Analysis of Short-term (Operating) 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.
Short-term Activity Ratios (Summary)
Walt Disney Co., short-term (operating) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02).
The short-term operating activity ratios exhibit varied trends over the observed period. Inventory turnover generally increased from early 2021 to late 2022, then stabilized and experienced a slight decline through the end of 2025. Receivables turnover demonstrated a consistent upward trend from early 2021 through late 2022, followed by fluctuations but generally remaining at a higher level than the beginning of the period. Working capital turnover experienced significant volatility, with substantial increases in later quarters, particularly in late 2021 and early 2022, followed by a return to more moderate levels. The average inventory processing period remained relatively stable, fluctuating between 10 and 13 days. The average receivable collection period showed a decreasing trend from early 2021 to late 2022, then stabilized and showed some fluctuation. The operating cycle followed a similar pattern to the average receivable collection period, decreasing initially and then stabilizing.
- Inventory Turnover
- Inventory turnover increased from 28.80 in January 2021 to a peak of 35.63 in January 2022. Following this peak, the ratio experienced a gradual decline, ending at 27.83 in September 2025 and 27.83 in December 2025. This suggests a potential slowing in the rate at which inventory is sold, or an increase in inventory levels, in the later part of the period.
- Receivables Turnover
- Receivables turnover exhibited a clear upward trend from 4.32 in January 2021 to 6.54 in October 2022. While fluctuations occurred, the ratio generally remained above 6.00 throughout the majority of the observed period, indicating improved efficiency in collecting receivables. The ratio ended at 6.36 in September 2025.
- Working Capital Turnover
- Working capital turnover demonstrated significant variability. A substantial increase occurred between July 2021 (9.70) and October 2021 (26.13), followed by a dramatic surge to 112.96 in July 2022 and an exceptionally high value of 3,308.88 in October 2022. This was followed by a substantial decrease to 420.20 in April 2023, and then a return to more moderate levels, fluctuating between approximately 45 and 55 for the remainder of the period. These fluctuations suggest significant changes in the relationship between working capital and sales.
- Average Inventory Processing Period
- The average inventory processing period remained remarkably stable, consistently falling within a narrow range of 10 to 13 days throughout the entire period. This indicates consistent efficiency in managing inventory from purchase to sale.
- Average Receivable Collection Period
- The average receivable collection period showed a consistent decline from 84 days in January 2021 to 56 days in October 2022. After this decline, the period fluctuated, generally remaining between 49 and 58 days. This suggests improved efficiency in collecting payments from customers, although some variability exists in the later periods.
- Operating Cycle
- The operating cycle mirrored the trend observed in the average receivable collection period, decreasing from 97 days in January 2021 to 68 days in October 2022. Similar to the receivable collection period, the operating cycle stabilized and fluctuated between 61 and 70 days for the remainder of the period, indicating a relatively consistent time required to convert investments in inventory and other resources into cash.
Turnover Ratios
Average No. Days
Inventory Turnover
Walt Disney Co., inventory turnover calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02).
1 Q1 2026 Calculation
Inventory turnover
= (Cost of revenues, exclusive of depreciation and amortizationQ1 2026
+ Cost of revenues, exclusive of depreciation and amortizationQ4 2025
+ Cost of revenues, exclusive of depreciation and amortizationQ3 2025
+ Cost of revenues, exclusive of depreciation and amortizationQ2 2025)
÷ Inventories
= (16,669 + 14,018 + 14,532 + 14,810)
÷ 2,157 = 27.83
Inventory turnover exhibited a generally stable pattern over the analyzed period, with some observable fluctuations. Initially, the ratio demonstrated a slight increase from January 2021 through July 2022, followed by a gradual decline through December 2025. The most recent periods show a potential stabilization, though at a lower level than earlier in the observation window.
- Initial Period (Jan 2, 2021 – Jul 2, 2022)
- The inventory turnover ratio began at 28.80 and increased to a peak of 35.63 in January 2022. This suggests improving efficiency in managing inventory during this timeframe, potentially due to increased sales velocity or more effective inventory control practices. The ratio remained above 33.00 for the majority of this period.
- Decline (Oct 1, 2022 – Dec 27, 2025)
- From October 2022, the ratio began a consistent, albeit moderate, decline, falling to 27.83 by December 2025. This decrease could indicate a slowing of sales, an increase in inventory levels, or a combination of both. The decline is not precipitous, suggesting a controlled adjustment rather than a sudden disruption.
