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)
FedEx Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio shows a consistent upward trend from May 2020, starting at 2.06 and reaching a peak of 2.45 in May 2022. Following this peak, there is a gradual decline observed, with the ratio decreasing to approximately 2.11 by February 2024. After this trough, the ratio stabilizes around 2.11 to 2.14 until August 2025. This pattern suggests an initial improvement in the efficiency of fixed asset utilization, followed by a slight reduction and eventual stabilization.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- Including operating leases and right-of-use assets, the net fixed asset turnover starts at 1.46 in May 2020, increasing moderately to 1.71 by August 2022. Subsequently, the ratio experiences a decline reaching 1.50 by May 2024 before stabilizing around 1.50 to 1.53 through August 2025. This indicates a similar trend to the standard net fixed asset turnover ratio but with consistently lower values, reflecting the impact of capitalized lease assets on the company’s fixed asset base.
- Total Asset Turnover
- The total asset turnover ratio reveals an initial decline from 0.94 in May 2020 to 0.92 in November 2019 and February 2020 but then shows an upward trend peaking at 1.10 from August 2022 to November 2022. Thereafter, the ratio slightly decreases to 1.00 by August 2025, with minor fluctuations between 1.00 and 1.03 during this later period. This indicates an improvement in the overall efficiency of asset utilization over the medium term, followed by a modest reduction.
- Equity Turnover
- The equity turnover ratio starts at 3.78 in May 2020, declining to a low of 3.18 in February 2024. Between this low point and August 2025, the ratio fluctuates moderately around values from approximately 3.13 to 3.32. The overall pattern suggests a gradual decrease in the turnover of equity over the observed period, implying a potential reduction in how effectively equity is being employed to generate revenue.
Net Fixed Asset Turnover
FedEx Corp., net fixed asset turnover calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Revenue | 22,244) | 22,220) | 22,160) | 21,967) | 21,579) | 22,109) | 21,738) | 22,165) | 21,681) | 21,930) | 22,169) | 22,814) | 23,242) | 24,394) | 23,641) | 23,474) | 22,003) | 22,565) | 21,510) | 20,563) | 19,321) | 17,358) | 17,487) | 17,324) | 17,048) | ||||||||
| Net property and equipment | 41,384) | 41,642) | 40,964) | 41,006) | 41,255) | 41,491) | 41,529) | 41,532) | 41,174) | 40,698) | 39,849) | 39,721) | 38,806) | 38,091) | 37,376) | 37,153) | 36,481) | 35,752) | 34,990) | 34,610) | 34,262) | 33,608) | 33,306) | 32,408) | 31,610) | ||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 2.14 | 2.11 | 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 | 2.06 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | — | 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 | 6.14 | — | — | — | ||||||||
| Union Pacific Corp. | — | — | — | 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 | 0.36 | — | — | — | ||||||||
| United Airlines Holdings Inc. | — | — | 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 | 0.49 | — | — | — | ||||||||
| United Parcel Service Inc. | — | — | — | 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 | 2.62 | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Q1 2026 Calculation
Net fixed asset turnover
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ Net property and equipment
= (22,244 + 22,220 + 22,160 + 21,967)
÷ 41,384 = 2.14
2 Click competitor name to see calculations.
The financial data indicates several notable trends and patterns over the analyzed periods.
- Revenue Trend
- Revenue demonstrates an overall upward trajectory from late 2019 through early 2022, rising from $17,048 million to a peak near $24,394 million. This increase shows consistent growth through multiple quarters, reflecting expanding business activity. However, starting mid-2022, revenue experiences a gradual decline and stabilization around the low $22,000 million range, with slight fluctuations but no significant recovery to previous peak levels by mid-2025.
- Net Property and Equipment
- Net property and equipment steadily increase from $31,610 million in August 2019 to a high of roughly $41,642 million by May 2025. This indicates sustained capital investments or asset growth over the period. There is a clear upward trend, with asset base growing nearly 31% over five years. The growth rate slows somewhat toward the later years but remains positive overall.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio reveals efficiency in using fixed assets to generate revenue. Initial data is absent for early periods but from February 2020 onward, the ratio increases from 2.06 to a peak near 2.45 by May 2022. This suggests improving asset utilization efficiency during the growth phase. Subsequently, the ratio declines steadily, reaching about 2.11 by August 2025, indicating some diminishing efficiency or slower revenue growth relative to fixed assets in later years.
