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)
United Airlines Holdings Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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), 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).
The financial data reveals several notable trends in the efficiency and utilization ratios over the periods examined. The analysis focuses on four key turnover ratios: net fixed asset turnover, net fixed asset turnover including operating lease right-of-use assets, total asset turnover, and equity turnover.
- Net Fixed Asset Turnover
- This ratio shows a consistent upward trend from March 2021 through the end of 2022, rising from 0.33 to a peak of approximately 1.37 in mid-2023. Following this peak, the ratio stabilizes with slight fluctuations, remaining around 1.30 to 1.37 through the subsequent periods until late 2025. This pattern indicates increasing efficiency in generating revenue from fixed assets, which peaks and then maintains a stable level of asset utilization.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The pattern here is similar to the net fixed asset turnover but consistently lower in value, reflecting the inclusion of leased assets. The ratio grows steadily from 0.29 in early 2021 to about 1.25 by mid-2024, followed by a slight decline toward 1.17 by late 2025. This trend suggests improved but slightly more moderate efficiency gains when accounting for leased assets, highlighting lease obligations' impact on asset turnover.
- Total Asset Turnover
- This ratio experiences a strong upward trend from 0.17 in early 2021 to nearly 0.77 by the end of 2024, showing considerable improvement in overall asset utilization for generating revenue. The ratio remains relatively stable just below or at 0.77 through to late 2025, denoting a plateau in total asset efficiency after a period of significant growth.
- Equity Turnover
- The equity turnover ratio exhibits a sharp increase from 2.04 in March 2021, peaking at 8.99 around mid-2022. After this peak, there is a noticeable decline with some volatility, dropping to around 4.08 by late 2025. The initial increase indicates a period where equity was rapidly cycled through revenue generation, perhaps linked to capital structure changes or earnings growth. The subsequent decrease may imply a normalization or stabilization phase in the equity utilization rate.
Overall, these trends depict a recovery and strengthening of asset efficiency in revenue generation, particularly pronounced in the period through 2022 and early 2023. The stabilization or mild decline in several ratios later suggests the company reached a more balanced operational phase following significant efficiency gains. The differing patterns between fixed asset turnover metrics (with and without leased assets) emphasize the importance of lease accounting in assessing true asset utilization. Equity turnover's volatility may indicate strategic shifts in capital management or fluctuating returns on equity during the observed timeframe.
Net Fixed Asset Turnover
United Airlines Holdings Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating revenue | 15,225) | 15,236) | 13,213) | 14,695) | 14,843) | 14,986) | 12,539) | 13,626) | 14,484) | 14,178) | 11,429) | 12,400) | 12,877) | 12,112) | 7,566) | 8,192) | 7,750) | 5,471) | 3,221) | ||||||
| Operating property and equipment, net | 44,968) | 43,896) | 43,430) | 42,908) | 41,680) | 40,665) | 40,470) | 39,815) | 38,360) | 37,128) | 35,837) | 34,448) | 32,506) | 31,853) | 31,881) | 32,074) | 32,128) | 32,331) | 31,915) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 1.30 | 1.32 | 1.33 | 1.33 | 1.34 | 1.37 | 1.35 | 1.35 | 1.37 | 1.37 | 1.36 | 1.31 | 1.25 | 1.12 | 0.91 | 0.77 | 0.62 | 0.45 | 0.33 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 2.14 | 2.13 | 2.12 | 2.11 | 2.11 | 2.12 | 2.15 | 2.22 | 2.32 | 2.37 | 2.44 | 2.45 | 2.45 | 2.41 | 2.37 | 2.35 | 2.25 | 2.16 | 2.09 | ||||||
| Uber Technologies Inc. | 25.70 | 24.30 | 23.38 | 22.53 | 21.17 | 19.69 | 18.98 | 17.98 | 17.12 | 16.54 | 15.80 | 15.31 | 14.96 | 13.73 | 11.55 | 9.42 | 8.33 | 7.21 | 6.14 | ||||||
| Union Pacific Corp. | 0.41 | 0.41 | 0.41 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.44 | 0.45 | 0.44 | 0.44 | 0.42 | 0.41 | 0.40 | 0.39 | 0.38 | 0.36 | ||||||
| United Parcel Service Inc. | 2.37 | 2.39 | 2.44 | 2.45 | 2.43 | 2.41 | 2.41 | 2.46 | 2.58 | 2.71 | 2.83 | 2.89 | 3.01 | 2.99 | 2.94 | 2.91 | 2.87 | 2.83 | 2.76 | ||||||
Based on: 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), 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).
