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-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 generally stable, though slightly declining, trends over the observed period from March 31, 2022, to December 31, 2025. A consistent pattern of modest fluctuations is apparent across all measured ratios, with no dramatic shifts indicating significant operational changes. Overall, the company appears to be maintaining a relatively consistent level of asset utilization.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited a gradual downward trend, decreasing from 1.35 in March 2022 to 1.26 in December 2025. While the decline is consistent, it is relatively small. There are minor quarterly variations, but the ratio generally remains within a narrow range of 1.24 to 1.35. A slight uptick is observed in September and December 2024, followed by a return to the lower end of the range in the final quarters.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This ratio mirrors the trend of the standard net fixed asset turnover, showing a decline from 1.05 in March 2022 to 1.04 in December 2025. The fluctuations are similarly contained, ranging between 1.01 and 1.05. The inclusion of operating lease and right-of-use assets results in a lower turnover ratio compared to the standard calculation, as expected, reflecting the increased asset base. A slight increase is noted in the latter half of 2024, similar to the standard net fixed asset turnover.
- Total Asset Turnover
- The total asset turnover ratio demonstrates a consistent, albeit slow, decline from 0.37 in March 2022 to 0.34 in December 2025. The ratio remains relatively stable, fluctuating between 0.35 and 0.37 for most of the period. The consistent decline suggests a gradual increase in assets relative to revenue generation, though the change is minimal.
- Equity Turnover
- The equity turnover ratio shows a more pronounced, though still moderate, downward trend, decreasing from 1.60 in March 2022 to 1.32 in December 2025. The ratio experiences more noticeable quarterly variations than the asset turnover ratios, ranging from 1.31 to 1.60. A slight recovery is observed in the final quarter of 2025, but it does not fully offset the overall decline. This suggests a decreasing ability to generate revenue from shareholder equity over time.
In summary, the observed ratios indicate a generally stable, but slowly declining, trend in asset utilization. The declines are modest and consistent, suggesting a gradual shift in the company’s operational efficiency rather than a sudden change. Further investigation may be warranted to understand the underlying drivers of these trends and their potential impact on future performance.
AI Ask an analyst for more
Net Fixed Asset Turnover
Verizon Communications Inc., net fixed asset turnover calculation (quarterly data)
| 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 | 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 | 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 | 1.26 | 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. | 0.96 | 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. | 2.15 | 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-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 Q4 2025 Calculation
Net fixed asset turnover
= (Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025)
÷ Property, plant and equipment, net
= (36,381 + 33,821 + 34,504 + 33,485)
÷ 109,467 = 1.26
2 Click competitor name to see calculations.
The net fixed asset turnover ratio for the analyzed period demonstrates a generally declining trend, albeit with some stabilization in recent quarters. This ratio, which measures how efficiently a company utilizes its fixed assets to generate revenue, decreased from 1.35 in the first quarter of 2022 to 1.26 in the final quarter of 2025. The initial decline was more pronounced, followed by a period of relative consistency.
- Overall Trend
- A consistent downward trajectory is evident over the entire period. The ratio decreased by 0.09 from March 2022 to December 2025. This suggests a gradual decrease in the efficiency with which fixed assets are being used to generate sales.
- Initial Decline (2022)
- The most significant decrease occurred between March 2022 (1.35) and December 2022 (1.27), representing a drop of 0.08. This period coincided with increasing property, plant, and equipment, net, while operating revenues experienced a more moderate increase.
- Stabilization (2023-2024)
- From the beginning of 2023 through the end of 2024, the ratio fluctuated within a narrow range of 1.24 to 1.27. This indicates a period of relative stability in the relationship between revenues and fixed assets. While not an increase, the lack of further substantial decline suggests potential mitigation of the initial downward trend.
- Recent Period (2025)
- The ratio experienced a slight increase in the first two quarters of 2025, reaching 1.27 in June 2025, before settling back to 1.26 in December 2025. This minor fluctuation does not alter the overall downward trend but suggests potential short-term variations in asset utilization.
- Relationship to Revenue and Fixed Assets
- The observed trend appears to be influenced by the growth rates of both operating revenues and net property, plant, and equipment. While revenues generally increased over the period, the growth in fixed assets was comparatively higher, contributing to the declining turnover ratio. Further investigation into the specific asset investments driving this growth would be beneficial.
In conclusion, the net fixed asset turnover ratio indicates a decreasing efficiency in asset utilization over the analyzed timeframe. While recent quarters show some stabilization, the overall trend warrants continued monitoring and potential investigation into the underlying factors driving the change.
AI Ask an analyst for more
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)
| 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 | 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 | 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 | 23,498) | 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) | 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 | 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 | 0.82 | 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. | 1.32 | 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-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 Q4 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= (36,381 + 33,821 + 34,504 + 33,485)
÷ 132,965 = 1.04
2 Click competitor name to see calculations.
The net fixed asset turnover ratio, incorporating operating leases and right-of-use assets, demonstrates a generally stable pattern over the observed period, spanning from March 31, 2022, to December 31, 2025. While fluctuations exist, the ratio remains consistently around 1.0, indicating a relatively consistent level of revenue generation per dollar of net fixed assets.
