Analysis of Short-term (Operating) 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.
Short-term Activity Ratios (Summary)
Meta Platforms Inc., short-term (operating) activity 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 analysis of short-term operating activity ratios indicates a period of relative stability in receivable management contrasted by a significant and progressive shift in payables strategy. While the company maintained a consistent pace of asset conversion, there is a marked trend toward extending the duration of its payment obligations to suppliers.
- Receivables Management
- The receivables turnover ratio remained largely stable throughout the observed period, generally fluctuating between 8.34 and 12.30. A corresponding stability is evident in the average receivable collection period, which typically ranged between 30 and 44 days. A peak in efficiency was observed in March 2026, where the turnover reached 12.30 and the collection period dropped to its minimum of 30 days, suggesting a highly efficient credit collection process.
- Payables Management
- A pronounced downward trend is observed in the payables turnover ratio, which declined from a high of 8.78 in June 2023 to a low of 2.62 by June 2026. This decline is mirrored by a substantial increase in the average payables payment period. After remaining between 42 and 72 days for the first several quarters, the payment period surged beginning in September 2024, reaching 96 days and continuing an upward trajectory to 139 days by June 2026. This indicates a strategic shift toward utilizing supplier credit to preserve liquidity.
- Working Capital Efficiency
- Working capital turnover exhibited significant volatility, with a general baseline around 3.0. A notable increase in efficiency occurred during the middle of 2025, peaking at 5.24 in September 2025. Following this peak, the ratio normalized, returning to a range of 3.30 to 3.41 by mid-2026. The fluctuations suggest periodic adjustments in the balance between current assets and current liabilities to optimize operational throughput.
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Turnover Ratios
Average No. Days
Receivables Turnover
Meta Platforms Inc., receivables turnover 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) | ||||||||||||||||||||||||
| Revenue | 60,801) | 56,311) | 59,894) | 51,242) | 47,516) | 42,314) | 48,386) | 40,589) | 39,071) | 36,455) | 40,112) | 34,146) | 31,999) | 28,645) | 32,165) | 27,714) | 28,822) | 27,908) | ||||||
| Accounts receivable, net | 21,752) | 17,470) | 19,769) | 17,297) | 16,561) | 14,514) | 16,994) | 14,700) | 14,505) | 13,430) | 16,169) | 12,944) | 12,511) | 11,044) | 13,466) | 11,227) | 11,525) | 11,390) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Receivables turnover1 | 10.49 | 12.30 | 10.17 | 10.95 | 10.80 | 11.74 | 9.68 | 10.63 | 10.33 | 10.63 | 8.34 | 9.81 | 9.63 | 10.63 | 8.66 | 10.52 | 10.36 | 10.51 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Receivables Turnover, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | 6.45 | 6.71 | 6.41 | 6.75 | 6.75 | 7.05 | 6.69 | 6.92 | 6.97 | 7.14 | 6.41 | 7.24 | 7.46 | 7.90 | 7.03 | 8.13 | 7.79 | 7.79 | ||||||
| Comcast Corp. | 8.95 | 8.90 | 8.92 | 9.33 | 9.52 | 9.59 | 9.06 | 8.77 | 9.20 | 9.28 | 8.80 | 9.42 | 9.29 | 9.78 | 9.58 | 10.17 | 10.18 | 9.77 | ||||||
| Trade Desk Inc. | 0.93 | 0.89 | 0.77 | 0.80 | 0.82 | 0.84 | 0.73 | 0.77 | 0.75 | 0.78 | 0.68 | 0.75 | 0.74 | 0.79 | 0.67 | 0.73 | 0.73 | 0.73 | ||||||
| Walt Disney Co. | 6.76 | 6.36 | 7.14 | 7.05 | 7.48 | 6.72 | 7.18 | 6.94 | 7.42 | 6.30 | 7.21 | 6.70 | 6.81 | 6.03 | 6.54 | 5.93 | 5.57 | 4.90 | ||||||
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
Receivables turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Accounts receivable, net
= (60,801 + 56,311 + 59,894 + 51,242)
÷ 21,752 = 10.49
2 Click competitor name to see calculations.
The financial data exhibits a strong correlation between revenue growth and the accumulation of accounts receivable over the period from March 2022 to June 2026. Revenue expanded from 27,908 million US$ to 60,801 million US$, while net accounts receivable increased from 11,390 million US$ to 21,752 million US$. This parallel growth indicates that the expansion in sales volume has naturally driven an increase in outstanding customer balances.
