Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Starbucks Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio showed a general upward trend from late 2020 through early 2023, increasing from 3.75 to a peak near 4.99. Following this, a gradual decline occurred throughout 2023 and 2024, with the ratio decreasing to approximately 4.12 by late 2025. This pattern indicates an initial improvement in the efficiency of fixed asset utilization to generate sales, followed by a tapering off and moderate decrease in asset turnover efficiency in later periods.
- Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Assets
- This adjusted ratio, which accounts for leased assets, also demonstrated an increasing trend from 1.61 at the end of 2020 to a peak of 2.30 in mid-2023. Thereafter, the ratio exhibited a slow but steady decline to around 1.99 by late 2025. The trend mirrors that of the standard net fixed asset turnover, suggesting a consistent pattern in overall asset utilization when leased assets are included.
- Total Asset Turnover
- The total asset turnover ratio exhibited continuous growth from 0.77 in the final quarter of 2020 to approximately 1.26 by early 2024. Subsequently, the ratio experienced a slight decline and stabilization, fluctuating near 1.10 to 1.16 through to late 2025. This indicates an overall increase in the effectiveness of the company’s total asset base in generating revenue, with a plateau phase suggesting maturation or stabilization in asset utilization efficiency.
- Equity Turnover
- Data for equity turnover was not available for analysis in the observed periods, preventing assessment of trends in shareholder equity efficiency.
Net Fixed Asset Turnover
Starbucks Corp., net fixed asset turnover calculation (quarterly data)
| Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Jan 1, 2023 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Jan 2, 2022 | Oct 3, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Net revenues | 9,569,000) | 9,456,000) | 8,761,600) | 9,397,800) | 9,074,000) | 9,113,900) | 8,563,000) | 9,425,300) | 9,373,600) | 9,168,300) | 8,719,800) | 8,713,900) | 8,414,200) | 8,150,100) | 7,635,600) | 8,050,400) | 8,146,700) | 7,496,500) | 6,668,000) | 6,749,400) | ||||||
| Property, plant and equipment, net | 8,493,500) | 8,893,700) | 8,820,200) | 8,683,500) | 8,665,500) | 8,080,300) | 7,817,400) | 7,611,700) | 7,387,100) | 7,053,500) | 6,818,600) | 6,699,500) | 6,560,500) | 6,408,200) | 6,460,800) | 6,398,000) | 6,369,500) | 6,151,400) | 6,123,100) | 6,177,900) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover1 | 4.38 | 4.13 | 4.12 | 4.16 | 4.17 | 4.51 | 4.67 | 4.82 | 4.87 | 4.96 | 4.99 | 4.91 | 4.92 | 4.99 | 4.85 | 4.75 | 4.56 | 4.41 | 3.89 | 3.75 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | — | 97.89 | 87.73 | 81.39 | 75.52 | 65.30 | 61.79 | 59.89 | 61.98 | 65.31 | 68.85 | 71.38 | 69.41 | 67.78 | 62.54 | 46.34 | — | — | — | — | ||||||
| Booking Holdings Inc. | — | 31.87 | 29.51 | 28.11 | 28.53 | 26.14 | 25.60 | 27.33 | 27.25 | 28.14 | 26.42 | 26.00 | 25.55 | 18.23 | 17.07 | 14.82 | 13.33 | 12.09 | 9.60 | 7.70 | ||||||
| Chipotle Mexican Grill Inc. | — | 4.54 | 4.62 | 4.71 | 4.73 | 4.73 | 4.71 | 4.63 | 4.55 | 4.56 | 4.59 | 4.53 | 4.43 | 4.50 | 4.49 | 4.40 | 4.27 | 4.18 | 4.11 | 3.91 | ||||||
| DoorDash, Inc. | — | 12.95 | 13.13 | 13.29 | 13.78 | 13.85 | 13.71 | 12.93 | 12.13 | 11.81 | 11.35 | 10.92 | 10.33 | 10.31 | 10.66 | 11.58 | — | — | — | — | ||||||
| McDonald’s Corp. | — | 0.96 | 0.96 | 1.00 | 1.02 | 1.01 | 1.04 | 1.04 | 1.02 | 1.05 | 1.00 | 0.98 | 0.98 | 1.02 | 1.01 | 0.97 | 0.94 | 0.92 | 0.88 | 0.80 | ||||||
Based on: 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Q4 2025 Calculation
Net fixed asset turnover
= (Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025
+ Net revenuesQ1 2025)
÷ Property, plant and equipment, net
= (9,569,000 + 9,456,000 + 8,761,600 + 9,397,800)
