Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Paying user area
Try for free
AT&T Inc. pages available for free this week:
- 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
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to AT&T Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Solvency Ratios (Summary)
AT&T Inc., solvency 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).
- Debt to Equity Ratios
- The debt to equity ratio exhibited moderate fluctuations over the observed periods. Starting near 1.09, it showed an upward trend, peaking at 1.39 in late 2021, before stabilizing around the mid-1.2 range through 2024 and 2025. When including operating lease liabilities, the ratio generally followed a similar pattern but at higher levels, rising to 1.59 at the end of 2021 and gradually settling near 1.43 by late 2025. This suggests an overall increase in financial leverage, with lease obligations contributing notably to total debt measurements.
- Debt to Capital Ratios
- The debt to capital ratio fluctuated between 0.52 and 0.58 during the timeframe, showing a slight upward movement toward the end of 2021 followed by relative stability in the subsequent years. Incorporating operating lease liabilities resulted in consistently higher ratios, rising to a peak of 0.61 around late 2021 and maintaining levels near 0.59 in the latter periods. These metrics indicate a consistent proportion of debt relative to capital, with operating leases increasing the company’s leverage profile.
- Debt to Assets Ratios
- Debt to assets ratios remained relatively stable, generally ranging from 0.31 to 0.36, with a small peak at 0.36 in early 2022. Inclusion of operating lease liability raised the ratios to a range between 0.36 and 0.40. These levels suggest a moderate use of debt financing against company assets, with operating leases contributing a significant but stable additional liability component.
- Financial Leverage
- The financial leverage ratio demonstrated an upward trend from approximately 3.31 in early 2021 to a peak near 4.13 at the end of 2021, indicating increased reliance on debt relative to equity. Subsequently, this ratio declined and stabilized around 3.8 to 3.9, reflecting partial deleveraging or growth in equity relative to debt in the following periods.
- Interest Coverage Ratio
- The interest coverage ratio showed considerable volatility over the periods. Initially low and fluctuating around 1.12 to 1.7 in 2021, the ratio surged dramatically to near 4.9 by year-end 2021. However, it dropped sharply to below 0.5 through 2022 and early 2023, reaching critically low levels that may indicate challenges in covering interest expenses. Subsequently, the ratio improved significantly, climbing steadily to above 5.2 by mid-2025. This pattern could suggest temporary financial distress or restructuring followed by recovery in operational earnings or cost reductions impacting interest obligations.
- Summary of Trends
- Overall, the company maintained a moderately leveraged balance sheet throughout the observed periods, with debt ratios showing seasonal and temporary increases but generally remaining stable in the mid-levels. The inclusion of operating lease liabilities consistently elevated debt measures, highlighting the significance of off-balance-sheet financing. Financial leverage peaked toward the end of 2021, coinciding with increased debt ratios, then decreased slightly thereafter. Interest coverage ratios presented notable volatility, signaling periods of constrained earnings relative to debt service obligations, followed by recovery. These patterns may reflect shifts in operational performance, capital structure adjustments, or changes in interest expenses over the time frame.
Debt Ratios
Coverage Ratios
Debt to Equity
AT&T Inc., debt to equity 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) | |||||||||||||||||||||||||
| Debt maturing within one year | |||||||||||||||||||||||||
| Long-term debt, excluding maturing within one year | |||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||
| Stockholders’ equity attributable to AT&T | |||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, 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
Debt to equity = Total debt ÷ Stockholders’ equity attributable to AT&T
= ÷ =
2 Click competitor name to see calculations.
- Total Debt
- The total debt showed an initial slight decline from $180,199 million in March 2021 to $177,354 million by December 2021. However, a notable increase occurred in March 2022, peaking sharply at $207,558 million. Subsequently, there was a significant reduction through mid-2024, reaching as low as $123,532 million by December 2024. After this point, the debt gradually increased again, ending at $139,468 million in September 2025.
