Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Debt maturing within one year	9,011)	5,089)	9,477)	7,467)	24,630)
Note payable to DIRECTV	—)	—)	—)	130)	1,245)
Accounts payable	29,910)	27,433)	27,309)	31,101)	30,756)
Accrued payroll and commissions	2,002)	2,015)	1,698)	1,605)	3,449)
Current portion of employee benefit obligation	635)	570)	631)	1,173)	1,278)
Current portion of Mobility preferred interests	—)	—)	—)	2,670)	—)
Accrued interest	2,361)	2,020)	2,187)	2,160)	2,463)
Accrued taxes	585)	1,301)	1,022)	798)	1,402)
Other	3,021)	2,318)	3,005)	3,137)	11,313)
Accounts payable and accrued liabilities	38,514)	35,657)	35,852)	42,644)	50,661)
Advanced billings and customer deposits	4,266)	4,099)	3,778)	3,918)	5,303)
Dividends payable	1,989)	2,027)	2,020)	2,014)	3,749)
Current liabilities	53,780)	46,872)	51,127)	56,173)	85,588)
Long-term debt, excluding maturing within one year	127,089)	118,443)	127,854)	128,423)	152,724)
Noncurrent deferred tax liabilities	58,312)	58,939)	58,666)	57,032)	65,226)
Postemployment benefit obligation	8,478)	9,025)	8,734)	7,260)	12,649)
Noncurrent operating lease liabilities	18,943)	17,391)	17,568)	18,659)	21,261)
Other noncurrent liabilities	25,104)	23,900)	23,696)	28,849)	30,223)
Noncurrent portion of note payable to DIRECTV	—)	—)	—)	—)	96)
Deferred credits and other noncurrent liabilities	110,837)	109,255)	108,664)	111,800)	129,455)
Noncurrent liabilities	237,926)	227,698)	236,518)	240,223)	282,179)
Total liabilities	291,706)	274,570)	287,645)	296,396)	367,767)
Redeemable noncontrolling interest	2,001)	1,980)	1,973)	—)	—)
Preferred stock, $1 par value	—)	—)	—)	—)	—)
Common stock, $1 par value	7,621)	7,621)	7,621)	7,621)	7,621)
Additional paid-in capital	106,533)	109,108)	114,519)	123,610)	130,112)
Retained earnings (deficit)	15,768)	1,871)	(5,015)	(19,415)	42,350)
Treasury stock, at cost	(18,529)	(15,023)	(16,128)	(17,082)	(17,280)
Accumulated other comprehensive income (loss)	(860)	795)	2,300)	2,766)	3,529)
Stockholders’ equity attributable to AT&T	110,533)	104,372)	103,297)	97,500)	166,332)
Noncontrolling interest	15,958)	13,873)	14,145)	8,957)	17,523)
Total stockholders’ equity	126,491)	118,245)	117,442)	106,457)	183,855)
Total liabilities and stockholders’ equity	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).

Overall, the liabilities and stockholders’ equity of the company demonstrate significant fluctuations over the five-year period. Total liabilities decreased substantially from 2021 to 2024, then increased in 2025. Stockholders’ equity experienced a more volatile pattern, with a substantial decrease in 2022 followed by recovery and further growth. The composition of both liabilities and equity shifted considerably during this time.

Current Liabilities: Current liabilities exhibited a marked decline from $85.588 billion in 2021 to $46.872 billion in 2024. This reduction was primarily driven by decreases in accounts payable and accrued liabilities, as well as a significant reduction in debt maturing within one year. However, current liabilities increased to $53.780 billion in 2025, largely due to increases in accounts payable and accrued liabilities. Fluctuations in advanced billings and customer deposits were relatively minor.
Long-Term Liabilities: Long-term liabilities also decreased from 2021 to 2024, moving from $282.179 billion to $227.698 billion. The largest component, deferred credits and other noncurrent liabilities, contributed significantly to this decline. Long-term debt, excluding maturing within one year, also decreased over this period. In 2025, long-term liabilities increased to $237.926 billion, primarily due to an increase in long-term debt.
Debt Composition: Debt maturing within one year experienced substantial volatility, decreasing dramatically from $24.630 billion in 2021 to $7.467 billion in 2022, then increasing to $9.477 billion in 2023, decreasing again to $5.089 billion in 2024, and finally increasing to $9.011 billion in 2025. The note payable to DIRECTV was largely resolved by the end of 2022. Long-term debt remained substantial throughout the period, fluctuating between $118.443 billion and $152.724 billion.
Stockholders’ Equity: Stockholders’ equity experienced a significant decrease in 2022, falling from $183.855 billion in 2021 to $106.457 billion. This was largely attributable to a substantial deficit in retained earnings. Retained earnings then began to recover in 2023 and continued to improve through 2025, reaching $15.768 billion. Additional paid-in capital decreased steadily throughout the period. Treasury stock remained relatively stable, with a notable increase in 2025. Accumulated other comprehensive income (loss) fluctuated, ending the period with a loss.
Redeemable Noncontrolling Interest: Redeemable noncontrolling interest was not present in 2021 or 2022, but appeared in 2023 and increased slightly through 2025, reaching $2.001 billion. This suggests a change in the company’s capital structure involving noncontrolling interests.
Total Liabilities and Equity: Total liabilities and stockholders’ equity decreased from $551.622 billion in 2021 to $394.795 billion in 2024, then increased to $420.198 billion in 2025. The decrease from 2021 to 2024 was primarily driven by the reduction in total liabilities, while the increase in 2025 was a result of increases in both liabilities and equity.

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AT&T Inc. (NYSE:T)

Balance Sheet: Liabilities and Stockholders’ Equity