÷ 8,493,500 = 4.38
2 Click competitor name to see calculations.
The financial data reveals several notable trends regarding revenue generation, asset investment, and asset utilization efficiency over multiple quarters.
- Net Revenues
- The net revenues exhibit an overall upward trajectory with some fluctuations. Initial quarters show a steady increase from approximately 6.7 billion US dollars to a peak near 9.4 billion US dollars in late 2023. After reaching this peak, revenues experience some variability in 2024 and early 2025, with values oscillating around the 9 billion US dollar mark, indicating a stabilization phase following earlier growth.
- Property, Plant and Equipment, Net
- Investment in property, plant, and equipment steadily increases from around 6.18 billion US dollars in late 2020 to a high exceeding 8.6 billion US dollars by late 2024. This consistent growth suggests ongoing capital expenditure and expansion efforts. However, a slight decline is observable toward mid-2025, which may indicate a reduction in new investments or asset disposals.
- Net Fixed Asset Turnover (Ratio)
- The net fixed asset turnover ratio shows an initial improvement, rising from 3.75 up to nearly 5.0 in early 2022, suggesting enhanced efficiency in asset utilization to generate revenues. Following that period, the ratio gradually decreases to around 4.1 by late 2024, reflecting diminishing asset productivity relative to the increased asset base. A slight recovery occurs by mid-2025.
In summary, the data illustrates a pattern of revenue growth supported by consistent investment in fixed assets, although asset utilization efficiency has declined somewhat in recent periods. The combination of stable revenues and increased asset investment implies a strategic emphasis on expanding capacity or modernizing facilities, with a potential lag in achieving corresponding efficiency gains. Monitoring future trends in asset turnover will be critical to assessing the effectiveness of capital deployment and operational leverage.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Starbucks Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Jan 1, 2023 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Jan 2, 2022 | Oct 3, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Net revenues | 9,569,000) | 9,456,000) | 8,761,600) | 9,397,800) | 9,074,000) | 9,113,900) | 8,563,000) | 9,425,300) | 9,373,600) | 9,168,300) | 8,719,800) | 8,713,900) | 8,414,200) | 8,150,100) | 7,635,600) | 8,050,400) | 8,146,700) | 7,496,500) | 6,668,000) | 6,749,400) | ||||||
| Property, plant and equipment, net | 8,493,500) | 8,893,700) | 8,820,200) | 8,683,500) | 8,665,500) | 8,080,300) | 7,817,400) | 7,611,700) | 7,387,100) | 7,053,500) | 6,818,600) | 6,699,500) | 6,560,500) | 6,408,200) | 6,460,800) | 6,398,000) | 6,369,500) | 6,151,400) | 6,123,100) | 6,177,900) | ||||||
| Operating lease, right-of-use asset | 9,315,700) | 9,581,400) | 9,467,200) | 9,358,100) | 9,286,200) | 8,808,100) | 8,686,500) | 8,638,600) | 8,412,600) | 8,178,500) | 8,251,600) | 8,133,800) | 8,015,600) | 8,037,100) | 8,170,200) | 8,203,400) | 8,236,000) | 8,065,200) | 8,036,800) | 8,199,400) | ||||||