- Stockholders’ Equity Attributable to AT&T
- Stockholders’ equity experienced a moderate upward trend initially, rising from $165,488 million in March 2021 to a peak of approximately $169,036 million in March 2022. Following this, equity saw a steep decline by December 2022, descending to $97,500 million. From early 2023 onwards, equity stabilized and showed steady growth, recovering to $110,708 million by September 2025.
- Debt to Equity Ratio
- The debt to equity ratio maintained a generally stable range near 1.09 to 1.11 during 2021, then experienced an increase reaching 1.23 in March 2022, coinciding with higher debt and lower equity levels. The ratio peaked further at 1.39 by December 2022, indicating higher leverage. Following this peak, the leverage ratio decreased steadily through 2024, falling to about 1.18 by December 2024, before slightly increasing again to around 1.26 by September 2025. The pattern suggests periods of elevated leverage followed by partial deleveraging efforts.
- Summary of Trends and Insights
- The company’s financial leverage and capital structure demonstrated significant variation over the reported periods. A sharp increase in total debt and decline in equity during early 2022 led to heightened leverage, which may reflect strategic borrowing or capital allocation decisions during that timeframe. Subsequently, there was a concerted reduction in debt and a recovery in equity, indicating efforts to strengthen the balance sheet and improve financial stability. The debt to equity ratio movements correspond closely with these changes, highlighting shifts between higher and moderate leverage positions. The overall trend by the end of the period shows cautious deleveraging with a more balanced capital structure compared to the prior peak leverage levels.
Debt to Equity (including Operating Lease Liability)
AT&T Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Debt maturing within one year | |||||||||||||||||||||||||
| Long-term debt, excluding maturing within one year | |||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||
| Noncurrent operating lease liabilities | |||||||||||||||||||||||||
| Total debt (including operating lease liability) | |||||||||||||||||||||||||
| Stockholders’ equity attributable to AT&T | |||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), 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
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity attributable to AT&T
= ÷ =
2 Click competitor name to see calculations.
- Total Debt (including operating lease liability)
-
The total debt levels exhibited variability over the observed periods. Initially, from the first quarter of 2021 through the end of 2021, the debt decreased steadily, dropping from approximately 202 billion US dollars to around 199 billion US dollars. A significant increase occurred in the first quarter of 2022, reaching about 228 billion US dollars, followed by a sharp decline to approximately 155 billion US dollars by the third quarter of 2022.
From that point, total debt remained relatively stable through the end of 2022 and the first half of 2023, fluctuating slightly around the 154 to 161 billion US dollar range. Thereafter, a gradual downward trend persisted through the end of 2024, decreasing to approximately 141 billion US dollars. However, towards the end of the observation period in 2025, total debt trended upward again, rising to near 158 billion US dollars by the third quarter.
- Stockholders’ Equity Attributable to AT&T
-
Stockholders’ equity showed moderate fluctuations, beginning at approximately 165 billion US dollars in early 2021 and experiencing a slight decline by mid-2022, reaching near 117 billion US dollars. Post mid-2022, equity levels showed signs of recovery, increasing steadily to approximately 104 to 105 billion US dollars in late 2023 and throughout 2024.
The equity remained relatively stable during this period, with mild variations but no pronounced upward or downward trends. In early 2025, the equity level increased again, reaching around 111 billion US dollars by the third quarter, indicating a positive movement in the company’s net asset position in the latest quarters.
- Debt to Equity Ratio (including operating lease liability)
-
The debt to equity ratio reflected notable volatility. During 2021, the ratio hovered near 1.2 but rose sharply in early 2022, peaking at 1.59 at the end of 2022. This peak coincided with a period of decreased equity and increased debt, indicating a higher financial leverage and potential risk exposure during that time.
Following this peak, the ratio gradually declined throughout 2023 and 2024 to values generally around 1.35 to 1.44, suggesting a stabilization of the capital structure with relatively balanced debt and equity levels. Nonetheless, the ratio increased again slightly in 2025, settling near 1.43, implying that leverage remained moderately elevated compared to early 2021 levels.
