Stock Analysis on Net
Stock Analysis on Net

AT&T Inc. (NYSE:T)

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Common-Size Income Statement
Quarterly Data

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AT&T Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Dec 31, 2025 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
Service
Equipment
Operating revenues
Equipment
Broadcast, programming and operations
Other cost of revenues, exclusive of depreciation and amortization
Cost of revenues
Gross profit
Selling, general and administrative
Asset impairments and abandonments and restructuring
Depreciation and amortization
Operating income (loss)
Interest expense
Equity in net income (loss) of affiliates
Other income (expense), net
Other income (expense)
Income (loss) from continuing operations before income taxes
Income tax expense on continuing operations
Income (loss) from continuing operations
Income (loss) from discontinued operations, net of tax
Net income (loss)
Net income attributable to noncontrolling interest
Net income (loss) attributable to AT&T
Preferred stock dividends and redemption gain
Net income (loss) attributable to common stock

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

The common-size income statement reveals significant fluctuations in the company’s financial performance between March 2021 and December 2025. Operating revenues are consistently represented at 100%, allowing for a clear view of the proportional contribution of each income statement item. A notable shift is observed in the composition of revenues, with a decreasing percentage derived from service revenues and an increasing percentage from equipment sales over the period.

Revenue Composition
Service revenues, initially representing 87.63% of operating revenues in March 2021, generally decreased to 75.87% by December 2025, although with some quarterly variations. Conversely, equipment revenues increased from 12.37% in March 2021 to 24.13% in December 2025, indicating a growing reliance on equipment sales. This trend suggests a potential strategic shift or changing consumer behavior.
Cost of Revenues
Cost of revenues as a percentage of operating revenues remained relatively stable, fluctuating between approximately 40% and 48% throughout the observed period. A slight increase is observed in the later quarters, particularly in December 2025, reaching 44.28%. This suggests potential pressures on input costs or production efficiency.
Gross Profit
Gross profit margins exhibited volatility, ranging from a low of 51.67% in December 2021 to a high of 59.39% in September 2022. The margin generally trended upward from 2021 to 2023, before declining to 55.72% in December 2025. This fluctuation likely correlates with the changes in revenue composition and cost of revenues.
Operating Income
Operating income demonstrated the most significant variability. A substantial decline occurred in December 2022, with operating income falling to -67.29% of operating revenues. This was followed by a recovery in subsequent periods, peaking at 24.15% in September 2023, before decreasing again to 17.30% in December 2025. The large negative value in December 2022 warrants further investigation, potentially related to asset impairments and abandonments, which were also exceptionally high during that quarter.
Operating Expenses
Selling, general, and administrative expenses remained consistently around 23-24% of operating revenues. Asset impairments and abandonments, and restructuring charges were generally low but spiked significantly in December 2022, contributing to the overall decline in operating income. Depreciation and amortization remained relatively stable, fluctuating between 13% and 17% of operating revenues.
Net Income
Net income attributable to common stock mirrored the trends observed in operating income, with a significant loss in December 2022 (-75.20% of operating revenues). The company experienced positive net income in other periods, peaking at 30.33% in September 2025. The net income attributable to noncontrolling interest remained relatively consistent, fluctuating between -1.28% and -0.69% of operating revenues. Overall, net income demonstrates a high degree of sensitivity to operating income fluctuations.

The period under review demonstrates a company navigating a dynamic environment. The increasing contribution of equipment revenues, coupled with significant volatility in operating income and net income, suggests potential strategic shifts and operational challenges. The substantial loss in December 2022 requires further scrutiny to understand the underlying causes and their impact on the company’s long-term financial health.