Selected Financial Data
since 2005
Income Statement
AT&T Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Operating revenues | Operating income (loss) | Net income (loss) attributable to AT&T |
|---|---|---|---|
| Dec 31, 2025 | 125,648) | 24,162) | 21,953) |
| Dec 31, 2024 | 122,336) | 19,049) | 10,948) |
| Dec 31, 2023 | 122,428) | 23,461) | 14,400) |
| Dec 31, 2022 | 120,741) | (4,587) | (8,524) |
| Dec 31, 2021 | 168,864) | 23,347) | 20,081) |
| Dec 31, 2020 | 171,760) | 6,405) | (5,176) |
| Dec 31, 2019 | 181,193) | 27,955) | 13,903) |
| Dec 31, 2018 | 170,756) | 26,096) | 19,370) |
| Dec 31, 2017 | 160,546) | 20,949) | 29,450) |
| Dec 31, 2016 | 163,786) | 24,347) | 12,976) |
| Dec 31, 2015 | 146,801) | 24,785) | 13,345) |
| Dec 31, 2014 | 132,447) | 11,746) | 6,224) |
| Dec 31, 2013 | 128,752) | 30,479) | 18,249) |
| Dec 31, 2012 | 127,434) | 12,997) | 7,264) |
| Dec 31, 2011 | 126,723) | 9,218) | 3,944) |
| Dec 31, 2010 | 124,280) | 19,573) | 19,864) |
| Dec 31, 2009 | 123,018) | 21,492) | 12,535) |
| Dec 31, 2008 | 124,028) | 23,063) | 12,867) |
| Dec 31, 2007 | 118,928) | 20,404) | 11,951) |
| Dec 31, 2006 | 63,055) | 10,288) | 7,356) |
| Dec 31, 2005 | 43,862) | 6,168) | 4,786) |
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).
Operating revenues exhibited substantial growth from 2005 to 2019, although with some fluctuation. Beginning at US$43.862 billion in 2005, revenues increased significantly, peaking at US$181.193 billion in 2019. A marked decline occurred in 2020, falling to US$171.760 billion, followed by a more dramatic decrease to US$120.741 billion in 2022. Revenues showed a slight recovery in 2023 and 2024, reaching US$125.648 billion. Operating income mirrored this general trend, experiencing growth until 2019, a decline in 2020, and then significant volatility. Net income attributable to AT&T also followed a similar pattern, with a notable loss reported in 2020 and 2022.
- Revenue Growth
- From 2005 to 2019, operating revenues demonstrated a generally positive trajectory, indicating expansion of the business. The period between 2015 and 2019 saw particularly strong revenue generation. However, the substantial revenue decrease beginning in 2020 suggests a significant shift in the company’s performance, potentially due to market changes, divestitures, or other strategic decisions. The modest recovery in 2023 and 2024 indicates a potential stabilization, but revenues remain well below peak levels.
- Profitability Trends
- Operating income experienced considerable fluctuation. While generally increasing from 2005 to 2008, it remained relatively stable through 2010 before declining sharply in 2011. A recovery followed, peaking in 2019, but a significant loss was recorded in 2022. Net income attributable to AT&T exhibited similar volatility, with a substantial loss in 2020 and 2022. The divergence between revenue and net income trends, particularly in the later years, suggests changes in cost structures or other factors impacting profitability.
- Recent Performance (2020-2025)
- The period from 2020 to 2025 is characterized by instability. Both operating revenues and operating income experienced substantial declines in 2020, with net income reporting a loss. While there was some recovery in 2021 and 2023, 2022 saw a significant net loss. The most recent figures for 2024 and 2025 suggest a potential stabilization of revenues, with operating income also showing improvement, but overall performance remains below the levels observed prior to 2020.
The data indicates a period of strong growth followed by a period of significant disruption and volatility. Further investigation would be required to determine the underlying causes of these shifts, including potential impacts from industry competition, technological changes, and strategic business decisions.
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Balance Sheet: Assets
AT&T Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2025 | 48,732) | 420,198) |
| Dec 31, 2024 | 31,168) | 394,795) |
| Dec 31, 2023 | 36,458) | 407,060) |
| Dec 31, 2022 | 33,108) | 402,853) |
| Dec 31, 2021 | 59,997) | 551,622) |
| Dec 31, 2020 | 52,008) | 525,761) |
| Dec 31, 2019 | 54,761) | 551,669) |
| Dec 31, 2018 | 51,427) | 531,864) |
| Dec 31, 2017 | 79,146) | 444,097) |
| Dec 31, 2016 | 38,369) | 403,821) |
| Dec 31, 2015 | 35,992) | 402,672) |
| Dec 31, 2014 | 32,028) | 292,829) |
| Dec 31, 2013 | 23,196) | 277,787) |
| Dec 31, 2012 | 22,706) | 272,315) |
| Dec 31, 2011 | 23,027) | 270,344) |
| Dec 31, 2010 | 19,951) | 268,488) |
| Dec 31, 2009 | 24,334) | 268,752) |
| Dec 31, 2008 | 22,556) | 265,245) |
| Dec 31, 2007 | 24,686) | 275,644) |
| Dec 31, 2006 | 25,553) | 270,634) |
| Dec 31, 2005 | 14,654) | 145,632) |
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).
