AT&T Inc., current enterprise value calculation

Current share price (P)	$28.81
No. shares of common stock outstanding	7,000,577,201
US$ in millions
Common equity (market value)¹	201,687)
Add: Preferred stock, $1 par value (per books)	—)
Add: Noncontrolling interest (per books)	15,958)
Total equity	217,645)
Add: Debt maturing within one year (per books)	9,011)
Add: Long-term debt, excluding maturing within one year (per books)	127,089)
Total equity and debt	353,745)
Less: Cash and cash equivalents	18,234)
Enterprise value (EV)	335,511)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 28.81 × 7,000,577,201

AT&T Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$27.11	$25.36	$16.80	$19.26	$23.94
No. shares of common stock outstanding¹	7,000,577,201	7,178,183,000	7,152,792,253	7,129,870,323	7,142,892,741
US$ in millions
Common equity (market value)³	189,786)	182,039)	120,167)	137,321)	171,001)
Add: Preferred stock, $1 par value (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interest (book value)	15,958)	13,873)	14,145)	8,957)	17,523)
Total equity	205,744)	195,912)	134,312)	146,278)	188,524)
Add: Debt maturing within one year (book value)	9,011)	5,089)	9,477)	7,467)	24,630)
Add: Long-term debt, excluding maturing within one year (book value)	127,089)	118,443)	127,854)	128,423)	152,724)
Total equity and debt	341,844)	319,444)	271,643)	282,168)	365,878)
Less: Cash and cash equivalents	18,234)	3,298)	6,722)	3,701)	21,169)
Enterprise value (EV)	323,610)	316,146)	264,921)	278,467)	344,709)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of AT&T Inc. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 27.11 × 7,000,577,201

An examination of the financial information reveals fluctuations in several key metrics over the five-year period. The enterprise value exhibited a decreasing trend from 2021 to 2023, followed by increases in both 2024 and 2025. Concurrent movements are observed in the components contributing to enterprise value, namely common equity, total equity, and total equity and debt.

Enterprise Value Trend: The enterprise value decreased from US$344.709 billion in 2021 to US$264.921 billion in 2023, representing a decline of approximately 23.1%. This was followed by a recovery, with the enterprise value increasing to US$316.146 billion in 2024 and further to US$323.610 billion in 2025. The 2024 and 2025 increases suggest a potential shift in market perception or underlying financial performance.
Equity Components: Common equity (market value) mirrored the enterprise value trend, declining from US$171.001 billion in 2021 to US$120.167 billion in 2023, before rising to US$182.039 billion in 2024 and US$189.786 billion in 2025. Total equity followed a similar pattern, decreasing from US$188.524 billion in 2021 to US$134.312 billion in 2023, and then increasing to US$195.912 billion in 2024 and US$205.744 billion in 2025. These parallel movements indicate a strong correlation between market valuation and reported equity.
Total Equity and Debt: Total equity and debt decreased from US$365.878 billion in 2021 to US$271.643 billion in 2023. This decline was less pronounced than the decrease in enterprise value and equity components, suggesting a potential shift in the capital structure. A subsequent increase to US$319.444 billion in 2024 and US$341.844 billion in 2025 indicates a renewed reliance on debt financing or increased equity funding.

The observed fluctuations warrant further investigation into the underlying drivers of these changes. The recovery in enterprise value and equity components in 2024 and 2025 could be attributed to improved operational performance, strategic initiatives, or broader market conditions. The changes in total equity and debt suggest potential adjustments in the company’s financing strategy.

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AT&T Inc. (NYSE:T)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)