Return on Equity (ROE)
since 2005
Calculation
AT&T Inc., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income (loss) attributable to AT&T1 | ÷ | Stockholders’ equity attributable to AT&T1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 19.86% | = | 100 | × | 21,953) | ÷ | 110,533) |
| Dec 31, 2024 | 10.49% | = | 100 | × | 10,948) | ÷ | 104,372) |
| Dec 31, 2023 | 13.94% | = | 100 | × | 14,400) | ÷ | 103,297) |
| Dec 31, 2022 | -8.74% | = | 100 | × | (8,524) | ÷ | 97,500) |
| Dec 31, 2021 | 12.07% | = | 100 | × | 20,081) | ÷ | 166,332) |
| Dec 31, 2020 | -3.20% | = | 100 | × | (5,176) | ÷ | 161,673) |
| Dec 31, 2019 | 7.55% | = | 100 | × | 13,903) | ÷ | 184,221) |
| Dec 31, 2018 | 10.52% | = | 100 | × | 19,370) | ÷ | 184,089) |
| Dec 31, 2017 | 20.91% | = | 100 | × | 29,450) | ÷ | 140,861) |
| Dec 31, 2016 | 10.54% | = | 100 | × | 12,976) | ÷ | 123,135) |
| Dec 31, 2015 | 10.88% | = | 100 | × | 13,345) | ÷ | 122,671) |
| Dec 31, 2014 | 7.21% | = | 100 | × | 6,224) | ÷ | 86,370) |
| Dec 31, 2013 | 20.06% | = | 100 | × | 18,249) | ÷ | 90,988) |
| Dec 31, 2012 | 7.86% | = | 100 | × | 7,264) | ÷ | 92,362) |
| Dec 31, 2011 | 3.74% | = | 100 | × | 3,944) | ÷ | 105,534) |
| Dec 31, 2010 | 17.79% | = | 100 | × | 19,864) | ÷ | 111,647) |
| Dec 31, 2009 | 12.30% | = | 100 | × | 12,535) | ÷ | 101,900) |
| Dec 31, 2008 | 13.35% | = | 100 | × | 12,867) | ÷ | 96,347) |
| Dec 31, 2007 | 10.36% | = | 100 | × | 11,951) | ÷ | 115,367) |
| Dec 31, 2006 | 6.37% | = | 100 | × | 7,356) | ÷ | 115,540) |
| Dec 31, 2005 | 8.75% | = | 100 | × | 4,786) | ÷ | 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
Return on Equity (ROE) for the analyzed period demonstrates considerable fluctuation. Initially, ROE exhibited a moderate level, followed by periods of significant increase and subsequent decline. A general observation is that ROE is sensitive to changes in both net income and stockholders’ equity.
- Initial Period (2005-2009)
- From 2005 to 2009, ROE generally increased, starting at 8.75% and peaking at 17.79% in 2010. This rise coincided with substantial growth in net income and stockholders’ equity. The period between 2006 and 2007 saw a significant jump in stockholders’ equity, contributing to the initial ROE increase. Net income continued to grow through 2009, further bolstering ROE.
- Volatility and Decline (2010-2014)
- Following the peak in 2010, ROE experienced a sharp decline to 3.74% in 2011. This was primarily driven by a substantial decrease in net income, while stockholders’ equity remained relatively stable. ROE recovered somewhat between 2011 and 2013, reaching a high of 20.06% in 2013, fueled by a significant increase in net income. However, ROE then decreased again in 2014, aligning with a reduction in net income.
- Continued Fluctuations (2015-2019)
- The period from 2015 to 2019 showed continued volatility. ROE fluctuated between 7.55% and 20.91%. A notable peak occurred in 2017, driven by a large increase in net income. Stockholders’ equity also increased considerably during this period, particularly in 2018, contributing to the overall ROE levels. However, net income began to decline towards the end of this period.
- Recent Performance (2020-2025)
- The most recent years demonstrate significant instability. ROE turned negative in 2020 (-3.20%) due to a substantial net loss, despite a relatively stable level of stockholders’ equity. A recovery occurred in 2021, with ROE reaching 12.07%, driven by a return to positive net income. However, ROE again became negative in 2022 (-8.74%) due to a large net loss, coupled with a decrease in stockholders’ equity. The final three years show a recovery, with ROE reaching 19.86% in 2025, driven by a substantial increase in net income and a moderate increase in stockholders’ equity.
In summary, the ROE demonstrates a pattern of significant swings, closely tied to the company’s net income performance. While stockholders’ equity generally increased over the period, its impact on ROE was often secondary to the fluctuations in profitability. The recent period highlights the sensitivity of ROE to net losses and the importance of maintaining consistent profitability.
