Stock Analysis on Net
Stock Analysis on Net

AT&T Inc. (NYSE:T)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

AT&T Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Debt maturing within one year 1.29 2.33 1.85 4.47 0.66
Note payable to DIRECTV 0.00 0.00 0.03 0.23 0.00
Accounts payable 6.95 6.71 7.72 5.58 6.06
Accrued payroll and commissions 0.51 0.42 0.40 0.63 0.57
Current portion of employee benefit obligation 0.14 0.16 0.29 0.23 0.27
Current portion of Mobility preferred interests 0.00 0.00 0.66 0.00 0.00
Accrued interest 0.51 0.54 0.54 0.45 0.47
Accrued taxes 0.33 0.25 0.20 0.25 0.19
Other 0.59 0.74 0.78 2.05 1.97
Accounts payable and accrued liabilities 9.03% 8.81% 10.59% 9.18% 9.52%
Advanced billings and customer deposits 1.04 0.93 0.97 0.96 1.17
Dividends payable 0.51 0.50 0.50 0.68 0.71
Current liabilities 11.87% 12.56% 13.94% 15.52% 12.07%
Long-term debt, excluding maturing within one year 30.00 31.41 31.88 27.69 29.25
Deferred income taxes 14.93 14.41 14.16 11.82 11.50
Postemployment benefit obligation 2.29 2.15 1.80 2.29 3.48
Noncurrent operating lease liabilities 4.41 4.32 4.63 3.85 4.22
Other noncurrent liabilities 6.05 5.82 7.16 5.48 5.39
Noncurrent portion of note payable to DIRECTV 0.00 0.00 0.00 0.02 0.00
Deferred credits and other noncurrent liabilities 27.67% 26.69% 27.75% 23.47% 24.59%
Noncurrent liabilities 57.67% 58.10% 59.63% 51.15% 53.84%
Total liabilities 69.55% 70.66% 73.57% 66.67% 65.91%
Redeemable noncontrolling interest 0.50 0.48 0.00 0.00 0.00
Preferred stock, $1 par value 0.00 0.00 0.00 0.00 0.00
Common stock, $1 par value 1.93 1.87 1.89 1.38 1.45
Additional paid-in capital 27.64 28.13 30.68 23.59 24.76
Retained earnings (deficit) 0.47 -1.23 -4.82 7.68 7.12
Treasury stock, at cost -3.81 -3.96 -4.24 -3.13 -3.41
Accumulated other comprehensive income 0.20 0.57 0.69 0.64 0.82
Stockholders’ equity attributable to AT&T 26.44% 25.38% 24.20% 30.15% 30.75%
Noncontrolling interest 3.51 3.47 2.22 3.18 3.34
Total stockholders’ equity 29.95% 28.85% 26.43% 33.33% 34.09%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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), 10-K (reporting date: 2020-12-31).

Current liabilities
Current liabilities as a percentage of total liabilities and stockholders’ equity showed a fluctuating pattern from 12.07% in 2020 to a peak of 15.52% in 2021, followed by a consistent decline to 11.87% in 2024. Notably, debt maturing within one year increased significantly in 2021 to 4.47% from 0.66% in 2020, but then moderated to 1.29% by 2024. Accounts payable and accrued liabilities reflected a similar pattern with a peak in 2022 at 10.59%, followed by a decrease and slight recovery afterward.
Long-term debt and deferred liabilities
Long-term debt excluding the current portion fluctuated moderately, declining from 29.25% in 2020 to 27.69% in 2021, then increasing to 31.88% in 2022, maintaining around 30% thereafter. Deferred income taxes showed a steady upward trend, rising from 11.5% in 2020 to 14.93% by 2024. Other noncurrent liabilities and deferred credits increased notably between 2020 and 2022 before stabilizing, with deferred credits growing from 24.59% to 27.67% during the period. Overall, noncurrent liabilities increased substantially from 53.84% in 2020 to a peak of 59.63% in 2022, then slight decline to 57.67% in 2024.
Total liabilities
Total liabilities expanded from 65.91% in 2020 to a peak of 73.57% in 2022, followed by a gradual reduction to 69.55% by 2024. This trend indicates a higher reliance on liabilities around 2022, with a moderate deleveraging in subsequent years.
Stockholders’ equity components
Stockholders’ equity as a percentage of total liabilities and equity decreased noticeably from 34.09% in 2020 to 26.43% in 2022, then recovered partially to 29.95% by 2024. Retained earnings showed a significant decline, beginning positive at 7.12% in 2020, turning negative at -4.82% in 2022, followed by recovery to a positive 0.47% in 2024. Additional paid-in capital rose sharply from 24.76% in 2020 to 30.68% in 2022, then moderated thereafter. Treasury stock remained a consistent negative component around -3.8% to -4.2%, marginally decreasing in magnitude over time.
Overall trends and insights
The data indicates a period of increasing leverage culminating around 2022, with total liabilities rising and equity components contracting, especially retained earnings turning negative. Post-2022, there is evidence of partial deleveraging and equity recovery. Deferred taxes and deferred credits have grown steadily, indicating increasing deferred tax liabilities or timing differences. The consistent presence of treasury stock as a negative offset reflects ongoing share repurchases or stock retirement activities. Current liabilities have been managed downward since their 2021 peak, suggesting improved short-term liquidity management.