1 Q3 2025 Calculation
Net fixed asset turnover
= (Operating revenueQ3 2025
+ Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024)
÷ Operating property and equipment, net
= (15,225 + 15,236 + 13,213 + 14,695)
÷ 44,968 = 1.30
2 Click competitor name to see calculations.
Analysis of the company's quarterly financial performance reveals notable trends across key metrics including operating revenue, operating property and equipment, and net fixed asset turnover.
- Operating Revenue
- The operating revenue demonstrates a clear upward trajectory from March 2021 through June 2025, with fluctuations reflecting cyclical or seasonal influences common in the airline industry. Starting at approximately $3.2 billion in March 2021, revenue peaks variably in the middle quarters of each year, notably reaching highs above $14 billion in several quarters, such as June 2023 and June 2025. There is a pattern of gradual growth interrupted by periodic dips, but the overall trend indicates strong revenue expansion across the period considered.
- Operating Property and Equipment, Net
- The net value of operating property and equipment exhibits a generally increasing trend, indicative of ongoing investment or acquisition of fixed assets. Beginning slightly above $31.9 billion in March 2021, the asset base grows steadily, reaching nearly $45 billion by September 2025. The incremental increases suggest continuous asset expansion or capital expenditures, supporting possible capacity increases or modernization efforts over the observed timeframe.
- Net Fixed Asset Turnover
- This ratio, representing efficiency in utilizing fixed assets to generate revenue, shows a marked improvement from 0.33 in March 2021 to a peak just above 1.37 in the mid-period quarters of 2023 and 2024. After this peak, there is a slight, gradual decline to approximately 1.30 by September 2025. The initial rapid rise indicates enhanced operational efficiency or more effective asset utilization, while the later modest decline could indicate increased asset base growth outpacing revenue growth, or some degree of operational saturation or diminished asset productivity improvements.
In summary, the company displays strong growth in operating revenue complemented by significant investments in fixed assets. The efficiency in asset utilization improves substantially in the early years, stabilizing thereafter with a minor downward adjustment. This reflects a maturing phase where asset growth and revenue expansion are more closely aligned. Overall, the financial indicators suggest positive development in operational scale and asset management efficiency over the analyzed period.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
United Airlines Holdings Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating revenue | 15,225) | 15,236) | 13,213) | 14,695) | 14,843) | 14,986) | 12,539) | 13,626) | 14,484) | 14,178) | 11,429) | 12,400) | 12,877) | 12,112) | 7,566) | 8,192) | 7,750) | 5,471) | 3,221) | ||||||
| Operating property and equipment, net | 44,968) | 43,896) | 43,430) | 42,908) | 41,680) | 40,665) | 40,470) | 39,815) | 38,360) | 37,128) | 35,837) | 34,448) | 32,506) | 31,853) | 31,881) | 32,074) | 32,128) | 32,331) | 31,915) | ||||||
| Operating lease right-of-use assets | 4,821) | 4,517) | 4,092) | 3,815) | 3,782) | 3,803) | 3,895) | 3,914) | 3,975) | 3,995) | 4,019) | 3,889) | 4,280) | 4,440) | 4,579) | 4,645) | 4,697) | 4,421) | 4,516) | ||||||
