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AT&T Inc. (NYSE:T)

Common-Size Balance Sheet: Assets
Quarterly Data

AT&T Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 30, 2026 Jun 30, 2026 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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 2.41 4.10 2.84 4.34 4.79 2.59 1.73 0.84 0.66 0.78 0.88 1.65 1.85 2.33 0.70 0.92 0.57 0.94 6.68 3.84 3.89 2.18 2.07
Accounts receivable, net of related allowances for credit loss 1.79 1.99 1.98 2.10 2.11 2.18 2.32 2.44 2.30 2.43 2.40 2.53 2.20 2.28 2.55 2.85 2.67 2.67 2.98 3.19 2.98 2.90 3.10
Inventories 0.65 0.55 0.58 0.58 0.68 0.58 0.65 0.57 0.64 0.46 0.53 0.53 0.62 0.57 0.70 0.78 0.92 0.76 0.55 0.63 0.56 0.52 0.61
Prepaid and other current assets 4.37 5.46 5.59 4.58 5.31 4.34 3.79 4.04 3.97 3.84 3.81 4.24 4.08 3.79 3.51 3.68 3.41 3.70 3.10 3.23 3.03 5.95 5.68
Assets held for sale 2.52 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00
Current assets 11.74% 12.10% 10.99% 11.60% 12.90% 9.69% 8.50% 7.89% 7.57% 7.50% 7.62% 8.96% 8.76% 8.98% 7.46% 8.22% 7.57% 8.09% 13.32% 10.88% 10.46% 11.54% 11.47%
Noncurrent inventories and theatrical film and television production costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.43 3.44 3.26 2.99 2.86
Property, plant and equipment 78.28 82.34 82.97 82.72 84.85 87.84 88.36 88.89 87.89 86.08 84.90 83.50 82.94 81.82 82.44 81.82 76.89 75.83 56.04 59.73 59.56 59.16 58.97
Accumulated depreciation and amortization -48.64 -51.01 -51.36 -51.41 -54.15 -56.00 -56.04 -56.24 -55.39 -53.98 -52.89 -51.93 -51.34 -50.29 -50.40 -50.19 -47.10 -46.48 -34.00 -36.91 -36.82 -36.47 -36.19
Property, plant and equipment, net 29.64% 31.33% 31.61% 31.31% 30.70% 31.84% 32.32% 32.64% 32.50% 32.10% 32.01% 31.57% 31.59% 31.53% 32.04% 31.64% 29.79% 29.34% 22.03% 22.82% 22.74% 22.69% 22.78%
Goodwill, net 14.32 14.91 15.16 15.09 14.99 15.64 15.96 16.07 16.11 17.05 16.99 16.67 16.68 16.61 16.94 16.85 21.74 21.75 23.09 24.15 24.43 24.72 24.71
Licenses, net 33.50 30.14 30.66 30.50 30.19 31.45 32.04 32.18 32.29 31.98 31.90 31.25 31.25 30.62 31.06 30.80 29.04 28.97 19.77 20.64 20.55 16.15 16.08
Distribution networks, net 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.99 2.16 2.27 2.36 2.44
Other intangible assets, net 1.34 1.42 1.46 1.25 1.24 1.30 1.32 1.33 1.33 1.33 1.32 1.30 1.31 1.31 1.33 1.33 1.26 1.26 5.76 6.11 6.29 6.43 6.66
Intangible assets, net 34.84% 31.56% 32.12% 31.75% 31.43% 32.75% 33.36% 33.51% 33.63% 33.30% 33.22% 32.55% 32.57% 31.92% 32.39% 32.13% 30.30% 30.23% 27.52% 28.91% 29.11% 24.94% 25.18%
Investments in and advances to equity affiliates 0.26 0.26 0.26 0.26 0.25 0.25 0.24 0.07 0.07 0.15 0.22 0.31 0.45 0.68 0.70 0.88 0.93 1.06 1.03 1.32 1.58 0.34 0.33
Operating lease right-of-use assets 5.01 5.32 5.40 5.39 5.35 5.30 5.28 5.30 5.28 5.17 5.17 5.14 5.16 5.28 5.39 5.41 5.11 5.11 4.15 4.38 4.45 4.48 4.46
Deposits on wireless licenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.58 0.00 0.00 4.34 4.28
Other assets 4.18 4.52 4.46 4.60 4.38 4.53 4.34 4.52 4.84 4.73 4.76 4.82 4.78 4.99 5.07 4.87 4.56 4.41 3.86 4.09 3.98 3.97 3.93
Noncurrent assets 88.26% 87.90% 89.01% 88.40% 87.10% 90.31% 91.50% 92.11% 92.43% 92.50% 92.38% 91.04% 91.24% 91.02% 92.54% 91.78% 92.43% 91.91% 86.68% 89.12% 89.54% 88.46% 88.53%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The asset structure is characterized by a heavy concentration of noncurrent assets, which consistently maintain a composition between 86% and 92% of total assets throughout the observed period. A significant structural migration is evident, as the balance sheet shifts away from goodwill toward a higher concentration of licenses and net property, plant, and equipment.

Liquidity and Current Asset Trends
Current assets exhibit volatility, peaking at 13.32% in March 2022 before stabilizing between 7% and 12%. Cash and cash equivalents show a notable decline in 2022, reaching a low of 0.57% in September 2022, followed by a gradual recovery to a peak of 4.79% in September 2025. Accounts receivable and inventories remain relatively stable as a percentage of total assets, with receivables trending slightly downward from 3.10% to 1.79% over the full period.
Fixed Asset Investment and Depreciation
A substantial increase in capital intensity is observed in property, plant, and equipment. Gross PPE rose from approximately 59% in early 2021 to a peak of 88.89% by December 2024, before moderating to 78.28% by September 2026. This expansion is mirrored by an increase in accumulated depreciation, which deepened from -36.19% to a peak of -56.24% in December 2024. Consequently, net property, plant, and equipment increased from 22.78% to a peak of 32.64% in December 2024, settling at 29.64% by the end of the period.
Intangible Asset Evolution
There is a clear divergence between goodwill and licenses. Goodwill, net, shows a steady downward trajectory, declining from 24.71% in March 2021 to 14.32% by September 2026. Conversely, licenses, net, expanded significantly from 16.08% to 33.50% over the same duration. Total net intangible assets generally trended upward, rising from 25.18% to 34.84%, indicating a strategic shift toward licensed spectrum or regulatory assets over acquisition-related goodwill.
Other Noncurrent Asset Observations
Operating lease right-of-use assets remain stable, fluctuating narrowly between 4.15% and 5.40%. Investments in equity affiliates have diminished from a peak of 1.58% in September 2021 to a consistent 0.26% in the later years. Notably, assets held for sale appear at the end of the period, representing 2.52% of total assets in September 2026, suggesting a move toward divestiture of specific business segments.

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