Over the period examined, both current assets and total assets exhibited significant fluctuations. Initial growth was followed by periods of relative stability and then substantial increases, particularly in more recent years. A detailed examination of these trends reveals key insights into the company’s asset structure.
- Current Assets
- Current assets demonstrated a considerable increase from 2005 to 2006, rising from US$14,654 million to US$25,553 million. Following this peak, values fluctuated between approximately US$22,556 million and US$35,992 million for several years. A dramatic surge occurred between 2016 and 2017, increasing from US$38,369 million to US$79,146 million. This was followed by a substantial decrease in 2018 to US$51,427 million, and continued fluctuation through 2025, ending at US$48,732 million. The volatility suggests potential shifts in short-term liquidity management or significant changes in working capital requirements.
- Total Assets
- Total assets mirrored the general trend of current assets, with a substantial increase from US$145,632 million in 2005 to US$270,634 million in 2006. Assets remained relatively stable between approximately US$265 billion and US$278 billion from 2008 through 2013. A significant expansion occurred from 2014 to 2017, reaching US$444,097 million. The largest peak in total assets was observed in 2018 at US$531,864 million. A subsequent decline was noted in 2020, falling to US$525,761 million, followed by a considerable decrease to US$402,853 million in 2021. Assets then experienced a modest recovery, reaching US$420,198 million by 2025. This pattern may indicate strategic acquisitions, divestitures, or revaluation of assets.
- Relationship between Current and Total Assets
- The proportion of current assets to total assets varied over the period. Initially, current assets represented approximately 10% of total assets in 2005. This percentage increased to around 14% in 2006. Throughout much of the period, current assets generally comprised between 8% and 14% of total assets. However, the large increase in current assets in 2017 resulted in a temporary increase to approximately 18% of total assets. The subsequent decrease in current assets in 2018 and 2021 brought this proportion back down to around 9-11%. This suggests a changing reliance on liquid assets relative to the overall asset base.
The observed trends suggest a dynamic asset management strategy, potentially influenced by mergers, acquisitions, and evolving business operations. The significant fluctuations warrant further investigation to understand the underlying drivers and their implications for the company’s financial health.
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Balance Sheet: Liabilities and Stockholders’ Equity
AT&T Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt | Stockholders’ equity attributable to AT&T | |
|---|---|---|---|
| Dec 31, 2025 | 53,780) | 136,100) | 110,533) |
| Dec 31, 2024 | 46,872) | 123,532) | 104,372) |
| Dec 31, 2023 | 51,127) | 137,331) | 103,297) |
| Dec 31, 2022 | 56,173) | 135,890) | 97,500) |
| Dec 31, 2021 | 85,588) | 177,354) | 166,332) |
| Dec 31, 2020 | 63,438) | 157,245) | 161,673) |
| Dec 31, 2019 | 68,911) | 163,147) | 184,221) |
| Dec 31, 2018 | 64,420) | 176,505) | 184,089) |
| Dec 31, 2017 | 81,389) | 164,346) | 140,861) |
| Dec 31, 2016 | 50,576) | 123,513) | 123,135) |
| Dec 31, 2015 | 47,816) | 126,151) | 122,671) |
| Dec 31, 2014 | 37,282) | 82,067) | 86,370) |
| Dec 31, 2013 | 34,995) | 74,788) | 90,988) |
| Dec 31, 2012 | 31,787) | 69,844) | 92,362) |
| Dec 31, 2011 | 30,794) | 64,753) | 105,534) |
| Dec 31, 2010 | 33,951) | 66,167) | 111,647) |
| Dec 31, 2009 | 36,705) | 72,081) | 101,900) |
| Dec 31, 2008 | 42,290) | 74,991) | 96,347) |
| Dec 31, 2007 | 39,274) | 64,115) | 115,367) |
| Dec 31, 2006 | 40,482) | 59,796) | 115,540) |
| Dec 31, 2005 | 25,418) | 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).
An examination of the balance sheet items reveals significant fluctuations in current liabilities, total debt, and stockholders’ equity over the period from 2005 to 2025. These changes suggest evolving financial strategies and potential shifts in the company’s capital structure.
