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)
Verizon Communications Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The investment activity ratios demonstrate a general downward trend in efficiency across the analyzed period, indicating a gradual decline in the company's ability to generate revenue from its long-term asset base and equity. While some metrics remained relatively stable for several quarters, a notable acceleration in this decline is observed in the final reporting period ending March 31, 2026.
- Net Fixed Asset Turnover
- A consistent decrease is observed in the net fixed asset turnover ratio, which declined from 1.35 in March 2022 to 1.24 by December 2023. Although the ratio stabilized between 1.24 and 1.27 throughout 2024 and most of 2025, it experienced a significant drop to 1.10 by March 31, 2026. When including operating lease right-of-use assets, the ratio follows a nearly identical trajectory, starting at 1.05 in March 2022 and ending at 0.93 in March 2026. The gap between these two metrics remains constant, reflecting a steady impact of leased assets on overall fixed asset productivity.
- Total Asset Turnover
- The total asset turnover ratio exhibits the highest degree of stability among the analyzed metrics. It maintained a narrow range, moving from 0.37 in March 2022 to 0.35 for much of 2023 and 2024. A slight downward drift is evident toward the end of the period, reaching 0.33 by March 31, 2026. This suggests that the decline in overall asset efficiency is less volatile than that of fixed assets specifically, though the trajectory remains negative.
- Equity Turnover
- A pronounced and steady downward trend is evident in the equity turnover ratio. From a peak of 1.60 in March 2022, the ratio declined to 1.31 by September 2025, with a minor recovery to 1.35 in March 2026. This persistent decrease indicates that the company is generating progressively less revenue for every unit of shareholder equity, suggesting either an increase in the equity base without a proportional increase in sales or a general slowing of revenue growth relative to capital.
Overall, the convergence of these trends suggests a systemic reduction in asset utilization efficiency. The sharp decline in fixed asset turnover in the final quarter, contrasted with the relative stability of total asset turnover, indicates that the most significant efficiency losses are concentrated within the company's fixed investment base.
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Net Fixed Asset Turnover
Verizon Communications Inc., net fixed asset turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Operating revenues | 34,440) | 36,381) | 33,821) | 34,504) | 33,485) | 35,681) | 33,330) | 32,796) | 32,981) | 35,130) | 33,336) | 32,596) | 32,912) | 35,251) | 34,241) | 33,789) | 33,554) | ||||||
| Property, plant and equipment, net | 125,972) | 109,467) | 108,467) | 108,069) | 107,923) | 108,522) | 107,528) | 107,890) | 107,863) | 108,310) | 107,490) | 107,270) | 106,987) | 107,434) | 103,004) | 101,310) | 99,843) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover1 | 1.10 | 1.26 | 1.27 | 1.27 | 1.25 | 1.24 | 1.25 | 1.24 | 1.24 | 1.24 | 1.25 | 1.26 | 1.27 | 1.27 | 1.32 | 1.33 | 1.35 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||
| AT&T Inc. | 0.95 | 0.96 | 0.96 | 0.96 | 0.96 | 0.95 | 0.95 | 0.96 | 0.96 | 0.95 | 0.95 | 0.94 | 0.94 | 0.95 | 1.03 | 1.12 | 1.22 | ||||||
| T-Mobile US Inc. | 2.26 | 2.15 | 2.06 | 2.07 | 2.02 | 1.96 | 1.95 | 1.91 | 1.85 | 1.80 | 1.76 | 1.74 | 1.74 | 1.75 | 1.79 | 1.83 | 1.86 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Net fixed asset turnover
= (Operating revenuesQ1 2026
+ Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025)
÷ Property, plant and equipment, net
= (34,440 + 36,381 + 33,821 + 34,504)
÷ 125,972 = 1.10
2 Click competitor name to see calculations.
The analysis of net fixed asset turnover reveals a general decline in the efficiency of asset utilization over the observed period, characterized by an initial downward trend, a phase of relative stability, and a final significant contraction.
- Initial Efficiency Decline (March 2022 – December 2023)
- A consistent decrease in the net fixed asset turnover ratio is observed, falling from 1.35 in March 2022 to 1.24 by December 2023. This decline corresponds with a steady increase in net property, plant, and equipment, which rose from 99,843 million USD to 108,310 million USD. The downward trajectory indicates that the expansion of the asset base outpaced the growth in operating revenues during this timeframe.
- Stabilization Period (March 2024 – December 2025)
- The ratio entered a period of stability between March 2024 and December 2025, fluctuating within a narrow range between 1.24 and 1.27. During this interval, operating revenues showed seasonal variability, peaking in the fourth quarters, while net fixed assets remained relatively constant, hovering around the 108,000 million USD mark. This suggests a synchronization between capital investment and revenue generation.
