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)
Net Fixed Asset Turnover
Total Asset Turnover
Equity Turnover

Warner Bros. Discovery Inc., long-term (investment) activity ratios (quarterly data)

	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	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017
Net fixed asset turnover	5.05	3.45	9.46	9.13	9.08	9.12	9.07	8.85	9.47	9.90	10.69	11.72	12.94	13.28	13.66	13.19	11.86	11.05	8.15	11.51	—	—	—
Total asset turnover	0.19	0.14	0.37	0.35	0.35	0.33	0.32	0.31	0.32	0.33	0.33	0.33	0.34	0.32	0.34	0.32	0.29	0.26	0.22	0.30	—	—	—
Equity turnover	0.54	0.38	1.05	1.05	1.02	0.98	1.00	1.02	1.06	1.09	1.17	1.13	1.16	1.14	1.26	1.26	1.18	1.09	0.96	1.49	—	—	—

The analysis of the financial ratios over the quarterly periods reveals several noteworthy trends regarding asset and equity utilization efficiency.

Net Fixed Asset Turnover: This ratio experienced significant fluctuations during the observed periods. Initially, the ratio showed relatively high values ranging from approximately 8.15 to over 13 between March 2017 and March 2022, indicating strong efficiency in generating sales from fixed assets. However, a sharp decline occurred after March 2022, dropping notably to 3.45 and then slightly recovering to 5.05 by September 2022. This sudden decrease may suggest a reduction in asset usage efficiency or a change in asset base or sales volume.
Total Asset Turnover: The total asset turnover ratio displayed a gradual upward trend overall, with moderate variability. Starting from lower values near 0.22 in the first half of 2017, the ratio increased steadily to a peak of about 0.37 by March 2022, reflecting a generally improving capacity to generate revenue from total assets. Contrarily, similar to net fixed asset turnover, the ratio sharply diminished after the first quarter of 2022, declining to 0.14 and then recovering slightly to 0.19 by the latest quarter, indicating potential operational or asset management challenges during this recent period.
Equity Turnover: Equity turnover ratios ranged between 0.96 and 1.49 during periods up to early 2022, illustrating a relatively consistent efficiency in the use of shareholders’ equity to generate sales. Over time, there was a slight decreasing trend from mid-2018 through early 2021, with ratios tapering from above 1.2 to near 1.0. Following this period, equity turnover stabilized around 1.0 to 1.05 up to the first quarter of 2022. However, a substantial decrease was recorded after March 2022, falling dramatically to 0.38 and recovering modestly to 0.54 by September 2022, signaling a potential reduction in revenue generation relative to equity or significant changes in financial structure.

In summary, all three turnover ratios exhibited steady or improving performance trends through early 2022, after which a pronounced decline was observed. This pattern indicates a possible shift in operational efficiency, asset utilization, or market conditions affecting the company’s ability to generate sales from its asset and equity bases in the most recent quarters.

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Warner Bros. Discovery Inc., net fixed asset turnover calculation (quarterly data)

	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	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017
Selected Financial Data (US$ in millions)
Revenues	9,823)	9,827)	3,159)	3,187)	3,150)	3,062)	2,792)	2,886)	2,561)	2,541)	2,683)	2,874)	2,678)	2,885)	2,707)	2,809)	2,592)	2,845)	2,307)	1,864)	1,651)	1,745)	1,613)
Property and equipment, net	5,143)	5,597)	1,328)	1,336)	1,310)	1,239)	1,189)	1,206)	1,125)	1,088)	1,040)	951)	856)	828)	802)	800)	810)	784)	928)	597)	523)	514)	504)
Long-term Activity Ratio
Net fixed asset turnover¹	5.05	3.45	9.46	9.13	9.08	9.12	9.07	8.85	9.47	9.90	10.69	11.72	12.94	13.28	13.66	13.19	11.86	11.05	8.15	11.51	—	—	—
Benchmarks
Net Fixed Asset Turnover, Competitors²
Alphabet Inc.	2.60	2.62	2.59	2.64	2.53	2.40	2.25	2.15	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Comcast Corp.	2.26	2.27	2.23	2.15	2.15	2.07	1.99	1.99	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Meta Platforms Inc.	1.60	1.77	1.94	2.04	2.09	2.06	1.98	1.88	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Netflix Inc.	22.93	22.78	21.97	22.44	23.47	24.91	25.99	26.03	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Walt Disney Co.	2.42	2.33	2.23	2.07	1.96	1.82	1.88	2.04	2.19	2.43	2.36	2.20	—	—	—	—	—	—	—	—	—	—	—

