AT&T Inc. (T) Balance Sheet
T balance sheet, 2025
December 31, 2025 · U.S. dollars$420.20B assets = $291.71B liabilities + $128.49B equity
Both columns are drawn to the same scale: what T owns equals what it owes plus shareholders’ equity. Hover a block for its value.
T financial health
Current ratio0.91
Tight · current assets cover current liabilities 0.91×
Debt / equity1.57
High leverage · $1.57 of debt for each $1 of equity
Equity / assets26.3%
Balanced · of assets funded by shareholders
Cash / debt10.5%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles16.3%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
T balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $403.82B2016 | $420.20B2025 | +0.4%/yr | |
| Total liabilities | $279.71B2016 | $291.71B2025 | +0.5%/yr | |
| Shareholders’ equity | $123.14B2016 | $110.53B2025 | −1.2%/yr | |
| Cash & short-term investments | $5.79B2016 | $18.23B2025 | +13.6%/yr | |
| Total debt | $123.51B2016 | $173.99B2025 | +3.9%/yr | |
| Net cash (debt) | −$117.72B2016 | −$155.75B2025 | −$38.0B | |
| Working capital | −$12.21B2016 | −$5.05B2025 | +$7.2B | |
| Book value per share | $19.902016 | $15.402025 | −2.8%/yr | |
| Current ratio | 0.762016 | 0.912025 | +0.15 | |
| Debt / equity | 1.002016 | 1.572025 | +0.57 | |
| Shares outstanding | 6.19B2016 | 7.18B2025 | +1.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
T assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
T liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
T debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
T balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $18.23B | $3.30B | $6.72B | $3.70B | $19.22B | $9.74B | $12.13B | $5.20B | $50.50B | $5.79B |
| Cash & equivalents | $18.23B | $3.30B | $6.72B | $3.70B | $19.22B | $9.74B | $12.13B | $5.20B | $50.50B | $5.79B |
| Short-term investments | — | — | $80.0M | $38.0M | $1.11B | $29.0M | $54.0M | $8.0M | $1.0M | $245.0M |
| Receivables | $8.84B | $9.64B | $10.29B | $11.47B | $12.31B | $20.21B | $22.64B | $26.47B | $16.52B | $16.79B |
| Inventory | $2.42B | $2.27B | $2.18B | $3.12B | $3.33B | $3.69B | $2.86B | $2.05B | $2.23B | $2.04B |
| Other current assets | $19.23B | $15.96B | $17.27B | $14.82B | $135.91B | $18.36B | $17.13B | $17.70B | $9.90B | $13.75B |
| Total current assets | $48.73B | $31.17B | $36.46B | $33.11B | $170.77B | $52.01B | $54.76B | $51.43B | $79.15B | $38.37B |
| Property, plant & equipment (net) | $154.20B | $149.78B | $149.39B | $149.26B | $143.47B | $152.03B | $154.17B | $131.47B | $125.22B | $124.90B |
| Goodwill & intangible assets | $68.68B | $195.72B | $200.36B | $197.34B | $211.96B | $281.57B | $303.86B | $310.20B | $219.72B | $222.07B |
| Long-term investments | $1.11B | $295.0M | $1.25B | $3.53B | $7.27B | $1.78B | $3.69B | $6.25B | $1.56B | $1.67B |
| Other non-current assets | $147.48B | $17.83B | $19.60B | $19.61B | $18.15B | $38.37B | $35.19B | $32.52B | $18.44B | $16.81B |
| Total assets | $420.20B | $394.80B | $407.06B | $402.85B | $551.62B | $525.76B | $551.67B | $531.86B | $444.10B | $403.82B |
| Liabilities | ||||||||||