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 17,809,200) | 18,475,100) | 18,287,400) | 18,041,600) | 17,951,700) | 16,888,400) | 16,503,900) | 16,250,300) | 15,799,700) | 15,232,000) | 15,070,200) | 14,833,300) | 14,576,100) | 14,445,300) | 14,631,000) | 14,601,400) | 14,605,500) | 14,216,600) | 14,159,900) | 14,377,300) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 2.09 | 1.99 | 1.99 | 2.00 | 2.02 | 2.16 | 2.21 | 2.26 | 2.28 | 2.30 | 2.26 | 2.22 | 2.21 | 2.21 | 2.14 | 2.08 | 1.99 | 1.91 | 1.68 | 1.61 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | — | 43.91 | 41.96 | 40.55 | 38.15 | 41.37 | 38.48 | 36.32 | 35.54 | 35.56 | 34.55 | 33.49 | 32.43 | 29.45 | 26.12 | 16.30 | — | — | — | — | ||||||
| Booking Holdings Inc. | — | 18.31 | 17.37 | 17.06 | 17.07 | 15.55 | 14.81 | 14.99 | 14.35 | 14.99 | 14.43 | 13.76 | 13.01 | 12.51 | 11.24 | 9.40 | 8.31 | 7.63 | 5.96 | 4.65 | ||||||
| Chipotle Mexican Grill Inc. | — | 1.69 | 1.73 | 1.76 | 1.77 | 1.75 | 1.77 | 1.74 | 1.72 | 1.69 | 1.70 | 1.69 | 1.64 | 1.62 | 1.62 | 1.59 | 1.54 | 1.49 | 1.48 | 1.41 | ||||||
| DoorDash, Inc. | — | 9.21 | 9.17 | 9.14 | 9.19 | 9.12 | 8.88 | 7.90 | 7.52 | 7.44 | 7.03 | 6.69 | 6.14 | 5.92 | 5.90 | 6.51 | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Q4 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025
+ Net revenuesQ1 2025)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= (9,569,000 + 9,456,000 + 8,761,600 + 9,397,800)
÷ 17,809,200 = 2.09
2 Click competitor name to see calculations.
The analysis of the quarterly financial indicators reveals distinct trends in the company's operational efficiency and asset utilization.
- Net Revenues
- Net revenues exhibit an overall upward trajectory with fluctuations throughout the periods. Starting at approximately 6.75 billion USD, revenues experienced growth peaks notably around October 2021 and October 2023, reaching values above 9 billion USD. However, there are intermittent declines, such as during early 2024 where revenues dropped to about 8.56 billion USD before recovering later in the year. The most recent quarters maintain a level near or above 9 billion USD, indicating sustained revenue strength despite some volatility.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment, including operating leases and right-of-use assets, shows a consistent gradual increase over time. Beginning near 14.38 billion USD, it grows steadily to peak around 18.05 billion USD by mid-2025, followed by a slight decline to approximately 17.81 billion USD in the final reported quarter. This upward movement suggests ongoing investment in fixed assets, supporting expansion or modernization efforts, with minor recent reductions possibly reflecting asset disposals or revaluation effects.
- Net Fixed Asset Turnover
- This ratio, indicative of how efficiently fixed assets generate revenues, generally improved from 1.61 to a peak of around 2.30 by mid-2023. Afterwards, a declining trend is observed, lowering towards 1.99 by late 2024 and early 2025 with a slight upturn to 2.09 in the last reported quarter. The initial rise reflects enhanced efficiency in asset use contributing to revenue growth, while the subsequent decrease may signal either growing asset bases outpacing revenue gains or operational pressures reducing utilization effectiveness.
In summary, the data reveals that revenue generation is progressively increasing over the long term, supported by continuous investments in fixed assets. Efficiency in asset use showed improvement initially but faced some erosion in recent periods, suggesting a need for monitoring fixed asset productivity to sustain profitability and growth momentum.
