AT&T Inc. (NYSE:T)

Current Assets Trend

Current assets showed an increase from 52,008 million US dollars at the end of 2020 to 59,997 million in 2021. However, there was a notable decline to 33,108 million by the end of 2022. In 2023, current assets experienced a slight recovery to 36,458 million but declined again in 2024 to 31,168 million. Overall, current assets demonstrated volatility with a downward trend starting in 2022.

Adjusted Current Assets Trend

Adjusted current assets followed a similar pattern to current assets. The value rose from 53,229 million US dollars in 2020 to 60,768 million in 2021. A significant decrease occurred in 2022 to 33,696 million, followed by a marginal increase to 36,957 million in 2023. By 2024, adjusted current assets declined again to 31,543 million. The adjusted figures closely track the standard current asset values, reinforcing the observed volatility and gradual decline after 2021.

Comparison Between Current and Adjusted Current Assets

The adjusted current assets consistently exceeded the reported current assets by a small margin each year, suggesting adjustments made for certain items resulted in a higher valuation of liquid assets. Despite this adjustment, both measures conveyed the same overall trend — a peak in 2021, a pronounced decrease in 2022, and continued softness through 2023 and 2024.

Total assets

The total assets experienced an initial increase from 525,761 million US dollars at the end of 2020 to 551,622 million US dollars at the end of 2021. Subsequently, there was a significant decline to 402,853 million US dollars in 2022. From 2022 through 2024, the total assets remained relatively stable, with minor fluctuations, closing at 394,795 million US dollars in 2024. This indicates a substantial contraction in asset base after 2021, followed by a period of stabilization.

Adjusted total assets

Adjusted total assets displayed a pattern closely mirroring that of total assets. Beginning at 526,784 million US dollars in 2020, adjusted total assets rose slightly to 552,163 million US dollars in 2021. Similar to the total assets, a steep decrease occurred in 2022 to 403,355 million US dollars. In the following years, the adjusted total assets showed minimal changes and ended at 395,090 million US dollars in 2024. The adjusted figures reinforce the observed contraction and stabilization trend reported in total assets.

Total Liabilities

Total liabilities exhibited a fluctuating yet decreasing trend over the five-year period. The figure increased from 346,521 million US dollars in 2020 to 367,767 million US dollars in 2021, representing a rise in obligations during that year. However, starting from 2022, total liabilities began a steady decline, falling to 296,396 million in 2022, then to 287,645 million in 2023, and further down to 274,570 million by the end of 2024. This indicates a gradual reduction in overall debt or financial obligations after the 2021 peak.

Adjusted Total Liabilities

Adjusted total liabilities followed a similar but more pronounced downward trend compared to total liabilities. Beginning at 286,049 million US dollars in 2020, these liabilities increased modestly to 302,541 million in 2021, mirroring the initial increase seen in total liabilities. From 2022 onward, there was a consistent decrease each year: 239,364 million in 2022, 228,979 million in 2023, and reaching 215,631 million in 2024. The steeper decline in adjusted liabilities relative to total liabilities suggests active management or recalibration of liabilities, possibly through debt restructuring, repayments, or adjustments in accounting measures.

Overall Insights

The data reflect a company actively reducing its debt burden after a peak in 2021. Both total and adjusted liabilities peaked simultaneously in 2021 and have since steadily decreased. The sharper decline in the adjusted liabilities compared to total suggests strategic efforts to optimize or more conservatively report liabilities. This pattern indicates potential improvements in financial stability and a focus on deleveraging in recent years.

Stockholders’ equity attributable to AT&T

There is a notable decline in stockholders' equity from 2021 to 2022, dropping sharply from 166,332 million US dollars to 97,500 million US dollars. After this significant decrease, the equity figures show a modest recovery over the following two years, increasing slightly to 103,297 million US dollars in 2023 and 104,372 million US dollars in 2024. Despite this recovery, the values remain considerably lower than those observed in 2020 and 2021.

Adjusted total stockholders’ equity

Adjusted total stockholders’ equity follows a similar trend to the reported stockholders' equity, with a substantial reduction between 2021 and 2022, falling from 249,622 million US dollars to 163,991 million US dollars. Post-2022, a gradual increase is observed, with values reaching 178,497 million US dollars in 2023 and continuing slightly higher to 179,459 million US dollars in 2024. This pattern indicates recovery, albeit incomplete relative to the earlier peak levels.