| Operating property and equipment, net (including operating lease, right-of-use asset) | 49,789) | 48,413) | 47,522) | 46,723) | 45,462) | 44,468) | 44,365) | 43,729) | 42,335) | 41,123) | 39,856) | 38,337) | 36,786) | 36,293) | 36,460) | 36,719) | 36,825) | 36,752) | 36,431) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.17 | 1.20 | 1.21 | 1.22 | 1.23 | 1.25 | 1.24 | 1.23 | 1.24 | 1.24 | 1.22 | 1.17 | 1.11 | 0.98 | 0.79 | 0.67 | 0.54 | 0.40 | 0.29 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 1.53 | 1.51 | 1.50 | 1.50 | 1.50 | 1.50 | 1.51 | 1.55 | 1.62 | 1.65 | 1.69 | 1.71 | 1.70 | 1.68 | 1.67 | 1.64 | 1.58 | 1.51 | 1.47 | ||||||
| Uber Technologies Inc. | 16.23 | 15.26 | 14.62 | 14.14 | 13.23 | 12.46 | 11.88 | 11.25 | 10.70 | 10.26 | 9.73 | 9.03 | 8.68 | 7.65 | 6.50 | 5.39 | 4.95 | 4.25 | 3.57 | ||||||
| Union Pacific Corp. | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.42 | 0.43 | 0.43 | 0.43 | 0.41 | 0.40 | 0.38 | 0.38 | 0.37 | 0.35 | ||||||
| United Parcel Service Inc. | 2.13 | 2.17 | 2.20 | 2.20 | 2.18 | 2.17 | 2.17 | 2.20 | 2.32 | 2.42 | 2.53 | 2.61 | 2.73 | 2.71 | 2.66 | 2.63 | 2.60 | 2.55 | 2.52 | ||||||
Based on: 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), 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).
1 Q3 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Operating revenueQ3 2025
+ Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024)
÷ Operating property and equipment, net (including operating lease, right-of-use asset)
= (15,225 + 15,236 + 13,213 + 14,695)
÷ 49,789 = 1.17
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends and patterns in the key financial metrics over the examined periods.
- Operating Revenue
- Operating revenue exhibits a general upward trajectory with some fluctuations. Starting from approximately $3.2 billion in the first quarter of 2021, there is a significant increase reaching a peak around $12.4 billion by the end of 2021 and into 2022. The revenue continues to climb with periodic fluctuations, reaching levels above $15 billion in some quarters of 2024 and 2025. Despite slight dips observed in certain quarters, the overall trend indicates sustained growth in operating revenue over the years.
- Operating Property and Equipment, Net
- The net value of operating property and equipment, inclusive of operating lease right-of-use assets, shows a steady increasing trend. Beginning at about $36.4 billion in early 2021, this asset base demonstrates incremental growth each quarter, reaching nearly $50 billion by late 2025. This consistent increase suggests ongoing investment or capital expenditures in fixed assets and leased equipment, likely to support expanding operations.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures the efficiency of using fixed assets to generate revenue, shows improvement from 0.29 in March 2021 to a peak around 1.25 in mid-2024. This indicates increasing efficiency in using the fixed asset base to produce operating revenue. However, after reaching this peak, there is a slight declining trend observed through to the end of 2025, bringing the ratio down to approximately 1.17. This decline may suggest that asset growth starts to outpace revenue growth in the later periods or reflects a change in operational efficiency.
In summary, the data points to robust growth in revenue supported by consistent investment in property and equipment. Efficiency in asset utilization improved markedly in the initial periods but shows early signs of softening toward the latest reported quarters. These observations underscore a phase of expansion followed by a more cautious utilization of assets relative to generated revenue.
