Stock Analysis on Net
Stock Analysis on Net

AT&T Inc. (NYSE:T) 

Common-Size Balance Sheet: Assets

AT&T Inc., common-size consolidated balance sheet: assets

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents 4.34 0.84 1.65 0.92 3.84
Accounts receivable, net of related allowance for credit loss 2.10 2.44 2.53 2.85 3.19
Inventories 0.58 0.57 0.53 0.78 0.63
Prepaid and other current assets 4.58 4.04 4.24 3.68 3.23
Current assets 11.60% 7.89% 8.96% 8.22% 10.88%
Noncurrent inventories and theatrical film and television production costs 0.00 0.00 0.00 0.00 3.44
Property, plant and equipment, net 31.31 32.64 31.57 31.64 22.82
Goodwill, net 15.09 16.07 16.67 16.85 24.15
Licenses, net 30.50 32.18 31.25 30.80 20.64
Distribution networks, net 0.00 0.00 0.00 0.00 2.16
Other intangible assets, net 1.25 1.33 1.30 1.33 6.11
Intangible assets, net 31.75% 33.51% 32.55% 32.13% 28.91%
Investments in and advances to equity affiliates 0.26 0.07 0.31 0.88 1.32
Operating lease right-of-use assets 5.39 5.30 5.14 5.41 4.38
Other assets 4.60 4.52 4.82 4.87 4.09
Noncurrent assets 88.40% 92.11% 91.04% 91.78% 89.12%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The composition of assets at the company exhibits several notable shifts between 2021 and 2025. A significant restructuring is apparent, particularly concerning the relative weighting of current versus noncurrent assets, and within the categories of intangible and tangible assets.

Liquidity and Current Assets
Current assets as a percentage of total assets decreased from 10.88% in 2021 to a low of 7.89% in 2024, before increasing to 11.60% in 2025. This fluctuation is primarily driven by changes in cash and cash equivalents, which fell sharply from 3.84% in 2021 to 0.92% in 2022, then rose to 4.34% in 2025. Accounts receivable demonstrated a consistent, albeit moderate, decline over the period, decreasing from 3.19% to 2.10%. Prepaid and other current assets generally increased, rising from 3.23% to 4.58%.
Long-Lived Assets
Property, plant, and equipment remained relatively stable, fluctuating between 22.82% and 32.64% of total assets. While there was an initial increase from 2021 to 2024, it decreased slightly to 31.31% in 2025. A substantial decrease is observed in goodwill, net, declining from 24.15% in 2021 to 15.09% in 2025. Licenses, net, experienced an increase from 20.64% to 32.18% between 2021 and 2023, then decreased to 30.50% in 2025. The item "Noncurrent inventories and theatrical film and television production costs" appears only in 2021, representing 3.44% of total assets, and is absent in subsequent years. Distribution networks, net, also appears only in 2021, at 2.16% of total assets.
Intangible Assets
Intangible assets consistently represent a significant portion of total assets, ranging from 28.91% to 33.51%. While the overall percentage remains high, there is a shift within this category. Goodwill’s decline is partially offset by increases in licenses, net. Other intangible assets, net, decreased from 6.11% in 2021 to 1.25% in 2025.
Other Asset Categories
Investments in and advances to equity affiliates decreased significantly, falling from 1.32% in 2021 to 0.26% in 2025. Operating lease right-of-use assets increased from 4.38% to 5.39% over the period. Other assets remained relatively stable, fluctuating between 4.09% and 4.87%.

Overall, the asset composition demonstrates a move away from goodwill and towards licenses, coupled with fluctuations in current assets, particularly cash and cash equivalents. The decrease in investments in equity affiliates and the consistent presence of operating lease right-of-use assets also contribute to the evolving asset structure.

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