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-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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The financial data reveals several notable trends in the efficiency ratios over the reviewed periods.
- Net Fixed Asset Turnover
- This ratio initiates at 1.35 in March 2020 and slightly increases through the subsequent quarters, peaking near 1.42 in September 2021. Following this peak, a steady declining trend is observed, with the ratio decreasing to roughly 0.95 by March 2024. From this point forward, the ratio stabilizes around 0.95 to 0.96 through June 2025, indicating a reduction in revenue generated per dollar of net fixed assets over time before stabilizing.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- The trend parallels that of the standard net fixed asset turnover but at consistently lower values, starting at 1.13 and peaking at about 1.19 in September 2021. Thereafter, a sharper gradual decline is observed, reaching 0.81 by December 2022 and remaining flat at approximately 0.82 through the end of the timeline in June 2025, reflecting the incorporation of operating leases which dilutes asset turnover metrics.
- Total Asset Turnover
- This ratio maintains relative stability with minor fluctuations. Beginning at 0.33 in March 2020, the ratio sees a slight decrease to 0.27 by June 2022, followed by a return to around 0.30 to 0.31 where it remains steady through June 2025. This suggests consistent efficiency in utilizing total assets to generate revenue across the periods, with minimal volatility.
- Equity Turnover
- The equity turnover ratio exhibits more variability within the periods. Starting at 1.06 in March 2020, it experiences declines and recoveries, dipping to a low of 0.91 in June 2021, then rising notably to 1.24 in March 2022. Following this peak, the ratio slightly declines and stabilizes in the range of 1.16 to 1.19 through June 2025. This pattern indicates fluctuations in how effectively equity is being utilized to produce revenue, with some periods of increased efficiency.
In summary, asset turnover measures, especially those related to fixed assets, demonstrate a general declining trend followed by stabilization, potentially pointing to changes in asset base or revenue generation dynamics. Total asset turnover remains fairly consistent, suggesting stable overall asset use. Equity turnover displays moderate volatility but remains within a range indicative of steady revenue generation relative to shareholder equity.
Net Fixed Asset Turnover
AT&T Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating revenues | 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) | 40,958) | 39,922) | 44,045) | 43,939) | 45,691) | 42,340) | 40,950) | 42,779) | |||||||
| Property, plant and equipment, net | 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) | 125,904) | 124,419) | 123,591) | 124,607) | 127,315) | 128,722) | 128,945) | 128,921) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 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 | 1.34 | 1.40 | 1.42 | 1.39 | 1.35 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| T-Mobile US Inc. | 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 | 1.86 | 1.86 | 1.85 | 1.77 | 1.55 | — | — | — | |||||||
| Verizon Communications Inc. | 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 | 1.34 | 1.40 | 1.41 | 1.37 | 1.35 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Net fixed asset turnover
= (Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024)
÷ Property, plant and equipment, net
= (30,847 + 30,626 + 32,298 + 30,213)
÷ 129,094 = 0.96
2 Click competitor name to see calculations.
The operating revenues exhibit notable fluctuations throughout the observed periods. Initially, revenues were relatively stable around the range of approximately $40.9B to $45.7B from early 2020 through the end of 2021. A marked decline is observed starting in the first quarter of 2022, with revenues dropping to around $29.7B to $31.3B, maintaining a lower plateau through 2023 and early 2024. There appears to be a slight recovery trend beginning in late 2024 into 2025, as revenues gradually increase back toward the $30B to $32B range.
Regarding the net book value of property, plant, and equipment (PP&E), the figures remain relatively stable over time, oscillating modestly between approximately $123.6 billion and $129.1 billion. No significant trend of growth or diminution is evident, suggesting a steady capital asset base. Minor fluctuations may reflect routine asset management or revaluation activities without major investment shifts.
The net fixed asset turnover ratio showcases a different pattern. Starting from early 2020, the ratio is not reported until the third quarter of 2020, where it begins at 1.35 and slightly increases to 1.42 by the third quarter of 2021. Following this peak, a downward trend ensues with the ratio declining steadily to around 0.94–0.96 in 2023 and 2024, before stabilizing near 0.95–0.96 up through the second quarter of 2025. This decline indicates a decreasing efficiency in generating operating revenues from the fixed asset base over time.
- Trend Summary
- Operating revenues experienced an initial period of stability, followed by a significant decline starting in 2022 with a partial recovery toward 2025.
- Property, plant, and equipment net values remain consistently stable, implying steady capital investment and asset retention.
- The net fixed asset turnover ratio rose through 2021, then declined and plateaued at a lower level, signifying reduced efficiency in asset utilization relative to revenue generation.
- Insights
- The sharp revenue decline starting in early 2022 may be indicative of external market challenges or internal operational issues impacting sales performance.
- The stable PP&E suggests no major recent capital investments or asset divestitures, possibly constraining growth in operational capacity or modernization efforts.
- The decreasing fixed asset turnover ratio hints at either lower revenue generation relative to fixed assets or increasing asset base not accompanied by proportional revenue growth, meriting further investigation into asset utilization strategies.
