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-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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
| Profitability ratio | Description | The company |
|---|---|---|
| Gross profit margin | Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. | Amazon.com Inc. gross profit margin ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Operating profit margin | A profitability ratio calculated as operating income divided by revenue. | Amazon.com Inc. operating profit margin ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Net profit margin | An indicator of profitability, calculated as net income divided by revenue. | Amazon.com Inc. net profit margin ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Profitability ratio | Description | The company |
|---|---|---|
| ROE | A profitability ratio calculated as net income divided by shareholders’ equity. | Amazon.com Inc. ROE improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| ROA | A profitability ratio calculated as net income divided by total assets. | Amazon.com Inc. ROA improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Gross Profit Margin
Amazon.com Inc., gross profit margin calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Gross profit | 77,408) | 68,061) | 65,010) | 59,567) | 63,564) | 56,833) | 54,810) | 49,945) | 54,577) | 47,882) | 48,904) | 46,115) | 46,271) | 39,039) | 36,252) | 31,195) | 33,460) | 28,679) | 27,067) | 25,780) | ||||||
| Net sales | 169,961) | 143,083) | 134,383) | 127,358) | 149,204) | 127,101) | 121,234) | 116,444) | 137,412) | 110,812) | 113,080) | 108,518) | 125,555) | 96,145) | 88,912) | 75,452) | 87,437) | 69,981) | 63,404) | 59,700) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Gross profit margin1 | 46.98% | 46.24% | 45.53% | 44.73% | 43.81% | 43.04% | 42.65% | 42.14% | 42.03% | 41.31% | 40.68% | 40.01% | 39.57% | 40.22% | 40.27% | 40.64% | 40.99% | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Home Depot Inc. | 33.53% | 33.51% | 33.53% | 33.58% | 33.63% | 33.72% | 33.72% | 33.94% | 33.95% | 34.03% | 34.10% | 34.06% | 34.09% | 34.13% | 34.20% | 34.26% | 34.34% | — | — | — | ||||||
| Lowe’s Cos. Inc. | 33.23% | 33.38% | 33.33% | 33.49% | 33.30% | 33.06% | 32.97% | 33.06% | 33.01% | 32.94% | 32.89% | 32.23% | 31.80% | 31.85% | 31.47% | 31.72% | 32.12% | — | — | — | ||||||
| TJX Cos. Inc. | 27.61% | 27.92% | 28.03% | 28.45% | 28.50% | 28.78% | 28.91% | 27.61% | 23.66% | 23.97% | 23.61% | 25.04% | 28.46% | 28.30% | 28.32% | 28.49% | 28.59% | — | — | — | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Gross profit margin = 100
× (Gross profitQ4 2023
+ Gross profitQ3 2023
+ Gross profitQ2 2023
+ Gross profitQ1 2023)
÷ (Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023)
= 100 × (77,408 + 68,061 + 65,010 + 59,567)
÷ (169,961 + 143,083 + 134,383 + 127,358)
= 46.98%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Gross profit margin | Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. | Amazon.com Inc. gross profit margin ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Operating Profit Margin
Amazon.com Inc., operating profit margin calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Operating income | 13,209) | 11,188) | 7,681) | 4,774) | 2,737) | 2,525) | 3,317) | 3,669) | 3,460) | 4,852) | 7,702) | 8,865) | 6,873) | 6,194) | 5,843) | 3,989) | 3,880) | 3,157) | 3,084) | 4,420) | ||||||
