Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
AT&T Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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 investment activity ratios demonstrate varying trends over the observed period. Generally, the ratios exhibit a degree of stability, with some indicators showing subtle shifts. A consistent downward trend is apparent in the net fixed asset turnover ratio, while total asset turnover remains relatively flat. Equity turnover displays more fluctuation but ultimately stabilizes.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio experienced a consistent decline from 1.22 in March 2022 to 0.95 in December 2022. This downward trajectory plateaued, remaining consistently around 0.95 to 0.96 from March 2023 through December 2024. A slight decrease to 0.96 is observed in the final two periods, March and June 2025. This suggests a decreasing efficiency in generating revenue from fixed assets over time, although the rate of decline has slowed considerably.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This ratio mirrors the trend of the standard net fixed asset turnover, exhibiting a decline from 1.02 in March 2022 to 0.81 from March 2023 through September 2023. It then stabilizes at 0.82 from December 2023 through September 2024, before decreasing slightly to 0.81 in December 2025. The inclusion of operating leases and right-of-use assets appears to amplify the downward trend, indicating a potentially greater impact from lease obligations on asset utilization.
- Total Asset Turnover
- The total asset turnover ratio demonstrates a more stable pattern. It initially increased from 0.27 in March 2022 to 0.33 in June 2022, then fluctuated between 0.30 and 0.31 for the majority of the observed period. A slight decrease to 0.29 is noted in September 2025, followed by a return to 0.30 in December 2025. This suggests a consistent, though modest, level of revenue generation relative to total assets.
- Equity Turnover
- The equity turnover ratio shows the most variability. It increased from 0.91 in March 2022 to 1.24 in December 2022, then decreased to 1.17 by September 2023. The ratio remained relatively stable between 1.16 and 1.19 from March 2024 through June 2025, before decreasing to 1.12 in September 2025 and increasing slightly to 1.14 in December 2025. This indicates fluctuating revenue generation relative to equity, potentially influenced by changes in financing or profitability.
Overall, the observed trends suggest a gradual decrease in the efficiency of fixed asset utilization, coupled with relatively stable total asset and equity turnover. The consistency in the latter ratios may indicate a balanced approach to asset and equity management, despite the declining performance of fixed assets.
AI Ask an analyst for more
Net Fixed Asset Turnover
AT&T Inc., net fixed asset turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||
| Operating revenues | 33,466) | 30,709) | 30,847) | 30,626) | 32,298) | 30,213) | 29,797) | 30,028) | 32,022) | 30,350) | 29,917) | 30,139) | 31,343) | 30,043) | 29,643) | 29,712) | |||||
| Property, plant and equipment, net | 131,559) | 129,922) | 129,094) | 128,453) | 128,871) | 127,964) | 127,772) | 127,851) | 128,489) | 128,496) | 128,783) | 128,458) | 127,445) | 127,045) | 125,135) | 127,159) | |||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Net fixed asset turnover1 | 0.96 | 0.96 | 0.96 | 0.96 | 0.95 | 0.95 | 0.96 | 0.96 | 0.95 | 0.95 | 0.94 | 0.94 | 0.95 | 1.03 | 1.12 | 1.22 | |||||
| Benchmarks | |||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||
| T-Mobile US Inc. | 2.15 | 2.06 | 2.07 | 2.02 | 1.96 | 1.95 | 1.91 | 1.85 | 1.80 | 1.76 | 1.74 | 1.74 | 1.75 | 1.79 | 1.83 | 1.86 | |||||
| Verizon Communications Inc. | 1.26 | 1.27 | 1.27 | 1.25 | 1.24 | 1.25 | 1.24 | 1.24 | 1.24 | 1.25 | 1.26 | 1.27 | 1.27 | 1.32 | 1.33 | 1.35 | |||||
Based on: 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 Q4 2025 Calculation
Net fixed asset turnover
= (Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025)
÷ Property, plant and equipment, net
= (33,466 + 30,709 + 30,847 + 30,626)
÷ 131,559 = 0.96
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits a generally declining trend over the observed period, followed by a period of stabilization. Initially, the ratio decreased from 1.22 in March 2022 to 0.95 by December 2022. This decline suggests a decreasing efficiency in generating revenue from the company’s fixed assets. However, from December 2022 through December 2025, the ratio remained relatively stable, fluctuating between 0.94 and 0.96. This stabilization indicates that the rate of revenue generation from fixed assets has largely plateaued.
- Overall Trend
- The ratio demonstrates an initial decrease followed by a prolonged period of stability. The initial decline could be attributed to several factors, including increased investment in fixed assets without a corresponding increase in revenue, or a slowdown in revenue growth. The subsequent stabilization suggests that the relationship between fixed assets and revenue has reached a new equilibrium.
- Quarterly Fluctuations
- While the overall trend is one of decline and then stabilization, minor quarterly fluctuations are present. For example, a slight increase is observed from March 2023 (0.94) to September 2023 (0.95). These fluctuations are relatively small and do not significantly alter the overall trend. The final reported value in December 2025 is 0.96, representing a slight increase from the preceding quarters, but remains within the stabilized range.