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Comparison to Competitors
AT&T Inc., ROE, long-term trends, comparison to competitors
| AT&T Inc. | T-Mobile US Inc. | Verizon Communications Inc. | |
|---|---|---|---|
| Dec 31, 2025 | 19.86% | 18.57% | 16.44% |
| Dec 31, 2024 | 10.49% | 18.37% | 17.64% |
| Dec 31, 2023 | 13.94% | 12.85% | 12.57% |
| Dec 31, 2022 | -8.74% | 3.72% | 23.32% |
| Dec 31, 2021 | 12.07% | 4.38% | 26.98% |
| Dec 31, 2020 | -3.20% | 4.69% | 26.24% |
| Dec 31, 2019 | 7.55% | 12.05% | 31.38% |
| Dec 31, 2018 | 10.52% | 11.68% | 29.22% |
| Dec 31, 2017 | 20.91% | 20.11% | 69.85% |
| Dec 31, 2016 | 10.54% | 8.01% | 58.28% |
| Dec 31, 2015 | 10.88% | 4.43% | 108.83% |
| Dec 31, 2014 | 7.21% | 1.58% | 78.26% |
| Dec 31, 2013 | 20.06% | 0.25% | 29.60% |
| Dec 31, 2012 | 7.86% | — | 2.64% |
| Dec 31, 2011 | 3.74% | — | 6.68% |
| Dec 31, 2010 | 17.79% | — | 6.61% |
| Dec 31, 2009 | 12.30% | — | 8.78% |
| Dec 31, 2008 | 13.35% | — | 15.41% |
| Dec 31, 2007 | 10.36% | — | 10.92% |
| Dec 31, 2006 | 6.37% | — | 12.77% |
| Dec 31, 2005 | 8.75% | — | 18.64% |
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., ROE, long-term trends, comparison to sector (telecommunication services)
| AT&T Inc. | Telecommunication Services | |
|---|---|---|
| Dec 31, 2025 | 19.86% | 18.28% |
| Dec 31, 2024 | 10.49% | 15.00% |
| Dec 31, 2023 | 13.94% | 13.18% |
| Dec 31, 2022 | -8.74% | 5.93% |
| Dec 31, 2021 | 12.07% | 14.24% |
| Dec 31, 2020 | -3.20% | 5.32% |
| Dec 31, 2019 | 7.55% | 13.35% |
| Dec 31, 2018 | 10.52% | 14.42% |
| Dec 31, 2017 | 20.91% | 31.03% |
| Dec 31, 2016 | 10.54% | 16.82% |
| Dec 31, 2015 | 10.88% | 20.53% |
| Dec 31, 2014 | 7.21% | 14.08% |
| Dec 31, 2013 | 20.06% | 20.67% |
| Dec 31, 2012 | 7.86% | 6.48% |
| Dec 31, 2011 | 3.74% | 4.49% |
| Dec 31, 2010 | 17.79% | 14.92% |
| Dec 31, 2009 | 12.30% | 11.28% |
| Dec 31, 2008 | 13.35% | 13.98% |
| Dec 31, 2007 | 10.36% | 10.53% |
| Dec 31, 2006 | 6.37% | 8.26% |
| Dec 31, 2005 | 8.75% | 12.91% |
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., ROE, long-term trends, comparison to industry (communication services)
| AT&T Inc. | Communication Services | |
|---|---|---|
| Dec 31, 2025 | 19.86% | 25.08% |
| Dec 31, 2024 | 10.49% | 23.56% |
| Dec 31, 2023 | 13.94% | 18.91% |
| Dec 31, 2022 | -8.74% | 13.30% |
| Dec 31, 2021 | 12.07% | 20.32% |
| Dec 31, 2020 | -3.20% | 11.52% |
| Dec 31, 2019 | 7.55% | 15.27% |
| Dec 31, 2018 | 10.52% | 17.89% |
| Dec 31, 2017 | 20.91% | 22.84% |
| Dec 31, 2016 | 10.54% | 16.35% |
| Dec 31, 2015 | 10.88% | 16.38% |
| Dec 31, 2014 | 7.21% | 14.00% |
| Dec 31, 2013 | 20.06% | 16.63% |
| Dec 31, 2012 | 7.86% | 10.32% |
| Dec 31, 2011 | 3.74% | 8.87% |
| Dec 31, 2010 | 17.79% | 13.88% |
| Dec 31, 2009 | 12.30% | 11.62% |
| Dec 31, 2008 | 13.35% | 12.77% |
| Dec 31, 2007 | 10.36% | 11.11% |
| Dec 31, 2006 | 6.37% | 8.87% |
| Dec 31, 2005 | 8.75% | 10.06% |
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).