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What drives AT&T INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity18%Tax burden81%net income ÷ pretax incomeInterest burden112%pretax ÷ operating incomeOperating margin19%operating income ÷ revenueAsset turnover0.31×revenue ÷ average assetsEquity multiplier3.33×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$22.0BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Income before tax$27.0BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Operating income$24.2BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
$125.6BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Ending assets$420.2BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Beginning assets$394.8BFY2024
  • 10-K · FY 2024Filing detailsAccession 0000732717-25-000013 · filed Feb 12, 2025
  • 10-K · FY 2024Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
$126.5BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
$118.2BFY2024
  • 10-K · FY 2024Filing detailsAccession 0000732717-25-000013 · filed Feb 12, 2025
  • 10-K · FY 2024Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Source: · event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set
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