- Summary of Financial Capital Structure Trends
-
Over the observed timeframe, debt levels experienced significant short-term volatility, particularly a sharp spike and subsequent decrease in early to mid-2022. Equity experienced a decline during the same period but showed gradual recovery subsequently. The debt to equity ratio correspondingly displayed fluctuations, peaking in late 2022, which reflects periods of heightened leverage followed by partial deleveraging.
In the most recent periods, both total debt and equity stabilized with moderate growth in equity and a slight increase in leverage. This pattern may indicate efforts to manage capital structure prudently while addressing financing needs. Overall, the company maintained leverage with a debt to equity ratio generally above 1.2, suggesting a capital structure relying more heavily on debt financing throughout these years.
Debt to Capital
AT&T Inc., debt to capital 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) | |||||||||||||||||||||||||
| Debt maturing within one year | |||||||||||||||||||||||||
| Long-term debt, excluding maturing within one year | |||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||
| Stockholders’ equity attributable to AT&T | |||||||||||||||||||||||||
| Total capital | |||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, 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
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
- Total Debt
-
The total debt exhibited notable fluctuations over the observed periods. Initially, debt remained relatively stable, averaging around 180 billion US dollars from the first quarter of 2021 through the end of that year. A significant decrease occurred in the first half of 2022, with debt dropping sharply to approximately 134 billion US dollars. Subsequently, debt levels demonstrated a gradual upward trend, rising from around 137 billion in early 2023 to nearly 139.5 billion by the third quarter of 2025. Despite some variability, the overall pattern shows a reduction from high levels in 2021 followed by a moderate recovery in more recent quarters.
- Total Capital
-
Total capital mirrored the volatility seen in total debt but with larger proportional changes. Starting near 345 billion US dollars in early 2021, total capital declined substantially to a low of approximately 233 billion by the end of 2022. This drop represents a significant contraction in capital base during that interval. From 2023 onward, total capital demonstrated a steady recovery, gradually increasing from about 237 billion to over 250 billion by the third quarter of 2025. Overall, total capital followed a U-shaped trend over the period analyzed, with a trough in late 2022 and progressive improvement in subsequent years.
- Debt to Capital Ratio
-
The debt to capital ratio fluctuated within a relatively narrow band, indicative of consistent leverage levels relative to capital. From 2021 through early 2022, the ratio oscillated around 0.52 to 0.55, reflecting moderately stable leverage. During late 2022 and through 2023, the ratio increased to approximately 0.57 to 0.58, signifying a higher proportion of debt within the capital structure. Afterwards, from 2024 to mid-2025, the ratio slightly decreased but remained elevated near 0.55 to 0.56, suggesting sustained leverage levels above those seen at the outset. The data implies a tendency toward maintaining relatively high leverage, with some marginal improvement in leverage ratios in the latest periods.
- Overall Insights
-
The company's financial leverage and capital base experienced considerable shifts throughout the timeframe. The initial high debt and capital levels decreased markedly during 2022, possibly reflecting strategic balance sheet adjustments or external financial pressures. The subsequent capital recovery and steady debt increase indicate efforts to rebuild the capital base while managing debt levels. The relatively stable debt to capital ratio around the mid-50% range suggests deliberate maintenance of financial leverage. This balanced leverage may be aimed at optimizing capital costs while supporting operational or investment needs. Continuous monitoring of these ratios will be important given the observed historical volatility.
