Stock Analysis on Net
Stock Analysis on Net

AT&T Inc. (NYSE:T)

$24.99

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.

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AT&T Inc., consolidated cash flow statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Income (loss) from continuing operations
Depreciation and amortization
Amortization of film and television costs
Distributed (undistributed) earnings from investments in equity affiliates
Provision for uncollectible accounts
Deferred income tax expense
Net (gain) loss on investments, net of impairments
Pension and postretirement benefit expense (credit)
Actuarial and settlement (gain) loss on pension and postretirement benefits, net
Asset impairments and abandonments and restructuring
Receivables
Inventories, prepaid and other current assets
Accounts payable and other accrued liabilities
Equipment installment receivables and related sales
Deferred customer contract acquisition and fulfillment costs
Changes in operating assets and liabilities
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 and investments, 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
Issuance of preferred stock
Purchase of treasury stock
Issuance of treasury stock
Issuance of preferred interests in subsidiaries
Redemption of preferred interests in subsidiary
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Cash used in operating activities
Cash 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
Cash and cash equivalents and restricted cash beginning of year
Cash and cash equivalents and restricted cash end of year

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.