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, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Income (loss) from continuing operations	12,253)	15,623)	(6,874)	21,479)	(3,821)
Depreciation and amortization	20,580)	18,777)	18,021)	22,862)	28,516)
Amortization of film and television costs	—)	—)	—)	11,006)	8,603)
Distributed (undistributed) earnings from investments in equity affiliates	—)	—)	—)	184)	38)
Provision for uncollectible accounts	1,969)	1,969)	1,865)	1,240)	1,972)
Deferred income tax expense	1,570)	3,037)	2,975)	5,246)	1,675)
Net (gain) loss on investments, net of impairments	80)	441)	381)	(927)	(742)
Pension and postretirement benefit expense (credit)	(1,883)	(2,552)	(3,237)	(3,848)	(2,992)
Actuarial and settlement (gain) loss on pension and postretirement benefits, net	56)	1,594)	(1,999)	(4,140)	4,169)
Asset impairments and abandonments and restructuring	5,075)	1,193)	27,498)	4,904)	18,880)
Receivables	123)	82)	727)	(634)	2,216)
Inventories, prepaid and other current assets	(383)	(642)	(674)	(16,472)	(13,070)
Accounts payable and other accrued liabilities	(810)	(1,764)	(1,109)	1,636)	(1,410)
Equipment installment receivables and related sales	(1,846)	(133)	154)	(265)	(1,429)
Deferred customer contract acquisition and fulfillment costs	497)	1)	(947)	52)	376)
Changes in operating assets and liabilities	(2,419)	(2,456)	(1,849)	(15,683)	(13,317)
Postretirement claims and contributions	(166)	(735)	(823)	(822)	(985)
Other, net	1,656)	1,423)	(146)	456)	1,134)
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities	26,518)	22,691)	42,686)	20,478)	46,951)
Net cash provided by operating activities	38,771)	38,314)	35,812)	41,957)	43,130)
Capital expenditures	(20,263)	(17,853)	(19,626)	(16,527)	(15,675)
Acquisitions, net of cash acquired	(380)	(2,942)	(10,200)	(25,453)	(1,851)
Dispositions	75)	72)	199)	8,740)	3,641)
Distributions from DIRECTV in excess of cumulative equity in earnings	928)	2,049)	2,649)	1,323)	—)
(Purchases), sales and settlements of securities and investments, net	2,575)	(902)	82)	—)	—)
Other, net	(425)	(84)	(3)	(172)	337)
Net cash used in investing activities	(17,490)	(19,660)	(26,899)	(32,089)	(13,548)
Net change in short-term borrowings with original maturities of three months or less	—)	(914)	(519)	1,316)	(17)
Issuance of other short-term borrowings	491)	5,406)	3,955)	21,856)	9,440)
Repayment of other short-term borrowings	(2,487)	(3,415)	(18,345)	(7,510)	(9,467)
Issuance of long-term debt	19)	10,004)	2,979)	9,931)	31,988)
Repayment of long-term debt	(10,297)	(12,044)	(25,118)	(3,142)	(39,964)
Note payable to DIRECTV, net of payments	—)	(130)	(1,211)	1,341)	—)
Payment of vendor financing	(1,792)	(5,742)	(4,697)	(4,596)	(2,966)
Issuance of preferred stock	—)	—)	—)	—)	3,869)
Purchase of treasury stock	(215)	(194)	(890)	(202)	(5,498)
Issuance of treasury stock	15)	3)	28)	96)	105)
Issuance of preferred interests in subsidiaries	—)	7,151)	—)	—)	1,979)
Redemption of preferred interests in subsidiary	—)	(5,333)	(2,665)	—)	(1,950)
Dividends paid	(8,208)	(8,136)	(9,859)	(15,068)	(14,956)
Other, net	(2,234)	(2,270)	(3,222)	(2,444)	(4,570)
Net cash provided by (used in) financing activities	(24,708)	(15,614)	(59,564)	1,578)	(32,007)
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	(3,427)	3,040)	(17,523)	11,446)	(2,425)
Cash and cash equivalents and restricted cash beginning of year	6,833)	3,793)	21,316)	9,870)	12,295)
Cash and cash equivalents and restricted cash end of year	3,406)	6,833)	3,793)	21,316)	9,870)

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).