| Accounts payable | $38.51B | $27.43B | $27.31B | $31.10B | $29.51B | $31.84B | $29.64B | $27.02B | $24.44B | $22.03B |
| Short-term debt | $9.01B | $5.09B | $9.48B | $7.60B | $25.86B | $3.66B | $11.84B | $10.26B | $38.37B | $9.83B |
| Deferred revenue | $4.27B | $4.10B | $3.78B | $3.92B | $3.97B | $6.18B | $6.12B | $5.95B | $4.21B | $4.52B |
| Total current liabilities | $53.78B | $46.87B | $51.13B | $56.17B | $106.23B | $63.44B | $68.91B | $64.42B | $81.39B | $50.58B |
| Long-term debt | $127.09B | $118.44B | $127.85B | $128.42B | $152.82B | $153.78B | $151.31B | $166.25B | $125.97B | $113.68B |
| Lease obligations | $18.94B | $17.39B | $17.57B | $18.66B | $21.26B | $22.20B | $23.84B | — | — | — |
| Other long-term liabilities | $110.84B | $109.25B | $108.66B | $111.80B | $108.72B | $129.31B | $129.51B | $107.31B | $94.73B | $115.45B |
| Total liabilities | $291.71B | $274.57B | $287.64B | $296.40B | $367.77B | $346.52B | $349.74B | $337.98B | $302.09B | $279.71B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $7.62B | $7.62B | $7.62B | $7.62B | $7.62B | $7.62B | $7.62B | $7.62B | $96.26B | $96.10B |
| Retained earnings (deficit) | $15.77B | $1.87B | −$5.01B | −$19.41B | $42.35B | $37.46B | $57.94B | $58.75B | $50.50B | $34.73B |
| Treasury stock | — | — | — | −$17.08B | −$17.28B | −$17.91B | −$13.09B | −$12.06B | −$12.71B | −$12.66B |
| Accumulated other comprehensive income | −$860.0M | $795.0M | $2.30B | $2.77B | $3.53B | $4.33B | $5.47B | $4.25B | $7.02B | $4.96B |
| Minority interest | $17.96B | $15.85B | $16.12B | $8.96B | $17.52B | $17.57B | $17.71B | $9.79B | $1.15B | $975.0M |
| Total shareholders' equity | $110.53B | $104.37B | $103.30B | $97.50B | $166.33B | $161.67B | $184.22B | $184.09B | $140.86B | $123.14B |
| Key figures | ||||||||||
| Total debt | $173.99B | $140.92B | $154.90B | $154.68B | $195.83B | $179.64B | $184.95B | $176.50B | $164.35B | $123.51B |
| Net cash (debt) | −$155.75B | −$137.62B | −$148.18B | −$150.98B | −$176.61B | −$169.90B | −$172.82B | −$171.30B | −$113.85B | −$117.72B |
| Working capital | −$5.05B | −$15.70B | −$14.67B | −$23.07B | $64.54B | −$11.43B | −$14.15B | −$12.99B | −$2.24B | −$12.21B |
| Tangible book value | $41.85B | −$91.35B | −$97.06B | −$99.84B | −$45.63B | −$119.90B | −$119.64B | −$126.11B | −$78.86B | −$98.93B |
| Book value per share | $15.40 | $14.49 | $14.23 | $12.85 | $22.17 | $22.51 | $25.07 | $27.05 | $22.78 | $19.90 |
| Shares outstanding | 7.18B | 7.20B | 7.26B | 7.59B | 7.50B | 7.18B | 7.35B | 6.81B | 6.18B | 6.19B |
| Current ratio | 0.91 | 0.66 | 0.71 | 0.59 | 1.61 | 0.82 | 0.79 | 0.80 | 0.97 | 0.76 |
| Quick ratio | 0.50 | 0.28 | 0.33 | 0.27 | 0.30 | 0.47 | 0.50 | 0.49 | 0.82 | 0.45 |
| Debt / equity | 1.57 | 1.35 | 1.50 | 1.59 | 1.18 | 1.11 | 1.00 | 0.96 | 1.17 | 1.00 |
| Equity / assets | 26.3% | 26.4% | 25.4% | 24.2% | 30.2% | 30.8% | 33.4% | 34.6% | 31.7% | 30.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $17.57B | $11.96B | $18.23B | $20.27B | $10.50B | $6.88B | $3.30B | $2.59B | $3.09B | $3.52B | $6.72B | $7.54B |
| Cash & equivalents | $17.57B | $11.96B | $18.23B | $20.27B | $10.50B | $6.88B | $3.30B | $2.59B | $3.09B | $3.52B | $6.72B | $7.54B |
