Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Amazon.com Inc., profitability ratios (quarterly data)
Based on: 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 financial trajectory from March 2022 through June 2026 is characterized by an initial period of margin compression and volatility, followed by a sustained and aggressive expansion in profitability and operational efficiency. A significant inflection point is observed in December 2022, after which all primary profitability metrics entered a consistent growth phase.
- Gross Profit Margin
- A steady and linear upward trend is evident, with the margin increasing from 42.14% in March 2022 to 50.77% by June 2026. This consistent growth suggests an improvement in the cost of goods sold relative to revenue or a strategic shift toward higher-margin service offerings.
- Operating and Net Profit Margins
- These metrics exhibited significant volatility during 2022, with the net profit margin falling to a deficit of -0.53% and the operating margin dipping to 2.38% by December 2022. However, a robust recovery followed in 2023. The operating margin climbed steadily to 12.08% by June 2026, while the net profit margin showed an accelerated recovery, reaching 17.44% in the final quarter of the analyzed period.
- Return on Equity (ROE) and Return on Assets (ROA)
- Efficiency ratios closely mirrored the performance of net margins, with both ROE and ROA turning negative in December 2022. From early 2023, a strong recovery is observed. ROE rose from a low of -1.86% to 24.52% by June 2026, while ROA increased from -0.59% to 12.35%. The substantial expansion in ROE compared to ROA indicates an enhanced ability to generate profits from shareholders' equity and reflects improved overall asset utilization.
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Return on Sales
Return on Investment
Gross Profit Margin
Amazon.com Inc., gross profit margin calculation (quarterly data)
| 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 | 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 | 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 | 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. | 33.35% | 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. | 33.46% | 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. | 30.57% | 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: 2026-06-30), 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 Q2 2026 Calculation
Gross profit margin = 100
× (Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025
+ Gross profitQ3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (104,828 + 94,056 + 103,427 + 91,499)
÷ (200,606 + 181,519 + 213,386 + 180,169)
= 50.77%
2 Click competitor name to see calculations.
An examination of the financial performance from the first quarter of 2022 through the second quarter of 2026 reveals a consistent and systemic improvement in profitability margins. Both net sales and gross profit have exhibited substantial growth, characterized by recurring seasonal peaks in the fourth quarter of each fiscal year.
- Gross Profit Margin Expansion
- A sustained upward trend in the gross profit margin is observed, rising from 42.14% in March 2022 to 50.77% by June 2026. This progression is marked by a steady quarterly increase, reflecting an enhanced capacity to manage the cost of goods sold relative to total revenue over the analyzed period.
- Seasonality and Scalability
- Net sales and gross profit demonstrate significant cyclicality, with substantial spikes occurring every December. For example, net sales increased from 158,877 million in September 2024 to 187,792 million in December 2024. Despite these fluctuations in absolute volume, the gross profit margin continued its ascent, suggesting that high-volume periods are being managed with increasing efficiency.
- Key Margin Milestones
- The profitability ratio surpassed several critical benchmarks throughout the period, crossing the 45% threshold in June 2023, the 48% threshold in June 2024, and exceeding 50% in September 2025. The absence of any quarterly declines in the margin percentage indicates a robust and stable improvement in the underlying cost structure or a favorable shift in the revenue mix toward higher-margin streams.
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Operating Profit Margin
Amazon.com Inc., operating profit margin calculation (quarterly data)
| 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 | 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 | 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 | 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. | 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. | 12.35% | 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. | 11.18% | 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: 2026-06-30), 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 Q2 2026 Calculation
Operating profit margin = 100
× (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (27,461 + 23,852 + 24,977 + 17,422)
÷ (200,606 + 181,519 + 213,386 + 180,169)
= 12.08%
2 Click competitor name to see calculations.
An analysis of the operating performance from March 2022 through June 2026 reveals a distinct V-shaped recovery followed by a period of sustained margin expansion. While the initial phase was characterized by contracting profitability, the subsequent years demonstrate a consistent improvement in the efficiency of converting net sales into operating income.
- Initial Margin Contraction (2022)
- Between March 31, 2022, and December 31, 2022, the operating profit margin experienced a steady decline, falling from 4.12% to a low of 2.38%. During this period, operating income decreased from 3,669 million to 2,737 million, despite a general upward trajectory in net sales, suggesting that operating expenses grew at a faster rate than revenue.
- Recovery and Acceleration (2023–2024)
- A significant reversal in profitability trends began in early 2023. The operating profit margin rose from 2.54% in March 2023 to 6.41% by December 2023. This momentum accelerated throughout 2024, with the margin breaking the 10% threshold by December 31, 2024, reaching 10.75%. This phase is marked by operating income growth that substantially outpaced the growth of net sales.
- Stabilization and Sustained Growth (2025–2026)
- From March 2025 through June 2026, the operating profit margin entered a phase of steady, incremental growth, moving from 11.02% to 12.08%. Although net sales continued to exhibit seasonal fluctuations—typically peaking in the December quarters—the operating income maintained a strong upward trajectory, reaching 27,461 million by June 30, 2026.
- Revenue and Income Correlation
- The data indicates a decoupling of revenue growth and profit growth over the long term. While net sales grew from 116,444 million in March 2022 to 200,606 million in June 2026 (an increase of approximately 72%), operating income grew from 3,669 million to 27,461 million (an increase of approximately 647%). This disproportionate growth confirms a significant improvement in operational leverage and cost management.