Income (loss) from continuing operations: The income from continuing operations showed significant volatility over the periods analyzed. A loss of -$3,821 million was recorded at the end of 2020, followed by a strong positive income of $21,479 million in 2021. This was again followed by a loss of -$6,874 million in 2022, before returning to profitability with $15,623 million in 2023 and a slight decrease to $12,253 million in 2024.
Depreciation and amortization: Depreciation and amortization expenses generally decreased from $28,516 million in 2020 to $18,021 million in 2022, showing a downward trend, with a slight increase occurring in 2023 and 2024, reaching $20,580 million.
Provision for uncollectible accounts: This provision fluctuated over the years, decreasing from $1,972 million in 2020 to $1,240 million in 2021, then increasing again to $1,865 million in 2022 and stabilizing around $1,969 million in both 2023 and 2024, indicating some variability in credit risk management.
Deferred income tax expense: The deferred income tax expense showed a peak at $5,246 million in 2021, then a gradual decline in subsequent years to $1,570 million in 2024, suggesting changes in tax positioning or timing differences influencing the expense.
Net (gain) loss on investments, net of impairments: This category had gains in 2020 and 2021, with values of -$742 million and -$927 million respectively, turning to losses in 2022 and 2023, before a sharp decrease to $80 million in 2024, reflecting fluctuating investment performance.
Pension and postretirement benefit expense (credit): The pension and postretirement benefit expense showed a decreasing credit over the years, moving from -$2,992 million in 2020 to -$1,883 million in 2024, indicating a reduction in recognized benefit credits.
Asset impairments and abandonments and restructuring: Asset impairments and restructuring costs were highly irregular, with a major peak in 2022 at $27,498 million, following a high amount in 2020 of $18,880 million, then dropping considerably to approximately $1,193 million in 2023 and rising again to $5,075 million in 2024. These fluctuations suggest significant one-time charges during certain years.
Changes in operating assets and liabilities: The changes in operating assets and liabilities remained negative throughout the periods, with the largest outflows in 2020 and 2021, -$13,317 million and -$15,683 million respectively, improving substantially to about -$2,419 million in 2024, indicating better management or less working capital disruption in later years.
Net cash provided by operating activities: Operating cash flow remained consistently positive, peaking at $41,957 million in 2021, and reaching $38,771 million in 2024, demonstrating strong operational cash generation despite variability in income figures.
Capital expenditures: Capital spending increased over the years, from $15,675 million in 2020 to over $20,263 million in 2024, indicating sustained investment in assets.
Acquisitions, net of cash acquired: Acquisitions exhibited a pattern of high activity in 2021 with $25,453 million spent, decreasing sharply thereafter, reaching only $380 million in 2024, suggesting a strategic reduction in acquisition activity.
Net cash used in investing activities: Investing cash outflows were significant in all periods, with a peak in 2021 reaching -$32,089 million, then gradually decreasing to -$17,490 million in 2024, consistent with the reduction in acquisition spending.
Net cash provided by (used in) financing activities: Financing activities were variable, with a large cash outflow of -$32,007 million in 2020, a positive inflow in 2021 of $1,578 million, followed by substantial outflows of -$59,564 million in 2022, -$15,614 million in 2023, and -$24,708 million in 2024, reflecting debt repayments, borrowings, and dividend payments.
Dividends paid: Dividend payments were relatively stable at around $8,000 to $15,000 million over the years, with a slight decreasing trend from $14,956 million in 2020 to $8,208 million in 2024, indicating consistent shareholder return policy.
Cash and cash equivalents and restricted cash: The cash position fluctuated considerably, beginning with $12,295 million at the end of 2020, dropping to $3,793 million at the end of 2022, recovering slightly to $6,833 million in 2023, and then declining again to $3,406 million in 2024, indicating variable liquidity levels.

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AT&T Inc. (NYSE:T)

Cash Flow Statement