Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
AT&T Inc., profitability 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 profitability metrics exhibited varied performance over the observed period. Generally, gross profit margin demonstrated a consistent upward trend, while operating and net profit margins experienced more volatility. Return on equity and return on assets also showed fluctuations, with a notable improvement in the latter part of the period.
- Gross Profit Margin
- The gross profit margin consistently increased from 53.79% in March 2022 to 59.55% in December 2025. This indicates improving efficiency in managing production costs or increased pricing power. The growth was relatively steady, with only minor fluctuations, suggesting a sustainable trend.
- Operating Profit Margin
- The operating profit margin displayed significant volatility. It rose from 13.72% in March 2022 to 16.73% in September 2022, then experienced a sharp decline, reaching -3.80% in December 2022. A substantial recovery occurred, peaking at 19.16% in December 2023, followed by a gradual decrease to 19.23% in December 2025. This suggests the company’s operating performance is sensitive to external factors or significant internal changes.
- Net Profit Margin
- Similar to the operating profit margin, the net profit margin exhibited considerable fluctuation. It increased from 11.21% in March 2022 to 15.37% in September 2022, then plummeted to -7.06% in December 2022. A strong rebound brought it to 11.76% in December 2023, and it continued to improve, reaching 17.47% in December 2025. The net profit margin’s movements closely mirrored those of the operating profit margin, indicating that changes in operating income significantly impact net income.
- Return on Equity (ROE)
- Return on equity followed a pattern mirroring the net profit margin. It rose from 10.26% in March 2022 to 16.92% in June 2022, then declined sharply to -8.74% in December 2022. A recovery began in late 2023, culminating in 19.86% in December 2025. This indicates a strong correlation between profitability and shareholder equity.
- Return on Assets (ROA)
- Return on assets also experienced volatility, though to a lesser extent than ROE. It increased from 3.00% in March 2022 to 4.70% in September 2022, then decreased to -2.78% in September 2023. A positive trend emerged in late 2023, with ROA reaching 5.22% in December 2025. The improvement in ROA suggests increasing efficiency in utilizing assets to generate profits.
Overall, the period began with generally positive profitability trends, followed by a significant downturn in late 2022. A recovery commenced in 2023 and continued through 2025, with gross profit margin consistently improving and ROA demonstrating a positive trend. The operating and net profit margins, while volatile, ultimately showed substantial improvement by the end of the observed timeframe.
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Return on Sales
Return on Investment
Gross Profit Margin
AT&T Inc., gross profit margin 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) | |||||||||||||||||||||
| Gross profit | 18,648) | 18,890) | 18,697) | 18,593) | 18,103) | 18,583) | 18,355) | 18,074) | 18,111) | 18,296) | 18,090) | 17,808) | 17,772) | 17,842) | 17,302) | 16,977) | |||||
| 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) | |||||
| Profitability Ratio | |||||||||||||||||||||
| Gross profit margin1 | 59.55% | 59.67% | 59.67% | 59.90% | 59.77% | 59.91% | 59.61% | 59.33% | 59.06% | 59.11% | 58.89% | 58.37% | 57.89% | 56.22% | 55.29% | 53.79% | |||||
| Benchmarks | |||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||
| T-Mobile US Inc. | 62.89% | 63.55% | 63.61% | 63.76% | 63.57% | 63.42% | 62.86% | 62.27% | 61.57% | 61.13% | 59.25% | 56.78% | 54.50% | 52.57% | 52.67% | 53.09% | |||||
| Verizon Communications Inc. | 58.92% | 59.41% | 59.35% | 59.88% | 59.87% | 59.95% | 59.80% | 59.52% | 59.03% | 58.64% | 58.05% | 57.20% | 56.79% | 56.97% | 57.35% | 57.46% | |||||
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
Gross profit margin = 100
× (Gross profitQ4 2025
+ Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025)
÷ (Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025)
= 100 × (18,648 + 18,890 + 18,697 + 18,593)
÷ (33,466 + 30,709 + 30,847 + 30,626)
= 59.55%
2 Click competitor name to see calculations.
The gross profit margin demonstrates a consistent upward trend over the observed period, spanning from March 31, 2022, to December 31, 2025. While fluctuations exist, the overall trajectory indicates improving profitability from gross operations.
- Initial Trend (Mar 31, 2022 – Dec 31, 2022)
- From March 31, 2022, to December 31, 2022, the gross profit margin increased steadily. Starting at 53.79%, it rose to 57.89% by the end of 2022, representing a significant improvement within a nine-month period. This suggests effective cost management relative to revenue generation during this timeframe.