| Short-term investments | — | — | — | — | $71.0M | $94.0M | — | $61.0M | $62.0M | $66.0M | $80.0M | $94.0M |
| Receivables | $8.52B | $8.34B | $8.84B | $8.94B | $8.84B | $9.23B | $9.64B | $9.07B | $9.69B | $9.58B | $10.29B | $8.96B |
| Inventory | $2.37B | $2.45B | $2.42B | $2.89B | $2.36B | $2.59B | $2.27B | $2.53B | $1.82B | $2.13B | $2.18B | $2.52B |
| Other current assets | $23.38B | $23.53B | $19.23B | $22.48B | $17.61B | $15.07B | $15.96B | $15.62B | $15.27B | $15.22B | $17.27B | $16.60B |
| Total current assets | $51.83B | $46.28B | $48.73B | $54.58B | $39.31B | $33.78B | $31.17B | $29.80B | $29.87B | $30.45B | $36.46B | $35.62B |
| Property, plant & equipment (net) | $134.22B | $155.88B | $154.20B | $152.58B | $150.59B | $149.46B | $149.78B | $148.74B | $148.35B | $148.52B | $149.39B | $149.50B |
| Goodwill & intangible assets | $199.05B | $69.97B | $68.68B | $68.68B | $196.23B | $196.03B | $195.72B | $195.82B | $200.41B | $200.56B | $200.36B | $200.30B |
| Long-term investments | $1.13B | $1.11B | $1.11B | $1.06B | $1.01B | $942.0M | $295.0M | $281.0M | $584.0M | $891.0M | $1.25B | $1.85B |
| Other non-current assets | $42.13B | $147.94B | $147.48B | $146.32B | $18.36B | $17.25B | $17.83B | $19.07B | $18.81B | $19.02B | $19.60B | $19.43B |
| Total assets | $428.36B | $421.19B | $420.20B | $423.21B | $405.49B | $397.47B | $394.80B | $393.72B | $398.03B | $399.43B | $407.06B | $406.70B |
| Liabilities | ||||||||||||
| Accounts payable | $38.05B | $37.30B | $38.51B | $36.59B | $33.29B | $33.11B | $27.43B | $31.93B | $31.17B | $31.97B | $27.31B | $34.66B |
| Short-term debt | $9.32B | $6.82B | $9.01B | $11.38B | $9.25B | $8.90B | $5.09B | $2.64B | $5.25B | $7.06B | $9.48B | $11.30B |
| Deferred revenue | $4.07B | $4.33B | $4.27B | $3.90B | $4.00B | $3.95B | $4.10B | $4.06B | $3.98B | $3.71B | $3.78B | $3.70B |
| Total current liabilities | $53.38B | $50.42B | $53.78B | $53.88B | $48.56B | $48.00B | $46.87B | $40.66B | $42.43B | $44.83B | $51.13B | $51.68B |
| Long-term debt | $134.63B | $131.59B | $127.09B | $128.09B | $123.06B | $117.26B | $118.44B | $126.38B | $125.36B | $125.70B | $127.85B | $126.70B |
| Lease obligations | $18.93B | $18.91B | $18.94B | $19.02B | $17.76B | $17.43B | $17.39B | $17.33B | $17.17B | $17.29B | $17.57B | $17.73B |
| Other long-term liabilities | $111.91B | $111.56B | $110.84B | $112.51B | $110.49B | $110.37B | $109.25B | $108.43B | $108.92B | $108.30B | $108.66B | $108.49B |
| Total liabilities | $301.93B | $293.57B | $291.71B | $294.47B | $282.11B | $275.63B | $274.57B | $275.46B | $276.70B | $278.83B | $287.64B | $286.87B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $7.62B | $7.62B | $7.62B | $7.62B | $7.62B | $7.62B | $7.62B | $7.62B | $7.62B | $7.62B | $7.62B | $7.62B |
| Retained earnings (deficit) | $20.29B | $17.62B | $15.77B | $13.97B | $6.68B | $4.21B | $1.87B | −$185.0M | $2.0M | −$1.57B | −$5.01B | −$7.20B |
| Accumulated other comprehensive income | −$1.19B | −$1.39B | −$860.0M | −$648.0M | −$200.0M | −$142.0M | $795.0M | $648.0M | $1.44B | $2.17B | $2.30B | $2.54B |