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)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating revenues | 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) | 40,958) | 39,922) | 44,045) | 43,939) | 45,691) | 42,340) | 40,950) | 42,779) | |||||||
| Property, plant and equipment, net | 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) | 125,904) | 124,419) | 123,591) | 124,607) | 127,315) | 128,722) | 128,945) | 128,921) | |||||||
| Operating lease right-of-use assets | 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) | 24,180) | 24,341) | 24,390) | 24,415) | 24,714) | 24,546) | 24,692) | 24,008) | |||||||
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 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) | 150,084) | 148,760) | 147,981) | 149,022) | 152,029) | 153,268) | 153,637) | 152,929) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 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 | 1.13 | 1.17 | 1.19 | 1.16 | 1.13 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||
| T-Mobile US Inc. | 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 | 1.14 | 1.14 | 1.13 | 1.08 | 0.95 | — | — | — | |||||||
| Verizon Communications Inc. | 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 | 1.05 | 1.08 | 1.09 | 1.11 | 1.09 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= (30,847 + 30,626 + 32,298 + 30,213)
÷ 150,588 = 0.82
2 Click competitor name to see calculations.
The financial data over the quarterly periods reveals multiple patterns and shifts in key operating metrics.
- Operating Revenues
- Operating revenues displayed fluctuations throughout the periods under review. After an initial moderate decline from $42,779 million at the end of Q1 2020 to $40,950 million in Q2 2020, revenues rebounded somewhat in subsequent quarters of 2020, peaking at $45,691 million by the end of Q4 2020. However, starting in 2021, revenues showed increased volatility with notable declines and recoveries, including a significant fall to approximately $29,712 million in Q1 2022. Revenue levels remained relatively stable yet subdued around the $30,000 million mark through 2022 and into 2023. Some renewed growth signs appear towards the end of 2023 and into 2024, where revenues generally trended upwards, reaching $32,298 million in Q1 2025 before slightly retreating again.
- Property, Plant and Equipment, Net (Including Operating Lease, Right-of-Use Asset)
- The net value of property, plant, and equipment exhibited overall stability with minor variations across the quarters. Starting at approximately $152,929 million in Q1 2020, the net asset base experienced slight decreases and recoveries over time but remained within a narrow range near $149,000 million to $153,000 million throughout the observed periods. There was no clear sustained upward or downward trend, indicating a relatively balanced level of investment and depreciation in fixed assets.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- Available from Q4 2020 onward, net fixed asset turnover exhibited a declining trend over time. Initially recorded at 1.13 in Q4 2020, it increased slightly to 1.19 by Q3 2021, suggesting improved efficiency in generating revenues from fixed assets in the short term. However, from Q4 2021 the ratio steadily declined quarter over quarter to a low of around 0.81 by Q4 2023 and then stabilized at approximately 0.82 from early 2024 through mid-2025. This pattern points to a decline in revenue generation efficiency relative to the asset base, possibly due to revenue weakness or increasing asset valuation without proportional revenue growth.
In summary, the company experienced fluctuating revenue performance with a notable dip in early 2022, followed by a partial recovery. The net fixed asset base remained relatively stable, while asset turnover efficiency declined steadily, suggesting reduced productivity of fixed assets in generating revenue. These trends collectively indicate potential challenges in revenue generation and asset utilization efficiency during the period observed.
Total Asset Turnover
AT&T Inc., total asset turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating revenues | 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) | 40,958) | 39,922) | 44,045) | 43,939) | 45,691) | 42,340) | 40,950) | 42,779) | |||||||
| Total assets | 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) | 551,622) | 547,107) | 544,710) | 546,985) | 525,761) | 538,553) | 547,898) | 545,354) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | 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 | 0.31 | 0.32 | 0.32 | 0.32 | 0.33 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| T-Mobile US Inc. | 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 | 0.39 | 0.39 | 0.39 | 0.38 | 0.34 | — | — | — | |||||||
| Verizon Communications Inc. | 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 | 0.36 | 0.38 | 0.38 | 0.37 | 0.41 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Total asset turnover
= (Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024)
÷ Total assets
= (30,847 + 30,626 + 32,298 + 30,213)
÷ 405,491 = 0.31
2 Click competitor name to see calculations.
- Operating Revenues
- Operating revenues exhibit noticeable fluctuations over the observed periods. Initially, revenues decreased from 42,779 million in March 2020 to 40,950 million in June 2020, followed by a moderate recovery through December 2020, reaching 45,691 million. The trend continued with some variability in 2021, with revenues peaking in June 2021 at 44,045 million then declining to 39,922 million in September 2021 before a slight recovery by December 2021. A significant downturn is observed starting in March 2022, dropping sharply to around 29,700 million for several quarters. Revenues remained relatively steady but low through 2023 and early 2024, fluctuating around the 30,000 to 32,000 million mark. The data for quarters in 2025 suggests a mild increase but staying below the levels seen prior to 2022, indicating a less robust revenue performance in the most recent periods.