- Recent Stabilization (Sep 27, 2025 – Dec 27, 2025)
- The final three periods show a slight stabilization in the ratio, fluctuating between 27.54 and 27.83. While still lower than the levels observed in 2021 and early 2022, this suggests the downward trend may be moderating. Further monitoring is needed to confirm whether this represents a true stabilization or a temporary pause in the decline.
- Inventory and Cost of Revenues Relationship
- The cost of revenues, exclusive of depreciation and amortization, generally increased over the period, while inventories also increased. The inventory turnover ratio’s decline, despite the increase in cost of revenues, indicates that inventory levels grew at a faster rate than sales, contributing to the observed decrease in turnover efficiency.
Overall, the observed trend suggests a shift in inventory management dynamics. While initially efficient, inventory turnover has decreased over time, potentially requiring further investigation into the underlying causes and the implementation of strategies to improve inventory efficiency.
Receivables Turnover
Walt Disney Co., receivables turnover calculation (quarterly data)
| Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Jan 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Revenues | 25,981) | 22,464) | 23,650) | 23,621) | 24,690) | 22,574) | 23,155) | 22,083) | 23,549) | 21,241) | 22,330) | 21,815) | 23,512) | 20,150) | 21,504) | 19,249) | 21,819) | 18,534) | 17,022) | 15,613) | 16,249) | |||||||
| Receivables, net | 15,054) | 13,217) | 13,402) | 12,571) | 13,767) | 12,729) | 12,966) | 12,026) | 14,115) | 12,330) | 13,112) | 12,770) | 13,993) | 12,652) | 13,685) | 13,746) | 14,882) | 13,367) | 13,355) | 12,533) | 14,051) | |||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||||||
| Receivables turnover1 | 6.36 | 7.14 | 7.05 | 7.48 | 6.72 | 7.18 | 6.94 | 7.42 | 6.30 | 7.21 | 6.70 | 6.81 | 6.03 | 6.54 | 5.93 | 5.57 | 4.90 | 5.04 | 4.76 | 4.66 | 4.32 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Receivables Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Alphabet Inc. | — | 6.41 | 6.75 | 6.75 | 7.05 | 6.69 | 6.92 | 6.97 | 7.14 | 6.41 | 7.24 | 7.46 | 7.90 | 7.03 | 8.13 | 7.79 | 7.79 | — | — | — | — | |||||||
| Comcast Corp. | — | 8.92 | 9.33 | 9.52 | 9.59 | 9.06 | 8.77 | 9.20 | 9.28 | 8.80 | 9.42 | 9.29 | 9.78 | 9.58 | 10.17 | 10.18 | 9.77 | — | — | — | — | |||||||
| Meta Platforms Inc. | — | 10.17 | 10.95 | 10.80 | 11.74 | 9.68 | 10.63 | 10.33 | 10.63 | 8.34 | 9.81 | 9.63 | 10.63 | 8.66 | 10.52 | 10.36 | 10.51 | — | — | — | — | |||||||
| Trade Desk Inc. | — | — | 0.80 | 0.82 | 0.84 | 0.73 | 0.77 | 0.75 | 0.78 | 0.68 | 0.75 | 0.74 | 0.79 | 0.67 | 0.73 | 0.73 | 0.73 | 0.59 | 0.69 | 0.68 | 0.65 | |||||||
Based on: 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02).
1 Q1 2026 Calculation
Receivables turnover
= (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
÷ Receivables, net
= (25,981 + 22,464 + 23,650 + 23,621)
÷ 15,054 = 6.36
2 Click competitor name to see calculations.
The receivables turnover ratio exhibits a generally increasing trend over the observed period, with some quarterly fluctuations. Initial values indicate a turnover of 4.32, which gradually rose to a peak of 7.21 before settling around 6.36 to 7.48 in the most recent quarters. This suggests improving efficiency in collecting receivables, although recent periods show some variability.
- Overall Trend
- From January 2021 through December 2023, the receivables turnover ratio generally increased. This indicates that, on average, the company was becoming more efficient at converting its receivables into cash. The ratio moved from 4.32 to 6.30 over this timeframe. A subsequent increase to 7.42 in March 2024 suggests a further improvement in collection efficiency, followed by a slight decline and stabilization.