- Recent Performance
- The most recent four quarters (March 2024 – December 2025) show a consistent ratio around 0.96. This consistency suggests that the company’s fixed asset utilization has become predictable and is not experiencing significant changes. The lack of substantial change in the ratio during this period may indicate a mature stage in the company’s asset utilization cycle.
In summary, the net fixed asset turnover ratio indicates an initial period of decreasing efficiency in utilizing fixed assets to generate revenue, followed by a period of sustained stability. The stabilization suggests a consistent, albeit relatively low, level of revenue generation per dollar of fixed assets.
AI Ask an analyst for more
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
AT&T Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| 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) | |||||||||||||||||||||
| Operating revenues | 33,466) | 30,709) | 30,847) | 30,626) | 32,298) | 30,213) | 29,797) | 30,028) | 32,022) | 30,350) | 29,917) | 30,139) | 31,343) | 30,043) | 29,643) | 29,712) | |||||
| Property, plant and equipment, net | 131,559) | 129,922) | 129,094) | 128,453) | 128,871) | 127,964) | 127,772) | 127,851) | 128,489) | 128,496) | 128,783) | 128,458) | 127,445) | 127,045) | 125,135) | 127,159) | |||||
| Operating lease right-of-use assets | 22,642) | 22,654) | 21,494) | 21,006) | 20,909) | 20,779) | 20,582) | 20,668) | 20,905) | 21,001) | 21,581) | 21,619) | 21,814) | 21,782) | 21,808) | 23,941) | |||||
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 154,201) | 152,576) | 150,588) | 149,459) | 149,780) | 148,743) | 148,354) | 148,519) | 149,394) | 149,497) | 150,364) | 150,077) | 149,259) | 148,827) | 146,943) | 151,100) | |||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 0.81 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.81 | 0.81 | 0.81 | 0.81 | 0.88 | 0.95 | 1.02 | |||||
| Benchmarks | |||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||
| T-Mobile US Inc. | 1.32 | 1.27 | 1.29 | 1.25 | 1.21 | 1.20 | 1.17 | 1.13 | 1.11 | 1.09 | 1.08 | 1.08 | 1.07 | 1.08 | 1.09 | 1.08 | |||||
| Verizon Communications Inc. | 1.04 | 1.04 | 1.04 | 1.02 | 1.01 | 1.02 | 1.02 | 1.01 | 1.01 | 1.01 | 1.02 | 1.02 | 1.02 | 1.05 | 1.05 | 1.05 | |||||
Based on: 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 Q4 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= (33,466 + 30,709 + 30,847 + 30,626)
÷ 154,201 = 0.81
2 Click competitor name to see calculations.
The net fixed asset turnover ratio, calculated using property, plant, and equipment net of accumulated depreciation (including operating lease and right-of-use assets) and operating revenues, demonstrates a consistent downward trend over the observed period, followed by a period of stabilization and a slight decline.
- Initial Decline (Mar 31, 2022 – Dec 31, 2022)
- The ratio began at 1.02 in March 2022 and experienced a steady decline through the end of the year, reaching 0.81 in December 2022. This indicates that the company generated progressively less revenue for each dollar invested in fixed assets during this timeframe. The decline suggests either decreasing asset utilization or revenue generation efficiency.
- Stabilization (Mar 31, 2023 – Dec 31, 2024)
- From March 2023 through December 2024, the ratio remained remarkably stable, fluctuating between 0.81 and 0.82. This suggests a period where the relationship between revenue and fixed assets remained relatively constant. No significant changes in asset utilization or revenue generation efficiency were apparent during this period.
- Recent Decline (Mar 31, 2025 – Dec 31, 2025)
- A slight decrease to 0.81 was observed in December 2025. While minimal, this represents a resumption of the downward trend initially seen in 2022. Further monitoring is warranted to determine if this represents a temporary fluctuation or the beginning of a more substantial decline.
- Overall Trend
- The overall trend indicates a decreasing efficiency in utilizing fixed assets to generate revenue. While the period from 2023 to 2024 showed stabilization, the most recent quarter suggests a potential return to the declining pattern. The ratio’s movement should be considered in conjunction with other financial metrics and operational factors to gain a comprehensive understanding of the company’s performance.
The consistency of the ratio around 0.82 for an extended period suggests a potential operational equilibrium, but the initial and final declines warrant further investigation into the underlying drivers of asset utilization and revenue generation.
