Debt to Equity
since 2005
Calculation
AT&T Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Stockholders’ equity attributable to AT&T1 | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 1.23 | = | 136,100) | ÷ | 110,533) |
| Dec 31, 2024 | 1.18 | = | 123,532) | ÷ | 104,372) |
| Dec 31, 2023 | 1.33 | = | 137,331) | ÷ | 103,297) |
| Dec 31, 2022 | 1.39 | = | 135,890) | ÷ | 97,500) |
| Dec 31, 2021 | 1.07 | = | 177,354) | ÷ | 166,332) |
| Dec 31, 2020 | 0.97 | = | 157,245) | ÷ | 161,673) |
| Dec 31, 2019 | 0.89 | = | 163,147) | ÷ | 184,221) |
| Dec 31, 2018 | 0.96 | = | 176,505) | ÷ | 184,089) |
| Dec 31, 2017 | 1.17 | = | 164,346) | ÷ | 140,861) |
| Dec 31, 2016 | 1.00 | = | 123,513) | ÷ | 123,135) |
| Dec 31, 2015 | 1.03 | = | 126,151) | ÷ | 122,671) |
| Dec 31, 2014 | 0.95 | = | 82,067) | ÷ | 86,370) |
| Dec 31, 2013 | 0.82 | = | 74,788) | ÷ | 90,988) |
| Dec 31, 2012 | 0.76 | = | 69,844) | ÷ | 92,362) |
| Dec 31, 2011 | 0.61 | = | 64,753) | ÷ | 105,534) |
| Dec 31, 2010 | 0.59 | = | 66,167) | ÷ | 111,647) |
| Dec 31, 2009 | 0.71 | = | 72,081) | ÷ | 101,900) |
| Dec 31, 2008 | 0.78 | = | 74,991) | ÷ | 96,347) |
| Dec 31, 2007 | 0.56 | = | 64,115) | ÷ | 115,367) |
| Dec 31, 2006 | 0.52 | = | 59,796) | ÷ | 115,540) |
| Dec 31, 2005 | 0.56 | = | 30,570) | ÷ | 54,690) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The debt-to-equity ratio for the period examined demonstrates considerable fluctuation. Initially, the ratio exhibited relative stability, followed by a period of increase, and then a more recent trend towards moderation. A detailed examination of the components and the resulting ratio reveals key observations regarding the company’s financial leverage.
- Overall Trend
- From 2005 to 2025, the debt-to-equity ratio generally increased, although not consistently. The early years (2005-2007) showed relative stability around 0.56. A notable increase began in 2007, peaking in 2017 at 1.17. Since 2017, the ratio has shown some volatility but has generally trended downwards, though remaining elevated compared to the earlier period.
- Debt Evolution
- Total debt increased significantly between 2005 and 2017, rising from US$30.57 billion to US$164.35 billion. This substantial increase in debt contributed significantly to the rising debt-to-equity ratio during this period. Following 2017, debt levels fluctuated, decreasing to US$137.33 billion by 2022 before increasing again to US$136.10 billion in 2023 and US$136.10 billion in 2024. The most recent value in 2025 is US$136.10 billion.
- Equity Evolution
- Stockholders’ equity attributable to the company also increased over much of the period, but at a slower pace than debt. From US$54.69 billion in 2005, equity rose to US$184.22 billion in 2019. However, equity experienced a substantial decrease in 2020 to US$161.67 billion, and continued to fluctuate, reaching US$103.297 billion in 2022. Equity has since shown a moderate recovery, reaching US$110.533 billion in 2025.
- Ratio Peaks and Valleys
- The highest debt-to-equity ratio occurred in 2017 at 1.17, indicating that debt financing exceeded equity financing by 17%. The lowest ratio during the examined period was 0.52 in 2006, suggesting a more balanced capital structure. The ratio in 2025 is 1.23, indicating a significant reliance on debt financing relative to equity.
- Recent Developments
- The period from 2020 to 2025 shows a complex interplay between debt and equity. While debt decreased initially, it has stabilized in recent years. Equity experienced a significant decline in 2020 and has only partially recovered. This combination has resulted in a relatively high and fluctuating debt-to-equity ratio, suggesting increased financial risk compared to the earlier part of the period.
In conclusion, the company’s capital structure has undergone a notable shift over the past two decades, with a growing reliance on debt financing. While recent years have shown some moderation in debt levels, the debt-to-equity ratio remains elevated, warranting continued monitoring.