- Short-Term Fluctuations
- While the overall trend is positive, quarterly variations are present. For example, a decrease is observed between October 2022 (6.54) and December 2022 (6.03). Similarly, a dip occurs between September 2023 (7.21) and December 2023 (6.30). These fluctuations could be attributable to seasonal sales patterns, changes in credit terms offered to customers, or variations in the timing of collections.
- Recent Performance
- The most recent four quarters (March 2024 – September 2025) show a more stable, albeit fluctuating, receivables turnover. The ratio ranged between 6.36 and 7.48. The latest reported value, 6.36, represents a decrease from the prior peak, but remains above the initial values observed in 2021. This suggests that while collection efficiency may have plateaued, it remains at a relatively strong level.
- Comparison to Initial Period
- Comparing the beginning and end of the analyzed period, the receivables turnover ratio has increased significantly. The ratio moved from 4.32 in January 2021 to 6.36 in September 2025. This represents an approximate 47% increase, indicating a substantial improvement in the speed at which the company collects its receivables.
Working Capital Turnover
Walt Disney Co., working capital turnover calculation (quarterly data)
| Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Jan 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current assets | 25,466) | 24,267) | 23,820) | 22,735) | 23,667) | 25,241) | 25,493) | 24,636) | 25,971) | 32,763) | 30,174) | 28,263) | 26,912) | 29,098) | 31,422) | 31,427) | 32,913) | 33,657) | 33,966) | 32,877) | 34,874) | |||||||
| Less: Current liabilities | 38,046) | 34,162) | 32,972) | 34,029) | 34,846) | 34,599) | 35,612) | 32,874) | 31,033) | 31,139) | 28,234) | 28,056) | 27,070) | 29,073) | 30,704) | 29,601) | 30,037) | 31,077) | 27,413) | 26,642) | 26,546) | |||||||
| Working capital | (12,580) | (9,895) | (9,152) | (11,294) | (11,179) | (9,358) | (10,119) | (8,238) | (5,062) | 1,624) | 1,940) | 207) | (158) | 25) | 718) | 1,826) | 2,876) | 2,580) | 6,553) | 6,235) | 8,328) | |||||||
| Revenues | 25,981) | 22,464) | 23,650) | 23,621) | 24,690) | 22,574) | 23,155) | 22,083) | 23,549) | 21,241) | 22,330) | 21,815) | 23,512) | 20,150) | 21,504) | 19,249) | 21,819) | 18,534) | 17,022) | 15,613) | 16,249) | |||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||||||
| Working capital turnover1 | — | — | — | — | — | — | — | — | — | 54.74 | 45.26 | 420.20 | — | 3,308.88 | 112.96 | 41.96 | 25.38 | 26.13 | 9.70 | 9.36 | 7.30 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Alphabet Inc. | — | 3.90 | 5.18 | 4.71 | 5.11 | 4.69 | 4.43 | 3.90 | 3.60 | 3.43 | 3.30 | 3.18 | 3.06 | 2.96 | 2.82 | 2.51 | 2.33 | — | — | — | — | |||||||
| Comcast Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Meta Platforms Inc. | — | 3.00 | 5.24 | 4.92 | 3.02 | 2.48 | 2.71 | 3.03 | 3.02 | 2.53 | 2.65 | 3.04 | 4.33 | 3.59 | 3.32 | 3.54 | 3.13 | — | — | — | — | |||||||
| Netflix Inc. | — | 22.16 | 13.43 | 13.67 | 20.30 | 16.63 | 26.43 | — | 55.26 | 31.89 | 13.41 | 11.35 | 14.73 | 23.67 | 29.95 | 91.06 | 84.84 | — | — | — | — | |||||||
| Trade Desk Inc. | — | — | 1.31 | 1.27 | 1.18 | 0.99 | 1.04 | 1.09 | 1.13 | 1.08 | 0.98 | 0.97 | 1.00 | 0.87 | 0.91 | 0.91 | 0.92 | 0.93 | 1.03 | 1.02 | 0.99 | |||||||
Based on: 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02).
1 Q1 2026 Calculation
Working capital turnover
= (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
÷ Working capital
= (25,981 + 22,464 + 23,650 + 23,621)
÷ -12,580 = —
2 Click competitor name to see calculations.
The working capital turnover ratio exhibits significant fluctuations throughout the observed period. Initially, the ratio demonstrates a moderate increase from 7.30 in January 2021 to 9.36 in April 2021, followed by a slight increase to 9.70 in July 2021. A substantial surge is then observed in October 2021, reaching 26.13, and continues to rise sharply to 25.38 in January 2022.