- Current Liabilities
- Current liabilities demonstrated a substantial increase from 2005 to 2006, nearly doubling from US$25.4 billion to US$40.5 billion. Following this peak, they generally decreased through 2011, reaching US$30.8 billion. A period of relative stability followed through 2013, before increasing again to US$47.8 billion by 2015. A sharp and dramatic increase occurred between 2016 and 2017, rising to US$81.4 billion. Subsequently, current liabilities decreased to US$56.2 billion in 2022, before declining further to US$46.9 billion in 2025. This pattern suggests potential changes in short-term financing practices and working capital management.
- Total Debt
- Total debt exhibited a consistent upward trend from 2005 to 2008, increasing from US$30.6 billion to US$75.0 billion. While it decreased slightly in 2009, it continued to rise through 2015, peaking at US$126.2 billion. A modest decrease followed in 2016, but debt levels surged again in 2017 and 2018, reaching US$164.3 billion and US$176.5 billion respectively. From 2019, total debt began a downward trajectory, falling to US$135.9 billion by 2022. The most recent figures show a slight increase to US$136.1 billion in 2025. The significant increases in debt, particularly between 2015 and 2018, warrant further investigation into potential acquisitions or large-scale investments.
- Stockholders’ Equity
- Stockholders’ equity attributable to AT&T experienced substantial growth from 2005 to 2006, increasing from US$54.7 billion to US$115.5 billion. It remained relatively stable through 2009, with some fluctuation. A subsequent increase occurred between 2010 and 2018, peaking at US$184.1 billion in both 2018 and 2019. A significant decline was observed in 2020, falling to US$161.7 billion, and continued through 2022, reaching US$97.5 billion. Equity levels recovered somewhat in the following years, reaching US$110.5 billion by 2025. This pattern suggests potential impacts from share repurchases, dividend payments, or changes in retained earnings.
The interplay between these three balance sheet items indicates a dynamic financial landscape. The increases in debt, coupled with fluctuations in equity, suggest the company has actively managed its capital structure through borrowing and shareholder distributions. The volatility in current liabilities highlights potential shifts in short-term financial strategies. Further analysis, incorporating income statement and cash flow statement information, would be necessary to fully understand the drivers behind these trends.
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Cash Flow Statement
AT&T Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2025 | 40,284) | (18,777) | (6,386) |
| Dec 31, 2024 | 38,771) | (17,490) | (24,708) |
| Dec 31, 2023 | 38,314) | (19,660) | (15,614) |
| Dec 31, 2022 | 35,812) | (26,899) | (59,564) |
| Dec 31, 2021 | 41,957) | (32,089) | 1,578) |
| Dec 31, 2020 | 43,130) | (13,548) | (32,007) |
| Dec 31, 2019 | 48,668) | (16,690) | (25,083) |
| Dec 31, 2018 | 43,602) | (63,145) | (25,989) |
| Dec 31, 2017 | 39,151) | (20,371) | 25,930) |
| Dec 31, 2016 | 39,344) | (24,215) | (14,462) |
| Dec 31, 2015 | 35,880) | (49,144) | 9,782) |
| Dec 31, 2014 | 31,338) | (18,337) | (7,737) |
| Dec 31, 2013 | 34,796) | (23,124) | (13,201) |
| Dec 31, 2012 | 39,176) | (19,680) | (17,673) |
| Dec 31, 2011 | 34,648) | (21,250) | (11,650) |
| Dec 31, 2010 | 34,993) | (21,449) | (15,848) |
| Dec 31, 2009 | 34,445) | (17,925) | (14,510) |
| Dec 31, 2008 | 33,656) | (29,143) | (4,691) |
| Dec 31, 2007 | 34,072) | (18,506) | (16,014) |
| Dec 31, 2006 | 15,615) | (8,293) | (6,128) |
| Dec 31, 2005 | 12,974) | (974) | (11,226) |
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).
Over the period examined, the company demonstrates fluctuating cash flow patterns across operating, investing, and financing activities. A general trend of increasing operating cash flow is apparent, though not consistently maintained. Investing activities consistently represent cash outflows, with significant variation in magnitude. Financing activities exhibit the most volatility, shifting between net cash inflows and outflows throughout the timeframe.
- Operating Activities
- Net cash provided by operating activities generally increased from 2005 to 2019, peaking at US$48,668 million. A subsequent decline is observed in 2020, followed by further decreases in 2021 and 2022. A modest recovery occurs in 2023, and continues into 2025, reaching US$40,284 million. While fluctuations exist, the overall trend suggests a strengthening of core business cash generation, punctuated by periods of reduced performance.