- Overall Trend
- From March 31, 2022, through September 30, 2022, the ratio held steady at 1.05. A slight decline to 1.02 was then observed in December 2022 and persisted through the first three quarters of 2023. A minor recovery to 1.01 and 1.02 occurred in the latter half of 2023 and the first half of 2024. The ratio experienced a further increase to 1.04 in the latter half of 2024 and remained at that level through the end of the observation period.
- Revenue Impact
- Operating revenues exhibited some quarterly variability, ranging from approximately US$32.6 billion to US$36.4 billion. However, this revenue fluctuation does not appear to have a strong, direct correlation with the observed changes in the net fixed asset turnover ratio. The ratio’s stability suggests that changes in revenue are largely mirrored by changes in the net fixed asset base.
- Fixed Asset Base
- The net fixed asset base, including operating leases and right-of-use assets, generally increased from US$127.3 billion in March 2022 to US$132.9 billion by December 2025. This growth in fixed assets is consistent with the slight downward and subsequent upward movements in the turnover ratio, as the denominator of the ratio increased over time. The relatively small changes in the ratio, despite the asset base growth, suggest revenue growth kept pace.
- Recent Performance
- The most recent quarters (September 30, 2025, and December 31, 2025) show a consistent ratio of 1.04. This suggests a potential stabilization of the relationship between revenue and fixed assets at this level, although further observation is needed to confirm a sustained trend.
In conclusion, the net fixed asset turnover ratio indicates efficient asset utilization throughout the analyzed period. The observed stability and minor fluctuations suggest a predictable relationship between revenue generation and the investment in fixed assets.
AI Ask an analyst for more
Total Asset Turnover
Verizon Communications Inc., total asset turnover calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Operating revenues | 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 | 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 | 0.34 | 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 | 0.29 | 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. | 0.40 | 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-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 Q4 2025 Calculation
Total asset turnover
= (Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025)
÷ Total assets
= (36,381 + 33,821 + 34,504 + 33,485)
÷ 404,258 = 0.34
2 Click competitor name to see calculations.
The total asset turnover ratio for the analyzed period demonstrates a generally stable, yet slightly declining trend. Throughout the majority of the observed timeframe, the ratio fluctuates within a narrow range, indicating a consistent, though not improving, efficiency in utilizing assets to generate revenue.
- Overall Trend
- The ratio begins at 0.37 in March 2022 and generally decreases to 0.34 by December 2025. This represents a modest decline over the four-year period. The ratio remains relatively flat between 0.35 and 0.36 for most of the quarters analyzed.
- Short-Term Fluctuations (2022-2023)
- From March 2022 to December 2022, the ratio remains consistent at 0.36. A similar pattern is observed from March 2023 to December 2023, where the ratio holds steady at 0.35. These periods suggest a stable operational performance regarding asset utilization.
- Recent Performance (2024-2025)
- The ratio remains at 0.35 for the first three quarters of 2024. A slight increase to 0.36 is observed in December 2024, followed by a return to 0.35 in the first two quarters of 2025. The ratio concludes the period at 0.34 in December 2025, representing the lowest value observed throughout the analyzed timeframe.
The consistent, but slightly decreasing, total asset turnover ratio suggests that while the company maintains a steady level of revenue generation relative to its asset base, there has been a subtle reduction in efficiency over time. Further investigation may be warranted to understand the underlying factors contributing to this trend, such as changes in asset composition or revenue generation strategies.
AI Ask an analyst for more
Equity Turnover
Verizon Communications Inc., equity turnover calculation (quarterly data)
| 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 | 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 | 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 | 1.32 | 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. | 1.14 | 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. | 1.49 | 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-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 Q4 2025 Calculation
Equity turnover
= (Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025)
÷ Equity attributable to Verizon
= (36,381 + 33,821 + 34,504 + 33,485)
÷ 104,460 = 1.32
2 Click competitor name to see calculations.
The equity turnover ratio for the analyzed period demonstrates a consistent, albeit gradual, declining trend. Initially, the ratio stood at 1.60, and over the subsequent ten quarters, it decreased to 1.32. This indicates a diminishing efficiency in generating revenue from the company’s equity base.
- Overall Trend
- A clear downward trajectory is evident in the equity turnover ratio. The ratio decreased from 1.60 in March 2022 to 1.32 in December 2025, representing a roughly 18% decline over the period. The rate of decline appears to be slowing in the most recent quarters.
- Short-Term Fluctuations
- While the overall trend is downward, some quarterly fluctuations are observed. A slight increase occurred between September 2023 (1.37) and December 2023 (1.45). This could be attributable to seasonal revenue increases or temporary changes in equity levels. However, this increase was not sustained, as the ratio continued to decline in subsequent quarters.
- Recent Performance
- The most recent quarters show a stabilization of the decline. The ratio moved from 1.31 in September 2025 to 1.32 in December 2025. This suggests the rate of decrease may be moderating, although further observation is needed to confirm this.
- Implications
- A decreasing equity turnover ratio suggests the company is becoming less efficient at utilizing its equity to generate sales. This could be due to several factors, including slower revenue growth relative to equity increases, or a shift in business strategy requiring higher equity investment. Further investigation into the underlying drivers of both revenue and equity changes is warranted.
In summary, the observed trend in the equity turnover ratio suggests a decreasing efficiency in revenue generation relative to equity investment. While recent quarters indicate a potential slowing of the decline, the overall trend remains downward and warrants continued monitoring and analysis.
AI Ask an analyst for more