dipped to -0.59% in December 2022. The ratio recovered steadily, peaking at 12.35% in June 2026, which demonstrates an improved efficiency in utilizing total assets to generate earnings.
The divergence between the steady rise in gross profit margins and the volatile movement of operating and net margins during 2022 suggests that the initial profitability decline was driven by operating expenses rather than cost of sales. The subsequent synchronized growth across all profitability and return ratios from 2023 through 2026 points to a comprehensive optimization of the cost structure and an increase in capital efficiency.
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Gross Profit Margin
Amazon.com Inc., gross profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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) | |||||||||||||||||||||||||
| Gross profit | 107,371) | 104,828) | 94,056) | 103,427) | 91,499) | 86,893) | 78,691) | 88,899) | 77,900) | 74,192) | 70,680) | 77,408) | 68,061) | 65,010) | 59,567) | 63,564) | 56,833) | 54,810) | 49,945) | ||||||
| Net sales | 201,944) | 200,606) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 51.37% | 50.77% | 50.60% | 50.29% | 50.05% | 49.61% | 49.16% | 48.85% | 48.41% | 48.04% | 47.59% | 46.98% | 46.24% | 45.53% | 44.73% | 43.81% | 43.04% | 42.65% | 42.14% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Home Depot Inc. | 33.36% | 33.35% | 33.34% | 33.42% | 33.50% | 33.60% | 33.48% | 33.38% | 33.42% | 33.49% | 33.51% | 33.53% | 33.51% | 33.53% | 33.58% | 33.63% | 33.72% | 33.72% | 33.94% | ||||||
| Lowe’s Cos. Inc. | 33.59% | 33.46% | 33.36% | 33.32% | 33.21% | 33.21% | 33.27% | 33.39% | 33.33% | 33.25% | 33.14% | 33.23% | 33.38% | 33.33% | 33.49% | 33.30% | 33.06% | 32.97% | 33.06% | ||||||
| TJX Cos. Inc. | 30.85% | 30.57% | 30.48% | 30.60% | 30.40% | 30.27% | 30.22% | 30.00% | 28.99% | 28.48% | 27.85% | 27.61% | 27.92% | 28.03% | 28.45% | 28.50% | 28.78% | 28.91% | 27.61% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
Gross profit margin = 100
× (Gross profitQ3 2026
+ Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025)
÷ (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
= 100 × (107,371 + 104,828 + 94,056 + 103,427)
÷ (201,944 + 200,606 + 181,519 + 213,386)
= 51.37%
2 Click competitor name to see calculations.
An analysis of the financial performance from March 2022 through September 2026 reveals a period of sustained growth in both top-line revenue and overall profitability. Net sales and gross profit exhibit a consistent upward trajectory, characterized by pronounced seasonal peaks in the fourth quarter of each fiscal year.
- Net Sales and Gross Profit Growth
- Net sales increased from 116,444 million US dollars in March 2022 to 201,944 million US dollars by September 2026. Parallel to this, gross profit rose from 49,945 million US dollars to 107,371 million US dollars. A recurring cyclical pattern is evident, where sales and profits peak in December, reflecting seasonal demand spikes, followed by a typical contraction in the first quarter of the subsequent year.
- Gross Profit Margin Expansion
- The gross profit margin demonstrates a continuous and linear expansion throughout the entire observed period. Starting at 42.14% in March 2022, the margin increased every single quarter without exception, ultimately reaching 51.37% by September 2026. This represents a total expansion of approximately 923 basis points over the timeframe.
- Profitability Dynamics
- The steady rise in the gross profit margin occurs independently of the seasonal fluctuations observed in net sales. The persistent upward movement of the margin—even during the high-volume fourth quarters—suggests structural improvements in cost management, a strategic shift toward higher-margin revenue streams, or significant operational efficiencies that scale effectively as the business grows.