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Comparison to Competitors
AT&T Inc., debt to equity, long-term trends, comparison to competitors
| AT&T Inc. | T-Mobile US Inc. | Verizon Communications Inc. | |
|---|---|---|---|
| Dec 31, 2025 | 1.23 | 1.50 | 1.51 |
| Dec 31, 2024 | 1.18 | 1.31 | 1.45 |
| Dec 31, 2023 | 1.33 | 1.20 | 1.63 |
| Dec 31, 2022 | 1.39 | 1.07 | 1.65 |
| Dec 31, 2021 | 1.07 | 1.11 | 1.84 |
| Dec 31, 2020 | 0.97 | 1.13 | 1.90 |
| Dec 31, 2019 | 0.89 | 0.95 | 1.82 |
| Dec 31, 2018 | 0.96 | 1.11 | 2.13 |
| Dec 31, 2017 | 1.17 | 1.26 | 2.72 |
| Dec 31, 2016 | 1.00 | 1.52 | 4.80 |
| Dec 31, 2015 | 1.03 | 1.59 | 6.71 |
| Dec 31, 2014 | 0.95 | 1.40 | 9.21 |
| Dec 31, 2013 | 0.82 | 1.42 | 2.41 |
| Dec 31, 2012 | 0.76 | — | 1.57 |
| Dec 31, 2011 | 0.61 | — | 1.53 |
| Dec 31, 2010 | 0.59 | — | 1.37 |
| Dec 31, 2009 | 0.71 | — | 1.50 |
| Dec 31, 2008 | 0.78 | — | 1.25 |
| Dec 31, 2007 | 0.56 | — | 0.62 |
| Dec 31, 2006 | 0.52 | — | 0.75 |
| Dec 31, 2005 | 0.56 | — | 0.98 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Telecommunication Services)
AT&T Inc., debt to equity, long-term trends, comparison to sector (telecommunication services)
| AT&T Inc. | Telecommunication Services | |
|---|---|---|
| Dec 31, 2025 | 1.23 | 1.40 |
| Dec 31, 2024 | 1.18 | 1.31 |
| Dec 31, 2023 | 1.33 | 1.40 |
| Dec 31, 2022 | 1.39 | 1.40 |
| Dec 31, 2021 | 1.07 | 1.28 |
| Dec 31, 2020 | 0.97 | 1.22 |
| Dec 31, 2019 | 0.89 | 1.10 |
| Dec 31, 2018 | 0.96 | 1.21 |
| Dec 31, 2017 | 1.17 | 1.50 |
| Dec 31, 2016 | 1.00 | 1.58 |
| Dec 31, 2015 | 1.03 | 1.69 |
| Dec 31, 2014 | 0.95 | 1.90 |
| Dec 31, 2013 | 0.82 | 1.31 |
| Dec 31, 2012 | 0.76 | 0.97 |
| Dec 31, 2011 | 0.61 | 0.85 |
| Dec 31, 2010 | 0.59 | 0.79 |
| Dec 31, 2009 | 0.71 | 0.94 |
| Dec 31, 2008 | 0.78 | 0.92 |
| Dec 31, 2007 | 0.56 | 0.57 |
| Dec 31, 2006 | 0.52 | 0.59 |
| Dec 31, 2005 | 0.56 | 0.74 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Communication Services)
AT&T Inc., debt to equity, long-term trends, comparison to industry (communication services)
| AT&T Inc. | Communication Services | |
|---|---|---|
| Dec 31, 2025 | 1.23 | 0.56 |
| Dec 31, 2024 | 1.18 | 0.56 |
| Dec 31, 2023 | 1.33 | 0.62 |
| Dec 31, 2022 | 1.39 | 0.65 |
| Dec 31, 2021 | 1.07 | 0.65 |
| Dec 31, 2020 | 0.97 | 0.66 |
| Dec 31, 2019 | 0.89 | 0.62 |
| Dec 31, 2018 | 0.96 | 0.71 |
| Dec 31, 2017 | 1.17 | 0.75 |
| Dec 31, 2016 | 1.00 | 0.75 |
| Dec 31, 2015 | 1.03 | 0.81 |
| Dec 31, 2014 | 0.95 | 0.81 |
| Dec 31, 2013 | 0.82 | 0.75 |
| Dec 31, 2012 | 0.76 | 0.62 |
| Dec 31, 2011 | 0.61 | 0.62 |
| Dec 31, 2010 | 0.59 | 0.60 |
| Dec 31, 2009 | 0.71 | 0.69 |
| Dec 31, 2008 | 0.78 | 0.73 |
| Dec 31, 2007 | 0.56 | 0.54 |
| Dec 31, 2006 | 0.52 | 0.54 |
| Dec 31, 2005 | 0.56 | 0.62 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).