Total Asset Turnover
Starbucks Corp., total asset turnover calculation (quarterly data)
| Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Jan 1, 2023 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Jan 2, 2022 | Oct 3, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Net revenues | 9,569,000) | 9,456,000) | 8,761,600) | 9,397,800) | 9,074,000) | 9,113,900) | 8,563,000) | 9,425,300) | 9,373,600) | 9,168,300) | 8,719,800) | 8,713,900) | 8,414,200) | 8,150,100) | 7,635,600) | 8,050,400) | 8,146,700) | 7,496,500) | 6,668,000) | 6,749,400) | ||||||
| Total assets | 32,019,700) | 33,649,200) | 31,633,100) | 31,893,100) | 31,339,300) | 30,111,800) | 29,363,200) | 29,179,700) | 29,445,500) | 28,733,000) | 28,609,000) | 28,256,100) | 27,978,400) | 28,156,200) | 29,021,500) | 28,833,900) | 31,392,600) | 29,476,800) | 28,371,700) | 29,968,400) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Total asset turnover1 | 1.16 | 1.09 | 1.15 | 1.13 | 1.15 | 1.21 | 1.24 | 1.26 | 1.22 | 1.22 | 1.19 | 1.16 | 1.15 | 1.14 | 1.08 | 1.05 | 0.93 | 0.92 | 0.84 | 0.77 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | — | 0.52 | 0.43 | 0.45 | 0.53 | 0.49 | 0.40 | 0.42 | 0.48 | 0.45 | 0.43 | 0.44 | 0.52 | 0.50 | 0.39 | 0.39 | — | — | — | — | ||||||
| Booking Holdings Inc. | — | 0.91 | 0.82 | 0.89 | 0.86 | 0.82 | 0.78 | 0.79 | 0.88 | 0.80 | 0.73 | 0.72 | 0.67 | 0.73 | 0.60 | 0.56 | 0.46 | 0.39 | 0.30 | 0.24 | ||||||
| Chipotle Mexican Grill Inc. | — | 1.27 | 1.25 | 1.27 | 1.23 | 1.22 | 1.20 | 1.21 | 1.23 | 1.21 | 1.23 | 1.27 | 1.25 | 1.23 | 1.24 | 1.21 | 1.13 | 1.09 | 1.08 | 1.03 | ||||||
| DoorDash, Inc. | — | 0.70 | 0.70 | 0.83 | 0.83 | 0.83 | 0.81 | 0.80 | 0.80 | 0.81 | 0.80 | 0.74 | 0.67 | 0.63 | 0.57 | 0.77 | — | — | — | — | ||||||
| McDonald’s Corp. | — | 0.43 | 0.44 | 0.46 | 0.47 | 0.46 | 0.48 | 0.48 | 0.45 | 0.48 | 0.48 | 0.45 | 0.46 | 0.48 | 0.48 | 0.47 | 0.43 | 0.43 | 0.42 | 0.38 | ||||||
Based on: 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Q4 2025 Calculation
Total asset turnover
= (Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025
+ Net revenuesQ1 2025)
÷ Total assets
= (9,569,000 + 9,456,000 + 8,761,600 + 9,397,800)
÷ 32,019,700 = 1.16
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues demonstrate a generally increasing trend with periodic fluctuations. From the initial value of approximately 6.75 billion USD, revenues increased steadily, peaking multiple times near or above 9 billion USD between early 2023 and late 2024 periods. However, there are intermittent periods of decline, notably in the first quarter of 2024 and again in early 2025. Despite these occasional dips, the overall trajectory suggests growth in revenue over the observed timeline.
- Total Assets
- Total assets show variability without a consistent upward or downward trend. Starting around 29.97 billion USD, total assets decreased in certain quarters, such as early 2021 and mid-2022, and then increased again towards the end of 2024, reaching above 31 billion USD. The asset base appears to have moderate fluctuations, with peaks and troughs, ending near 32 billion USD in mid-2025, suggesting periodic asset reallocation or investment activity.
- Total Asset Turnover
- The total asset turnover ratio exhibits a clear upward trend initially, increasing from 0.77 to around 1.26 by early 2024. This reflects improving efficiency in generating revenue from assets. After this peak, the ratio declines somewhat but remains above 1.0, settling around 1.16 towards mid-2025. This indicates that while efficiency gains peaked, the company continues to maintain a relatively high level of asset utilization compared to the earlier periods.