In summary, the company shows strong revenue growth and increasing asset investment up to early 2022, accompanied by improving asset turnover efficiency. Post-2022, revenue levels off and slightly declines, while asset base continues to grow, leading to a gradual reduction in fixed asset turnover ratio. This pattern may reflect a period of capital expenditure outpacing revenue increases or a normalization after prior rapid growth.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
FedEx Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Revenue | 22,244) | 22,220) | 22,160) | 21,967) | 21,579) | 22,109) | 21,738) | 22,165) | 21,681) | 21,930) | 22,169) | 22,814) | 23,242) | 24,394) | 23,641) | 23,474) | 22,003) | 22,565) | 21,510) | 20,563) | 19,321) | 17,358) | 17,487) | 17,324) | 17,048) | ||||||||
| Net property and equipment | 41,384) | 41,642) | 40,964) | 41,006) | 41,255) | 41,491) | 41,529) | 41,532) | 41,174) | 40,698) | 39,849) | 39,721) | 38,806) | 38,091) | 37,376) | 37,153) | 36,481) | 35,752) | 34,990) | 34,610) | 34,262) | 33,608) | 33,306) | 32,408) | 31,610) | ||||||||
| Operating lease right-of-use assets, net | 16,368) | 16,453) | 16,468) | 16,821) | 17,094) | 17,115) | 16,935) | 17,243) | 17,327) | 17,347) | 17,410) | 17,373) | 17,219) | 16,613) | 16,605) | 16,018) | 15,414) | 15,383) | 14,964) | 14,845) | 14,496) | 13,917) | 13,981) | 14,097) | 13,819) | ||||||||
| Net property and equipment (including operating lease, right-of-use asset) | 57,752) | 58,095) | 57,432) | 57,827) | 58,349) | 58,606) | 58,464) | 58,775) | 58,501) | 58,045) | 57,259) | 57,094) | 56,025) | 54,704) | 53,981) | 53,171) | 51,895) | 51,135) | 49,954) | 49,455) | 48,758) | 47,525) | 47,287) | 46,505) | 45,429) | ||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.53 | 1.51 | 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 | 1.46 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | — | 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 | 3.61 | — | — | — | ||||||||
| Union Pacific Corp. | — | — | — | 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 | 0.35 | — | — | — | ||||||||
| United Airlines Holdings Inc. | — | — | 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 | 0.43 | — | — | — | ||||||||
| United Parcel Service Inc. | — | — | — | 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 | 2.40 | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Q1 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ Net property and equipment (including operating lease, right-of-use asset)
= (22,244 + 22,220 + 22,160 + 21,967)
÷ 57,752 = 1.53
2 Click competitor name to see calculations.
- Revenue Trends
- The revenue exhibits an overall increasing trend from August 2019 through May 2022, starting at approximately $17,048 million and peaking around $24,394 million. Subsequently, revenue shows some fluctuations with a mild downward trend through to August 2025, settling near $22,244 million. This indicates periods of growth followed by moderate declines or stabilization in later years.
- Net Property and Equipment
- The net property and equipment balance steadily grows over the entire period, increasing from about $45,429 million in August 2019 to nearly $58,000 million by August 2025. The growth appears consistent, reflecting ongoing investments in assets, including operating lease and right-of-use assets, with no significant declines or volatility noted.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio starts to be reported from February 2020 onward. It shows a rising trend reaching its peak around 1.71 in August 2021, indicating improving efficiency in using fixed assets to generate revenue. After the peak, the ratio gradually decreases to approximately 1.5 by May 2025, suggesting a slight decline in asset utilization efficiency or slower revenue growth relative to asset base expansion in the latter periods.
- Overall Insights
- The data indicates a phase of revenue growth and improving asset turnover efficiency up until around mid-2021. Following this, revenue growth slows with some decreases, while the asset base continues expanding steadily. The declining turnover ratio in the later years points to a potential overinvestment in fixed assets relative to revenue generation or operational challenges in improving asset utilization efficiency.
Total Asset Turnover
FedEx Corp., total asset turnover calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Revenue | 22,244) | 22,220) | 22,160) | 21,967) | 21,579) | 22,109) | 21,738) | 22,165) | 21,681) | 21,930) | 22,169) | 22,814) | 23,242) | 24,394) | 23,641) | 23,474) | 22,003) | 22,565) | 21,510) | 20,563) | 19,321) | 17,358) | 17,487) | 17,324) | 17,048) | ||||||||
| Total assets | 88,416) | 87,627) | 85,043) | 85,481) | 86,711) | 87,007) | 86,114) | 88,051) | 87,576) | 87,143) | 85,775) | 85,591) | 85,826) | 85,994) | 84,108) | 84,247) | 82,048) | 82,777) | 82,793) | 81,156) | 77,648) | 73,537) | 70,014) | 69,954) | 68,452) | ||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Total asset turnover1 | 1.00 | 1.00 | 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 | 0.94 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | — | 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 | 0.33 | — | — | — | ||||||||
| Union Pacific Corp. | — | — | — | 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 | 0.31 | — | — | — | ||||||||
| United Airlines Holdings Inc. | — | — | 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 | 0.26 | — | — | — | ||||||||
| United Parcel Service Inc. | — | — | — | 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 | 1.36 | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Q1 2026 Calculation
Total asset turnover
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ Total assets
= (22,244 + 22,220 + 22,160 + 21,967)
÷ 88,416 = 1.00
2 Click competitor name to see calculations.
The financial data reveals several notable trends and patterns over the indicated periods.