- Continued Growth & Stabilization (Mar 31, 2023 – Dec 31, 2023)
- The upward trend continued into the first half of 2023, peaking at 58.89% in June 2023. The margin experienced a slight decrease in the latter half of 2023, settling at 59.06% by December 31, 2023. However, it remained above the levels observed in 2022, indicating sustained profitability.
- Recent Performance (Mar 31, 2024 – Dec 31, 2025)
- The gross profit margin continued to fluctuate within a narrow range between 59.33% and 59.91% throughout 2024. The final period observed, December 31, 2025, shows a slight decrease to 59.55%. Despite this minor decline, the margin remains at a historically high level compared to the beginning of the analyzed period. The consistency in the high 59% range suggests a stable and robust gross profit performance.
- Overall Observation
- The gross profit margin has generally improved over the period, indicating that the company is becoming more efficient at converting revenue into gross profit. The recent stabilization at a higher margin suggests successful implementation of strategies to control costs of goods sold or increase pricing power.
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Operating Profit Margin
AT&T Inc., operating profit margin 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 income (loss) | 5,788) | 6,119) | 6,501) | 5,754) | 5,326) | 2,116) | 5,760) | 5,847) | 5,271) | 5,782) | 6,406) | 6,002) | (21,092) | 6,012) | 4,956) | 5,537) | |||||
| 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) | |||||
| Profitability Ratio | |||||||||||||||||||||
| Operating profit margin1 | 19.23% | 19.04% | 15.89% | 15.42% | 15.57% | 15.56% | 18.54% | 19.05% | 19.16% | -2.38% | -2.20% | -3.40% | -3.80% | 16.73% | 16.34% | 13.72% | |||||
| Benchmarks | |||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||
| T-Mobile US Inc. | 20.70% | 22.28% | 23.08% | 22.75% | 22.13% | 21.13% | 19.85% | 18.93% | 18.16% | 17.27% | 14.28% | 10.29% | 8.22% | 6.07% | 6.43% | 8.15% | |||||
| Verizon Communications Inc. | 21.17% | 23.04% | 21.53% | 21.54% | 21.28% | 16.29% | 17.44% | 17.02% | 17.08% | 22.00% | 22.17% | 22.21% | 22.27% | 22.74% | 23.72% | 24.18% | |||||
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
Operating profit margin = 100
× (Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025
+ Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025)
÷ (Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025)
= 100 × (5,788 + 6,119 + 6,501 + 5,754)
÷ (33,466 + 30,709 + 30,847 + 30,626)
= 19.23%
2 Click competitor name to see calculations.
The operating profit margin exhibited considerable fluctuation throughout the analyzed period, spanning from March 31, 2022, to December 31, 2025. Initial quarters demonstrated a generally positive trend, followed by a significant downturn, and subsequent recovery, culminating in a period of relative stability with a slight upward movement.
- Initial Positive Trend (Q1 2022 - Q3 2022)
- From March 31, 2022, to September 30, 2022, the operating profit margin increased from 13.72% to 16.73%. This indicates improving operational efficiency or pricing power during this timeframe. The margin peaked at 16.73% in the third quarter of 2022.
- Significant Decline (Q4 2022)
- A dramatic decrease in the operating profit margin was observed in the fourth quarter of 2022, falling to -3.80%. This substantial decline suggests a significant negative impact on profitability, potentially stemming from substantial one-time charges or a sharp increase in operating expenses relative to revenues. The negative value indicates an operating loss during this period.
- Continued Weakness and Recovery (Q1 2023 - Q4 2023)
- The first three quarters of 2023 showed continued, though less severe, weakness, with margins ranging from -3.40% to -2.20%. However, a strong recovery occurred in the fourth quarter of 2023, with the operating profit margin rising to 19.16%. This suggests corrective actions taken or favorable market conditions impacting the latter part of the year.
- Stabilization and Slight Improvement (Q1 2024 - Q4 2025)
- From March 31, 2024, through December 31, 2025, the operating profit margin generally stabilized, fluctuating between 15.42% and 19.23%. A slight upward trend is discernible in the final quarters, with the margin reaching 19.23% by the end of 2025. This indicates sustained profitability and potentially improving operational performance.
Overall, the operating profit margin demonstrates a cyclical pattern. While initial performance was strong, a significant disruption occurred in late 2022, followed by a recovery and a period of relative stability with a modest positive trajectory. Further investigation into the factors driving the dramatic decline in the fourth quarter of 2022 would be beneficial.
