AT&T Inc., adjustment to net income (loss) attributable to AT&T

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to AT&T (as reported)	14,400)	(8,524)	20,081)	(5,176)	13,903)
Add: Securities	33)	(135)	(66)	63)	50)
Net income (loss) attributable to AT&T (adjusted)	14,433)	(8,659)	20,015)	(5,113)	13,953)

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AT&T Inc., adjusted profitability ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	11.76%	-7.06%	11.89%	-3.01%	7.67%
Adjusted net profit margin	11.79%	-7.17%	11.85%	-2.98%	7.70%
Return on Equity (ROE)
Reported ROE	13.94%	-8.74%	12.07%	-3.20%	7.55%
Adjusted ROE	13.97%	-8.88%	12.03%	-3.16%	7.57%
Return on Assets (ROA)
Reported ROA	3.54%	-2.12%	3.64%	-0.98%	2.52%
Adjusted ROA	3.55%	-2.15%	3.63%	-0.97%	2.53%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	AT&T Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	AT&T Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	AT&T Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to AT&T	14,400)	(8,524)	20,081)	(5,176)	13,903)
Operating revenues	122,428)	120,741)	168,864)	171,760)	181,193)
Profitability Ratio
Net profit margin¹	11.76%	-7.06%	11.89%	-3.01%	7.67%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to AT&T	14,433)	(8,659)	20,015)	(5,113)	13,953)
Operating revenues	122,428)	120,741)	168,864)	171,760)	181,193)
Profitability Ratio
Adjusted net profit margin²	11.79%	-7.17%	11.85%	-2.98%	7.70%

2023 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to AT&T ÷ Operating revenues
= 100 × 14,400 ÷ 122,428 = 11.76%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to AT&T ÷ Operating revenues
= 100 × 14,433 ÷ 122,428 = 11.79%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	AT&T Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to AT&T	14,400)	(8,524)	20,081)	(5,176)	13,903)
Stockholders’ equity attributable to AT&T	103,297)	97,500)	166,332)	161,673)	184,221)
Profitability Ratio
ROE¹	13.94%	-8.74%	12.07%	-3.20%	7.55%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to AT&T	14,433)	(8,659)	20,015)	(5,113)	13,953)
Stockholders’ equity attributable to AT&T	103,297)	97,500)	166,332)	161,673)	184,221)
Profitability Ratio
Adjusted ROE²	13.97%	-8.88%	12.03%	-3.16%	7.57%

2023 Calculations

¹ ROE = 100 × Net income (loss) attributable to AT&T ÷ Stockholders’ equity attributable to AT&T
= 100 × 14,400 ÷ 103,297 = 13.94%

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to AT&T ÷ Stockholders’ equity attributable to AT&T
= 100 × 14,433 ÷ 103,297 = 13.97%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	AT&T Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to AT&T	14,400)	(8,524)	20,081)	(5,176)	13,903)
Total assets	407,060)	402,853)	551,622)	525,761)	551,669)
Profitability Ratio
ROA¹	3.54%	-2.12%	3.64%	-0.98%	2.52%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to AT&T	14,433)	(8,659)	20,015)	(5,113)	13,953)
Total assets	407,060)	402,853)	551,622)	525,761)	551,669)
Profitability Ratio
Adjusted ROA²	3.55%	-2.15%	3.63%	-0.97%	2.53%

2023 Calculations

¹ ROA = 100 × Net income (loss) attributable to AT&T ÷ Total assets
= 100 × 14,400 ÷ 407,060 = 3.54%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to AT&T ÷ Total assets
= 100 × 14,433 ÷ 407,060 = 3.55%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	AT&T Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

AT&T Inc. (NYSE:T)

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