- Total Assets
- Total assets remained relatively stable but showed some fluctuations over the span of these periods. Initially, total assets hovered around 545,000 to 551,000 million through 2020 and 2021, with minor increases and declines. A marked reduction occurred in 2022, dropping from around 577,195 million at the end of 2021 to approximately 402,853 million by the end of 2022, suggesting a significant asset revaluation, divestiture, or restructuring event. From 2023 onward, total assets remained relatively stable in a range between roughly 394,000 million and 408,000 million through mid-2024, with slight increases noted toward late 2024 and early 2025. The lower asset base compared to prior years suggests a substantial change in asset composition or balance sheet management during the transition between 2021 and 2022.
- Total Asset Turnover
- Total asset turnover ratios, available from September 2020, show modest variability but generally stabilize around 0.30 to 0.33. The ratio decreased from 0.33 in late 2020 down to about 0.27 by the first half of 2022, coinciding with the decline in operating revenues and the reduction in total assets. Following the drop, the turnover ratio partly recovered and stabilized at approximately 0.30 to 0.31 through 2023 and into early 2025. This steady turnover ratio suggests that despite the reduced asset base and lower revenues, the company maintained a consistent level of efficiency in generating revenue from its assets in recent periods.
- Summary Insights
- The data indicates a period of financial contraction beginning in early 2022, with operating revenues declining significantly and total assets decreasing sharply. This may reflect structural changes such as asset sales, restructuring, or operational challenges. Despite this, the company appears to have maintained asset utilization efficiency as reflected in stable total asset turnover ratios through the recent quarters. The revenue stabilization around lower levels post-2022, combined with a leaner asset base, suggests an adjustment to a new operational scale or strategic realignment. Given the recovery signs in revenues toward the end of 2024 and into 2025, further monitoring is warranted to assess whether this marks a sustained growth trajectory.
Equity Turnover
AT&T Inc., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating revenues | 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) | 40,958) | 39,922) | 44,045) | 43,939) | 45,691) | 42,340) | 40,950) | 42,779) | |||||||
| Stockholders’ equity attributable to AT&T | 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) | 166,332) | 163,771) | 162,296) | 165,488) | 161,673) | 175,553) | 175,896) | 177,779) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | 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 | 1.02 | 1.06 | 1.08 | 1.04 | 1.06 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| T-Mobile US Inc. | 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 | 1.16 | 1.16 | 1.18 | 1.16 | 1.05 | — | — | — | |||||||
| Verizon Communications Inc. | 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 | 1.63 | 1.74 | 1.80 | 1.82 | 1.89 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Equity turnover
= (Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024)
÷ Stockholders’ equity attributable to AT&T
= (30,847 + 30,626 + 32,298 + 30,213)
÷ 105,272 = 1.18
2 Click competitor name to see calculations.
The financial data over the analyzed periods exhibit several notable trends and fluctuations across key metrics.
- Operating Revenues
- Operating revenues show a fluctuating pattern with occasional declines and recoveries. From March 2020 to December 2021, revenues generally remained in the 40,000 million US$ range, peaking at 45,691 million US$ in December 2020. However, starting in March 2022, there is a significant decrease in operating revenues, dropping to around 29,000 to 32,000 million US$ over 2022 and 2023. This downward shift suggests a substantial change in business conditions or asset base. Despite a slight recovery towards the end of 2023 and through 2024, revenues remain below the levels observed in the earlier periods.
- Stockholders’ Equity Attributable to AT&T
- Stockholders’ equity shows a general decline from March 2020 (approximately 177,779 million US$) to December 2020 (161,673 million US$), followed by a minor recovery and stabilization around 165,000 to 169,000 million US$ through March 2022. Beyond this point, equity declines sharply with evident volatility, bottoming near 97,500 million US$ in December 2022. From early 2023 onward, equity fluctuates within a narrower range around 100,000 to 105,000 million US$, indicating a period of relative stability after the previous decline. The marked drop in equity between 2021 and 2022 could reflect major financial events such as asset sales, write-downs, or restructuring.
- Equity Turnover Ratio
- The equity turnover ratio, available from December 2020 forward, oscillates between approximately 1.02 and 1.24. It shows some periodic ups and downs but largely remains within a band of 1.06 to 1.22 through 2021. There is a slight increasing trend during 2022 and 2023, peaking at 1.24 in March 2023, indicating improved efficiency in generating operating revenues from equity during this period. This ratio stabilizes around 1.17 to 1.19 through 2024 and 2025, suggesting consistent operational efficiency despite fluctuations in absolute revenue and equity values.
In summary, the data reveal a noticeable contraction in operating revenues and stockholders’ equity starting in early 2022, accompanied by an initial period of equity shrinkage followed by relative stabilization. The equity turnover ratio points to maintained or slightly improved effectiveness in using equity to generate revenues despite these changes. Overall, the company appears to have undergone significant financial adjustments around 2022, with subsequent stabilization in key financial metrics.