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Net Profit Margin
AT&T Inc., net profit margin 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) | |||||||||||||||||||||
| Net income (loss) attributable to AT&T | 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) | |||||
| 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) | |||||
| Profitability Ratio | |||||||||||||||||||||
| Net profit margin1 | 17.47% | 17.87% | 10.29% | 9.64% | 8.95% | 7.42% | 10.41% | 11.13% | 11.76% | -9.29% | -7.22% | -7.52% | -7.06% | 15.37% | 14.21% | 11.21% | |||||
| Benchmarks | |||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||
| T-Mobile US Inc. | 12.45% | 13.83% | 14.53% | 14.41% | 13.93% | 12.96% | 11.95% | 11.14% | 10.59% | 9.93% | 7.82% | 4.83% | 3.25% | 1.92% | 2.14% | 3.48% | |||||
| Verizon Communications Inc. | 12.43% | 14.43% | 13.28% | 13.14% | 12.99% | 7.30% | 8.38% | 8.44% | 8.67% | 15.58% | 15.58% | 15.85% | 15.53% | 14.22% | 15.48% | 15.93% | |||||
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 profit margin = 100
× (Net income (loss) attributable to AT&TQ4 2025
+ Net income (loss) attributable to AT&TQ3 2025
+ Net income (loss) attributable to AT&TQ2 2025
+ Net income (loss) attributable to AT&TQ1 2025)
÷ (Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025)
= 100 × (3,788 + 9,314 + 4,500 + 4,351)
÷ (33,466 + 30,709 + 30,847 + 30,626)
= 17.47%
2 Click competitor name to see calculations.
The net profit margin exhibited considerable fluctuation throughout the observed period, spanning from March 31, 2022, to December 31, 2025. Initial quarters demonstrated a generally increasing trend, followed by a significant decline, and then a period of recovery with a final surge in later quarters.
- Initial Increasing Trend (Q1 2022 - Q3 2022)
- The net profit margin began at 11.21% in March 2022 and steadily increased to 15.37% by September 2022. This indicates improving profitability during this timeframe, potentially driven by revenue growth or cost management initiatives. Operating revenues showed modest growth during this period.
- Significant Decline (Q4 2022)
- A dramatic decrease in net profit margin was observed in December 2022, falling to -7.06%. This was accompanied by a substantial net loss attributable to the company. The magnitude of the loss suggests a significant adverse event or restructuring charge impacting profitability.
- Continued Volatility and Recovery (Q1 2023 - Q3 2023)
- The first three quarters of 2023 showed continued volatility, with the net profit margin remaining negative or low, ranging from -7.52% to -9.29%. While operating revenues remained relatively stable, net income did not improve proportionally.
- Positive Shift and Growth (Q4 2023 - Q4 2025)
- Starting in December 2023, the net profit margin began a recovery, reaching 11.76%. This positive trend continued through the subsequent quarters, culminating in substantial increases in the final two quarters of the period, reaching 17.87% in September 2025 and 17.47% in December 2025. This improvement coincided with a notable increase in operating revenues in the final quarter of 2025.
Overall, the net profit margin demonstrates a cyclical pattern. The initial growth was followed by a substantial downturn and then a period of recovery and strong growth. The significant loss in December 2022 warrants further investigation to understand the underlying causes. The recent upward trend suggests improved operational performance and/or favorable market conditions.
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Return on Equity (ROE)
AT&T Inc., ROE 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) | |||||||||||||||||||||
| Net income (loss) attributable to AT&T | 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) | |||||
| 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) | |||||
| Profitability Ratio | |||||||||||||||||||||
| ROE1 | 19.86% | 20.09% | 12.12% | 11.43% | 10.49% | 8.85% | 12.08% | 13.03% | 13.94% | -10.90% | -8.61% | -9.16% | -8.74% | 16.37% | 16.92% | 10.26% | |||||
| Benchmarks | |||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||
| T-Mobile US Inc. | 18.57% | 19.63% | 19.99% | 19.50% | 18.37% | 16.14% | 15.10% | 14.10% | 12.85% | 12.03% | 9.35% | 5.70% | 3.72% | 2.19% | 2.45% | 4.01% | |||||
| Verizon Communications Inc. | 16.44% | 18.88% | 17.65% | 17.66% | 17.64% | 10.17% | 11.70% | 11.99% | 12.57% | 21.38% | 22.10% | 23.24% | 23.32% | 22.06% | 24.18% | 25.55% | |||||
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
ROE = 100
× (Net income (loss) attributable to AT&TQ4 2025
+ Net income (loss) attributable to AT&TQ3 2025
+ Net income (loss) attributable to AT&TQ2 2025
+ Net income (loss) attributable to AT&TQ1 2025)
÷ Stockholders’ equity attributable to AT&T
= 100 × (3,788 + 9,314 + 4,500 + 4,351)
÷ 110,533 = 19.86%
2 Click competitor name to see calculations.
The Return on Equity (ROE) exhibited considerable fluctuation throughout the analyzed period, spanning from March 31, 2022, to December 31, 2025. Initial values demonstrated a positive trend, followed by a significant decline, and then a recovery culminating in a peak before a final decrease.