- Investing Activities
- Net cash used in investing activities consistently represents a drain on cash reserves. The magnitude of these outflows varies considerably. Significant increases in cash used for investing are noted between 2006 and 2008, and again in 2014, reaching a peak of US$49,144 million. A substantial outflow is also observed in 2018 at US$63,145 million. The period from 2021 to 2025 shows a relative stabilization, though still representing significant cash outflows, ranging from US$17,490 to US$32,089 million. This pattern suggests ongoing investment in assets, potentially including acquisitions or capital expenditures.
- Financing Activities
- Net cash flow from financing activities is highly variable. From 2005 to 2010, the company generally experienced net cash outflows from financing. A notable inflow occurred in 2015, reaching US$9,782 million, followed by a return to outflows. 2017 shows a large inflow of US$25,930 million, but this is followed by substantial outflows in 2018 and 2019. The largest outflow occurs in 2022, at US$59,564 million. This volatility likely reflects changes in debt levels, equity issuance or repurchase, and dividend payments. The pattern suggests active management of the company’s capital structure.
The interplay between these three activities reveals a complex financial picture. Periods of strong operating cash flow are often offset by significant investments, and financing activities are used to manage the resulting cash imbalances. The increasing volatility in financing activities in the later years of the period suggests a more dynamic approach to capital management, potentially in response to changing market conditions or strategic initiatives.
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Per Share Data
AT&T Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2025 | 3.04 | 3.04 | 1.11 |
| Dec 31, 2024 | 1.49 | 1.49 | 1.11 |
| Dec 31, 2023 | 1.97 | 1.97 | 1.11 |
| Dec 31, 2022 | -1.13 | -1.13 | 1.11 |
| Dec 31, 2021 | 2.77 | 2.76 | 2.08 |
| Dec 31, 2020 | -0.75 | -0.75 | 2.08 |
| Dec 31, 2019 | 1.90 | 1.89 | 2.05 |
| Dec 31, 2018 | 2.85 | 2.85 | 2.01 |
| Dec 31, 2017 | 4.77 | 4.76 | 1.97 |
| Dec 31, 2016 | 2.10 | 2.10 | 1.93 |
| Dec 31, 2015 | 2.37 | 2.37 | 1.89 |
| Dec 31, 2014 | 1.19 | 1.19 | 1.85 |
| Dec 31, 2013 | 3.39 | 3.39 | 1.81 |
| Dec 31, 2012 | 1.25 | 1.25 | 1.77 |
| Dec 31, 2011 | 0.66 | 0.66 | 1.73 |
| Dec 31, 2010 | 3.36 | 3.35 | 1.69 |
| Dec 31, 2009 | 2.12 | 2.12 | 1.65 |
| Dec 31, 2008 | 2.17 | 2.16 | 1.61 |
| Dec 31, 2007 | 1.95 | 1.94 | 1.47 |
| Dec 31, 2006 | 1.89 | 1.89 | 1.35 |
| Dec 31, 2005 | 1.42 | 1.42 | 1.30 |
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, 2, 3 Data adjusted for splits and stock dividends.
The per share information reveals distinct trends in earnings and dividends over the period examined. Basic and diluted earnings per share demonstrate considerable fluctuation, while the dividend per share exhibits a more consistent, though ultimately altered, pattern.
- Earnings Per Share (EPS)
- From 2005 to 2008, both basic and diluted EPS generally increased, moving from $1.42 to $2.17 and $2.16 respectively. A subsequent decline occurred in 2009, followed by a significant surge in 2010 to $3.36 and $3.35. The years 2011 and 2012 saw a substantial decrease in EPS, reaching $0.66 and $1.25. A recovery was observed in 2013, with EPS reaching $3.39, but this was followed by volatility. EPS decreased in 2014, increased in 2015 and 2017, then decreased again in 2018 and 2019. A notable negative EPS value was recorded in 2020 at -$0.75. EPS recovered in 2021 to $2.77, but then decreased again in 2022 to -$1.13. The final three years show a positive trend, with EPS reaching $3.04 in 2025.
- Dividend Per Share
- Dividend per share consistently increased from $1.30 in 2005 to $2.08 in 2020, demonstrating a commitment to returning value to shareholders through regular dividend payments. However, a significant reduction in the dividend occurred in 2022, falling to $1.11 and remaining at that level through 2025. This represents a substantial shift in dividend policy.
The divergence between EPS and dividend per share is particularly noteworthy. While EPS experienced considerable volatility, the dividend maintained a steady upward trajectory for fifteen years before a sharp decrease. This suggests a potential decoupling of dividend payments from current earnings, possibly indicating a strategic decision to prioritize financial flexibility or other investment opportunities, or a response to declining profitability.
The negative EPS values in 2020 and 2022 are significant and warrant further investigation to understand the underlying causes. The subsequent recovery in EPS in 2021 and 2023-2025 suggests a potential turnaround, but the sustained lower dividend level indicates a cautious approach to future shareholder payouts.
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