Overall trend and insights

The data reveals a sharp contraction in both reported and adjusted stockholders’ equity during the 2022 fiscal year, followed by moderate improvements in the subsequent years. This decline could be indicative of significant corporate events such as write-downs, asset impairments, or structural changes affecting equity values. The adjusted figures consistently exceed the reported equity, suggesting that adjustments—likely for accounting or valuation purposes—provide a different perspective on the company’s equity base. The partial rebound from 2022 onward points to stabilization efforts or recovery actions undertaken by the company, though the equity figures have not returned to the pre-2022 levels within the observed period.

The financial data reveals several notable trends in the company's capital and debt structure over the five-year period ending in 2024.

Total Reported Debt

This metric showed an overall declining trend from US$157,245 million in 2020 to US$123,532 million in 2024. There was a peak in 2021 at US$177,354 million, followed by a substantial decrease in 2022 and slight fluctuations thereafter, illustrating efforts to reduce debt levels.

Stockholders’ Equity Attributable to the Company

The equity figures presented a declining trend from 2021 onward, dropping sharply from US$166,332 million in 2021 to US$97,500 million in 2022. Post-2022, the equity showed modest recovery, increasing to US$104,372 million by 2024, though still substantially lower than in 2020 and 2021.

Total Reported Capital

Total reported capital mirrored the patterns seen in total debt and equity, rising from US$318,918 million in 2020 to US$343,686 million in 2021, followed by a pronounced decrease in 2022 to US$233,390 million. There was a slight upward adjustment in 2023 and a minor decline in 2024, reflecting the combined impact of changes in equity and debt.

Adjusted Total Debt

Adjusted total debt followed a similar trajectory to reported debt but at consistently higher values. It increased from US$182,984 million in 2020 to US$202,321 million in 2021, then declined each subsequent year to US$144,456 million in 2024, indicating a strategic reduction in debt under adjusted measures.

Adjusted Total Stockholders’ Equity

This figure saw a peak in 2021 at US$249,622 million, before dropping sharply in 2022 to US$163,991 million. From 2022 onward, the adjusted equity showed gradual improvement, reaching US$179,459 million in 2024, suggesting partial recovery in shareholder value under adjusted terms.

Adjusted Total Capital

Adjusted total capital peaked in 2021 at US$451,943 million and then declined significantly to US$322,087 million by 2022. There was a modest increase in 2023 to US$336,920 million, followed by a decrease to US$323,915 million in 2024, paralleling trends seen in debt and equity adjustments.

Overall, the data indicates heightened leverage and capital in 2021, followed by a substantial deleveraging phase starting in 2022, with equity values experiencing notable volatility. Despite some recovery post-2022, both reported and adjusted capital levels remain below their 2021 peaks. The trends suggest a period of financial restructuring or strategic capital optimization efforts aiming to improve the capital structure and reduce debt burdens significantly.

Net income (loss) attributable to AT&T

The net income attributable to the company exhibits significant volatility over the observed periods. It began with a substantial loss of -5,176 million USD at the end of 2020, followed by a strong recovery to a positive income of 20,081 million USD in 2021. In 2022, the net income again declined sharply, resulting in a loss of -8,524 million USD. The subsequent years saw a return to profitability, with net income rising to 14,400 million USD in 2023 and then slightly decreasing to 10,948 million USD in 2024. Overall, the data reflects considerable fluctuations with alternating losses and gains.

Adjusted net income (loss)

The adjusted net income follows a pattern similar to the net income but with less pronounced negative values in loss periods and higher positive values in profit periods. Initially, there was a loss of -3,848 million USD in 2020. This was followed by a significant increase to 25,728 million USD in 2021, illustrating a strong performance after adjustment. In 2022, the adjusted net income again showed a loss of -4,633 million USD; however, this loss was less severe compared to the net income loss in the same period. In 2023, adjusted net income improved markedly to 16,524 million USD and then declined slightly to 11,373 million USD in 2024. These adjustments mitigate some of the volatility seen in net income but the overarching pattern of recovery following loss remains.

Overall Observations

The financial performance as indicated by both net income and adjusted net income is highly variable, marked by alternating periods of substantial profit and loss. The years 2021 and 2023 stand out as strong recovery periods, while 2020 and 2022 experience significant setbacks. The adjusted net income figures suggest that some underlying earnings power remained stable despite the reported losses, as these figures tend to be less negative and more positive across the periods. The slight decrease in income from 2023 to 2024 in both metrics indicates a potential moderation in growth or profitability after a period of recovery.