Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

AT&T Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	18,234)	3,298)	6,722)	3,701)	21,169)
Accounts receivable, net of related allowance for credit loss	8,843)	9,638)	10,289)	11,466)	17,571)
Inventories	2,420)	2,270)	2,177)	3,123)	3,464)
Prepaid and other current assets	19,235)	15,962)	17,270)	14,818)	17,793)
Current assets	48,732)	31,168)	36,458)	33,108)	59,997)
Noncurrent inventories and theatrical film and television production costs	—)	—)	—)	—)	18,983)
Property, plant and equipment, net	131,559)	128,871)	128,489)	127,445)	125,904)
Goodwill, net	63,425)	63,432)	67,854)	67,895)	133,223)
Licenses, net	128,148)	127,035)	127,219)	124,092)	113,830)
Distribution networks, net	—)	—)	—)	—)	11,942)
Other intangible assets, net	5,254)	5,255)	5,283)	5,354)	33,721)
Intangible assets, net	133,402)	132,290)	132,502)	129,446)	159,493)
Investments in and advances to equity affiliates	1,106)	295)	1,251)	3,533)	7,274)
Operating lease right-of-use assets	22,642)	20,909)	20,905)	21,814)	24,180)
Other assets	19,332)	17,830)	19,601)	19,612)	22,568)
Noncurrent assets	371,466)	363,627)	370,602)	369,745)	491,625)
Total assets	420,198)	394,795)	407,060)	402,853)	551,622)

Based on: 10-K (reporting date: 2025-12-31), 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).

Total assets experienced a significant decrease from 2021 to 2024, followed by a modest increase in 2025. This fluctuation is primarily driven by changes in both current and noncurrent asset categories. A detailed examination of individual asset components reveals notable shifts in the company’s asset allocation over the five-year period.

Current Assets: Current assets demonstrated substantial volatility. A sharp decline occurred between 2021 and 2022, decreasing from US$59,997 million to US$33,108 million. While a partial recovery was observed in 2023, reaching US$36,458 million, this was followed by another decrease in 2024 to US$31,168 million. A significant increase to US$48,732 million occurred in 2025. This pattern is largely influenced by fluctuations in cash and cash equivalents, and prepaid and other current assets. Cash and cash equivalents experienced a dramatic decrease from 2021 to 2022, followed by a recovery and further increase in 2025. Accounts receivable exhibited a consistent downward trend throughout the period, decreasing from US$17,571 million to US$8,843 million. Inventories remained relatively stable, with minor fluctuations.
Noncurrent Assets: Noncurrent assets also showed considerable change. A decrease from US$491,625 million in 2021 to US$369,745 million in 2022 was observed, followed by relative stability in 2023 and a further decrease in 2024 to US$363,627 million. An increase to US$371,466 million occurred in 2025. The most significant component of noncurrent assets, goodwill, experienced a substantial reduction from US$133,223 million in 2021 to US$63,425 million in 2025, indicating potential impairments or strategic divestitures. Property, plant, and equipment, net, showed a gradual increase throughout the period, rising from US$125,904 million to US$131,559 million. Licenses, net, also increased steadily, from US$113,830 million to US$128,148 million. Other intangible assets, net, decreased significantly from 2021 to 2022 and remained relatively flat thereafter. Investments in and advances to equity affiliates experienced a substantial decline, decreasing to US$1,106 million in 2025.
Specific Asset Categories: Noncurrent inventories and theatrical film and television production costs were only reported in 2021, at US$18,983 million. Distribution networks, net, were also only reported in 2021, at US$11,942 million. The absence of these items in subsequent years suggests a potential change in accounting treatment or a discontinuation of these activities. Other assets exhibited a moderate decrease over the period, from US$22,568 million to US$19,332 million.

In summary, the asset composition underwent significant transformation between 2021 and 2025. The reduction in goodwill and the volatility in current assets are particularly noteworthy. The increase in property, plant, and equipment, net, and licenses, net, suggests continued investment in these areas. The fluctuations in cash and cash equivalents require further investigation to understand the underlying drivers.

AT&T Inc. (NYSE:T)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items