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Net Profit Margin
Amazon.com Inc., net profit margin calculation (quarterly data)
| 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) | 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 | 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 | 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. | 8.86% | 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. | 8.20% | 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. | 8.59% | 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: 2026-06-30), 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 Q2 2026 Calculation
Net profit margin = 100
× (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (62,647 + 30,255 + 21,192 + 21,187)
÷ (200,606 + 181,519 + 213,386 + 180,169)
= 17.44%
2 Click competitor name to see calculations.
The financial data indicates a significant transition from a period of volatility and marginal losses to a phase of sustained and accelerating profitability. A clear recovery trajectory is observable, starting from a low point in late 2022 and progressing toward substantial margin expansion by mid-2026.
- Net Profit Margin Trajectory
- A period of contraction is observed throughout 2022, where the net profit margin declined from 4.48% in March to a negative 0.53% by December. Following this trough, a consistent upward trend is maintained for over two years. The margin recovered to 0.82% in March 2023 and climbed steadily through 2024 and 2025, eventually reaching a peak of 17.44% by June 30, 2026.
- Net Income Growth Patterns
- Net income exhibited a reversal from negative territory in the first half of 2022 to positive results by the third quarter of that year. While growth remained moderate through 2023, a sharp acceleration occurred starting in 2024. This culminated in an exponential increase in the final reported period, with net income rising from 30.2 billion USD in March 2026 to 62.6 billion USD in June 2026.
- Revenue and Profitability Correlation
- Net sales demonstrate a consistent seasonal pattern, with significant peaks occurring every December. However, the net profit margin is not strictly tied to these seasonal revenue spikes; instead, it shows a structural improvement. The ability to increase the profit margin consistently while simultaneously growing the sales base suggests a significant improvement in operational efficiency and cost management over the analyzed period.
- Operational Efficiency Gains
- The expansion of the net profit margin from sub-1% levels in early 2023 to over 17% by mid-2026 indicates a fundamental shift in the company's earnings power. The growth in margin has outpaced the growth in net sales, signifying that a larger portion of each dollar of revenue is being converted into actual profit.
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Return on Equity (ROE)
Amazon.com Inc., ROE calculation (quarterly data)
| 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) | 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 | 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 | 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. | 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. | 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: 2026-06-30), 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 Q2 2026 Calculation
ROE = 100
× (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ Stockholders’ equity
= 100 × (62,647 + 30,255 + 21,192 + 21,187)
÷ 551,620 = 24.52%
2 Click competitor name to see calculations.
The financial data indicates a strong recovery and subsequent acceleration in profitability and shareholder value from early 2022 through mid-2026. After a period of volatility and net losses in 2022, there is a sustained upward trajectory in net income and a consistent expansion of the equity base, resulting in a marked improvement in the return on equity (ROE).
- Net Income Performance
- A volatile start is observed in 2022, characterized by significant net losses in the first two quarters, followed by a brief recovery and a sharp decline to 278 million USD by December 31, 2022. Starting in 2023, a period of consistent growth begins, with net income rising from 3,172 million USD in March 2023 to over 21 billion USD by late 2025. A substantial surge is noted in the first half of 2026, culminating in a peak quarterly net income of 62,647 million USD by June 30, 2026.
- Stockholders' Equity Growth
- The equity base exhibits a steady and uninterrupted increase throughout the analyzed period. Stockholders' equity grew from 134,001 million USD in March 2022 to 551,620 million USD by June 30, 2026. This continuous accumulation of equity suggests strong retained earnings and a robust expansion of the company's net asset value.
- Return on Equity (ROE) Trends
- The ROE reflects the volatility of the net income, dropping from 15.98% in March 2022 to a low of -1.86% in December 2022. A recovery phase is evident throughout 2023, where the ratio climbed back to 15.07%. During 2024 and 2025, the ROE stabilized at a higher plateau, generally fluctuating between 18% and 21%. The period concludes with a significant increase to 24.52% by June 30, 2026, indicating that the growth in net income began to outpace the growth in stockholders' equity during the final two quarters.
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Return on Assets (ROA)
Amazon.com Inc., ROA calculation (quarterly data)
| 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) | 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 | 1,095,689) | 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 | 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. | 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. | 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. | 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: 2026-06-30), 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 Q2 2026 Calculation
ROA = 100
× (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ Total assets
= 100 × (62,647 + 30,255 + 21,192 + 21,187)
÷ 1,095,689 = 12.35%
2 Click competitor name to see calculations.
The analyzed period is characterized by a transition from initial net losses and volatile returns to a sustained trajectory of profitability and enhanced asset utilization efficiency.
- Net Income Trajectory
- A recovery phase is evident, moving from negative values in the first half of 2022 to a consistent positive trend starting in the third quarter of 2022. Growth accelerated significantly through 2024 and 2025, culminating in a substantial increase to 62,647 million by June 30, 2026.
- Asset Base Expansion
- Total assets exhibited steady and continuous growth over the period, increasing from 410,767 million in March 2022 to 1,095,689 million by June 2026. This reflects a massive expansion of the resource base, with total assets more than doubling over the analyzed timeframe.
- Return on Assets (ROA) Performance
- ROA experienced significant volatility in 2022, reaching a trough of -0.59% in December 2022. Following this low, a consistent upward trend is observed beginning in March 2023, with the ratio climbing from 0.92% to 9.48% by the end of 2024. The metric remained relatively stable between 9% and 11% throughout 2025 before reaching a peak of 12.35% in June 2026.
- Operational Efficiency Insights
- The simultaneous increase in both total assets and ROA indicates that net income growth significantly outpaced the growth of the asset base. The ability to expand the ROA while scaling assets from approximately 411 billion to 1.1 trillion suggests a marked improvement in the efficiency of capital deployment and a higher rate of return on new investments.
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