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.
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- Statement of Comprehensive Income
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Long-term Activity Ratios (Summary)
AT&T Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a declining trend from March 31, 2021 to December 31, 2022, decreasing from 1.39 to 0.95. This decline indicates a progressively lower efficiency in using fixed assets to generate revenue over this period. From December 31, 2022 through September 30, 2025, the ratio stabilizes around 0.94 to 0.96, suggesting that the company’s utilization of fixed assets has plateaued but remains significantly below the earlier levels.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This ratio follows a similar declining pattern as the net fixed asset turnover, starting at 1.16 on March 31, 2021, and falling steadily to 0.81 by December 31, 2022. It then remains constant at approximately 0.81 to 0.82 across the subsequent reporting periods up to September 30, 2025. The lower magnitude of this turnover relative to the standard net fixed asset turnover ratio reflects the impact of including right-of-use assets, which may expand the asset base and thus lower turnover.
- Total Asset Turnover
- The total asset turnover ratio exhibits modest fluctuations rather than a consistent trend. Starting at 0.32 on March 31, 2021, it remains relatively stable through June 30, 2021, before declining somewhat to 0.27 on March 31, 2022. A brief recovery to around 0.33 in June 2022 is followed by a gradual decline back to approximately 0.29 by September 30, 2025. This suggests the company’s overall asset base is generating revenue at a slightly reduced rate in the long run compared to the early part of the observed period.
- Equity Turnover
- The equity turnover ratio demonstrates more pronounced variability over the reported periods. Initially, it starts at 1.04 on March 31, 2021 and peaks at 1.24 on December 31, 2021. A decline follows, reaching a low of 0.91 on March 31, 2022. Thereafter, the ratio recovers and stabilizes in the range of 1.16 to 1.22 from June 30, 2022 through June 30, 2025, before dipping slightly to 1.12 on September 30, 2025. This pattern indicates some volatility in the efficiency with which equity is employed to generate revenue but shows a general recovery and stabilization over the medium term.
Net Fixed Asset Turnover
AT&T Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating revenues | |||||||||||||||||||||||||
| Property, plant and equipment, net | |||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| T-Mobile US Inc. | |||||||||||||||||||||||||
| Verizon Communications Inc. | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Net fixed asset turnover
= (Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Operating Revenues
- The operating revenues exhibited a general declining trend from early 2021 through mid-2022, falling from approximately $44 billion in Q1 2021 to around $29.7 billion in Q2 2022. Following this low point, revenues showed some recovery and stabilization, fluctuating between roughly $29.7 billion and $32.3 billion from late 2022 through the end of 2024. However, the quarters of 2023 and 2024 displayed modest volatility without a clear upward or downward trajectory. By the first three quarters of 2025, revenues appear relatively steady around the $30.6 billion to $30.8 billion range, indicating a plateau at a lower level compared to the early 2021 values.
- Property, Plant and Equipment, Net
- Net property, plant, and equipment values remained fairly stable throughout the entire period analyzed. Starting at approximately $124.6 billion in Q1 2021, the figures experienced minor fluctuations but generally hovered near the $127 billion to $129 billion range from 2022 onwards. The largest increase occurred between Q4 2024 and Q3 2025, where the value rose from roughly $128.9 billion to $129.9 billion. These variations suggest ongoing investment or revaluation in fixed assets but no drastic changes or divestitures.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio demonstrated a marked decline from 1.39 in Q1 2021 to a low of approximately 0.95 by the end of 2021 and early 2022. This decline indicates decreasing efficiency in generating revenues from fixed assets during that timeframe. From Q1 2022 onward, the ratio stabilized around the 0.94 to 0.96 range, showing limited improvement but no significant recovery to earlier higher levels. This plateau suggests that while asset utilization efficiency has not worsened further, it remains at a subdued level relative to the beginning of the period.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
AT&T Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating revenues | |||||||||||||||||||||||||
| Property, plant and equipment, net | |||||||||||||||||||||||||
| Operating lease right-of-use assets | |||||||||||||||||||||||||
| Property, plant and equipment, net (including operating lease, right-of-use asset) | |||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||
| T-Mobile US Inc. | |||||||||||||||||||||||||
| Verizon Communications Inc. | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Operating Revenues
- The operating revenues exhibited a notable decline starting from early 2022. Initially, revenues fluctuated around the range of 39,000 to 44,000 million US dollars between March 2021 and December 2021. Beginning in March 2022, a significant drop occurred, with revenues stabilizing around the 29,000 to 32,000 million US dollars range in subsequent quarters through 2025. Despite minor quarter-to-quarter variations in this lower range, no substantial recovery to previous higher revenue levels is observed.
- Property, Plant and Equipment, Net
- This asset category demonstrated relatively stable values throughout the observed period. Starting at approximately 149,000 million US dollars in early 2021, the net value of property, plant, and equipment experienced minor fluctuations within a narrow band of about 146,000 to 153,000 million US dollars across the quarters. The data shows no distinct upward or downward trend, indicating a generally maintained investment level in fixed assets over time.