- Receivables Turnover Volatility and Seasonality
- The receivables turnover ratio demonstrates a recurring seasonal pattern characterized by declines during the fourth quarter of each fiscal year. Notable lows occurred in December 2022 (8.66) and December 2023 (8.34). This cyclicality suggests a temporary buildup of receivables at year-end, potentially due to increased seasonal advertising spend and associated billing cycles, followed by more aggressive collection activity in the first quarter of the following year.
- Efficiency Trends
- A general trend of improving collection efficiency is observable in the later stages of the period. The ratio reached its highest point in March 2026 at 12.30. Furthermore, the minimum turnover levels experienced an upward shift, moving from a low of 8.34 in December 2023 to a low of 10.17 in December 2025, suggesting a strengthening of the overall credit management process.
- Operational Scaling
- Despite the significant increase in the absolute value of accounts receivable, the turnover ratio remained relatively stable, largely fluctuating between 8 and 12. This stability indicates that the company has successfully scaled its receivables management in proportion to its revenue growth, maintaining a consistent velocity in converting credit sales into cash.
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Payables Turnover
Meta Platforms Inc., payables turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Cost of revenue | 11,330) | 10,218) | 10,906) | 9,206) | 8,491) | 7,572) | 8,838) | 7,375) | 7,308) | 6,640) | 7,696) | 6,210) | 5,945) | 6,108) | 8,336) | 5,716) | 5,192) | 6,005) | ||||||
| Accounts payable | 15,889) | 13,326) | 8,894) | 7,798) | 10,271) | 8,512) | 7,687) | 7,656) | 3,173) | 3,785) | 4,849) | 4,372) | 3,093) | 3,672) | 4,990) | 3,871) | 4,008) | 3,246) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Payables turnover1 | 2.62 | 2.91 | 4.07 | 4.37 | 3.14 | 3.65 | 3.92 | 3.79 | 8.78 | 7.00 | 5.35 | 6.08 | 8.44 | 6.90 | 5.06 | 6.01 | 5.82 | 7.25 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Payables Turnover, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | 8.61 | 9.94 | 13.32 | 14.92 | 18.27 | 17.53 | 18.32 | 20.32 | 22.98 | 22.01 | 17.79 | 22.59 | 24.29 | 30.41 | 24.61 | 19.65 | 27.29 | 33.89 | ||||||
| Comcast Corp. | 3.22 | 3.12 | 3.16 | 2.97 | 3.06 | 3.17 | 3.27 | 3.16 | 3.04 | 3.10 | 2.96 | 2.97 | 3.00 | 3.01 | 3.05 | 3.13 | 3.23 | 3.16 | ||||||
| Netflix Inc. | 30.22 | 26.71 | 25.84 | 28.39 | 33.94 | 34.70 | 23.38 | 32.06 | 34.06 | 32.75 | 26.38 | 37.07 | 31.96 | 33.26 | 28.54 | 33.93 | 36.53 | 28.76 | ||||||
| Trade Desk Inc. | 0.27 | 0.25 | 0.21 | 0.21 | 0.20 | 0.21 | 0.18 | 0.18 | 0.17 | 0.18 | 0.16 | 0.18 | 0.17 | 0.18 | 0.15 | 0.16 | 0.16 | 0.17 | ||||||
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
Payables turnover
= (Cost of revenueQ2 2026
+ Cost of revenueQ1 2026
+ Cost of revenueQ4 2025
+ Cost of revenueQ3 2025)
÷ Accounts payable
= (11,330 + 10,218 + 10,906 + 9,206)
÷ 15,889 = 2.62
2 Click competitor name to see calculations.
A significant long-term decline in the payables turnover ratio is observed, indicating a shift in the management of short-term liabilities. While the ratio fluctuated between 5.06 and 8.44 from early 2022 through mid-2024, a sharp contraction occurred in the latter half of 2024, with the ratio continuing to trend downward to 2.62 by June 30, 2026.