Debt to Capital (including Operating Lease Liability)
AT&T Inc., debt to capital (including operating lease liability) 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) | |||||||||||||||||||||||||
| Debt maturing within one year | |||||||||||||||||||||||||
| Long-term debt, excluding maturing within one year | |||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||
| Noncurrent operating lease liabilities | |||||||||||||||||||||||||
| Total debt (including operating lease liability) | |||||||||||||||||||||||||
| Stockholders’ equity attributable to AT&T | |||||||||||||||||||||||||
| Total capital (including operating lease liability) | |||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), 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
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
- Total Debt (Including Operating Lease Liability)
- Total debt exhibited a general decline from March 2021 through December 2021, decreasing from 201,965 million USD to 198,615 million USD. This was followed by a significant spike in March 2022 reaching 228,475 million USD, after which debt levels decreased sharply through June 2022 to September 2024, reaching 146,343 million USD. From this point onward, debt started increasing again, rising to 158,493 million USD by September 2025. Overall, the data shows a cyclical pattern with a peak in early 2022 and a trough in late 2024, followed by a moderate uptrend.
- Total Capital (Including Operating Lease Liability)
- Total capital remained relatively stable during the first year, hovering around 364,000 million USD. In March 2022, total capital peaked at 397,511 million USD but then experienced a sharp decline afterwards, dropping to approximately 245,295 million USD by December 2024. A modest recovery trend is observed in 2025, with capital rising to 269,201 million USD by September 2025. The overall movement indicates a contraction in total capital after March 2022, followed by a partial rebound in subsequent periods.
- Debt to Capital Ratio (Including Operating Lease Liability)
- The debt to capital ratio was stable at about 0.55 during 2021 but increased notably to 0.57 in early 2022. Notably, the ratio peaked around 0.61 between December 2022 and June 2023, indicating a higher leverage ratio during this period. Following this peak, the ratio showed a slight decline, fluctuating between 0.57 and 0.59 from late 2023 into 2025. Overall, the leverage ratio increased after the first quarter of 2022 and stabilized at a higher level than in 2021.
- Summary of Trends and Insights
- The company’s financial data reveals a period of increased leverage starting in early 2022, with total debt and debt to capital ratios rising sharply during that time. After reaching peak debt and leverage levels, a consistent reduction in debt and capital was observed through late 2024, suggesting efforts toward deleveraging or changes in capital structure. The partial rebound in capital and moderate increase in debt ratios in 2025 may indicate a strategic reassessment or renewed financing activity. The relatively higher debt to capital ratio post-2022 points to a heightened reliance on debt financing compared to the earlier period.
Debt to Assets
AT&T Inc., debt to assets 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) | |||||||||||||||||||||||||
| Debt maturing within one year | |||||||||||||||||||||||||
| Long-term debt, excluding maturing within one year | |||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, 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
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Total Debt
-
The total debt exhibited considerable fluctuation over the observed periods. Initially, the debt level hovered around 180 billion US dollars with a slight downward trend towards the end of 2021. A significant decrease was observed in mid-2022, dropping from over 207 billion to approximately 130 billion US dollars by the middle of 2024. Following this reduction phase, the debt level showed a gradual increase starting in late 2024 and continuing through early 2025, reaching about 139 billion US dollars. This pattern suggests phases of debt reduction followed by moderate debt accumulation.
- Total Assets
-
Total assets demonstrated a declining trend overall, particularly stark between early 2022 and early 2023 where they decreased from around 577 billion US dollars to about 400 billion US dollars. After this sharp decline, assets stabilized and showed a minor upward movement toward the end of the timeline, reaching above 423 billion US dollars by the first quarter of 2025. This indicates an initial contraction in asset base followed by recovery or asset growth in the later periods.
- Debt to Assets Ratio
-
The debt to assets ratio remained relatively stable throughout the periods, generally oscillating between 0.31 and 0.36. Notable peaks occurred in early 2022 at 0.36 and modest increases around mid-2023 and early 2025 at approximately 0.34 and 0.33 respectively. The lowest ratio values were seen around early to mid-2024 at 0.31. The stability in the ratio despite fluctuations in total debt and assets suggests proportional movement in both liabilities and assets, maintaining a consistent leverage level.