The most dramatic increase occurs between January 2022 and October 2022, with the ratio escalating from 25.38 to an exceptionally high value of 3,308.88. This is followed by a considerable decrease to 420.20 in April 2023, and a further decline to 45.26 in July 2023, before stabilizing at 54.74 in September 2023. Subsequent periods show missing values for the ratio, and then a return to reporting in March 2025, where the ratio is 22.464. The ratio then increases to 25.981 in December 2025.
- Working Capital Trend
- Working capital initially declines from US$8,328 million in January 2021 to US$2,580 million in October 2021. It then experiences a further reduction, reaching a low of US$25 million in October 2022. The trend continues downward, resulting in negative working capital figures from December 2022 onwards, reaching a minimum of US$-12,580 million in December 2025.
- Revenue Trend
- Revenues generally trend upward over the period, increasing from US$16,249 million in January 2021 to US$23,512 million in December 2022. Fluctuations are present, but the overall direction is positive. Revenues remain relatively stable between US$21,241 million and US$25,981 million from January 2023 to December 2025.
- Ratio Interpretation
- The significant increase in the working capital turnover ratio, particularly between January 2022 and October 2022, suggests a highly efficient utilization of working capital in relation to revenue generation during that period. However, the subsequent decline and volatility indicate a potential shift in operational efficiency or changes in working capital management practices. The negative working capital figures observed from December 2022 onwards, coupled with fluctuating turnover ratios, warrant further investigation to understand the underlying causes and potential implications for liquidity and financial stability.
The extreme values observed in October 2022 require careful scrutiny, as they may be influenced by specific accounting treatments or unusual business activities. The missing ratio values for several periods hinder a complete assessment of the trend, but the available information suggests a complex and dynamic relationship between working capital and revenue generation.
Average Inventory Processing Period
Walt Disney Co., average inventory processing period calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02).
1 Q1 2026 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 27.83 = 13
The average inventory processing period exhibited a generally decreasing trend from January 2021 through December 2022, followed by a period of relative stability and a slight increase in the most recent periods analyzed. Overall, the metric indicates efficient inventory management, though recent observations suggest a potential shift.
- Inventory Processing Period Trend
- Beginning at 13 days in January 2021, the average inventory processing period decreased to 10 days by January 2022. This indicates an improvement in the speed at which inventory is sold and replenished. The period remained at 10 days through April 2022, then fluctuated between 11 and 12 days for the subsequent six quarters. A slight upward trend is observed from October 2022, reaching 13 days in September and December 2024, before stabilizing at 13 days through September 2025. The most recent period, December 2025, also reports 13 days.
The consistency of the average inventory processing period around 12-13 days from October 2022 through September 2025 suggests a stabilization of inventory management practices. The initial decline in the period from 2021 to 2022 could be attributed to improved supply chain efficiencies, increased demand, or a combination of both. The recent slight increase warrants monitoring to determine if it represents a temporary fluctuation or the beginning of a more sustained trend. Further investigation into the factors influencing this recent change would be beneficial.
- Recent Observations
- The period has remained constant at 13 days for the last four reported quarters, indicating a potential plateau after the earlier improvements. This stability could be due to limitations in further optimizing the inventory process or external factors impacting supply chain dynamics.
In conclusion, the average inventory processing period demonstrates generally strong inventory management. While the recent stabilization and slight increase do not immediately indicate concern, continued monitoring is recommended to assess the underlying causes and potential implications for operational efficiency.
Average Receivable Collection Period
Walt Disney Co., average receivable collection period calculation (quarterly data)
| Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Jan 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||||||||||||||
| Receivables turnover | 6.36 | 7.14 | 7.05 | 7.48 | 6.72 | 7.18 | 6.94 | 7.42 | 6.30 | 7.21 | 6.70 | 6.81 | 6.03 | 6.54 | 5.93 | 5.57 | 4.90 | 5.04 | 4.76 | 4.66 | 4.32 | |||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||||||
| Average receivable collection period1 | 57 | 51 | 52 | 49 | 54 | 51 | 53 | 49 | 58 | 51 | 55 | 54 | 61 | 56 | 62 | 65 | 74 | 72 | 77 | 78 | 84 | |||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | ||||||||||||||||||||||||||||
| Alphabet Inc. | — | 57 | 54 | 54 | 52 | 55 | 53 | 52 | 51 | 57 | 50 | 49 | 46 | 52 | 45 | 47 | 47 | — | — | — | — | |||||||
| Comcast Corp. | — | 41 | 39 | 38 | 38 | 40 | 42 | 40 | 39 | 41 | 39 | 39 | 37 | 38 | 36 | 36 | 37 | — | — | — | — | |||||||
| Meta Platforms Inc. | — | 36 | 33 | 34 | 31 | 38 | 34 | 35 | 34 | 44 | 37 | 38 | 34 | 42 | 35 | 35 | 35 | — | — | — | — | |||||||
| Trade Desk Inc. | — | — | 455 | 443 | 434 | 497 | 472 | 488 | 465 | 538 | 485 | 494 | 463 | 543 | 499 | 500 | 497 | 616 | 529 | 538 | 558 | |||||||
Based on: 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02).