- Cost of Revenue Trends
- The cost of revenue demonstrates a consistent upward trajectory over the analyzed period. Starting at 6,005 million USD in March 2022, expenditures grew steadily, surpassing 11,000 million USD by the final two quarters of the period. This growth reflects an expansion in the scale of operational costs.
- Accounts Payable Dynamics
- Accounts payable experienced substantial growth, particularly starting in 2024. A notable inflection point occurred between June 30, 2024, and September 30, 2024, where obligations rose from 3,173 million USD to 7,656 million USD. This growth accelerated further into 2026, reaching a peak of 15,889 million USD by June 30, 2026.
- Payables Turnover Analysis
- The payables turnover ratio decreased markedly as accounts payable grew at a rate disproportionate to the increase in the cost of revenue. The drop from 8.78 in June 2023 to 2.62 in June 2026 suggests a significant extension in the average time taken to settle obligations with suppliers. This pattern indicates an increased reliance on supplier financing to support operating activities and a strategic shift in working capital management.
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Working Capital Turnover
Meta Platforms Inc., working capital turnover 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) | ||||||||||||||||||||||||
| Current assets | 125,475) | 109,765) | 108,722) | 73,118) | 73,613) | 90,227) | 100,045) | 91,067) | 76,431) | 75,330) | 85,365) | 78,378) | 69,560) | 52,483) | 59,549) | 58,315) | 55,987) | 59,265) | ||||||
| Less: Current liabilities | 56,379) | 46,753) | 41,836) | 36,958) | 37,305) | 33,890) | 33,596) | 33,330) | 27,004) | 28,101) | 31,960) | 30,531) | 29,921) | 25,381) | 27,026) | 22,687) | 22,217) | 21,086) | ||||||
| Working capital | 69,096) | 63,012) | 66,886) | 36,160) | 36,308) | 56,337) | 66,449) | 57,737) | 49,427) | 47,229) | 53,405) | 47,847) | 39,639) | 27,102) | 32,523) | 35,628) | 33,770) | 38,179) | ||||||
| Revenue | 60,801) | 56,311) | 59,894) | 51,242) | 47,516) | 42,314) | 48,386) | 40,589) | 39,071) | 36,455) | 40,112) | 34,146) | 31,999) | 28,645) | 32,165) | 27,714) | 28,822) | 27,908) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Working capital turnover1 | 3.30 | 3.41 | 3.00 | 5.24 | 4.92 | 3.02 | 2.48 | 2.71 | 3.03 | 3.02 | 2.53 | 2.65 | 3.04 | 4.33 | 3.59 | 3.32 | 3.54 | 3.13 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | 2.05 | 4.12 | 3.90 | 5.18 | 4.71 | 5.11 | 4.69 | 4.43 | 3.90 | 3.60 | 3.43 | 3.30 | 3.18 | 3.06 | 2.96 | 2.82 | 2.51 | 2.33 | ||||||
| Comcast Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Netflix Inc. | 28.15 | 9.49 | 22.16 | 13.43 | 13.67 | 20.30 | 16.63 | 26.43 | — | 55.26 | 31.89 | 13.41 | 11.35 | 14.73 | 23.67 | 29.95 | 91.06 | 84.84 | ||||||
| Trade Desk Inc. | 1.48 | 1.51 | 1.45 | 1.31 | 1.27 | 1.18 | 0.99 | 1.04 | 1.09 | 1.13 | 1.08 | 0.98 | 0.97 | 1.00 | 0.87 | 0.91 | 0.91 | 0.92 | ||||||
| Walt Disney Co. | — | — | — | — | — | — | — | — | — | — | 54.74 | 45.26 | 420.20 | — | 3,308.88 | 112.96 | 41.96 | 25.38 | ||||||
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
Working capital turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Working capital
= (60,801 + 56,311 + 59,894 + 51,242)
÷ 69,096 = 3.30
2 Click competitor name to see calculations.
The analysis of short-term operating activity reveals a period of significant expansion in both revenue and working capital, characterized by fluctuating efficiency in the utilization of net current assets to generate sales.