- Overall Insights
-
The analysis indicates that the company managed to reduce its debt significantly in the mid-term before a modest rebound. Concurrently, asset values underwent a notable decline before partially recovering. The relative stability of the debt to asset ratio implies balanced management of financial leverage. These trends may reflect strategic financial adjustments in response to market conditions or operational requirements during the timeframe.
Debt to Assets (including Operating Lease Liability)
AT&T Inc., debt to assets (including operating lease liability) 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) | |||||||||||||||||||||||||
| Debt maturing within one year | |||||||||||||||||||||||||
| Long-term debt, excluding maturing within one year | |||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||
| Noncurrent operating lease liabilities | |||||||||||||||||||||||||
| Total debt (including operating lease liability) | |||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), 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
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Total Debt (including Operating Lease Liability)
- The total debt exhibits notable fluctuations over the analyzed periods. Starting at approximately 202 billion USD in the first quarter of 2021, it remained relatively stable throughout that year, with a subtle decline. In the first quarter of 2022, a pronounced increase to about 228 billion USD is observed, followed by a marked decrease through mid-2022 down to approximately 147 billion USD by the third quarter of 2024. Toward the end of the observation period, total debt shows an upward trend again, reaching nearly 158.5 billion USD by the third quarter of 2025.
- Total Assets
- Total assets started around 547 billion USD in early 2021 and experienced an increase up to approximately 577 billion USD by the first quarter of 2022. This peak was followed by a significant decline through 2022, bottoming near 394 billion USD in late 2024. Subsequently, total assets present a recovery trend, rising steadily and reaching above 423 billion USD by the third quarter of 2025.
- Debt to Assets Ratio (including Operating Lease Liability)
- The debt to assets ratio mirrors the movements seen in total debt and total assets but remains within a narrow range, demonstrating relative stability. Beginning near 0.37 in early 2021, the ratio experienced a slight dip to 0.36 towards the end of 2021, then increased to 0.40 by the first quarter of 2022, coinciding with the peak in total debt. It then declined gradually, fluctuating around the 0.36-0.38 range through 2025, and ended near 0.37 by the third quarter of 2025. This indicates that despite fluctuations in debt and assets, the company's leverage relative to its asset base stayed fairly consistent overall.
Financial Leverage
AT&T Inc., financial leverage 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) | |||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||
| Stockholders’ equity attributable to AT&T | |||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, 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
Financial leverage = Total assets ÷ Stockholders’ equity attributable to AT&T
= ÷ =
2 Click competitor name to see calculations.
- Total Assets
- Total assets demonstrated an overall fluctuating trend over the observed periods. Beginning at approximately $547 billion in the first quarter of 2021, assets increased modestly through the first quarter of 2022, reaching a peak near $577 billion. This was followed by a marked decline starting mid-2022, with assets decreasing sharply to about $403 billion by the end of 2022. Subsequently, assets stabilized around the $400 billion mark during 2023, with minor quarterly fluctuations. Towards the end of the analysis period, from early 2024 to late 2025, total assets showed a gradual upward trend, culminating at approximately $423 billion.
- Stockholders’ Equity Attributable to AT&T
- Stockholders’ equity began at $165 billion in early 2021 and exhibited a moderate increase up to the first quarter of 2022, peaking near $169 billion. A significant contraction occurred starting in mid-2022, with equity declining to about $97.5 billion by December 2022. From 2023 onwards, stockholders’ equity reflected a relatively stable pattern with slight increases quarter over quarter, reaching approximately $110.7 billion by the third quarter of 2025. The recovery after 2022 suggests some restoration of equity, albeit remaining below initial levels from early 2021.
- Financial Leverage Ratio
- The financial leverage ratio ranged from a low of approximately 3.31 in early 2021 to a peak of around 4.13 by the end of 2022. Initially stable near 3.3 to 3.4, the ratio increased significantly in the latter half of 2022, corresponding with the sharp decreases in total assets and equity. Following this peak, the leverage ratio gradually declined but remained elevated, fluctuating around 3.8 to 3.9 through 2023 and into 2024. By the end of the period in 2025, the leverage ratio maintained a level near 3.8, indicating sustained higher leverage compared to the initial levels observed in early 2021.