AI Ask an analyst for more
Total Asset Turnover
AT&T Inc., total asset turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||
| Operating revenues | 33,466) | 30,709) | 30,847) | 30,626) | 32,298) | 30,213) | 29,797) | 30,028) | 32,022) | 30,350) | 29,917) | 30,139) | 31,343) | 30,043) | 29,643) | 29,712) | |||||
| Total assets | 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) | |||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Total asset turnover1 | 0.30 | 0.29 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.31 | 0.33 | 0.27 | |||||
| Benchmarks | |||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||
| T-Mobile US Inc. | 0.40 | 0.40 | 0.40 | 0.39 | 0.39 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.37 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | |||||
| Verizon Communications Inc. | 0.34 | 0.35 | 0.36 | 0.36 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.37 | |||||
Based on: 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 Q4 2025 Calculation
Total asset turnover
= (Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025)
÷ Total assets
= (33,466 + 30,709 + 30,847 + 30,626)
÷ 420,198 = 0.30
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a relatively stable pattern over the observed period, ranging from 0.27 to 0.33. Initial values demonstrate a slight increase from 0.27 in March 2022 to 0.33 in June 2022, followed by a period of fluctuation around the 0.30-0.31 mark for the subsequent nine quarters.
- Overall Trend
- The ratio generally remains within a narrow band, indicating consistent efficiency in utilizing assets to generate revenue. There is no clear upward or downward trend over the entire timeframe. The ratio appears to have stabilized around 0.31 for the majority of the period analyzed.
- Short-Term Fluctuations
- A minor peak is observed in June 2022 (0.33), potentially reflecting a seasonal increase in revenue or a temporary reduction in asset levels. A slight dip to 0.29 is noted in September 2025, which warrants further investigation to determine if this represents a developing trend or a one-time occurrence.
- Recent Performance
- The most recent quarters show a slight increase in the ratio, moving from 0.31 in September 2024 to 0.30 in December 2025. This suggests a potential, albeit modest, improvement in asset utilization towards the end of the period. However, the change is minimal and may not be statistically significant.
Considering the operating revenues and total assets, the consistency of the total asset turnover ratio suggests a predictable relationship between sales and asset investment. The lack of substantial variation implies a stable operational model and consistent asset management practices.
AI Ask an analyst for more
Equity Turnover
AT&T Inc., equity turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||
| Operating revenues | 33,466) | 30,709) | 30,847) | 30,626) | 32,298) | 30,213) | 29,797) | 30,028) | 32,022) | 30,350) | 29,917) | 30,139) | 31,343) | 30,043) | 29,643) | 29,712) | |||||
| Stockholders’ equity attributable to AT&T | 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) | |||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Equity turnover1 | 1.14 | 1.12 | 1.18 | 1.18 | 1.17 | 1.19 | 1.16 | 1.17 | 1.19 | 1.17 | 1.19 | 1.22 | 1.24 | 1.06 | 1.19 | 0.91 | |||||
| Benchmarks | |||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||
| T-Mobile US Inc. | 1.49 | 1.42 | 1.38 | 1.35 | 1.32 | 1.25 | 1.26 | 1.26 | 1.21 | 1.21 | 1.20 | 1.18 | 1.14 | 1.14 | 1.15 | 1.15 | |||||
| Verizon Communications Inc. | 1.32 | 1.31 | 1.33 | 1.34 | 1.36 | 1.39 | 1.40 | 1.42 | 1.45 | 1.37 | 1.42 | 1.47 | 1.50 | 1.55 | 1.56 | 1.60 | |||||
Based on: 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 Q4 2025 Calculation
Equity turnover
= (Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025)
÷ Stockholders’ equity attributable to AT&T
= (33,466 + 30,709 + 30,847 + 30,626)
÷ 110,533 = 1.14
2 Click competitor name to see calculations.
The equity turnover ratio for the analyzed period demonstrates relative stability with some fluctuation. Generally, the ratio indicates how effectively the company generates revenue from its stockholders’ equity. Observed values range from 0.91 to 1.24 over the course of the twelve quarters.
- Overall Trend
- The equity turnover ratio exhibits a generally consistent pattern, fluctuating within a narrow band. There isn’t a pronounced upward or downward trend across the entire period. The ratio appears to oscillate between approximately 1.12 and 1.22 for the majority of the observed quarters.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The ratio begins at 0.91 and increases through the end of 2022, reaching a peak of 1.24. This initial increase suggests improving efficiency in generating revenue relative to equity during this timeframe. The largest increase occurred between March and December 2022.
- Subsequent Stability (Mar 31, 2023 – Dec 31, 2024)
- Following the peak in December 2022, the ratio stabilizes, remaining between 1.16 and 1.22. This indicates a sustained level of revenue generation relative to equity. The fluctuations within this period are minimal.
- Recent Period (Mar 31, 2025 – Dec 31, 2025)
- A slight decrease is observed in the ratio, falling to 1.12 in September 2025 before recovering slightly to 1.14 by December 2025. This minor decline could warrant further investigation to determine if it signals a potential shift in operational efficiency, though the change is small.
In summary, the equity turnover ratio demonstrates a generally stable performance with a slight increase in the initial period followed by a period of consistency and a minor recent decline. The company consistently generates approximately $1.12 to $1.24 in revenue for every dollar of equity.
AI Ask an analyst for more