¹ Q3 2022 Calculation
Net fixed asset turnover = (Revenues_{Q3 2022} + Revenues_{Q2 2022} + Revenues_{Q1 2022} + Revenues_{Q4 2021}) ÷ Property and equipment, net
= (9,823 + 9,827 + 3,159 + 3,187) ÷ 5,143 = 5.05

² Click competitor name to see calculations.

The financial data reveals distinct trends in revenues, property and equipment, and net fixed asset turnover over the periods analyzed. Each item displays patterns that offer insights into operational efficiency, asset utilization, and growth dynamics.

Revenues: Revenues show an overall upward trajectory from March 2017 through March 2022, reflecting growth in the company’s business activities. Initial values around the 1600 to 1800 million USD range increase markedly by 2018, reaching approximately 2800 million USD and sustaining levels between 2500 and 3200 million USD in the subsequent years. An exception is observed in the June 2022 quarter, where revenues drop significantly to approximately 9800 million USD, which appears inconsistent with previous quarters and likely reflects a data aggregation or reporting anomaly rather than a real decline. Prior to this, the quarterly revenues demonstrate steady growth, with minor fluctuations but no pronounced declines, indicating a generally stable expansion in revenue generation.
Property and Equipment, Net: The net value of property and equipment shows a steady increase from around 500 million USD in early 2017 to over 1300 million USD by the end of 2021. This consistent rise suggests ongoing investment in fixed assets, expansion of physical infrastructure, or capital expenditures aimed at supporting business operations. A notable peak appears early in 2018 with a jump to 928 million USD, followed by minor variations, but the general trend continues upward until early 2022. However, a sharp decline to roughly 5100 million USD in the June 2022 quarter contradicts the previous scale and might reflect cumulative values or a change in accounting presentation, warranting caution when interpreting this figure.
Net Fixed Asset Turnover: Net fixed asset turnover, calculated as a ratio of revenues to net fixed assets, provides insight into the efficiency of asset utilization. The ratio, available from late 2017 onwards, starts high at around 11.5 and shows a downward trend reaching approximately 8.15 in early 2018. It then fluctuates, generally moving between 9.0 and 13.5 through 2019, indicating variable but strong asset productivity during that period. From 2020 onward, the ratio demonstrates a gradual decline to values near 9.0 by the end of 2021, implying somewhat reduced efficiency in asset use or a faster growth in fixed assets relative to revenues. The last two data points in mid-2022 show a sharp drop to values around 3.45 and 5.05, likely influenced by the discrepancies noted in revenues and asset totals for the same period, and suggesting potential inconsistencies or changes in reporting methodology.

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Warner Bros. Discovery Inc., total asset turnover calculation (quarterly data)

