Common-Size Income Statement
Quarterly Data
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Analysis of Debt
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AT&T Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue Composition Trends
- The proportion of service revenues relative to total operating revenues generally exhibits a downward trend across the periods analyzed. Starting at approximately 90.89% in early 2020, service revenue shares fall to a low near 77.88% by late 2024, with partial recoveries noted at various points. Conversely, equipment revenues as a percentage of operating revenues increase from about 9.11% to highs exceeding 22% during late 2024, reflecting a shifting revenue mix toward equipment sales over services.
- Cost of Revenues and Margins
- The cost of revenues reported as a percentage of operating revenues fluctuates moderately, ranging roughly between 38% and 50% over the timeframe. A reduction in overall cost of revenues after mid-2020 corresponds with improvements in gross profit margins, which strengthen from approximately 49.86% at the end of 2020 to around 61.6% in mid-2024. This suggests enhanced operational efficiency or a pricing strategy that improves profitability.
- Gross Profit and Operating Performance
- Gross profit margins show recovery and growth after dipping near 50% in late 2020, reaching mid to high 50s and low 60s percentages thereafter, indicating a more profitable core business. Operating income as a proportion of revenues appears volatile, with a notable negative dip at the end of 2020 (-23.52%), followed by general recovery and positive levels typically between 16% and 21%, albeit with some fluctuations indicating variability in operational results.
- Cost Structure Insights
- Selling, general and administrative expenses consistently consume about 20-24% of operating revenues throughout the period, without a clear directional change, indicating stable overhead costs relative to revenues. Depreciation and amortization expenses remain relatively stable, generally fluctuating around 14-17%, reflecting consistent capital expenditure amortization.
- Extraordinary and Restructuring Impacts
- Asset impairments, abandonments, and restructuring expenses show sporadic yet sometimes significant impacts, notably a severe impairment of around -85% of operating revenues in late 2022. These episodic charges strongly affect reported profitability in some quarters, contributing to operating income and net income volatility.
- Income and Taxation
- Income from continuing operations before tax mirrors operating income volatility but remains largely positive aside from sharp declines near late 2020 and late 2022. Income tax expense percentages vary, sometimes negative, indicating tax benefits or credits. Net income attributable to the company parallels these trends, with notable negative spikes aligning with large impairments and operational challenges, yet generally recovering toward levels over 10% of revenues in stable periods.
- Interest and Other Income/Expense
- Interest expense maintains a narrow range between approximately 3.8% and 5.7% of revenues, implying steady debt servicing costs. Other income (expense) fluctuates, occasionally showing negative impacts especially around late 2020 and late 2022, suggesting non-operating items contribute to bottom-line variability.
- Equity in Affiliates
- Equity earnings from affiliates gradually increase from near zero to higher positive contributions around 3-4.7% of revenues by late 2024, indicating improving performance or expansion of equity method investments contributing to earnings.
- Summary
- Overall, the financial data displays a shifting revenue composition favoring equipment sales over services, alongside improvements in gross profit margins and recovery from large restructuring charges. Operating and net income metrics are subject to volatility primarily due to periodic impairments and other non-recurring items but show a tendency for recovery and stability in later periods. Cost control remains steady in administrative and depreciation expenses, supporting improved profitability despite cyclical challenges.