Cash Flow Statement
Quarterly Data
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.
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- Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
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AT&T Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The cash flow profile exhibits a consistent ability to generate significant liquidity from core operations, contrasting with substantial volatility in net income and strategic shifts in financing and investing activities. Net cash provided by operating activities remains robust, generally fluctuating between 6.6 billion and 11.9 billion US dollars per quarter, providing a stable foundation for capital expenditures and debt servicing.
- Operating Performance and Non-Cash Adjustments
- A significant divergence exists between net income from continuing operations and net cash provided by operating activities. This is most evident in the quarter ending December 31, 2022, where a net loss of 23.1 billion US dollars was largely offset by non-cash asset impairments and abandonments totaling 26.7 billion US dollars. Depreciation and amortization expenses remain a consistent positive adjustment to cash flow, typically ranging between 4.4 billion and 5.8 billion US dollars per quarter, reflecting the capital-intensive nature of the business infrastructure.
- Investment Trends and Capital Allocation
- Capital expenditures demonstrate a steady and heavy commitment to infrastructure, with quarterly outflows generally ranging from 3.7 billion to 6.8 billion US dollars. While early periods showed massive cash outflows for acquisitions, specifically 22.9 billion US dollars in March 2021 and 9.2 billion US dollars in March 2022, more recent quarters reflect a transition toward smaller, more targeted investments. A notable spike in dispositions occurred in September 2021, contributing 8.4 billion US dollars to cash flows from investing activities.
- Financing Strategy and Debt Management
- The financing activities reveal a strategic pivot in capital return and debt restructuring. Dividends paid underwent a significant reduction, shifting from approximately 3.7 billion US dollars per quarter in 2021 to a stabilized level of roughly 2.0 billion US dollars per quarter from mid-2022 through 2026. Debt management has been characterized by aggressive repayments, most notably a 23.4 billion US dollar repayment of long-term debt in June 2022, followed by tactical issuances of long-term debt in 2025 and 2026 to manage liquidity and maturity profiles.
- Shareholder Equity and Liquidity Shifts
- Treasury stock purchases have increased in frequency and magnitude in the latter part of the analyzed period, with quarterly outflows rising to over 2.4 billion US dollars by early 2026. The net change in cash and cash equivalents shows high variability, driven primarily by the timing of large-scale debt repayments, the issuance of new securities, and the cyclical nature of operating asset and liability changes.
Overall, the financial trajectory indicates a transition from a phase of aggressive acquisition and high dividend payouts toward a period of disciplined capital expenditure, debt optimization, and a restructured approach to shareholder returns.