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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)

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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 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 1.99 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 0.55 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 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 from discontinued operations 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 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 3.43 3.44 3.26 2.99 2.86
Property, plant and equipment 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 -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 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 14.91 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 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 1.99 2.16 2.27 2.36 2.44
Other intangible assets, net 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 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 0.25 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 5.32 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 1.58 0.00 0.00 4.34 4.28
Other assets 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 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%

Based on: 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 exhibits a significant transition beginning in mid-2022, characterized by a strategic shift away from goodwill and toward net property, plant, and equipment (PP&E) and licenses. This reallocation suggests a transition toward a more infrastructure-heavy balance sheet, with a notable reduction in acquired intangible premiums in favor of tangible operational assets and spectrum licenses.

Liquidity and Current Asset Trends
Current assets as a percentage of total assets experienced a period of contraction, moving from a peak of 13.32% in March 2022 to a low of 7.46% in March 2023, before recovering to 12.10% by June 2026. This volatility is primarily attributed to cash and cash equivalents, which plummeted from 6.68% in March 2022 to 0.57% by September 2022. A recovery trend in liquidity is observed starting in 2024, with cash levels rising to 4.10% by the end of the analysis period.
Fixed Asset Intensification
A substantial increase in the weight of gross property, plant, and equipment occurred in June 2022, jumping from 56.04% to 75.83% and peaking at 88.89% in December 2024. While accumulated depreciation also rose proportionally, peaking at -56.24% in December 2024, the net PP&E ratio increased from approximately 22% in 2021 to a stable range of 31% to 32% from mid-2022 through June 2026.
Intangible Asset Recomposition
The composition of intangible assets shifted markedly over the observed period. Goodwill declined steadily from 24.71% in March 2021 to 14.91% by June 2026. In contrast, licenses saw a significant increase, rising from 16.08% to peak at 32.29% in September 2024. The disappearance of noncurrent inventories and theatrical film costs after March 2022 further indicates a fundamental change in the asset base.
Noncurrent Asset Dominance
Noncurrent assets consistently constitute the vast majority of the balance sheet, fluctuating between 86.68% and 92.54%. The highest concentration of noncurrent assets was observed between 2022 and 2024, coinciding with the expansion of the company's investment in physical infrastructure and wireless licenses.

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