- Summary of Trends
- The data reflects a business with growing revenues and an initially improving asset utilization rate, indicative of enhanced operational efficiency. Total assets fluctuate moderately, suggesting dynamic capital management. Despite some downturns in revenue and turnover ratio post-peak, the company maintains solid revenue generation relative to its asset base, pointing toward ongoing effective management of resources and market presence.
Equity Turnover
Starbucks Corp., equity turnover calculation (quarterly data)
| Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Jan 1, 2023 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Jan 2, 2022 | Oct 3, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Net revenues | 9,569,000) | 9,456,000) | 8,761,600) | 9,397,800) | 9,074,000) | 9,113,900) | 8,563,000) | 9,425,300) | 9,373,600) | 9,168,300) | 8,719,800) | 8,713,900) | 8,414,200) | 8,150,100) | 7,635,600) | 8,050,400) | 8,146,700) | 7,496,500) | 6,668,000) | 6,749,400) | ||||||
| Shareholders’ deficit | (8,096,600) | (7,686,000) | (7,622,500) | (7,471,700) | (7,448,900) | (7,945,400) | (8,449,400) | (8,616,000) | (7,994,800) | (8,348,600) | (8,506,900) | (8,673,800) | (8,706,600) | (8,666,500) | (8,768,000) | (8,457,200) | (5,321,200) | (6,800,800) | (7,654,000) | (7,909,700) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Equity turnover1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | — | 1.39 | 1.49 | 1.42 | 1.32 | 1.28 | 1.31 | 1.30 | 1.21 | 1.05 | 1.80 | 1.65 | 1.51 | 1.45 | 1.41 | 1.40 | — | — | — | — | ||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | 16.92 | 6.14 | 4.37 | 3.66 | 2.86 | 1.77 | 1.66 | 1.50 | 1.19 | ||||||
| Chipotle Mexican Grill Inc. | — | 3.66 | 3.28 | 3.29 | 3.09 | 3.04 | 2.87 | 3.04 | 3.22 | 3.30 | 3.36 | 3.62 | 3.65 | 3.62 | 3.78 | 3.67 | 3.29 | 3.11 | 3.15 | 3.01 | ||||||
| DoorDash, Inc. | — | 1.33 | 1.33 | 1.34 | 1.37 | 1.34 | 1.34 | 1.30 | 1.27 | 1.24 | 1.20 | 1.10 | 0.97 | 0.89 | 0.76 | 1.13 | — | — | — | — | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Q4 2025 Calculation
Equity turnover
= (Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025
+ Net revenuesQ1 2025)
÷ Shareholders’ deficit
= (9,569,000 + 9,456,000 + 8,761,600 + 9,397,800)
÷ -8,096,600 = —
2 Click competitor name to see calculations.
The financial data indicates that net revenues exhibited a general upward trend over the periods observed, with fluctuations across quarters. Initial net revenues were approximately 6.75 billion USD, showing slight declines in the early quarters before increasing to peak values around 9.42 billion USD in late 2023. The revenues experienced minor decreases in early 2024 but rebounded thereafter, reaching approximately 9.57 billion USD towards the end of the data series. This suggests a generally positive growth trajectory with seasonal or cyclical variability.
Conversely, shareholders’ deficit remained negative throughout the timeline, reflecting continued liabilities exceeding equity. The deficit started near -7.91 billion USD and showed some improvement through late 2021 with a reduction to about -5.32 billion USD, indicating a temporary strengthening of equity position. However, from 2022 onward, the deficit deepened again, fluctuating between approximately -8.7 billion and -7.4 billion USD, ending at roughly -8.1 billion USD by mid-2025. This persistent negative equity highlights ongoing financial challenges in balancing obligations against company assets.
The absence of data for equity turnover ratio prevents assessment of the efficiency with which equity is utilized to generate revenues or sales. As such, no conclusions can be drawn on this aspect of financial performance.
Overall, the data reveals solid revenue growth over the observed periods with noticeable quarterly variations. The persistent shareholders’ deficit suggests structural or operational issues impacting equity levels. The combination of increasing revenues and sustained negative equity positions warrants further examination into capital structure and asset management strategies.