Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

AT&T Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Income (loss) from continuing operations	23,386)	12,253)	15,623)	(6,874)	21,479)
Depreciation and amortization	20,886)	20,580)	18,777)	18,021)	22,862)
Amortization of film and television costs	—)	—)	—)	—)	11,006)
Distributed (undistributed) earnings from investments in equity affiliates	—)	—)	—)	—)	184)
Provision for uncollectible accounts	2,271)	1,969)	1,969)	1,865)	1,240)
Asset impairments and abandonments and restructuring	838)	5,075)	1,193)	27,498)	4,904)
Pension and postretirement benefit expense (credit)	(1,588)	(1,883)	(2,552)	(3,237)	(3,848)
Actuarial and settlement (gain) loss on pension and postretirement benefits, net	519)	56)	1,594)	(1,999)	(4,140)
Net (gain) loss on investments	(5,889)	80)	441)	381)	(927)
Receivables	(1,526)	123)	82)	727)	(634)
Equipment installment receivables and related sales	324)	(1,846)	(133)	154)	(265)
Contract asset and cost deferral	(1,208)	—)	—)	—)	—)
Inventories, prepaid and other current assets	(460)	(383)	(642)	(674)	(16,472)
Accounts payable and other accrued liabilities	884)	(810)	(1,764)	(1,109)	1,636)
Deferred customer contract acquisition and fulfillment costs	—)	497)	1)	(947)	52)
Changes in operating assets and liabilities	(1,986)	(2,419)	(2,456)	(1,849)	(15,683)
Changes in income taxes	2,226)	1,570)	3,037)	2,975)	5,246)
Postretirement claims and contributions	(1,436)	(166)	(735)	(823)	(822)
Other, net	1,057)	1,656)	1,423)	(146)	456)
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities	16,898)	26,518)	22,691)	42,686)	20,478)
Net cash provided by operating activities	40,284)	38,771)	38,314)	35,812)	41,957)
Capital expenditures	(20,842)	(20,263)	(17,853)	(19,626)	(16,527)
Acquisitions, net of cash acquired	(379)	(380)	(2,942)	(10,200)	(25,453)
Dispositions	3,218)	75)	72)	199)	8,740)
Distributions from DIRECTV in excess of cumulative equity in earnings	—)	928)	2,049)	2,649)	1,323)
(Purchases), sales and settlements of securities, net	181)	2,575)	(902)	82)	—)
Other, net	(955)	(425)	(84)	(3)	(172)
Net cash used in investing activities	(18,777)	(17,490)	(19,660)	(26,899)	(32,089)
Net change in short-term borrowings with original maturities of three months or less	—)	—)	(914)	(519)	1,316)
Issuance of other short-term borrowings	—)	491)	5,406)	3,955)	21,856)
Repayment of other short-term borrowings	—)	(2,487)	(3,415)	(18,345)	(7,510)
Issuance of long-term debt	14,027)	19)	10,004)	2,979)	9,931)
Repayment of long-term debt	(5,528)	(10,297)	(12,044)	(25,118)	(3,142)
Note payable to DIRECTV, net of payments	—)	—)	(130)	(1,211)	1,341)
Payment of vendor financing	(1,181)	(1,792)	(5,742)	(4,697)	(4,596)
Redemption of preferred stock	(2,075)	—)	—)	—)	—)
Purchase of treasury stock	(4,500)	(215)	(194)	(890)	(202)
Issuance of treasury stock	21)	15)	3)	28)	96)
Issuance of preferred interests in subsidiaries	2,221)	—)	7,151)	—)	—)
Redemption of preferred interests in subsidiary	(65)	—)	(5,333)	(2,665)	—)
Dividends paid	(8,180)	(8,208)	(8,136)	(9,859)	(15,068)
Other, net	(1,126)	(2,234)	(2,270)	(3,222)	(2,444)
Net cash provided by (used in) financing activities	(6,386)	(24,708)	(15,614)	(59,564)	1,578)
Cash used in operating activities	—)	—)	—)	(3,789)	—)
Cash provided by investing activities	—)	—)	—)	1,094)	—)
Cash provided by financing activities	—)	—)	—)	35,823)	—)
Net increase in cash and cash equivalents and restricted cash from discontinued operations	—)	—)	—)	33,128)	—)
Net increase (decrease) in cash and cash equivalents and restricted cash	15,121)	(3,427)	3,040)	(17,523)	11,446)
Cash and cash equivalents and restricted cash beginning of year	3,406)	6,833)	3,793)	21,316)	9,870)
Cash and cash equivalents and restricted cash end of year	18,527)	3,406)	6,833)	3,793)	21,316)

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).

The company demonstrates fluctuating performance across its cash flow statements from 2021 to 2025. Operating activities generally provide a positive cash flow, though with some variability. Investing activities consistently represent a cash outflow, primarily driven by capital expenditures and acquisitions. Financing activities exhibit significant swings, ranging from positive cash flow in 2021 to substantial negative cash flow in 2022 and 2023, before stabilizing somewhat in later years.

Operating Activities: Net cash provided by operating activities remained relatively stable, ranging from US$35.8 billion to US$41.9 billion over the period. While generally positive, adjustments to reconcile income to net cash flow are substantial, indicating significant non-cash items impacting the reported cash flow. A notable increase in adjustments occurred in 2022, coinciding with a significant loss from continuing operations. Changes in operating assets and liabilities consistently represent a cash outflow, though the magnitude decreased over time.
Investing Activities: Net cash used in investing activities consistently decreased in absolute value from US$32.1 billion in 2021 to US$18.8 billion in 2025. Capital expenditures represent the largest component of cash outflow, remaining consistently high throughout the period, ranging from US$17.8 billion to US$20.9 billion. Acquisitions also contribute significantly to the outflow, particularly in 2021 and 2022, but decrease substantially in subsequent years. Dispositions provide some offsetting cash inflow, peaking in 2025.
Financing Activities: Financing activities demonstrate the most volatility. A positive cash flow of US$1.6 billion in 2021 was followed by a substantial negative cash flow of US$59.6 billion in 2022, largely due to a significant repayment of long-term debt. Negative cash flow continued in 2023 and 2024, though at a reduced magnitude. In 2025, cash flow from financing activities became negative again, driven by purchases of treasury stock and redemption of preferred interests in subsidiaries. Dividend payments consistently represent a significant cash outflow, ranging from US$8.2 billion to US$15.1 billion annually.
Cash Position: The company experienced a net increase in cash and cash equivalents in 2021, 2023, and 2025, but a decrease in 2022 and 2024. The ending cash balance increased from US$9.9 billion in 2021 to US$18.5 billion in 2025, despite the significant fluctuations in cash flow from financing activities. The large decrease in cash in 2022 was partially offset by a substantial net increase from discontinued operations.
Specific Items: Asset impairments and abandonments and restructuring were particularly high in 2022, contributing to the negative income from continuing operations. Pension and postretirement benefit expense consistently represented a credit, reducing the overall expense. The net loss on investments was substantial in 2025, negatively impacting operating cash flow. Changes in deferred customer contract acquisition and fulfillment costs were initially negative, then positive, indicating shifts in revenue recognition practices.

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AT&T Inc. (NYSE:T)

Cash Flow Statement