	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	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017
Selected Financial Data (US$ in millions)
Revenues	9,823)	9,827)	3,159)	3,187)	3,150)	3,062)	2,792)	2,886)	2,561)	2,541)	2,683)	2,874)	2,678)	2,885)	2,707)	2,809)	2,592)	2,845)	2,307)	1,864)	1,651)	1,745)	1,613)
Total assets	136,049)	142,240)	33,799)	34,427)	34,318)	34,572)	33,625)	34,087)	33,438)	33,089)	33,390)	33,735)	32,825)	33,845)	32,444)	32,550)	32,912)	33,492)	34,658)	22,555)	23,143)	16,149)	15,862)
Long-term Activity Ratio
Total asset turnover¹	0.19	0.14	0.37	0.35	0.35	0.33	0.32	0.31	0.32	0.33	0.33	0.33	0.34	0.32	0.34	0.32	0.29	0.26	0.22	0.30	—	—	—
Benchmarks
Total Asset Turnover, Competitors²
Alphabet Inc.	0.79	0.78	0.76	0.72	0.69	0.66	0.60	0.57	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Comcast Corp.	0.48	0.46	0.44	0.42	0.41	0.39	0.37	0.38	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Meta Platforms Inc.	0.66	0.70	0.73	0.71	0.66	0.61	0.58	0.54	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Netflix Inc.	0.66	0.67	0.67	0.67	0.67	0.67	0.66	0.64	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Walt Disney Co.	0.40	0.38	0.36	0.33	0.31	0.29	0.30	0.32	0.34	0.38	0.37	0.36	—	—	—	—	—	—	—	—	—	—	—

¹ Q3 2022 Calculation
Total asset turnover = (Revenues_{Q3 2022} + Revenues_{Q2 2022} + Revenues_{Q1 2022} + Revenues_{Q4 2021}) ÷ Total assets
= (9,823 + 9,827 + 3,159 + 3,187) ÷ 136,049 = 0.19

² Click competitor name to see calculations.

The financial data reveals several notable trends over the periods analyzed. Revenues exhibited an overall upward trajectory from March 2017 through March 2022, with fluctuations evident on a quarterly basis. Starting at 1,613 million US dollars in early 2017, revenues increased significantly to peak in early 2022. Despite some quarters showing a slight contraction or plateau, the general direction points to growth, reflecting an expanding business scale or improved market conditions.

Total assets demonstrate a substantial increase over time, rising from approximately 15,862 million US dollars in March 2017 to a peak exceeding 142,000 million US dollars by mid-2022. This indicates considerable asset accumulation, possibly due to acquisitions, capital investments, or balance sheet expansions. It is important to note that after reaching this peak, total assets exhibit a slight decline by the last reported quarter, suggesting some asset divestiture or revaluation.

The total asset turnover ratio, which measures revenue generated per unit of assets, shows variability but maintains a relatively narrow range between roughly 0.14 and 0.37 across the intervals. Earlier periods lacked ratio data, but from the available data, it can be noted the ratio experienced a trend of gradual improvement through late 2021, indicating enhanced efficiency in asset utilization to generate sales.

Revenues: Consistent growth with occasional short-term decreases; overall increase from 1,613 million to over 3,000 million US dollars.
Total assets: Steady asset base expansion from approximately 15,800 million to above 142,000 million US dollars, with a peak around mid-2022 followed by minor decline.
Total asset turnover: Incremental increase from around 0.14 to 0.37, indicating improved efficiency in generating revenue from assets, though still at modest levels.

In summary, the data portrays revenue growth aligned with significant asset base increases. The asset turnover ratio improvement suggests gradual operational efficiency gains. However, the total asset turnover remains relatively low, which may reflect the nature of the industry or capital-intensive asset structure.

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Warner Bros. Discovery Inc., equity turnover calculation (quarterly data)