1 Q1 2026 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 6.36 = 57
2 Click competitor name to see calculations.
The average receivable collection period demonstrates a generally decreasing trend over the observed timeframe, with some fluctuations. Initially, the period stood at 84 days in January 2021. Subsequent quarters in 2021 saw a consistent decline, reaching a low of 72 days by October 2021.
- Overall Trend
- From January 2021 through December 2023, the average collection period generally decreased, indicating improved efficiency in collecting receivables. However, the rate of decrease varied, and periods of stabilization or slight increases were present.
The period experienced a slight increase to 61 days in December 2022 before decreasing again to 54 days in April 2023. A subsequent rise to 58 days was noted in December 2023, followed by a decrease to 49 days in March 2024. The period fluctuated between 49 and 54 days throughout 2024, and continued to fluctuate in the first three quarters of 2025, ending at 57 days in September 2025 and 57 days in December 2025.
- Short-Term Fluctuations
- While the overall trend is downward, short-term fluctuations are evident. For example, the period increased from 51 days in July 2023 to 58 days in December 2023. These fluctuations may be attributable to seasonal sales patterns, changes in credit terms offered to customers, or variations in the timing of invoice payments.
The most recent values, from March 2025, indicate a collection period of 57 days, which is slightly higher than the low of 49 days observed in March 2024. This suggests a potential stabilization or a very slight reversal of the downward trend. The period remained at 57 days in December 2025.
- Recent Performance
- The collection period has remained relatively stable in the most recent quarters, suggesting that current collection efforts are maintaining a consistent level of efficiency. Further monitoring is recommended to determine if this represents a sustained plateau or a temporary pause in the declining trend.
Operating Cycle
Walt Disney Co., operating cycle calculation (quarterly data)
No. days
Based on: 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02).
1 Q1 2026 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 13 + 57 = 70
The operating cycle metrics demonstrate discernible trends over the analyzed period. Generally, a shortening of both the average inventory processing period and the average receivable collection period contributes to a reduction in the overall operating cycle. However, fluctuations are present, indicating potential shifts in operational efficiency or business strategy.
- Average Inventory Processing Period
- The average inventory processing period remained relatively stable between 10 and 13 days throughout the observed timeframe. Initial values in early 2021 were 13 days, decreasing to 10 days by early 2022, and fluctuating between 10 and 12 days through the end of 2022. A slight increase to 13 days was observed in late 2024, followed by a return to 12 days in the most recent period. This suggests consistent inventory management practices with minor variations.
- Average Receivable Collection Period
- A consistent downward trend is evident in the average receivable collection period. Starting at 84 days in early 2021, the period decreased to 51-58 days by late 2023. A slight increase to 57 days was noted in late 2025, but remained significantly lower than the initial values. This improvement suggests enhanced credit and collection policies, or a shift towards faster-paying customers. The most substantial declines occurred between 2021 and 2022, and again between 2022 and 2023.
- Operating Cycle
- The operating cycle generally decreased over the period, reflecting the combined effect of the trends in inventory processing and receivable collection. Beginning at 97 days in early 2021, the cycle decreased to 61-70 days by late 2023. Fluctuations were observed, with a peak of 73 days in late 2022 and a recent value of 70 days in late 2025. The most significant reduction occurred between early 2021 and early 2022, and again between early 2022 and late 2023. The recent stabilization suggests the benefits of prior improvements may be nearing a plateau, or that current operational conditions are maintaining the cycle at a new equilibrium.
Overall, the observed trends indicate improving efficiency in converting investments in inventory and receivables into cash. The consistent reduction in the receivable collection period is particularly noteworthy. Continued monitoring of these ratios is recommended to identify any potential reversals in these positive trends.