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Operating Profit Margin
Amazon.com Inc., operating profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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) | |||||||||||||||||||||||||
| Operating income | 28,076) | 27,461) | 23,852) | 24,977) | 17,422) | 19,171) | 18,405) | 21,203) | 17,411) | 14,672) | 15,307) | 13,209) | 11,188) | 7,681) | 4,774) | 2,737) | 2,525) | 3,317) | 3,669) | ||||||
| Net sales | 201,944) | 200,606) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 13.09% | 12.08% | 11.50% | 11.16% | 11.02% | 11.37% | 11.02% | 10.75% | 9.77% | 9.00% | 8.02% | 6.41% | 4.76% | 3.29% | 2.54% | 2.38% | 2.58% | 3.15% | 4.12% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Home Depot Inc. | 12.96% | 13.09% | 13.24% | 13.49% | 13.70% | 13.91% | 13.97% | 14.21% | 14.51% | 14.88% | 15.19% | 15.27% | 15.33% | 15.30% | 15.20% | 15.24% | 15.10% | 14.79% | 14.70% | ||||||
| Lowe’s Cos. Inc. | 12.19% | 12.35% | 12.38% | 12.51% | 12.33% | 12.48% | 12.79% | 13.38% | 12.83% | 10.51% | 10.60% | 10.47% | 10.74% | 12.76% | 12.72% | 12.56% | 12.36% | 11.79% | 11.55% | ||||||
| TJX Cos. Inc. | 11.31% | 11.18% | 11.02% | 11.18% | 11.07% | 10.96% | 10.86% | 10.69% | 10.17% | 10.02% | 9.82% | 9.73% | 9.76% | 9.77% | 10.18% | 9.79% | 9.55% | 9.32% | 7.05% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
Operating profit margin = 100
× (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
= 100 × (28,076 + 27,461 + 23,852 + 24,977)
÷ (201,944 + 200,606 + 181,519 + 213,386)
= 13.09%
2 Click competitor name to see calculations.
The analysis of operating performance reveals a distinct trajectory characterized by an initial period of margin compression followed by a sustained and significant expansion of profitability.
- Operating Profit Margin Trends
- A downward trend is observed during the first four quarters of the analyzed period, with the operating profit margin declining from 4.12% in March 2022 to a trough of 2.38% by December 2022. Following this period, a consistent upward trajectory is evident. The margin surpassed the 5% threshold in September 2023 and exceeded 10% by December 2024, ultimately reaching 13.09% by September 2026. This progression indicates a successful transition from a period of diminished returns to one of increasing operational efficiency.
- Operating Income and Revenue Correlation
- Operating income exhibits a growth pattern that significantly outpaces the growth of net sales beginning in early 2023. While net sales increased from 116,444 million USD in March 2022 to 201,944 million USD in September 2026, operating income experienced a more aggressive ascent, rising from 3,669 million USD to 28,076 million USD. This divergence suggests the realization of substantial operational leverage, where revenue growth is accompanied by optimized cost management, allowing a larger percentage of each sale to reach the operating profit line.
- Quarterly Performance Dynamics
- Seasonal peaks in net sales are consistently observed in the December quarters of each year. Despite these fluctuations in top-line revenue, the operating profit margin transitioned from a volatile state in 2022 to a state of steady, incremental growth between 2024 and 2026. The ability to maintain and expand margins during peak volume quarters suggests improved scalability and more effective control over variable operating expenses.