- Net Fixed Asset Turnover Ratio (Including Operating Lease, Right-of-Use Asset)
- The net fixed asset turnover ratio showed a clear declining trend over the timeframe. It began at a robust level above 1.1 in 2021, indicating efficient use of fixed assets to generate revenue. However, the ratio consistently decreased from 1.16 in March 2021 to near 0.81 starting from March 2023 and remained steady at this lower level through to September 2025. This decline reflects a reduced efficiency in asset utilization, coinciding with the drop in operating revenues while fixed asset bases remained stable.
- Overall Analysis
- The financial performance presents a pattern of reduced revenue generation coupled with sustained investment in fixed assets. The significant decrease in operating revenues since early 2022, without a corresponding reduction in property, plant, and equipment, has led to a deterioration in asset turnover efficiency. This suggests that the company has not adjusted its asset base proportionally to changes in revenue, possibly indicating overcapacity or challenges in maximizing asset productivity under current market conditions.
Total Asset Turnover
AT&T Inc., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating revenues | |||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| T-Mobile US Inc. | |||||||||||||||||||||||||
| Verizon Communications Inc. | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Total asset turnover
= (Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Operating Revenues
- Operating revenues experienced a notable decline from early 2021 into 2022, dropping from approximately $44 billion in the first quarter of 2021 to around $29.7 billion by the end of the first quarter of 2022. Following this decrease, revenues showed signs of partial recovery with fluctuations around the low $30 billion range through late 2024 and early 2025. Despite these fluctuations, the revenues did not return to the levels observed prior to 2022 and remained relatively stable in the $30 billion range thereafter.
- Total Assets
- Total assets displayed a decreasing trend over the period under review. Starting at roughly $547 billion in the first quarter of 2021, total assets slightly increased mid-year 2021 before undergoing a sharp reduction by early 2022, reaching about $402 billion by the end of 2022. In subsequent quarters, total assets hovered around $394 billion to $405 billion, with slight growth evident in 2025 where assets increased back to approximately $423 billion by the third quarter. Overall, the trend indicates a significant downsizing or asset reallocation from 2021 to 2022, with stabilization and modest recovery thereafter.
- Total Asset Turnover
- Total asset turnover started at roughly 0.32 ratio in early 2021, maintaining this level through the first three quarters of that year. In 2022, turnover exhibited some volatility, dropping to a low of 0.27 in early 2022 but recovering to around 0.31 by late 2024. In 2025, turnover remained fairly stable around 0.31 before declining marginally to 0.29 in the third quarter. This pattern suggests temporary inefficiency in utilizing assets during early 2022, with a gradual return to previous utilization levels. The slight drop at the end of the period may warrant monitoring.
- Summary
- The company experienced a pronounced drop in operating revenues and total assets in early 2022, indicating a major operational or structural adjustment during this period. Despite this, asset utilization in terms of turnover ratios demonstrated resilience by recovering closer to earlier levels after the initial decline. Since 2022, operating revenues and total assets have stabilized at lower levels compared to 2021, with modest signs of recovery. The overall financial pattern reflects a period of contraction followed by stabilization, highlighting the importance of managing asset efficiency going forward to support revenue growth.
Equity Turnover
AT&T Inc., equity turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating revenues | |||||||||||||||||||||||||
| Stockholders’ equity attributable to AT&T | |||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| T-Mobile US Inc. | |||||||||||||||||||||||||
| Verizon Communications Inc. | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Equity turnover
= (Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024)
÷ Stockholders’ equity attributable to AT&T
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Operating Revenues
- Operating revenues exhibited a notable decline from the beginning of the period, starting at approximately $43.9 billion in March 2021 and decreasing significantly to around $29.7 billion by March 2022. Following this drop, revenues stabilized with minor fluctuations, generally remaining between $29.6 billion and $32.3 billion through early 2024. From early 2024 to the end of the period in late 2025, operating revenues showed relatively steady performance, fluctuating modestly but maintaining a level close to $30 billion to $32 billion.
- Stockholders’ Equity Attributable to AT&T
- The stockholders' equity started at approximately $165.5 billion in March 2021 and experienced some volatility thereafter. A steep decrease was noted in mid-2022 when equity declined sharply from around $169 billion in March 2022 to approximately $97.5 billion by December 2022. After this sharp drop, equity gradually recovered and increased steadily, reaching about $110.7 billion by September 2025. Despite the recovery, the equity level by the end of the period remained significantly below the initial figures seen in early 2021.
- Equity Turnover Ratio
- The equity turnover ratio displayed some variability, initially starting near 1.04 in March 2021 and showing a moderate rise with fluctuations during the subsequent quarters. After a dip to 0.91 in March 2022, the ratio increased to peak at around 1.24 in December 2022. During the following quarters, it generally hovered between 1.12 and 1.22, indicating a relatively stable utilization of equity to generate revenues. Overall, the trend suggests improving efficiency in the use of equity following the mid-2022 minimum, maintaining a level higher than the initial period but with moderate fluctuations.