| Net sales | 169,961) | 143,083) | 134,383) | 127,358) | 149,204) | 127,101) | 121,234) | 116,444) | 137,412) | 110,812) | 113,080) | 108,518) | 125,555) | 96,145) | 88,912) | 75,452) | 87,437) | 69,981) | 63,404) | 59,700) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Operating profit margin1 | 6.41% | 4.76% | 3.29% | 2.54% | 2.38% | 2.58% | 3.15% | 4.12% | 5.30% | 6.18% | 6.68% | 6.63% | 5.93% | 5.72% | 5.24% | 4.76% | 5.18% | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Home Depot Inc. | 15.27% | 15.33% | 15.30% | 15.20% | 15.24% | 15.10% | 14.79% | 14.70% | 13.84% | 14.01% | 13.99% | 13.85% | 14.37% | 14.26% | 14.31% | 14.36% | 14.35% | — | — | — | ||||||
| Lowe’s Cos. Inc. | 10.47% | 10.74% | 12.76% | 12.72% | 12.56% | 12.36% | 11.79% | 11.55% | 10.77% | 10.64% | 10.53% | 9.30% | 8.75% | 6.67% | 5.83% | 5.54% | 5.63% | — | — | — | ||||||
| TJX Cos. Inc. | 9.73% | 9.76% | 9.77% | 10.18% | 9.79% | 9.55% | 9.32% | 7.05% | 1.81% | 3.13% | 3.26% | 5.86% | 10.59% | 10.49% | 10.56% | 10.61% | 10.82% | — | — | — | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Operating profit margin = 100
× (Operating incomeQ4 2023
+ Operating incomeQ3 2023
+ Operating incomeQ2 2023
+ Operating incomeQ1 2023)
÷ (Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023)
= 100 × (13,209 + 11,188 + 7,681 + 4,774)
÷ (169,961 + 143,083 + 134,383 + 127,358)
= 6.41%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Operating profit margin | A profitability ratio calculated as operating income divided by revenue. | Amazon.com Inc. operating profit margin ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Net Profit Margin
Amazon.com Inc., net profit margin calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income (loss) | 10,624) | 9,879) | 6,750) | 3,172) | 278) | 2,872) | (2,028) | (3,844) | 14,323) | 3,156) | 7,778) | 8,107) | 7,222) | 6,331) | 5,243) | 2,535) | 3,268) | 2,134) | 2,625) | 3,561) | ||||||
| Net sales | 169,961) | 143,083) | 134,383) | 127,358) | 149,204) | 127,101) | 121,234) | 116,444) | 137,412) | 110,812) | 113,080) | 108,518) | 125,555) | 96,145) | 88,912) | 75,452) | 87,437) | 69,981) | 63,404) | 59,700) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Net profit margin1 | 5.29% | 3.62% | 2.43% | 0.82% | -0.53% | 2.25% | 2.39% | 4.48% | 7.10% | 5.73% | 6.64% | 6.42% | 5.53% | 4.99% | 4.10% | 3.56% | 4.13% | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Home Depot Inc. | 10.87% | 10.87% | 10.88% | 10.83% | 10.87% | 10.79% | 10.55% | 10.45% | 9.74% | 9.94% | 9.91% | 9.79% | 10.20% | 10.01% | 10.18% | 10.24% | 10.28% | — | — | — | ||||||
| Lowe’s Cos. Inc. | 6.63% | 6.97% | 8.84% | 8.85% | 8.77% | 8.63% | 7.41% | 7.23% | 6.51% | 6.29% | 7.12% | 6.17% | 5.93% | 4.11% | 3.52% | 3.31% | 3.25% | — | — | — | ||||||
| TJX Cos. Inc. | 7.00% | 6.90% | 6.77% | 6.69% | 6.76% | 5.85% | 5.81% | 4.00% | 0.28% | 2.24% | 2.11% | 4.57% | 7.84% | 7.70% | 7.65% | 7.69% | 7.85% | — | — | — | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Net profit margin = 100
× (Net income (loss)Q4 2023
+ Net income (loss)Q3 2023
+ Net income (loss)Q2 2023
+ Net income (loss)Q1 2023)
÷ (Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023)
= 100 × (10,624 + 9,879 + 6,750 + 3,172)
÷ (169,961 + 143,083 + 134,383 + 127,358)
= 5.29%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Net profit margin | An indicator of profitability, calculated as net income divided by revenue. | Amazon.com Inc. net profit margin ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Return on Equity (ROE)