Total Asset Turnover
United Airlines Holdings Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating revenue | 15,225) | 15,236) | 13,213) | 14,695) | 14,843) | 14,986) | 12,539) | 13,626) | 14,484) | 14,178) | 11,429) | 12,400) | 12,877) | 12,112) | 7,566) | 8,192) | 7,750) | 5,471) | 3,221) | ||||||
| Total assets | 76,313) | 77,163) | 76,111) | 74,083) | 72,640) | 73,254) | 71,902) | 71,104) | 73,153) | 73,341) | 70,417) | 67,358) | 68,968) | 70,381) | 69,038) | 68,175) | 69,294) | 71,049) | 61,662) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.76 | 0.75 | 0.76 | 0.77 | 0.77 | 0.76 | 0.76 | 0.76 | 0.72 | 0.69 | 0.69 | 0.67 | 0.59 | 0.51 | 0.42 | 0.36 | 0.29 | 0.21 | 0.17 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 1.03 | 1.02 | 1.01 | 1.01 | 1.02 | 1.00 | 1.01 | 1.03 | 1.08 | 1.10 | 1.10 | 1.09 | 1.09 | 1.06 | 1.06 | 1.01 | 0.95 | 0.92 | 0.92 | ||||||
| Uber Technologies Inc. | 0.78 | 0.85 | 0.86 | 0.86 | 0.89 | 0.96 | 0.97 | 0.96 | 1.00 | 1.03 | 1.04 | 0.99 | 0.93 | 0.82 | 0.65 | 0.45 | 0.40 | 0.35 | 0.31 | ||||||
| Union Pacific Corp. | 0.36 | 0.36 | 0.35 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.38 | 0.38 | 0.38 | 0.37 | 0.36 | 0.35 | 0.34 | 0.34 | 0.33 | 0.31 | ||||||
| United Parcel Service Inc. | 1.25 | 1.27 | 1.33 | 1.30 | 1.33 | 1.29 | 1.33 | 1.28 | 1.32 | 1.37 | 1.37 | 1.41 | 1.45 | 1.43 | 1.41 | 1.40 | 1.44 | 1.43 | 1.41 | ||||||
Based on: 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), 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).
1 Q3 2025 Calculation
Total asset turnover
= (Operating revenueQ3 2025
+ Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024)
÷ Total assets
= (15,225 + 15,236 + 13,213 + 14,695)
÷ 76,313 = 0.76
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends and insights regarding the company's performance over the observed periods.
- Operating Revenue
- The operating revenue shows a generally increasing pattern with notable fluctuations throughout the periods. Starting from approximately 3,221 million USD, revenues grew significantly, reaching peaks around mid-year quarters such as June and September 2022 and 2023. The highest values are observed in the 2024 and 2025 periods where revenues consistently exceed 14,000 million USD, indicating a strong recovery and growth trend following earlier quarters. Some quarters, like December 31, 2021, and March 31, 2023, show slight declines, but the overall trajectory is upward, suggesting improved market demand or operational efficiency.
- Total Assets
- Total assets fluctuate within a range between about 61,662 million USD to 77,163 million USD over the period. There is an initial increase from early 2021 through mid-2021, followed by a mild decline and relative stabilization around the 69,000 to 74,000 million USD range in subsequent quarters. From 2024 onward, total assets generally increase, peaking near 77,000 million USD before a slight dip towards the end of the period. This trend implies moderate asset expansion and possibly some asset reallocation or depreciation effects.
- Total Asset Turnover
- The total asset turnover ratio, which measures the company's efficiency in utilizing assets to generate revenue, shows a consistent and steady upward trend. From a low of 0.17 in early 2021, the ratio increases each quarter, reaching around 0.75 to 0.77 by 2024 and 2025. This improvement indicates enhanced operational efficiency, meaning the company increasingly generates more revenue per unit of asset. The ratio stabilizes at a higher level during the last several quarters, reflecting sustained effectiveness in asset use.
In summary, the data suggest that the company has experienced strong revenue growth and improvement in operational efficiency over the examined periods. Despite fluctuations in total assets, the efficient use of assets has consistently improved, contributing to higher revenue generation. This combination of increasing asset turnover and growing revenues points to positive momentum in the company’s financial performance and asset management efficiency.