	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	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017
Selected Financial Data (US$ in millions)
Revenues	9,823)	9,827)	3,159)	3,187)	3,150)	3,062)	2,792)	2,886)	2,561)	2,541)	2,683)	2,874)	2,678)	2,885)	2,707)	2,809)	2,592)	2,845)	2,307)	1,864)	1,651)	1,745)	1,613)
Total Warner Bros. Discovery, Inc. stockholders’ equity	48,517)	51,383)	11,969)	11,599)	11,611)	11,538)	10,815)	10,464)	10,087)	9,867)	9,470)	9,891)	9,518)	9,621)	8,708)	8,386)	8,116)	7,936)	7,889)	4,610)	5,740)	5,526)	5,335)
Long-term Activity Ratio
Equity turnover¹	0.54	0.38	1.05	1.05	1.02	0.98	1.00	1.02	1.06	1.09	1.17	1.13	1.16	1.14	1.26	1.26	1.18	1.09	0.96	1.49	—	—	—
Benchmarks
Equity Turnover, Competitors²
Alphabet Inc.	1.11	1.09	1.06	1.02	0.98	0.93	0.86	0.82	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Comcast Corp.	1.51	1.33	1.27	1.21	1.19	1.15	1.13	1.15	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Meta Platforms Inc.	0.95	0.95	0.97	0.94	0.84	0.76	0.71	0.67	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Netflix Inc.	1.53	1.63	1.73	1.87	1.87	1.99	2.05	2.26	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Walt Disney Co.	0.88	0.85	0.81	0.76	0.73	0.68	0.72	0.78	0.81	0.87	0.84	0.78	—	—	—	—	—	—	—	—	—	—	—

¹ Q3 2022 Calculation
Equity turnover = (Revenues_{Q3 2022} + Revenues_{Q2 2022} + Revenues_{Q1 2022} + Revenues_{Q4 2021}) ÷ Total Warner Bros. Discovery, Inc. stockholders’ equity
= (9,823 + 9,827 + 3,159 + 3,187) ÷ 48,517 = 0.54

² Click competitor name to see calculations.

The quarterly financial data reveals several distinct trends in revenues, stockholders' equity, and equity turnover over the observed periods.

Revenues: Revenues demonstrated a general upward trajectory from March 2017 through December 2021, starting at $1,613 million and reaching a peak of $3,187 million. Notable fluctuations were evident, including a marked increase in 2018 with revenues surpassing $2,800 million in some quarters. Throughout 2019 and early 2020, revenues stabilized around the mid-$2,600 to $2,900 million range. Despite the global disruptions in 2020, revenues maintained a comparable level to previous quarters, slightly rebounding by the end of the year. The upward trend continued, although a significant drop occurred in mid-2022 to roughly $9,823 million; however, this figure appears aggregated over multiple quarters or subject to a reporting change, making direct comparison with earlier quarterly values difficult.
Total Warner Bros. Discovery, Inc. Stockholders’ Equity: Stockholders’ equity showed steady growth from $5,335 million in March 2017 to a peak of approximately $11,611 million by December 2021. The increases were generally consistent across most quarters, with some minor fluctuations suggesting periodic equity injections or valuation changes. Most notably, the data for mid-2022 shows a large aggregated figure ($51,383 million and $48,517 million), which may reflect consolidation or restatement effects rather than normal quarterly progression. The continuous rise through 2021 indicates strengthening capital position over the span.
Equity Turnover: Equity turnover, measuring revenue generated per unit of equity, was available from the end of 2017 onward. It started at a high of 1.49 and gradually declined to around 1.00 by the end of 2021, suggesting that revenues grew at a slower pace relative to equity increases over time. In 2022, equity turnover dropped sharply to 0.38 and 0.54, consistent with the aforementioned unusually large equity figures, indicating lower revenue generation relative to the expanded equity base or changes in reporting methodology. Overall, the declining trend in equity turnover points to a decreasing efficiency in capital use during the later periods covered.

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Warner Bros. Discovery Inc. (NASDAQ:WBD)

Analysis of Long-term (Investment) Activity Ratios
Quarterly Data

Long-term Activity Ratios (Summary)

Net Fixed Asset Turnover

Total Asset Turnover

Equity Turnover

Warner Bros. Discovery Inc. (NASDAQ:WBD)

Analysis of Long-term (Investment) Activity Ratios Quarterly Data

Long-term Activity Ratios (Summary)

Net Fixed Asset Turnover

Total Asset Turnover

Equity Turnover

Analysis of Long-term (Investment) Activity Ratios
Quarterly Data