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Net Profit Margin
Amazon.com Inc., net profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 income (loss) | 20,685) | 62,647) | 30,255) | 21,192) | 21,187) | 18,164) | 17,127) | 20,004) | 15,328) | 13,485) | 10,431) | 10,624) | 9,879) | 6,750) | 3,172) | 278) | 2,872) | (2,028) | (3,844) | ||||||
| Net sales | 201,944) | 200,606) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 16.90% | 17.44% | 12.22% | 10.83% | 11.06% | 10.54% | 10.14% | 9.29% | 8.04% | 7.35% | 6.38% | 5.29% | 3.62% | 2.43% | 0.82% | -0.53% | 2.25% | 2.39% | 4.48% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Home Depot Inc. | 8.77% | 8.86% | 8.98% | 9.28% | 9.45% | 9.71% | 9.79% | 9.92% | 10.22% | 10.48% | 10.75% | 10.87% | 10.87% | 10.88% | 10.83% | 10.87% | 10.79% | 10.55% | 10.45% | ||||||
| Lowe’s Cos. Inc. | 8.05% | 8.20% | 8.22% | 8.31% | 8.19% | 8.25% | 8.46% | 8.94% | 8.49% | 6.48% | 6.65% | 6.63% | 6.97% | 8.84% | 8.85% | 8.77% | 8.63% | 7.41% | 7.23% | ||||||
| TJX Cos. Inc. | 8.68% | 8.59% | 8.47% | 8.63% | 8.63% | 8.56% | 8.47% | 8.25% | 7.85% | 7.77% | 7.56% | 7.00% | 6.90% | 6.77% | 6.69% | 6.76% | 5.85% | 5.81% | 4.00% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
Net profit margin = 100
× (Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025)
÷ (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
= 100 × (20,685 + 62,647 + 30,255 + 21,192)
÷ (201,944 + 200,606 + 181,519 + 213,386)
= 16.90%
2 Click competitor name to see calculations.
The analysis of quarterly financial results reveals a significant transformation in profitability from March 2022 through September 2026. The overall trajectory is characterized by an initial period of contraction and volatility, followed by a sustained, multi-year expansion of the net profit margin.
- Net Profit Margin Trajectory
- A period of decline is observed throughout 2022, where the net profit margin fell from 4.48% in March to a low of -0.53% by December. This downward trend reversed in the first quarter of 2023, marking the beginning of a consistent upward climb. From March 2023 to December 2025, the margin expanded steadily from 0.82% to 10.83%, indicating a progressive improvement in the conversion of sales into actual profit.
- Exceptional Growth Phase
- A sharp acceleration in profitability occurred during the first half of 2026. The net profit margin reached a peak of 17.44% in June 2026, coinciding with a substantial spike in net income to 62.6 billion US dollars. Although the margin slightly corrected to 16.90% by September 2026, it remained significantly higher than any levels recorded in the preceding four years.
- Revenue and Income Correlation
- Net sales exhibit a steady growth pattern with recurring seasonal peaks every December. While sales grew from 116.4 billion US dollars in March 2022 to 201.9 billion US dollars in September 2026, net income grew at a disproportionately faster rate. This divergence suggests that the increase in net profit margin is not merely a result of increased volume, but is driven by enhanced operational efficiencies and improved cost structures.
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Return on Equity (ROE)
Amazon.com Inc., ROE calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 income (loss) | 20,685) | 62,647) | 30,255) | 21,192) | 21,187) | 18,164) | 17,127) | 20,004) | 15,328) | 13,485) | 10,431) | 10,624) | 9,879) | 6,750) | 3,172) | 278) | 2,872) | (2,028) | (3,844) | ||||||
| Stockholders’ equity | 613,601) | 551,620) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 21.97% | 24.52% | 20.55% | 18.89% | 20.69% | 21.16% | 21.56% | 20.72% | 19.24% | 18.79% | 17.39% | 15.07% | 10.97% | 7.75% | 2.78% | -1.86% | 8.24% | 8.83% | 15.98% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Home Depot Inc. | 120.35% | 137.17% | 184.02% | 222.98% | 252.51% | 334.21% | 817.03% | 1,450.48% | 1,098.18% | 1,215.96% | 4,626.24% | 1,095.07% | 1,317.03% | 7,124.47% | — | — | 1,539.90% | 736.64% | 844.74% | ||||||
| Lowe’s Cos. Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 1,532.36% | ||||||
| TJX Cos. Inc. | 54.70% | 56.10% | 56.80% | 57.95% | 59.57% | 61.21% | 62.02% | 61.27% | 60.14% | 60.25% | 59.20% | 54.97% | 60.02% | 62.26% | 59.63% | 54.69% | 41.40% | 39.21% | 24.63% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
ROE = 100
× (Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025)
÷ Stockholders’ equity
= 100 × (20,685 + 62,647 + 30,255 + 21,192)
÷ 613,601 = 21.97%
2 Click competitor name to see calculations.
The analysis of profitability ratios reveals a transition from initial instability to a period of robust growth and efficiency in capital utilization.