- Asset Expansion and Efficiency Drop (March 2026)
- A sharp decline in the net fixed asset turnover ratio to 1.10 is recorded in March 2026. This contraction is directly linked to a substantial increase in net property, plant, and equipment, which jumped to 125,972 million USD. Because operating revenues for the period did not increase proportionally to this capital expenditure, the efficiency of fixed asset utilization reached its lowest point in the analyzed series.
Overall, the data indicates that while operating revenues remained relatively stable with typical seasonal peaks, the growth in the net fixed asset base has exerted downward pressure on the turnover ratio, culminating in a significant reduction in asset productivity by the first quarter of 2026.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Verizon Communications Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Operating revenues | 34,440) | 36,381) | 33,821) | 34,504) | 33,485) | 35,681) | 33,330) | 32,796) | 32,981) | 35,130) | 33,336) | 32,596) | 32,912) | 35,251) | 34,241) | 33,789) | 33,554) | ||||||
| Property, plant and equipment, net | 125,972) | 109,467) | 108,467) | 108,069) | 107,923) | 108,522) | 107,528) | 107,890) | 107,863) | 108,310) | 107,490) | 107,270) | 106,987) | 107,434) | 103,004) | 101,310) | 99,843) | ||||||
| Operating lease right-of-use assets | 23,401) | 23,498) | 23,760) | 23,949) | 24,175) | 24,472) | 23,613) | 24,064) | 24,351) | 24,726) | 25,086) | 25,345) | 25,947) | 26,130) | 26,588) | 27,098) | 27,494) | ||||||
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 149,373) | 132,965) | 132,227) | 132,018) | 132,098) | 132,994) | 131,141) | 131,954) | 132,214) | 133,036) | 132,576) | 132,615) | 132,934) | 133,564) | 129,592) | 128,408) | 127,337) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 0.93 | 1.04 | 1.04 | 1.04 | 1.02 | 1.01 | 1.02 | 1.02 | 1.01 | 1.01 | 1.01 | 1.02 | 1.02 | 1.02 | 1.05 | 1.05 | 1.05 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||
| AT&T Inc. | 0.81 | 0.81 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.81 | 0.81 | 0.81 | 0.81 | 0.88 | 0.95 | 1.02 | ||||||
| T-Mobile US Inc. | 1.39 | 1.32 | 1.27 | 1.29 | 1.25 | 1.21 | 1.20 | 1.17 | 1.13 | 1.11 | 1.09 | 1.08 | 1.08 | 1.07 | 1.08 | 1.09 | 1.08 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Operating revenuesQ1 2026
+ Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= (34,440 + 36,381 + 33,821 + 34,504)
÷ 149,373 = 0.93
2 Click competitor name to see calculations.
The analysis of long-term investment activity indicates a prolonged period of stability in asset utilization followed by a significant expansion of the asset base in the first quarter of 2026.
- Operating Revenue Patterns
- Operating revenues demonstrated a consistent seasonal trend, with peaks occurring in the fourth quarter of each year. Total revenues fluctuated within a narrow corridor, ranging from a low of 32.596 billion US dollars in June 2023 to a high of 36.381 billion US dollars in December 2025, indicating a stable revenue stream over the analyzed period.
- Fixed Asset Base Evolution
- Net property, plant, and equipment, including operating lease right-of-use assets, remained relatively stagnant from March 2022 through December 2025, maintaining a range between 127.3 billion and 133.6 billion US dollars. A significant upward shift is observed in March 2026, where the asset value increased to 149.4 billion US dollars, representing a substantial expansion of the long-term investment base.
- Net Fixed Asset Turnover Performance
- The net fixed asset turnover ratio exhibited high stability for the majority of the period, remaining between 1.01 and 1.05. This consistency suggests a disciplined relationship between capital investment and revenue generation. However, the ratio experienced a sharp decline to 0.93 in March 2026. This decrease is directly correlated with the surge in net fixed assets, indicating that the recent capital investment has not yet resulted in a proportional increase in operating revenues, thereby reducing the immediate efficiency of asset utilization.
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Total Asset Turnover
Verizon Communications Inc., total asset turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Operating revenues | 34,440) | 36,381) | 33,821) | 34,504) | 33,485) | 35,681) | 33,330) | 32,796) | 32,981) | 35,130) | 33,336) | 32,596) | 32,912) | 35,251) | 34,241) | 33,789) | 33,554) | ||||||
| Total assets | 417,882) | 404,258) | 388,331) | 383,285) | 380,364) | 384,711) | 381,164) | 379,146) | 380,158) | 380,255) | 384,830) | 379,955) | 377,716) | 379,680) | 375,090) | 370,147) | 365,716) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | 0.33 | 0.34 | 0.35 | 0.36 | 0.36 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.37 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| AT&T Inc. | 0.30 | 0.30 | 0.29 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.31 | 0.33 | 0.27 | ||||||
| T-Mobile US Inc. | 0.42 | 0.40 | 0.40 | 0.40 | 0.39 | 0.39 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.37 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Total asset turnover
= (Operating revenuesQ1 2026
+ Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025)
÷ Total assets
= (34,440 + 36,381 + 33,821 + 34,504)
÷ 417,882 = 0.33
2 Click competitor name to see calculations.
The efficiency of asset utilization shows a gradual downward trend over the analyzed period from March 2022 to March 2026. While operating revenues remained relatively stable with moderate fluctuations, the total asset base expanded consistently, leading to a compression of the total asset turnover ratio.
