Stock Analysis on Net

AT&T Inc. (NYSE:T)

$24.99

Common-Size Balance Sheet: Assets
Quarterly Data

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

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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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Cash and cash equivalents
Accounts receivable, net of related allowances for credit loss
Inventories
Prepaid and other current assets
Assets from discontinued operations
Current assets
Noncurrent inventories and theatrical film and television production costs
Property, plant and equipment
Accumulated depreciation and amortization
Property, plant and equipment, net
Goodwill, net
Licenses, net
Distribution networks, net
Other intangible assets, net
Intangible assets, net
Investments in and advances to equity affiliates
Operating lease right-of-use assets
Deposits on wireless licenses
Other assets
Noncurrent assets
Total assets

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


Cash and cash equivalents
The percentage of cash and cash equivalents relative to total assets fluctuates significantly over the periods. It peaked at 6.68% in March 2022 before declining sharply to below 1% in several subsequent quarters. A modest recovery to around 1.7% was observed by March 2025, indicating intermittent liquidity adjustments.
Accounts receivable, net
Accounts receivable as a percent of total assets shows a overall declining trend from 3.65% in early 2020 to around 2.3% by the first quarter of 2025. This decline suggests tighter credit management or a reduction in outstanding receivables relative to the asset base over time.
Inventories
Data beginning only from late 2020 indicates that inventories remain a minor portion of total assets, fluctuating between roughly 0.46% and 0.78%. There is no clear upward or downward trend, implying stable inventory levels relative to asset size.
Prepaid and other current assets
Prepaid and other current assets display variability, initially rising from about 3.5% to approximately 5.95% in mid-2021, then stabilizing around 3.8%-4.2% in recent quarters. This suggests variability in prepaid expenses or other short-term asset management but relative stability toward the latest periods.
Current assets
Overall current assets as a percentage of total assets oscillate without a strong directional trend. A peak above 13% in early 2022 marks the highest point, followed by a decline to about 7.5%-8.5% more recently, indicating shifting allocations between current and noncurrent assets.
Property, plant and equipment (PPE)
The proportion of PPE to total assets initially declines from roughly 62% in 2020 to about 56% in early 2022, then experiences a marked increase to around 88% by early 2025. This substantial rise suggests significant investment or capitalization in fixed assets in later years.
Accumulated depreciation and amortization
Accumulated depreciation starts at about -37% and intensifies to nearly -56% of total assets by the end of the period. The growing negative value correlates with the increase in PPE, reflecting accumulated wear and tear and usage of the expanded asset base.
PPE, net
Net PPE as a percentage of total assets remains relatively stable, starting near 24% and rising gradually to approximately 32% by early 2025. Despite the large swings in gross PPE and depreciation, net PPE shows a moderate but steady increase.
Goodwill, net
Goodwill relative to total assets demonstrates a consistent downward trend from 26.7% early in 2020 to about 16% by 2025. This decline may indicate impairments, disposals, or amortization of intangible values over time.
Licenses, net
Licenses show some fluctuation but generally increase from approximately 17.7% in 2020 to over 32% by early 2025. This upward trend could point to increased capitalization or acquisition of licenses, increasing their relative importance in the asset structure.
Distribution networks, net
Data available only until early 2022 shows a decline in distribution networks from 2.73% to about 1.99%. This reduction could signal divestitures or amortization related to this intangible asset.
Other intangible assets, net
These assets decrease significantly from around 7.9% in 2020 to about 1.3% in later periods, showing substantial amortization or write-offs.
Intangible assets, net (aggregate)
Intangible assets overall fluctuate between 25% and 33% of total assets, tending towards an increase in recent years. This suggests a strategic focus on intangible assets, with licenses offsetting declines in other intangibles such as goodwill and distribution networks.
Investments in and advances to equity affiliates
This category remains a minor component, generally under 1%, with a declining trend towards negligible percentages by the end of the period.
Operating lease right-of-use assets
Lease-related assets maintain a relatively stable proportion between 4.4% and 5.3%, indicating consistent lease arrangements over time.
Other assets
Other assets demonstrate slight growth from around 4.2% to approximately 5% in the middle periods before a modest decline to approximately 4.3% towards the end, indicating fluctuations without significant shifts.
Noncurrent assets
Noncurrent assets consistently constitute the majority of total assets, remaining between roughly 88% and 93%, underscoring the capital-intensive nature of the asset base.