Equity Turnover
United Airlines Holdings Inc., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating revenue | 15,225) | 15,236) | 13,213) | 14,695) | 14,843) | 14,986) | 12,539) | 13,626) | 14,484) | 14,178) | 11,429) | 12,400) | 12,877) | 12,112) | 7,566) | 8,192) | 7,750) | 5,471) | 3,221) | ||||||
| Stockholders’ equity | 14,309) | 13,373) | 12,616) | 12,675) | 11,437) | 10,526) | 9,188) | 9,324) | 8,853) | 7,705) | 6,668) | 6,896) | 4,898) | 3,964) | 3,624) | 5,029) | 5,431) | 4,904) | 5,206) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 4.08 | 4.34 | 4.58 | 4.50 | 4.90 | 5.29 | 5.97 | 5.76 | 5.93 | 6.60 | 7.32 | 6.52 | 8.32 | 8.99 | 8.00 | 4.90 | 3.66 | 2.98 | 2.04 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 3.29 | 3.30 | 3.22 | 3.18 | 3.32 | 3.29 | 3.34 | 3.46 | 3.74 | 3.90 | 3.77 | 3.75 | 3.74 | 3.59 | 3.56 | 3.47 | 3.58 | 3.55 | 3.67 | ||||||
| Uber Technologies Inc. | 1.76 | 2.09 | 2.07 | 2.04 | 2.84 | 3.24 | 3.49 | 3.31 | 3.84 | 4.04 | 4.51 | 4.34 | 4.65 | 3.84 | 2.40 | 1.21 | 1.07 | 0.90 | 0.79 | ||||||
| Union Pacific Corp. | 1.42 | 1.50 | 1.51 | 1.44 | 1.46 | 1.46 | 1.54 | 1.63 | 1.72 | 1.88 | 2.01 | 2.05 | 2.08 | 1.84 | 1.90 | 1.54 | 1.52 | 1.44 | 1.19 | ||||||
| United Parcel Service Inc. | 5.66 | 5.73 | 5.81 | 5.45 | 5.38 | 5.26 | 5.31 | 5.26 | 4.86 | 4.80 | 4.93 | 5.07 | 5.96 | 6.15 | 6.41 | 6.83 | 7.84 | 8.56 | 12.52 | ||||||
Based on: 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), 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).
1 Q3 2025 Calculation
Equity turnover
= (Operating revenueQ3 2025
+ Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024)
÷ Stockholders’ equity
= (15,225 + 15,236 + 13,213 + 14,695)
÷ 14,309 = 4.08
2 Click competitor name to see calculations.
- Operating Revenue
- The operating revenue shows a general upward trend over the periods analyzed, with some fluctuations across quarters. An initial rise occurred from 3,221 million US dollars in March 2021 to a peak of 12,877 million US dollars by September 2022. Following this peak, operating revenue experienced a moderate decline toward the end of 2022, then rebounded strongly in 2023, reaching 14,484 million US dollars in September 2023. The revenue fluctuated throughout 2024 but remained generally high, maintaining values above 12,000 million US dollars most quarters. Into early 2025, the revenue remains stable around 15,200 million US dollars, indicating a recovery and sustained growth from earlier periods.
- Stockholders’ Equity
- Stockholders’ equity exhibits some variability but with an overall upward trajectory from 5,206 million US dollars in March 2021 to 14,309 million US dollars by September 2025. There was a notable dip to 3,624 million US dollars in March 2022, likely reflecting adverse conditions or adjustments during that period. Afterward, equity progressively increased, surpassing earlier highs by December 2022 and continuing to grow steadily through 2023 and 2024. This increases signals strengthening financial stability and accumulation of retained earnings or capital injections over time.
- Equity Turnover Ratio
- The equity turnover ratio demonstrated a marked rise from 2.04 in March 2021 to a peak of 8.99 in June 2022, reflecting enhanced operational efficiency in generating revenue from each unit of equity. After that peak, the ratio declined gradually to around 4.08 by September 2025, suggesting either a stabilization of revenue growth in relation to equity or increased equity levels diluting turnover efficiency. Despite the decrease from the peak, the ratio remains above initial levels, indicating sustained operational performance improvement compared to early 2021.