- Operating Revenue Patterns
- Operating revenues exhibit a cyclical pattern with recurring peaks in the fourth quarter of each year, typically reaching between 35 billion and 36 billion US dollars. Despite these seasonal surges, the baseline quarterly revenue remained largely stagnant, oscillating between 32 billion and 34 billion US dollars throughout the multi-year period.
- Asset Base Expansion
- Total assets demonstrated a steady upward trajectory, growing from 365,716 million US dollars in March 2022 to 417,882 million US dollars by March 2026. A notable acceleration in asset growth occurred between September 2025 and March 2026, where assets increased by approximately 29 billion US dollars in two quarters.
- Total Asset Turnover Ratio Analysis
- The total asset turnover ratio declined from 0.37 in March 2022 to 0.33 by March 2026. This persistent decline indicates that revenue growth failed to keep pace with the increase in the company's asset base. The ratio remained stable at 0.35 for a significant duration between September 2022 and December 2024, before experiencing a more pronounced decline in the final year of the observed period.
- Efficiency Correlation
- The divergence between the growing asset base and the relatively flat revenue trend suggests a diminishing return on investment in total assets. The drop to 0.33 in the final quarter indicates that the company is generating less revenue per unit of asset than at any other point in the analyzed timeframe.
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Equity Turnover
Verizon Communications Inc., equity turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Operating revenues | 34,440) | 36,381) | 33,821) | 34,504) | 33,485) | 35,681) | 33,330) | 32,796) | 32,981) | 35,130) | 33,336) | 32,596) | 32,912) | 35,251) | 34,241) | 33,789) | 33,554) | ||||||
| Equity attributable to Verizon | 103,309) | 104,460) | 105,042) | 103,063) | 100,722) | 99,237) | 96,326) | 96,172) | 94,334) | 92,430) | 97,741) | 95,193) | 92,883) | 91,144) | 87,468) | 86,016) | 83,762) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | 1.35 | 1.32 | 1.31 | 1.33 | 1.34 | 1.36 | 1.39 | 1.40 | 1.42 | 1.45 | 1.37 | 1.42 | 1.47 | 1.50 | 1.55 | 1.56 | 1.60 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| AT&T Inc. | 1.15 | 1.14 | 1.12 | 1.18 | 1.18 | 1.17 | 1.19 | 1.16 | 1.17 | 1.19 | 1.17 | 1.19 | 1.22 | 1.24 | 1.06 | 1.19 | 0.91 | ||||||
| T-Mobile US Inc. | 1.62 | 1.49 | 1.42 | 1.38 | 1.35 | 1.32 | 1.25 | 1.26 | 1.26 | 1.21 | 1.21 | 1.20 | 1.18 | 1.14 | 1.14 | 1.15 | 1.15 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Equity turnover
= (Operating revenuesQ1 2026
+ Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025)
÷ Equity attributable to Verizon
= (34,440 + 36,381 + 33,821 + 34,504)
÷ 103,309 = 1.35
2 Click competitor name to see calculations.
An analysis of the equity turnover ratio reveals a gradual decline in asset utilization efficiency over the period from March 2022 to March 2026. While operating revenues maintained a relatively stable range with recurring seasonal peaks, the consistent increase in shareholder equity resulted in a sustained downward pressure on the turnover ratio.
- Operating Revenue Trends
- Revenues exhibit a distinct cyclical pattern, with peaks consistently occurring in the fourth quarter of each year. The highest quarterly revenue was recorded in December 2025 at 36,381 million US$. Throughout the period, revenues fluctuated within a narrow band, generally ranging between 32,596 million US$ and 36,381 million US$, indicating stable top-line performance without aggressive growth.
- Equity Growth Trajectory
- Equity attributable to Verizon demonstrated a steady and consistent upward trend, rising from 83,762 million US$ in March 2022 to 103,309 million US$ by March 2026. This represents a significant expansion of the equity base, which grew by approximately 23% over the analyzed timeframe.
- Equity Turnover Performance
- The equity turnover ratio experienced a steady contraction, falling from 1.60 in March 2022 to a low of 1.31 in September 2025. This downward trajectory is a direct result of the equity base expanding more rapidly than the operating revenues. A minor reversal in this trend occurred in the final period, with the ratio increasing to 1.35 by March 2026, although it remains substantially lower than the levels observed at the start of the analysis.
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