- Revenue Growth Trajectory
- A consistent long-term upward trend in revenue is observed, rising from 27,908 million USD in March 2022 to 60,801 million USD by June 2026. While there are typical quarterly fluctuations, the overall trajectory indicates a steady expansion of the top line over the analyzed period.
- Working Capital Dynamics
- Working capital exhibits substantial volatility. An initial period of relative stability between 32,523 million USD and 38,179 million USD in 2022 was followed by a period of aggressive growth, peaking at 66,449 million USD in December 2024. A notable contraction occurred in the first half of 2025, where levels dropped to approximately 36,000 million USD, before rebounding sharply to 66,886 million USD by the end of 2025 and continuing upward into 2026.
- Working Capital Turnover Efficiency
- The turnover ratio demonstrates varying levels of operational efficiency. Between March 2022 and March 2023, the ratio remained relatively stable, peaking at 4.33. However, a downward trend was observed throughout 2023, reaching a low of 2.53 by December 2023, suggesting that working capital grew at a faster rate than revenue during this phase.
- Analysis of Period Anomalies
- A significant spike in turnover efficiency is evident in the second quarter of 2025, where the ratio reached its peak of 5.24. This increase was not driven by an unprecedented surge in revenue, but rather by a sharp reduction in working capital. Following this correction, the ratio normalized toward a range of 3.00 to 3.41 in 2026, indicating a stabilization of the relationship between short-term liquidity and sales generation.
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Average Receivable Collection Period
Meta Platforms Inc., average receivable collection period 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 | ||||||||||||||||||||||||
| Receivables turnover | 10.49 | 12.30 | 10.17 | 10.95 | 10.80 | 11.74 | 9.68 | 10.63 | 10.33 | 10.63 | 8.34 | 9.81 | 9.63 | 10.63 | 8.66 | 10.52 | 10.36 | 10.51 | ||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average receivable collection period1 | 35 | 30 | 36 | 33 | 34 | 31 | 38 | 34 | 35 | 34 | 44 | 37 | 38 | 34 | 42 | 35 | 35 | 35 | ||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | 57 | 54 | 57 | 54 | 54 | 52 | 55 | 53 | 52 | 51 | 57 | 50 | 49 | 46 | 52 | 45 | 47 | 47 | ||||||
| Comcast Corp. | 41 | 41 | 41 | 39 | 38 | 38 | 40 | 42 | 40 | 39 | 41 | 39 | 39 | 37 | 38 | 36 | 36 | 37 | ||||||
| Trade Desk Inc. | 391 | 409 | 475 | 455 | 443 | 434 | 497 | 472 | 488 | 465 | 538 | 485 | 494 | 463 | 543 | 499 | 500 | 497 | ||||||
| Walt Disney Co. | 54 | 57 | 51 | 52 | 49 | 54 | 51 | 53 | 49 | 58 | 51 | 55 | 54 | 61 | 56 | 62 | 65 | 74 | ||||||
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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 10.49 = 35
2 Click competitor name to see calculations.
The analysis of short-term operating activity reveals a consistent seasonal pattern in the collection of receivables, characterized by a recurring increase in the collection period during the fourth quarter of each fiscal year, followed by a contraction in the first quarter.
- Average Receivable Collection Period Trends
- A cyclical fluctuation is observed where the collection period typically remains stable between 33 and 37 days for the first three quarters, before peaking in December. The most significant peaks occurred in December 2022 (42 days) and December 2023 (44 days). However, a positive trend in credit management efficiency is evident in the subsequent years, as the December peaks decreased to 38 days in 2024 and 36 days in 2025.