- Initial Positive Trend (Mar 31, 2022 – Sep 30, 2022)
- ROE began at 10.26% in March 2022 and increased to 16.92% by June 2022. This upward movement continued, reaching 16.37% in September 2022, indicating improving profitability relative to shareholder equity during this timeframe. The values suggest an enhanced ability to generate profits from invested capital.
- Significant Decline (Dec 31, 2022 – Sep 30, 2023)
- A substantial decrease in ROE was observed in December 2022, falling to -8.74%. This negative value persisted and worsened through September 2023, reaching -10.90%. This period was characterized by a significant net loss attributable to the company, which heavily impacted the ROE calculation. The negative ROE indicates that the company was not generating sufficient income to cover the returns expected by shareholders.
- Recovery and Peak (Dec 31, 2023 – Sep 30, 2025)
- Starting in December 2023, ROE began a recovery, rising to 13.94%. This positive trend continued through September 2025, peaking at 20.09%. This improvement coincided with a return to positive net income and a relatively stable equity base. The increase suggests improved operational efficiency and profitability.
- Final Decrease (Dec 31, 2025)
- The final reported value for December 2025 shows a decrease in ROE to 19.86%, although still remaining at a relatively high level. This decrease could be attributed to a decline in net income despite a stable equity position.
Overall, the ROE demonstrates a volatile pattern. While the latter portion of the period shows a substantial recovery and strong performance, the significant negative values in late 2022 and early to mid-2023 represent a period of considerable financial challenge. The fluctuations highlight the sensitivity of ROE to net income and the importance of consistent profitability.
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Return on Assets (ROA)
AT&T Inc., ROA 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) | |||||||||||||||||||||
| Net income (loss) attributable to AT&T | 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) | |||||
| 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) | |||||
| Profitability Ratio | |||||||||||||||||||||
| ROA1 | 5.22% | 5.26% | 3.15% | 2.98% | 2.77% | 2.30% | 3.20% | 3.41% | 3.54% | -2.78% | -2.15% | -2.27% | -2.12% | 4.70% | 4.67% | 3.00% | |||||
| Benchmarks | |||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||
| T-Mobile US Inc. | 5.01% | 5.47% | 5.74% | 5.55% | 5.45% | 4.92% | 4.53% | 4.24% | 4.00% | 3.73% | 2.92% | 1.82% | 1.23% | 0.72% | 0.82% | 1.33% | |||||
| Verizon Communications Inc. | 4.25% | 5.11% | 4.75% | 4.68% | 4.55% | 2.57% | 2.97% | 2.97% | 3.05% | 5.43% | 5.54% | 5.71% | 5.60% | 5.14% | 5.62% | 5.85% | |||||
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
ROA = 100
× (Net income (loss) attributable to AT&TQ4 2025
+ Net income (loss) attributable to AT&TQ3 2025
+ Net income (loss) attributable to AT&TQ2 2025
+ Net income (loss) attributable to AT&TQ1 2025)
÷ Total assets
= 100 × (3,788 + 9,314 + 4,500 + 4,351)
÷ 420,198 = 5.22%
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibited considerable fluctuation over the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values demonstrated a positive trend, followed by a significant decline, and then a recovery, culminating in a period of relatively strong performance.
- Initial Positive Trend (Mar 31, 2022 – Sep 30, 2022)
- The ROA began at 3.00% in March 2022 and increased to 4.70% by September 2022. This indicates improving profitability relative to the asset base during this timeframe. Net income showed consistent growth during this period, while total assets decreased, contributing to the ROA increase.
- Significant Decline (Dec 31, 2022 – Sep 30, 2023)
- A substantial decrease in ROA was observed in December 2022, falling to -2.12%. This was driven by a large net loss attributable to the company. The ROA remained negative through September 2023, reaching -2.78%, despite a relatively stable asset base. This period reflects a significant challenge in generating profits from existing assets.
- Recovery and Stabilization (Dec 31, 2023 – Dec 31, 2025)
- Starting in December 2023, the ROA began a recovery, reaching 3.54%. This improvement continued through the subsequent quarters, with values ranging from 3.20% to 5.26%. The ROA demonstrated a peak of 5.26% in September 2025, before slightly decreasing to 5.22% by the end of the year. This suggests a return to more stable and positive profitability relative to assets. Net income showed a positive trend, while total assets experienced a moderate increase.
Overall, the ROA demonstrates a cyclical pattern. The initial growth was followed by a period of substantial loss, and then a sustained recovery. The most recent quarters indicate a strengthening of the company’s ability to generate earnings from its assets.
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