Common-Size Balance Sheet: Assets
Quarterly Data
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- Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Analysis of Revenues
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AT&T Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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 reflects a strategic shift toward long-term capital investment and a reduction in current asset liquidity over the analyzed period. Noncurrent assets consistently dominate the balance sheet, increasing from approximately 88.5% in early 2021 to peak at 92.5% by March 2023, before stabilizing around 89% by March 2026.
- Liquidity and Current Asset Trends
- Current assets as a percentage of total assets experienced a general decline, moving from a range of 10.5% to 13.3% in 2021 to a lower baseline of approximately 7.5% to 8.9% between 2022 and 2024. Cash and cash equivalents showed significant volatility, dropping from a peak of 6.68% in March 2022 to below 1% for several quarters in 2022 and 2023, before recovering to 4.79% in September 2025. Accounts receivable and inventories remained relatively stable and small as a proportion of total assets, with receivables trending slightly downward from 3.1% to 1.98%.
- Fixed Asset Expansion and Depreciation
- A substantial increase in Property, Plant and Equipment (PP&E) is observed, rising from roughly 59% of total assets in 2021 to a peak of 88.89% in December 2022, subsequently maintaining a high plateau above 82% through 2026. This growth in gross PP&E is accompanied by a corresponding increase in accumulated depreciation and amortization, which expanded from -36.19% to a peak of -56.24% in December 2022. Consequently, net PP&E increased its weight on the balance sheet from approximately 22.8% to over 31% starting in mid-2022.
- Intangible Asset Recomposition
- The composition of intangible assets shifted markedly toward licenses. Licenses, net, grew from 16.08% in March 2021 to fluctuate between 30% and 32% from mid-2022 onward. Conversely, goodwill, net, exhibited a steady downward trend, decreasing from 24.71% in early 2021 to approximately 15.16% by March 2026. Other intangible assets also saw a sharp reduction, falling from 6.66% to a stable level of roughly 1.3% after June 2022.
The overall transition indicates a migration away from goodwill and short-term liquidity toward a balance sheet heavily weighted in physical infrastructure and regulatory licenses. This pattern suggests an intensified focus on network capacity and spectrum ownership as the primary drivers of the company's asset base.