Amazon.com Inc., ROE calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income (loss) | 10,624) | 9,879) | 6,750) | 3,172) | 278) | 2,872) | (2,028) | (3,844) | 14,323) | 3,156) | 7,778) | 8,107) | 7,222) | 6,331) | 5,243) | 2,535) | 3,268) | 2,134) | 2,625) | 3,561) | ||||||
| Stockholders’ equity | 201,875) | 182,973) | 168,602) | 154,526) | 146,043) | 137,489) | 131,402) | 134,001) | 138,245) | 120,564) | 114,803) | 103,320) | 93,404) | 82,775) | 73,728) | 65,272) | 62,060) | 56,508) | 53,061) | 48,410) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROE1 | 15.07% | 10.97% | 7.75% | 2.78% | -1.86% | 8.24% | 8.83% | 15.98% | 24.13% | 21.78% | 25.64% | 26.04% | 22.84% | 20.99% | 17.88% | 16.18% | 18.67% | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||
| Home Depot Inc. | 1,095.07% | 1,317.03% | 7,124.47% | — | — | 1,539.90% | 736.64% | 844.74% | 390.00% | 813.68% | — | — | — | — | — | — | — | — | — | — | ||||||
| Lowe’s Cos. Inc. | — | — | — | — | — | — | — | 1,532.36% | 406.05% | 131.77% | 131.40% | 266.43% | 217.09% | 119.93% | 95.76% | 73.30% | 63.50% | — | — | — | ||||||
| TJX Cos. Inc. | 54.97% | 60.02% | 62.26% | 59.63% | 54.69% | 41.40% | 39.21% | 24.63% | 1.55% | 13.47% | 15.26% | 35.54% | 55.01% | 56.45% | 57.76% | 59.31% | 60.61% | — | — | — | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
ROE = 100
× (Net income (loss)Q4 2023
+ Net income (loss)Q3 2023
+ Net income (loss)Q2 2023
+ Net income (loss)Q1 2023)
÷ Stockholders’ equity
= 100 × (10,624 + 9,879 + 6,750 + 3,172)
÷ 201,875 = 15.07%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| ROE | A profitability ratio calculated as net income divided by shareholders’ equity. | Amazon.com Inc. ROE improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Return on Assets (ROA)
Amazon.com Inc., ROA calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income (loss) | 10,624) | 9,879) | 6,750) | 3,172) | 278) | 2,872) | (2,028) | (3,844) | 14,323) | 3,156) | 7,778) | 8,107) | 7,222) | 6,331) | 5,243) | 2,535) | 3,268) | 2,134) | 2,625) | 3,561) | ||||||
| Total assets | 527,854) | 486,883) | 477,607) | 464,378) | 462,675) | 428,362) | 419,728) | 410,767) | 420,549) | 382,406) | 360,319) | 323,077) | 321,195) | 282,179) | 258,314) | 221,238) | 225,248) | 199,099) | 191,351) | 178,102) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROA1 | 5.76% | 4.12% | 2.74% | 0.92% | -0.59% | 2.64% | 2.77% | 5.21% | 7.93% | 6.87% | 8.17% | 8.33% | 6.64% | 6.16% | 5.10% | 4.77% | 5.14% | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||
| Home Depot Inc. | 22.38% | 22.24% | 22.27% | 21.57% | 22.86% | 21.82% | 21.54% | 20.35% | 18.23% | 18.66% | 18.67% | 18.68% | 21.94% | 21.23% | 21.54% | 21.80% | 25.27% | — | — | — | ||||||
| Lowe’s Cos. Inc. | 14.73% | 14.23% | 18.04% | 17.00% | 18.91% | 16.63% | 14.19% | 13.32% | 12.49% | 10.55% | 11.06% | 9.98% | 10.85% | 7.41% | 6.21% | 5.49% | 6.71% | — | — | — | ||||||
| TJX Cos. Inc. | 12.34% | 11.96% | 12.40% | 12.04% | 11.53% | 8.87% | 8.73% | 4.99% | 0.29% | 2.38% | 2.68% | 6.63% | 13.55% | 12.88% | 13.40% | 13.53% | 21.36% | — | — | — | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
ROA = 100
× (Net income (loss)Q4 2023
+ Net income (loss)Q3 2023
+ Net income (loss)Q2 2023
+ Net income (loss)Q1 2023)
÷ Total assets
= 100 × (10,624 + 9,879 + 6,750 + 3,172)
÷ 527,854 = 5.76%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| ROA | A profitability ratio calculated as net income divided by total assets. | Amazon.com Inc. ROA improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |