Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Debt Ratios
Coverage Ratios
AT&T Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
The analysis of solvency metrics indicates a period of general stability punctuated by a significant volatility event in late 2022 and 2023, followed by a gradual increase in leverage toward the end of the observed period.
- Debt and Capital Leverage
- The debt-to-equity ratio remained relatively range-bound for several years, fluctuating between 1.09 and 1.41, before experiencing a notable increase to 1.49 by September 2026. When accounting for operating lease liabilities, the debt-to-equity ratio exhibited a similar upward trajectory, peaking at 1.67. Debt-to-capital ratios showed high consistency, generally maintaining a corridor between 0.52 and 0.60, though a slight upward trend is visible in the final quarters of the sequence.
- Asset-Based Solvency and Financial Leverage
- Debt-to-asset ratios remained stable, with values excluding lease liabilities moving from 0.36 down to a low of 0.31 in September 2022, before returning to 0.36 by September 2026. Including operating lease liabilities, the ratio peaked at 0.40 at the start and end of the analysis period. Financial leverage mirrors this trend, starting at 3.41 and rising to a peak of 4.18 by September 2026, signaling an increase in the reliance on borrowed funds relative to equity.
- Interest Coverage and Debt Serviceability
- The interest coverage ratio experienced an extreme contraction between December 2022 and September 2023, where it dropped from a peak of 5.27 to a critical low of 0.04. This indicates a period of severe pressure on the ability to meet interest obligations. A robust recovery occurred starting in December 2023, with the ratio stabilizing between 3.10 and 5.20 throughout 2024 and 2025, before moderating to 3.44 in September 2026.
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Debt to Equity
AT&T Inc., debt to equity calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Debt maturing within one year | 9,483) | 9,323) | 6,818) | 9,011) | 11,378) | 9,254) | 8,902) | 5,089) | 2,637) | 5,249) | 7,060) | 9,477) | 11,302) | 15,268) | 13,757) | 7,467) | 9,626) | 6,210) | 27,333) | ||||||
| Long-term debt, excluding maturing within one year | 150,144) | 134,631) | 131,589) | 127,089) | 128,090) | 123,057) | 117,259) | 118,443) | 126,375) | 125,355) | 125,704) | 127,854) | 126,701) | 128,012) | 123,727) | 128,423) | 123,854) | 129,747) | 180,225) | ||||||
| Total debt | 159,627) | 143,954) | 138,407) | 136,100) | 139,468) | 132,311) | 126,161) | 123,532) | 129,012) | 130,604) | 132,764) | 137,331) | 138,003) | 143,280) | 137,484) | 135,890) | 133,480) | 135,957) | 207,558) | ||||||
| Stockholders’ equity attributable to AT&T | 106,775) | 110,444) | 109,660) | 110,533) | 110,708) | 105,272) | 103,744) | 104,372) | 102,351) | 105,310) | 104,540) | 103,297) | 103,703) | 101,903) | 99,396) | 97,500) | 122,406) | 117,746) | 169,036) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 1.49 | 1.30 | 1.26 | 1.23 | 1.26 | 1.26 | 1.22 | 1.18 | 1.26 | 1.24 | 1.27 | 1.33 | 1.33 | 1.41 | 1.38 | 1.39 | 1.09 | 1.15 | 1.23 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||
| T-Mobile US Inc. | — | 1.54 | 1.58 | 1.50 | 1.43 | 1.40 | 1.44 | 1.31 | 1.28 | 1.28 | 1.30 | 1.20 | 1.20 | 1.22 | 1.15 | 1.07 | 1.09 | 1.05 | 1.07 | ||||||
| Verizon Communications Inc. | — | 1.59 | 1.67 | 1.51 | 1.40 | 1.42 | 1.43 | 1.45 | 1.56 | 1.55 | 1.61 | 1.63 | 1.51 | 1.60 | 1.65 | 1.65 | 1.69 | 1.73 | 1.83 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity attributable to AT&T
= 159,627 ÷ 106,775 = 1.49
2 Click competitor name to see calculations.
The solvency profile demonstrates significant volatility in the initial periods followed by a phase of relative stabilization, concluding with a notable increase in leverage toward the end of the observed timeframe. The overall capital structure has shifted from a high-debt position in early 2022 to a more balanced state, before again trending toward higher debt reliance by late 2026.
- Total Debt Dynamics
- A substantial reduction in total debt occurred between March 2022 and June 2022, falling from 207,558 million to 135,957 million. For the subsequent two years, debt levels remained relatively contained, fluctuating primarily between 123,000 million and 143,000 million, reaching a cyclical low of 123,532 million in December 2024. However, a sharp upward trajectory is evident in 2026, with debt increasing to 159,627 million by September 30, 2026.
- Stockholders’ Equity Trends
- Equity attributable to the company experienced a sharp contraction in mid-2022, dropping from 169,036 million to 117,746 million. A further decline occurred through December 2022, where equity reached a low of 97,500 million. From 2023 through mid-2026, equity levels remained largely stable, oscillating within a tight range between 102,000 million and 110,000 million, ending at 106,775 million in September 2026.
- Debt to Equity Ratio Evolution
- The debt to equity ratio exhibited three distinct phases. First, a brief period of deleveraging occurred in 2022, with the ratio hitting a low of 1.09 in September. Second, a period of increased leverage followed, peaking at 1.41 in June 2023. Third, the ratio entered a stabilizing phase, reaching a minimum of 1.18 in December 2024. The most recent data indicates a significant rise in the ratio, climbing steadily from 1.22 in March 2025 to 1.49 in September 2026, indicating an increasing reliance on debt relative to equity.
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Debt to Equity (including Operating Lease Liability)
AT&T Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Debt maturing within one year | 9,483) | 9,323) | 6,818) | 9,011) | 11,378) | 9,254) | 8,902) | 5,089) | 2,637) | 5,249) | 7,060) | 9,477) | 11,302) | 15,268) | 13,757) | 7,467) | 9,626) | 6,210) | 27,333) | ||||||
| Long-term debt, excluding maturing within one year | 150,144) | 134,631) | 131,589) | 127,089) | 128,090) | 123,057) | 117,259) | 118,443) | 126,375) | 125,355) | 125,704) | 127,854) | 126,701) | 128,012) | 123,727) | 128,423) | 123,854) | 129,747) | 180,225) | ||||||
| Total debt | 159,627) | 143,954) | 138,407) | 136,100) | 139,468) | 132,311) | 126,161) | 123,532) | 129,012) | 130,604) | 132,764) | 137,331) | 138,003) | 143,280) | 137,484) | 135,890) | 133,480) | 135,957) | 207,558) | ||||||
| Noncurrent operating lease liabilities | 18,520) | 18,934) | 18,907) | 18,943) | 19,025) | 17,762) | 17,433) | 17,391) | 17,331) | 17,174) | 17,291) | 17,568) | 17,730) | 18,311) | 18,413) | 18,659) | 18,741) | 18,749) | 20,917) | ||||||
| Total debt (including operating lease liability) | 178,147) | 162,888) | 157,314) | 155,043) | 158,493) | 150,073) | 143,594) | 140,923) | 146,343) | 147,778) | 150,055) | 154,899) | 155,733) | 161,591) | 155,897) | 154,549) | 152,221) | 154,706) | 228,475) | ||||||
| Stockholders’ equity attributable to AT&T | 106,775) | 110,444) | 109,660) | 110,533) | 110,708) | 105,272) | 103,744) | 104,372) | 102,351) | 105,310) | 104,540) | 103,297) | 103,703) | 101,903) | 99,396) | 97,500) | 122,406) | 117,746) | 169,036) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 1.67 | 1.47 | 1.43 | 1.40 | 1.43 | 1.43 | 1.38 | 1.35 | 1.43 | 1.40 | 1.44 | 1.50 | 1.50 | 1.59 | 1.57 | 1.59 | 1.24 | 1.31 | 1.35 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| T-Mobile US Inc. | — | 2.06 | 2.11 | 2.01 | 1.93 | 1.87 | 1.92 | 1.79 | 1.75 | 1.76 | 1.80 | 1.69 | 1.70 | 1.71 | 1.64 | 1.55 | 1.57 | 1.54 | 1.56 | ||||||
| Verizon Communications Inc. | — | 1.81 | 1.90 | 1.74 | 1.62 | 1.65 | 1.67 | 1.70 | 1.81 | 1.80 | 1.86 | 1.89 | 1.76 | 1.87 | 1.92 | 1.93 | 1.99 | 2.04 | 2.15 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity attributable to AT&T
= 178,147 ÷ 106,775 = 1.67
2 Click competitor name to see calculations.
The solvency profile exhibits a significant structural shift starting in mid-2022, followed by a period of relative stabilization and a subsequent increase in leverage toward the end of the observed period.
- Total Debt Dynamics
- A substantial reduction in total debt, including operating lease liabilities, occurred between March 2022 and June 2022, where levels fell from 228,475 million to 154,706 million. Following this sharp decline, debt levels remained relatively stable for several years, reaching a low of 140,923 million in December 2024. A gradual increase is observed throughout 2025 and 2026, culminating in a rise to 178,147 million by September 2026.
- Stockholders' Equity Trends
- Equity attributable to the company experienced a notable decline during 2022, dropping from 169,036 million in March to 97,500 million by December. From 2023 through mid-2026, equity levels entered a period of stabilization, generally oscillating between 102,351 million and 110,708 million. The period concludes with a slight contraction to 106,775 million in September 2026.
- Debt to Equity Ratio Analysis
- The debt to equity ratio demonstrates cyclical volatility. After reaching a low of 1.24 in September 2022, the ratio peaked at 1.59 in December 2022 and June 2023. A period of deleveraging followed, with the ratio improving to 1.35 by December 2024. However, a renewed upward trend is evident in 2026, with the ratio climbing to 1.67 by September 2026, marking the highest leverage point across the entire reported timeframe.
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Debt to Capital
AT&T Inc., debt to capital calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Debt maturing within one year | 9,483) | 9,323) | 6,818) | 9,011) | 11,378) | 9,254) | 8,902) | 5,089) | 2,637) | 5,249) | 7,060) | 9,477) | 11,302) | 15,268) | 13,757) | 7,467) | 9,626) | 6,210) | 27,333) | ||||||
| Long-term debt, excluding maturing within one year | 150,144) | 134,631) | 131,589) | 127,089) | 128,090) | 123,057) | 117,259) | 118,443) | 126,375) | 125,355) | 125,704) | 127,854) | 126,701) | 128,012) | 123,727) | 128,423) | 123,854) | 129,747) | 180,225) | ||||||
| Total debt | 159,627) | 143,954) | 138,407) | 136,100) | 139,468) | 132,311) | 126,161) | 123,532) | 129,012) | 130,604) | 132,764) | 137,331) | 138,003) | 143,280) | 137,484) | 135,890) | 133,480) | 135,957) | 207,558) | ||||||
| Stockholders’ equity attributable to AT&T | 106,775) | 110,444) | 109,660) | 110,533) | 110,708) | 105,272) | 103,744) | 104,372) | 102,351) | 105,310) | 104,540) | 103,297) | 103,703) | 101,903) | 99,396) | 97,500) | 122,406) | 117,746) | 169,036) | ||||||
| Total capital | 266,402) | 254,398) | 248,067) | 246,633) | 250,176) | 237,583) | 229,905) | 227,904) | 231,363) | 235,914) | 237,304) | 240,628) | 241,706) | 245,183) | 236,880) | 233,390) | 255,886) | 253,703) | 376,594) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 0.60 | 0.57 | 0.56 | 0.55 | 0.56 | 0.56 | 0.55 | 0.54 | 0.56 | 0.55 | 0.56 | 0.57 | 0.57 | 0.58 | 0.58 | 0.58 | 0.52 | 0.54 | 0.55 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| T-Mobile US Inc. | — | 0.61 | 0.61 | 0.60 | 0.59 | 0.58 | 0.59 | 0.57 | 0.56 | 0.56 | 0.57 | 0.54 | 0.55 | 0.55 | 0.54 | 0.52 | 0.52 | 0.51 | 0.52 | ||||||
| Verizon Communications Inc. | — | 0.61 | 0.63 | 0.60 | 0.58 | 0.59 | 0.59 | 0.59 | 0.61 | 0.61 | 0.62 | 0.62 | 0.60 | 0.62 | 0.62 | 0.62 | 0.63 | 0.63 | 0.65 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 159,627 ÷ 266,402 = 0.60
2 Click competitor name to see calculations.
The solvency profile over the analyzed period is characterized by an initial structural reset followed by a prolonged phase of stability, concluding with a moderate increase in leverage. The debt-to-capital ratio remains within a relatively tight range, fluctuating between 0.52 and 0.60, indicating a consistent approach to capital structure management despite significant changes in absolute values.
- Debt to Capital Ratio Trends
- The ratio opened at 0.55 in March 2022 and reached a period low of 0.52 by September 2022. For the majority of the subsequent three years, the ratio remained stable, oscillating between 0.54 and 0.58. A gradual upward trend emerged in 2026, culminating in a period high of 0.60 by September 2026, suggesting a strategic increase in the proportion of debt relative to total capital.
- Total Debt Analysis
- A significant contraction in total debt occurred between March 2022 and June 2022, where obligations decreased from 207,558 million to 135,957 million. Following this sharp decline, total debt exhibited low volatility, maintaining a floor of 123,532 million in December 2023. However, a notable expansion in debt is observed in the final quarters of the series, with a sharp rise to 159,627 million by September 2026.
- Total Capital Dynamics
- Total capital experienced a sharp reduction mirroring the debt decline in early 2022, falling from 376,594 million to 253,703 million. After reaching a trough of 227,904 million in December 2023, total capital entered a steady growth phase, increasing to 266,402 million by September 2026. The growth in total capital in the final period was outpaced by the growth in total debt, leading to the observed rise in the solvency ratio.
Overall, the data indicates a shift from a high-capital, high-debt state in early 2022 to a leaner structure that remained consistent until 2026. The increase in the debt-to-capital ratio to 0.60 at the end of the period reflects a higher reliance on debt financing to support the expanding capital base.
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Debt to Capital (including Operating Lease Liability)
AT&T Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Debt maturing within one year | 9,483) | 9,323) | 6,818) | 9,011) | 11,378) | 9,254) | 8,902) | 5,089) | 2,637) | 5,249) | 7,060) | 9,477) | 11,302) | 15,268) | 13,757) | 7,467) | 9,626) | 6,210) | 27,333) | ||||||
| Long-term debt, excluding maturing within one year | 150,144) | 134,631) | 131,589) | 127,089) | 128,090) | 123,057) | 117,259) | 118,443) | 126,375) | 125,355) | 125,704) | 127,854) | 126,701) | 128,012) | 123,727) | 128,423) | 123,854) | 129,747) | 180,225) | ||||||
| Total debt | 159,627) | 143,954) | 138,407) | 136,100) | 139,468) | 132,311) | 126,161) | 123,532) | 129,012) | 130,604) | 132,764) | 137,331) | 138,003) | 143,280) | 137,484) | 135,890) | 133,480) | 135,957) | 207,558) | ||||||
| Noncurrent operating lease liabilities | 18,520) | 18,934) | 18,907) | 18,943) | 19,025) | 17,762) | 17,433) | 17,391) | 17,331) | 17,174) | 17,291) | 17,568) | 17,730) | 18,311) | 18,413) | 18,659) | 18,741) | 18,749) | 20,917) | ||||||
| Total debt (including operating lease liability) | 178,147) | 162,888) | 157,314) | 155,043) | 158,493) | 150,073) | 143,594) | 140,923) | 146,343) | 147,778) | 150,055) | 154,899) | 155,733) | 161,591) | 155,897) | 154,549) | 152,221) | 154,706) | 228,475) | ||||||
| Stockholders’ equity attributable to AT&T | 106,775) | 110,444) | 109,660) | 110,533) | 110,708) | 105,272) | 103,744) | 104,372) | 102,351) | 105,310) | 104,540) | 103,297) | 103,703) | 101,903) | 99,396) | 97,500) | 122,406) | 117,746) | 169,036) | ||||||
| Total capital (including operating lease liability) | 284,922) | 273,332) | 266,974) | 265,576) | 269,201) | 255,345) | 247,338) | 245,295) | 248,694) | 253,088) | 254,595) | 258,196) | 259,436) | 263,494) | 255,293) | 252,049) | 274,627) | 272,452) | 397,511) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.63 | 0.60 | 0.59 | 0.58 | 0.59 | 0.59 | 0.58 | 0.57 | 0.59 | 0.58 | 0.59 | 0.60 | 0.60 | 0.61 | 0.61 | 0.61 | 0.55 | 0.57 | 0.57 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| T-Mobile US Inc. | — | 0.67 | 0.68 | 0.67 | 0.66 | 0.65 | 0.66 | 0.64 | 0.64 | 0.64 | 0.64 | 0.63 | 0.63 | 0.63 | 0.62 | 0.61 | 0.61 | 0.61 | 0.61 | ||||||
| Verizon Communications Inc. | — | 0.64 | 0.65 | 0.63 | 0.62 | 0.62 | 0.62 | 0.63 | 0.64 | 0.64 | 0.65 | 0.65 | 0.64 | 0.65 | 0.66 | 0.66 | 0.67 | 0.67 | 0.68 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 178,147 ÷ 284,922 = 0.63
2 Click competitor name to see calculations.
The financial data reveals a significant structural adjustment in the capital base occurring between March 2022 and June 2022, followed by a multi-year period of stabilization and a gradual increase in leverage toward the end of the reporting period. While absolute values for both debt and total capital experienced a sharp contraction in early 2022, the proportional relationship between them remained relatively constant, indicating a synchronized reduction in liabilities and capital.
- Debt to Capital Ratio Trends
- The ratio began at 0.57 in March 2022 and remained stable despite the reduction in absolute values. A moderate increase is observed toward the end of 2022 and early 2023, peaking at 0.61. For the majority of 2023 and 2024, the ratio fluctuated within a narrow corridor between 0.57 and 0.60. A gradual upward trend emerges in the final periods, reaching a peak of 0.63 by September 2026, suggesting a marginal increase in the company's reliance on debt relative to its total capital base.
- Total Debt Analysis
- A substantial decrease in total debt, including operating lease liabilities, is noted between March 2022 ($228,475 million) and June 2022 ($154,706 million). Following this event, debt levels exhibited low volatility, fluctuating between a low of $140,923 million in December 2024 and $162,888 million in June 2026. The final reported quarter shows a notable increase to $178,147 million, marking the highest debt level since the initial contraction in 2022.
- Total Capital Dynamics
- Total capital followed a trajectory similar to that of total debt, dropping from $397,511 million in March 2022 to $272,452 million in June 2022. Capital levels remained largely stagnant for several years, oscillating between $245,295 million and $274,627 million. Toward the end of the period, total capital began a steady ascent, reaching $284,922 million by September 2026.
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Debt to Assets
AT&T Inc., debt to assets calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Debt maturing within one year | 9,483) | 9,323) | 6,818) | 9,011) | 11,378) | 9,254) | 8,902) | 5,089) | 2,637) | 5,249) | 7,060) | 9,477) | 11,302) | 15,268) | 13,757) | 7,467) | 9,626) | 6,210) | 27,333) | ||||||
| Long-term debt, excluding maturing within one year | 150,144) | 134,631) | 131,589) | 127,089) | 128,090) | 123,057) | 117,259) | 118,443) | 126,375) | 125,355) | 125,704) | 127,854) | 126,701) | 128,012) | 123,727) | 128,423) | 123,854) | 129,747) | 180,225) | ||||||
| Total debt | 159,627) | 143,954) | 138,407) | 136,100) | 139,468) | 132,311) | 126,161) | 123,532) | 129,012) | 130,604) | 132,764) | 137,331) | 138,003) | 143,280) | 137,484) | 135,890) | 133,480) | 135,957) | 207,558) | ||||||
| Total assets | 445,871) | 428,359) | 421,188) | 420,198) | 423,213) | 405,491) | 397,467) | 394,795) | 393,719) | 398,026) | 399,428) | 407,060) | 406,698) | 408,453) | 400,873) | 402,853) | 426,463) | 426,433) | 577,195) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 0.36 | 0.34 | 0.33 | 0.32 | 0.33 | 0.33 | 0.32 | 0.31 | 0.33 | 0.33 | 0.33 | 0.34 | 0.34 | 0.35 | 0.34 | 0.34 | 0.31 | 0.32 | 0.36 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| T-Mobile US Inc. | — | 0.41 | 0.41 | 0.40 | 0.40 | 0.40 | 0.41 | 0.39 | 0.39 | 0.38 | 0.39 | 0.37 | 0.37 | 0.38 | 0.37 | 0.35 | 0.36 | 0.35 | 0.36 | ||||||
| Verizon Communications Inc. | — | 0.40 | 0.41 | 0.39 | 0.38 | 0.38 | 0.38 | 0.37 | 0.40 | 0.39 | 0.40 | 0.40 | 0.38 | 0.40 | 0.40 | 0.40 | 0.39 | 0.40 | 0.42 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 159,627 ÷ 445,871 = 0.36
2 Click competitor name to see calculations.
The financial solvency profile exhibits a significant structural adjustment in early 2022, followed by a prolonged period of stability and a subsequent upward trend in both leverage and the asset base through late 2026.
- Total Debt Trajectory
- A substantial reduction in total debt occurred between March 2022 and June 2022, decreasing from 207,558 million US$ to 135,957 million US$. Following this contraction, debt levels remained relatively range-bound between 123,532 million US$ and 143,280 million US$ until December 2024. A gradual increase is observed starting in early 2025, culminating in a peak of 159,627 million US$ by September 2026.
- Total Assets Evolution
- Similar to debt levels, total assets experienced a sharp decline in the second quarter of 2022, falling from 577,195 million US$ to 426,433 million US$. Asset values then stabilized, fluctuating slightly around the 400,000 million US$ mark until March 2025. A consistent growth phase followed, with assets reaching 445,871 million US$ by the end of the analyzed period.
- Debt to Assets Ratio Analysis
- The debt to assets ratio reflects the synchronized movement of total debt and total assets. The ratio decreased from 0.36 in March 2022 to a low of 0.31 in September 2022. For the majority of the period between 2023 and 2024, the ratio remained highly stable, oscillating within a narrow band between 0.31 and 0.35. By September 2026, the ratio returned to 0.36, indicating that the increase in total debt slightly outpaced the growth in total assets during the final phases of the observed period.
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Debt to Assets (including Operating Lease Liability)
AT&T Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Debt maturing within one year | 9,483) | 9,323) | 6,818) | 9,011) | 11,378) | 9,254) | 8,902) | 5,089) | 2,637) | 5,249) | 7,060) | 9,477) | 11,302) | 15,268) | 13,757) | 7,467) | 9,626) | 6,210) | 27,333) | ||||||
| Long-term debt, excluding maturing within one year | 150,144) | 134,631) | 131,589) | 127,089) | 128,090) | 123,057) | 117,259) | 118,443) | 126,375) | 125,355) | 125,704) | 127,854) | 126,701) | 128,012) | 123,727) | 128,423) | 123,854) | 129,747) | 180,225) | ||||||
| Total debt | 159,627) | 143,954) | 138,407) | 136,100) | 139,468) | 132,311) | 126,161) | 123,532) | 129,012) | 130,604) | 132,764) | 137,331) | 138,003) | 143,280) | 137,484) | 135,890) | 133,480) | 135,957) | 207,558) | ||||||
| Noncurrent operating lease liabilities | 18,520) | 18,934) | 18,907) | 18,943) | 19,025) | 17,762) | 17,433) | 17,391) | 17,331) | 17,174) | 17,291) | 17,568) | 17,730) | 18,311) | 18,413) | 18,659) | 18,741) | 18,749) | 20,917) | ||||||
| Total debt (including operating lease liability) | 178,147) | 162,888) | 157,314) | 155,043) | 158,493) | 150,073) | 143,594) | 140,923) | 146,343) | 147,778) | 150,055) | 154,899) | 155,733) | 161,591) | 155,897) | 154,549) | 152,221) | 154,706) | 228,475) | ||||||
| Total assets | 445,871) | 428,359) | 421,188) | 420,198) | 423,213) | 405,491) | 397,467) | 394,795) | 393,719) | 398,026) | 399,428) | 407,060) | 406,698) | 408,453) | 400,873) | 402,853) | 426,463) | 426,433) | 577,195) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.40 | 0.38 | 0.37 | 0.37 | 0.37 | 0.37 | 0.36 | 0.36 | 0.37 | 0.37 | 0.38 | 0.38 | 0.38 | 0.40 | 0.39 | 0.38 | 0.36 | 0.36 | 0.40 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| T-Mobile US Inc. | — | 0.54 | 0.55 | 0.54 | 0.54 | 0.54 | 0.55 | 0.53 | 0.53 | 0.53 | 0.54 | 0.53 | 0.53 | 0.54 | 0.52 | 0.51 | 0.52 | 0.52 | 0.52 | ||||||
| Verizon Communications Inc. | — | 0.46 | 0.47 | 0.45 | 0.44 | 0.44 | 0.44 | 0.44 | 0.46 | 0.46 | 0.46 | 0.46 | 0.45 | 0.47 | 0.47 | 0.46 | 0.46 | 0.47 | 0.49 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 178,147 ÷ 445,871 = 0.40
2 Click competitor name to see calculations.
The solvency profile demonstrates a significant structural reorganization in early 2022, followed by a multi-year period of relative stability and a subsequent gradual increase in both leverage and the asset base through 2026.
- Initial Structural Contraction
- A sharp decline in both total debt and total assets is observed between March 31, 2022, and June 30, 2022. Total assets decreased from 577,195 million to 426,433 million, while total debt dropped from 228,475 million to 154,706 million. This simultaneous reduction shifted the debt-to-assets ratio from 0.40 to 0.36, suggesting a major divestiture or balance sheet restructuring.
- Stability and Leverage Maintenance
- From mid-2022 through December 2024, the debt-to-assets ratio remained remarkably stable, fluctuating within a narrow corridor between 0.36 and 0.40. Total assets hovered near 400,000 million, while total debt was generally maintained between 140,000 million and 161,000 million, reflecting a period of consistent solvency management.
- Recent Expansion Trends
- Starting in 2025, a coordinated increase in both assets and liabilities is evident. Total assets grew from 394,795 million in September 2024 to 445,871 million by September 30, 2026. During the same period, total debt rose from 146,343 million to 178,147 million. This trend resulted in a gradual climb of the debt-to-assets ratio, which returned to 0.40 by the end of the observed period.
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Financial Leverage
AT&T Inc., financial leverage calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Total assets | 445,871) | 428,359) | 421,188) | 420,198) | 423,213) | 405,491) | 397,467) | 394,795) | 393,719) | 398,026) | 399,428) | 407,060) | 406,698) | 408,453) | 400,873) | 402,853) | 426,463) | 426,433) | 577,195) | ||||||
| Stockholders’ equity attributable to AT&T | 106,775) | 110,444) | 109,660) | 110,533) | 110,708) | 105,272) | 103,744) | 104,372) | 102,351) | 105,310) | 104,540) | 103,297) | 103,703) | 101,903) | 99,396) | 97,500) | 122,406) | 117,746) | 169,036) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 4.18 | 3.88 | 3.84 | 3.80 | 3.82 | 3.85 | 3.83 | 3.78 | 3.85 | 3.78 | 3.82 | 3.94 | 3.92 | 4.01 | 4.03 | 4.13 | 3.48 | 3.62 | 3.41 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||
| T-Mobile US Inc. | — | 3.80 | 3.84 | 3.70 | 3.59 | 3.48 | 3.51 | 3.37 | 3.28 | 3.33 | 3.32 | 3.21 | 3.22 | 3.20 | 3.14 | 3.03 | 3.04 | 2.99 | 3.01 | ||||||
| Verizon Communications Inc. | — | 3.95 | 4.04 | 3.87 | 3.70 | 3.72 | 3.78 | 3.88 | 3.96 | 3.94 | 4.03 | 4.11 | 3.94 | 3.99 | 4.07 | 4.17 | 4.29 | 4.30 | 4.37 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity attributable to AT&T
= 445,871 ÷ 106,775 = 4.18
2 Click competitor name to see calculations.
An analysis of the capital structure reveals a significant shift in asset and equity levels beginning in 2022, followed by a period of relative stabilization and a subsequent increase in leverage toward the end of the observed period.
- Asset and Equity Trends
- Total assets experienced a sharp contraction between March 31, 2022, and December 31, 2022, decreasing from 577,195 million US$ to 402,853 million US$. This decline was mirrored by a substantial reduction in stockholders' equity, which fell from 169,036 million US$ in March 2022 to a low of 97,500 million US$ by December 2022. Following this period of volatility, assets remained largely stagnant around the 400,000 million US$ mark until March 2025, after which a growth trend emerged, reaching 445,871 million US$ by September 30, 2026.
- Financial Leverage Trajectory
- The financial leverage ratio exhibited an initial upward trend, peaking at 4.13 in December 2022. This peak coincided with the lowest point of stockholders' equity, indicating an increase in the reliance on debt relative to equity. From March 2023 through December 2025, the ratio entered a phase of stability, fluctuating within a narrow range between 3.78 and 4.03.
- Recent Solvency Developments
- In the final year of the observed period, a divergent trend appeared where total assets increased while stockholders' equity declined slightly to 106,775 million US$ by September 30, 2026. This combination resulted in a sharp increase in the financial leverage ratio, which rose from 3.84 in March 2026 to 4.18 by September 30, 2026, representing the highest leverage level in the analyzed timeframe.
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Interest Coverage
AT&T Inc., interest coverage calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to AT&T | 891) | 4,627) | 3,829) | 3,788) | 9,314) | 4,500) | 4,351) | 4,080) | (174) | 3,597) | 3,445) | 2,188) | 3,495) | 4,489) | 4,228) | (23,517) | 6,026) | 4,157) | 4,810) | ||||||
| Add: Net income attributable to noncontrolling interest | 378) | 383) | 352) | 368) | 363) | 361) | 341) | 328) | 319) | 352) | 306) | 394) | 331) | 273) | 225) | 362) | 373) | 380) | 354) | ||||||
| Less: Income (loss) from discontinued operations, net of tax | (37) | (28) | (38) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | (35) | 53) | (214) | 15) | ||||||
| Add: Income tax expense | 1,390) | 784) | 1,179) | 109) | 976) | 1,237) | 1,299) | 900) | 1,285) | 1,142) | 1,118) | 354) | 1,154) | 1,403) | 1,314) | (77) | 908) | 1,509) | 1,440) | ||||||
| Add: Interest expense | 1,979) | 1,883) | 1,813) | 1,791) | 1,700) | 1,655) | 1,658) | 1,661) | 1,675) | 1,699) | 1,724) | 1,726) | 1,662) | 1,608) | 1,708) | 1,560) | 1,420) | 1,502) | 1,626) | ||||||
| Earnings before interest and tax (EBIT) | 4,675) | 7,705) | 7,211) | 6,056) | 12,353) | 7,753) | 7,649) | 6,969) | 3,105) | 6,790) | 6,593) | 4,662) | 6,642) | 7,773) | 7,475) | (21,637) | 8,674) | 7,762) | 8,215) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Interest coverage1 | 3.44 | 4.64 | 4.80 | 4.97 | 5.20 | 3.83 | 3.66 | 3.47 | 3.10 | 3.62 | 3.82 | 3.96 | 0.04 | 0.36 | 0.37 | 0.49 | 5.27 | 5.20 | 4.53 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||
| T-Mobile US Inc. | — | 4.44 | 4.54 | 4.78 | 5.30 | 5.53 | 5.47 | 5.31 | 4.95 | 4.68 | 4.42 | 4.30 | 4.11 | 3.36 | 2.44 | 1.94 | 1.43 | 1.50 | 1.92 | ||||||
| Verizon Communications Inc. | — | 3.95 | 4.28 | 4.39 | 4.98 | 4.64 | 4.52 | 4.46 | 3.21 | 3.59 | 3.78 | 4.08 | 6.49 | 7.16 | 8.11 | 8.82 | 8.89 | 9.83 | 9.97 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Interest coverage
= (EBITQ3 2026
+ EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025)
÷ (Interest expenseQ3 2026
+ Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025)
= (4,675 + 7,705 + 7,211 + 6,056)
÷ (1,979 + 1,883 + 1,813 + 1,791)
= 3.44
2 Click competitor name to see calculations.
The solvency profile exhibits significant volatility over the analyzed period, characterized by a severe contraction in coverage capacity during 2022 and 2023, followed by a period of stabilization and a subsequent gradual decline toward the end of 2026.
- Earnings Before Interest and Tax (EBIT)
- Operational earnings demonstrate extreme fluctuation, most notably a substantial deficit of 21,637 million USD recorded on December 31, 2022. Following this trough, EBIT recovered to a range between 4,662 million USD and 7,773 million USD throughout 2023 and early 2024. A peak in operational performance occurred on September 30, 2025, reaching 12,353 million USD, before trending downward to 4,675 million USD by September 30, 2026.
- Interest Expense
- The cost of servicing debt remained relatively stable for the first half of the period, fluctuating between 1,420 million USD and 1,726 million USD. However, a consistent upward trend emerged starting in March 2024, with expenses rising steadily from 1,724 million USD to a peak of 1,979 million USD by September 30, 2026, indicating increasing borrowing costs or a higher debt load.
- Interest Coverage Ratio
- The ratio experienced a critical collapse coinciding with the EBIT deficit, falling from a high of 5.27 in September 2022 to a low of 0.04 by September 30, 2023, signaling a period where operational earnings were nearly insufficient to cover interest obligations. A recovery phase began in December 2023, with the ratio climbing back to 3.96 and reaching a secondary peak of 5.20 in September 2025. Most recently, a downward trajectory is observed, with the ratio declining from 5.20 to 3.44 between September 2025 and September 2026, driven by the combination of decreasing EBIT and increasing interest expenses.
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