- Return on Equity (ROE) Performance
- The ROE exhibited significant volatility in 2022, dropping from 15.98% in the first quarter to -1.86% by the end of the year. A consistent recovery is observed from March 2023, with the ratio progressively increasing to reach 20.72% by December 2024. The ratio experienced its highest peak of 24.52% in June 2026, concluding the period at 21.97%.
- Net Income Trajectory
- Net income transitioned from negative values in early 2022 to a state of consistent growth. A marked acceleration in profitability is observed between March 2024 and June 2026, with the latter reporting a peak value of 62,647 million. This growth in earnings served as the primary driver for the improvement in equity returns.
- Equity Base Expansion
- Stockholders' equity maintained a linear and aggressive upward trend, increasing from 134,001 million in March 2022 to 613,601 million by September 2026. The simultaneous increase in both net income and equity indicates that profitability scaled effectively relative to the expanding capital base during the later stages of the analyzed period.
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Return on Assets (ROA)
Amazon.com Inc., ROA calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 income (loss) | 20,685) | 62,647) | 30,255) | 21,192) | 21,187) | 18,164) | 17,127) | 20,004) | 15,328) | 13,485) | 10,431) | 10,624) | 9,879) | 6,750) | 3,172) | 278) | 2,872) | (2,028) | (3,844) | ||||||
| Total assets | 1,243,390) | 1,095,689) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 10.84% | 12.35% | 9.91% | 9.49% | 10.51% | 10.35% | 10.25% | 9.48% | 8.53% | 8.01% | 7.10% | 5.76% | 4.12% | 2.74% | 0.92% | -0.59% | 2.64% | 2.77% | 5.21% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Home Depot Inc. | 13.72% | 14.62% | 14.76% | 15.40% | 15.02% | 15.25% | 18.77% | 19.79% | 20.78% | 21.25% | 21.92% | 22.38% | 22.24% | 22.27% | 21.57% | 22.86% | 21.82% | 21.54% | 20.35% | ||||||
| Lowe’s Cos. Inc. | 12.68% | 14.71% | 15.08% | 16.14% | 15.32% | 15.42% | 15.92% | 18.49% | 18.02% | 13.58% | 13.86% | 14.73% | 14.23% | 18.04% | 17.00% | 18.91% | 16.63% | 14.19% | 13.32% | ||||||
| TJX Cos. Inc. | 14.55% | 15.13% | 15.16% | 15.32% | 15.01% | 15.59% | 15.68% | 15.04% | 13.54% | 13.77% | 13.25% | 12.34% | 11.96% | 12.40% | 12.04% | 11.53% | 8.87% | 8.73% | 4.99% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
ROA = 100
× (Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025)
÷ Total assets
= 100 × (20,685 + 62,647 + 30,255 + 21,192)
÷ 1,243,390 = 10.84%
2 Click competitor name to see calculations.
A period of significant financial transition is evident, characterized by an initial decline in profitability followed by a sustained recovery and expansion in asset efficiency.
- Net Income Trajectory
- Net income exhibited substantial volatility between early 2022 and late 2022, recording losses of US$ 3,844 million in March 2022 and US$ 2,028 million in June 2022. A transition to profitability occurred in September 2022, followed by a period of accelerated growth. By the second quarter of 2026, net income reached a peak of US$ 62,647 million, representing a dramatic increase in absolute earnings capacity.
- Asset Base Expansion
- Total assets demonstrated a consistent and aggressive upward trend throughout the analyzed period. Starting at US$ 410,767 million in March 2022, the asset base expanded to US$ 1,243,390 million by September 2026. This continuous growth indicates a significant scale-up in operational infrastructure and investment.
- Return on Assets (ROA) Dynamics
- The ROA reflects a distinct U-shaped recovery pattern. After starting at 5.21% in March 2022, the ratio declined to a trough of -0.59% by December 2022. From March 2023, a steady and sustained recovery began, with the ratio climbing from 0.92% to a peak of 12.35% in June 2026. The observation that ROA increased while the asset base tripled suggests that earnings growth significantly outpaced asset accumulation, leading to a marked improvement in operational efficiency.
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