Stock Analysis on Net
Stock Analysis on Net

AT&T Inc. (NYSE:T)

$24.99

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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AT&T Inc., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Income (loss) from continuing operations
Depreciation and amortization
Amortization of film and television costs
Distributed (undistributed) earnings (loss) from investments in equity affiliates
Provision for uncollectible accounts
Asset impairments and abandonments and restructuring
Pension and postretirement benefit expense (credit)
Net (gain) loss on investments
Actuarial and settlement (gain) loss on pension and postretirement benefits, net
Receivables
Equipment installment receivables and related sales
Contract asset and cost deferral
Inventories, prepaid and other current assets
Accounts payable and other accrued liabilities
Deferred customer contract acquisition and fulfillment costs
Changes in operating assets and liabilities
Changes in income taxes
Postretirement claims and contributions
Other, net
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities
Net cash provided by operating activities
Capital expenditures
Acquisitions, net of cash acquired
Dispositions
Distributions from DIRECTV in excess of cumulative equity in earnings
(Purchases), sales and settlements of securities, net
Other, net
Net cash used in investing activities
Net change in short-term borrowings with original maturities of three months or less
Issuance of other short-term borrowings
Repayment of other short-term borrowings
Issuance of long-term debt
Repayment of long-term debt
Note payable to DIRECTV, net of payments
Payment of vendor financing
Redemption of preferred stock
Purchase of treasury stock
Issuance of treasury stock
Issuance of preferred interests in subsidiary
Redemption of preferred interests in subsidiary
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Cash used in operating activities
Cash (used in) provided by investing activities
Cash provided by financing activities
Net increase in cash and cash equivalents and restricted cash from discontinued operations
Net increase (decrease) in cash and cash equivalents and restricted cash

Based on: 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 financial data reveals a period of significant structural transition characterized by volatile net income but relatively stable cash generation from core operations. While net income from continuing operations shows extreme fluctuations, most notably a substantial loss in the fourth quarter of 2022, net cash provided by operating activities remains consistently positive, generally fluctuating between 6.6 billion and 11.9 billion USD per quarter.

Operating Cash Flow and Net Income Divergence
A significant divergence is observed between accounting profit and cash flow. In December 31, 2022, a net loss of 23.1 billion USD was recorded, primarily driven by asset impairments and restructuring charges totaling 26.7 billion USD. Despite this accounting loss, the company generated 10.3 billion USD in operating cash during the same period, illustrating that the loss was largely composed of non-cash charges. Depreciation and amortization remained a steady additive to cash flow, consistently contributing between 4.4 billion and 5.8 billion USD quarterly.
Capital Expenditure and Investment Strategy
Capital expenditures demonstrate a sustained and heavy investment profile, typically ranging from 3.7 billion to 6.8 billion USD per quarter. A peak in spending occurred in late 2024 and late 2025, with expenditures reaching 6.8 billion and 6.7 billion USD respectively. Investing activities were further impacted by large-scale acquisitions in early 2021 and early 2022, contrasted by a significant disposition of assets in September 2021 totaling 8.4 billion USD.
Financing Activities and Debt Management
Financing activities indicate an aggressive deleveraging phase and a restructuring of shareholder returns. A massive repayment of long-term debt occurred in June 2022, totaling 23.4 billion USD. Concurrently, a distinct shift in dividend policy is observable; quarterly dividend payments decreased from approximately 3.7 billion USD in 2021 to a stabilized level of roughly 2.0 billion USD starting in mid-2022. Treasury stock purchases also increased toward the end of the observed period, reaching 2.4 billion USD by March 2026.
Liquidity and Cash Volatility
The net change in cash and cash equivalents exhibits high volatility, reflecting the timing of large debt repayments and asset divestitures. The most significant fluctuations occurred in 2022, with a net increase of 17.3 billion USD in March followed by a decrease of 34.5 billion USD in June. By the end of the period in early 2026, a downward trend in net cash is observed, culminating in a decrease of 6.2 billion USD in March 2026.