- Revenue
- The revenue exhibits a general upward trajectory from August 2019 through May 2022, increasing from approximately $17,048 million to about $24,394 million. This represents a significant growth phase. However, starting from August 2022, revenue begins to show a declining trend, dropping to a low near $21,681 million by May 2023. Following this period, revenue stabilizes somewhat, fluctuating slightly but maintaining levels around $22,000 million through August 2025, indicating a plateau in revenue growth.
- Total Assets
- Total assets increase steadily over the entire period, growing from roughly $68,452 million in August 2019 to approximately $88,416 million by August 2025. This steady asset expansion suggests sustained investment or accumulation of resources over the analyzed timeframe, with no apparent contraction phases.
- Total Asset Turnover
- The total asset turnover ratio, available from February 2020 onwards, shows a generally positive trend. Initially, it stands near 0.94, then gradually improves to exceed 1.0 starting around May 2021, reaching values up to approximately 1.1 during late 2021 and early 2022. Post mid-2022, the ratio slightly declines but remains close to 1.0, indicating that the company has maintained a relatively efficient use of its assets to generate revenue despite minor fluctuations.
In summary, the company experienced strong revenue growth up to mid-2022, accompanied by consistent increases in total assets and improving asset turnover efficiency. However, from mid-2022 onwards, revenue growth has slowed and declined somewhat, while the asset base continues to expand. The asset turnover ratio suggests the company remains effective at utilizing its assets, but the recent revenue plateau may signal market or operational challenges affecting top-line expansion.
Equity Turnover
FedEx Corp., equity turnover calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Revenue | 22,244) | 22,220) | 22,160) | 21,967) | 21,579) | 22,109) | 21,738) | 22,165) | 21,681) | 21,930) | 22,169) | 22,814) | 23,242) | 24,394) | 23,641) | 23,474) | 22,003) | 22,565) | 21,510) | 20,563) | 19,321) | 17,358) | 17,487) | 17,324) | 17,048) | ||||||||
| Common stockholders’ investment | 27,771) | 28,074) | 26,708) | 26,460) | 27,176) | 27,582) | 26,375) | 26,766) | 26,534) | 26,088) | 24,733) | 24,115) | 25,140) | 24,939) | 24,526) | 24,940) | 24,321) | 24,168) | 21,981) | 21,039) | 19,462) | 18,295) | 18,831) | 18,659) | 18,166) | ||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Equity turnover1 | 3.19 | 3.13 | 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 | 3.78 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | — | 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 | 0.91 | — | — | — | ||||||||
| Union Pacific Corp. | — | — | — | 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 | 1.15 | — | — | — | ||||||||
| United Airlines Holdings Inc. | — | — | 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 | 2.58 | — | — | — | ||||||||
| United Parcel Service Inc. | — | — | — | 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 | 128.81 | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Q1 2026 Calculation
Equity turnover
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ Common stockholders’ investment
= (22,244 + 22,220 + 22,160 + 21,967)
÷ 27,771 = 3.19
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue showed a moderate upward trend from August 2019 through May 2022, increasing from $17,048 million to a peak of $24,394 million. This represents a steady growth over nearly three years. However, beginning in August 2022, revenue experienced a decline, decreasing to $21,681 million by May 2023. Following this decline, revenue stabilized with slight fluctuations, maintaining a range between approximately $21,500 million and $22,244 million through August 2025. Overall, revenue grew significantly in the initial period but faced some contraction and volatility in the latter timeframe.
- Common Stockholders' Investment
- The investment by common stockholders increased steadily from $18,166 million in August 2019 to $26,708 million in November 2024, reflecting a consistent rise in shareholder equity over this period. There was a minor dip in investments around August 2022 to November 2022, but this was followed by a recovery and further increase into 2023 and 2024. This pattern indicates ongoing confidence or capital allocation into the company, supporting overall growth in equity.
- Equity Turnover Ratio
- The equity turnover ratio data begins from May 2020 and presents a declining trend throughout the periods observed. Initial values start near 3.78, followed by a gradual decrease to around 3.13 by February 2025. This ratio's decline suggests that the company generated less revenue per unit of equity invested over time. The ratio fluctuated in the shorter term but predominantly trended downward, indicating potential decreases in efficiency in utilizing equity to generate revenues.
- Summary Insights
- The financial data reveals that while there was strong revenue growth and increasing shareholder investment over the initial periods, recent years have shown signs of revenue stabilization with minor declines. Despite the increase in equity, the declining equity turnover ratio implies reduced efficiency in capital usage, which may warrant investigation into operational or market factors affecting revenue generation relative to invested equity. The interplay of these trends suggests a maturing phase with challenges in sustaining prior growth momentum.