- The baseline collection efficiency has improved over the observed period. The minimum collection period reached its lowest point of 30 days by March 31, 2026, compared to the 34-35 day range observed in 2022 and 2023, indicating a gradual acceleration in the conversion of receivables into cash.
- Receivables Turnover Performance
- The receivables turnover ratio exhibits an inverse relationship with the collection period, fluctuating between a low of 8.34 in December 2023 and a high of 12.30 in March 2026. The ratio generally stabilizes around 10.0 to 11.0 throughout the mid-year periods.
- The increase in the turnover ratio to 12.30 in the first quarter of 2026 marks the highest level of asset utilization for receivables within the analyzed timeframe, confirming a strengthened capacity to collect outstanding balances relative to credit sales.
Overall, the operational data indicates a stable and maturing receivable management process. While seasonal year-end delays persist, the progressive reduction in both the peak and baseline collection days suggests an optimization of payment terms or improved client payment behaviors.
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Average Payables Payment Period
Meta Platforms Inc., average payables payment period 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 | ||||||||||||||||||||||||
| Payables turnover | 2.62 | 2.91 | 4.07 | 4.37 | 3.14 | 3.65 | 3.92 | 3.79 | 8.78 | 7.00 | 5.35 | 6.08 | 8.44 | 6.90 | 5.06 | 6.01 | 5.82 | 7.25 | ||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average payables payment period1 | 139 | 125 | 90 | 83 | 116 | 100 | 93 | 96 | 42 | 52 | 68 | 60 | 43 | 53 | 72 | 61 | 63 | 50 | ||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | 42 | 37 | 27 | 24 | 20 | 21 | 20 | 18 | 16 | 17 | 21 | 16 | 15 | 12 | 15 | 19 | 13 | 11 | ||||||
| Comcast Corp. | 113 | 117 | 115 | 123 | 119 | 115 | 112 | 115 | 120 | 118 | 123 | 123 | 122 | 121 | 120 | 117 | 113 | 116 | ||||||
| Netflix Inc. | 12 | 14 | 14 | 13 | 11 | 11 | 16 | 11 | 11 | 11 | 14 | 10 | 11 | 11 | 13 | 11 | 10 | 13 | ||||||
| Trade Desk Inc. | 1,353 | 1,460 | 1,773 | 1,705 | 1,802 | 1,713 | 2,035 | 2,011 | 2,089 | 1,989 | 2,314 | 2,085 | 2,151 | 2,026 | 2,430 | 2,246 | 2,230 | 2,184 | ||||||
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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 2.62 = 139
2 Click competitor name to see calculations.
Analysis of the operating activity ratios reveals a significant extension in the time required to settle obligations with suppliers over the analyzed period. An inverse correlation is maintained between the payables turnover ratio and the average payables payment period, where a declining turnover ratio directly corresponds to an increase in the number of days taken to pay creditors.
- Payables Turnover Trends
- The turnover ratio experienced moderate fluctuations between March 2022 and June 2024, reaching a peak of 8.78 during the second quarter of 2024. Following this peak, a sharp contraction occurred, with the ratio dropping to 3.79 by September 2024. This downward trajectory persisted through 2025 and 2026, ultimately reaching a low of 2.62 by June 30, 2026.
- Average Payables Payment Period
- Between March 2022 and June 2024, the payment period generally fluctuated within a range of 42 to 72 days. A substantial shift in payment behavior is observed in the second half of 2024, where the period jumped from 42 days in June to 96 days in September. This elevated baseline continued through 2025, with the period frequently exceeding 100 days. The trend accelerated in the first half of 2026, culminating in a payment period of 139 days.
The observed patterns indicate a structural shift in short-term liability management. The transition from a payment cycle of approximately 40-70 days to one exceeding 130 days suggests an increased reliance on trade credit to manage liquidity or a strategic decision to optimize working capital by delaying cash outflows to vendors.
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