- Overall Analysis
- The data indicates a period of asset growth followed by a pronounced contraction and partial recovery. The equity levels mirrored this pattern, with a significant drop in mid to late 2022 and a gradual recuperation thereafter. The rise in financial leverage during asset and equity declines suggests increased reliance on debt financing or reduced equity cushion during that timeframe. Although some recovery in assets and equity is visible in the years following 2022, the financial leverage remains elevated relative to the initial period, implying a potentially higher risk profile or altered capital structure strategy.
Interest Coverage
AT&T Inc., interest coverage calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to AT&T | |||||||||||||||||||||||||
| Add: Net income attributable to noncontrolling interest | |||||||||||||||||||||||||
| Less: Income (loss) from discontinued operations, net of tax | |||||||||||||||||||||||||
| Add: Income tax expense | |||||||||||||||||||||||||
| Add: Interest expense | |||||||||||||||||||||||||
| Earnings before interest and tax (EBIT) | |||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Interest coverage1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Interest Coverage, 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
Interest coverage
= (EBITQ3 2025
+ EBITQ2 2025
+ EBITQ1 2025
+ EBITQ4 2024)
÷ (Interest expenseQ3 2025
+ Interest expenseQ2 2025
+ Interest expenseQ1 2025
+ Interest expenseQ4 2024)
= ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Earnings before Interest and Tax (EBIT)
- The EBIT figures exhibit significant volatility over the examined periods. Initially, EBIT was relatively strong, peaking at 11,934 million USD in the first quarter of 2021 but then experiencing a sharp decline in the subsequent quarter to 4,309 million USD. A recovery followed, with values stabilizing around 7,700 to 8,700 million USD throughout much of 2021 and early 2022. A pronounced anomaly occurred at the end of 2022, with EBIT dropping dramatically to negative 21,637 million USD, marking a substantial loss. Subsequent quarters show a recovery trajectory, with EBIT rebounding steadily from 4,662 million USD at the end of 2023 to 12,353 million USD by the first quarter of 2025. This pattern suggests the occurrence of an extraordinary event or non-recurring charge impacting the last quarter of 2022, followed by a gradual restoration of operating profitability.
- Interest Expense
- Interest expense demonstrates relative stability over the course of the periods analyzed. The figures range narrowly between approximately 1,400 and 1,870 million USD, without any conspicuous upward or downward trends. Minor fluctuations appear quarter to quarter, but the overall pattern remains consistent, signaling stable debt service costs and financing structure over time.
- Interest Coverage Ratio
- The interest coverage ratio varies considerably in line with EBIT fluctuations. Early quarters show low but improving coverage ratios, rising from near 1.1 to approximately 5.2 by the second quarter of 2022, indicating strengthening ability to meet interest obligations through operating earnings. However, the ratio collapses sharply during the fourth quarter of 2022, falling to 0.49 and even lower the following quarters, reaching as low as 0.04, reflecting severe difficulty in covering interest expenses during this period. Starting from early 2024, the ratio improves consistently, climbing back to 5.2 by the first quarter of 2025, mirroring the EBIT recovery and signaling restored financial health and improved earnings capacity relative to interest costs.
- Overall Financial Trends
- The data reveals a generally stable operating performance and interest cost environment until the end of 2022, when an extraordinary loss severely impacted earnings and interest coverage. Thereafter, a gradual and sustained recovery is evident in EBIT and the interest coverage ratio, returning to pre-distress levels by early 2025. Interest expenses show no corresponding volatility, indicating that the disruption mainly derived from operating performance rather than financing cost changes. These patterns suggest the company faced a significant one-off adverse event or restructuring expense near the end of 2022, followed by a period of financial normalization and recovery.