| Minority interest | $18.00B | $17.96B | $17.96B | $18.03B | $18.11B | — | — | — | — | — | — | — |
| Total shareholders' equity | $110.44B | $109.66B | $110.53B | $110.71B | $105.27B | $103.74B | $104.37B | $102.35B | $105.31B | $104.54B | $103.30B | $103.70B |
| Key figures | ||||||||||||
| Total debt | $162.89B | $164.12B | $173.99B | $158.49B | $150.07B | $143.59B | $140.92B | $146.34B | $147.78B | $150.06B | $154.90B | $155.73B |
| Net cash (debt) | −$145.32B | −$152.16B | −$155.75B | −$138.22B | −$139.57B | −$136.71B | −$137.62B | −$143.76B | −$144.69B | −$146.53B | −$148.18B | −$148.19B |
| Working capital | −$1.55B | −$4.14B | −$5.05B | $703.0M | −$9.26B | −$14.22B | −$15.70B | −$10.86B | −$12.56B | −$14.39B | −$14.67B | −$16.06B |
| Tangible book value | −$88.61B | $39.69B | $41.85B | $42.03B | −$90.96B | −$92.29B | −$91.35B | −$93.47B | −$95.10B | −$96.02B | −$97.06B | −$96.60B |
| Book value per share | $15.90 | $15.61 | $15.40 | $15.44 | $14.58 | $14.36 | $14.48 | $14.20 | $14.63 | $14.53 | $14.36 | $14.43 |
| Shares outstanding | 6.95B | 7.03B | 7.18B | 7.17B | 7.22B | 7.22B | 7.21B | 7.21B | 7.20B | 7.19B | 7.19B | 7.18B |
| Current ratio | 0.97 | 0.92 | 0.91 | 1.01 | 0.81 | 0.70 | 0.66 | 0.73 | 0.70 | 0.68 | 0.71 | 0.69 |
| Quick ratio | 0.49 | 0.40 | 0.50 | 0.54 | 0.40 | 0.34 | 0.28 | 0.29 | 0.30 | 0.29 | 0.33 | 0.32 |
| Debt / equity | 1.47 | 1.50 | 1.57 | 1.43 | 1.43 | 1.38 | 1.35 | 1.43 | 1.40 | 1.44 | 1.50 | 1.50 |
| Equity / assets | 25.8% | 26.0% | 26.3% | 26.2% | 26.0% | 26.1% | 26.4% | 26.0% | 26.5% | 26.2% | 25.4% | 25.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 9, 2026); data from EODHD.
T financial position
At the end of fiscal 2025 (December 31, 2025), AT&T had total assets of $420.2 billion (up 6.4% from a year earlier), total liabilities of $291.7 billion and shareholders' equity of $110.5 billion. It held $18.2 billion in cash and short-term investments against $174.0 billion of debt, net debt of $155.8 billion. Its current ratio was 0.91. In the latest quarter (ended June 30, 2026) total assets were $428.4 billion and equity $110.4 billion.
Related: T income statement, T cash flow statement, T key metrics. See the T stock overview for the latest quote and news.
T balance sheet FAQ
What are AT&T's total assets?
AT&T reported total assets of $420.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $394.8 billion a year earlier.
How much debt does AT&T have?
AT&T had $174.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.57.
How much cash does AT&T have?
AT&T held $18.2 billion in cash and short-term investments at the end of fiscal 2025; with $174.0 billion of debt that is net debt of $155.8 billion.
What is AT&T's book value?
AT&T's shareholders' equity (book value) was $110.5 billion at the end of fiscal 2025, or $15.40 per share.
What is AT&T's current ratio?
AT&T had current assets of $48.7 billion and current liabilities of $53.8 billion, a current ratio of 0.91 (current liabilities exceed current assets).
How much goodwill does AT&T have?
AT&T carried $68.7 billion of goodwill and intangible assets, 16.3% of total assets, at the end of fiscal 2025.