Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
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AT&T Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 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
- Service revenue as a percentage of operating revenues shows a general declining trend from 90.89% in the first quarter of 2020 to lower values fluctuating mostly around the low 80s through 2024 and early 2025. In contrast, equipment revenue percentage increased from 9.11% in early 2020 to a peak above 22% near the end of 2024, indicating a shift toward a higher proportion of equipment sales within total operating revenues.
- Cost of Revenues
- Costs associated with equipment rose in absolute negative percentage terms, peaking near -22.78% of operating revenues in late 2024, aligning with the greater equipment revenue share. Other cost of revenues maintained a relatively stable share, fluctuating mostly between -17% and -23%. Overall, total cost of revenues experienced moderate variability but trended slightly downward, reaching lows just below -39% in certain quarters, suggesting improved gross margins over time.
- Gross Profit
- Gross profit margins increased from 55.15% in early 2020, dipping during quarters with large cost spikes, but generally trending upward, peaking around low 60%s by 2023 and staying above 56% thereafter. This reflects relatively strong profitability in core operations despite volatility in cost components.
- Operating Expenses
- Selling, general and administrative expenses as a percentage of operating revenues were relatively stable between -20% and -24%, with no major directional trend. Depreciation and amortization costs remained consistent around -14% to -17%, reflecting steady asset base and amortization policies.
- Asset Impairments and Restructuring
- This category showed sporadic significant spikes, notably a sharp drop to -35.82% in late 2020 and another dramatic dip to -85.36% in late 2022. These irregular but substantial impairments and restructuring charges contributed to volatility in operating income metrics.
- Operating Income
- Operating income exhibited considerable volatility. Positive margins varied between approximately 7% and 21%, but there were sharp negative excursions such as -23.52% in late 2020 and -67.29% in late 2022 corresponding with impairment charges. Outside those periods, operating income generally hovered around strong double-digit percentages.
- Interest Expense and Other Income (Expense)
- Interest expense remained roughly stable near -4% to -5.5% of operating revenues throughout the period. Other income (expense) showed mixed results, with some quarters reporting positive contributions up to 9.61%, while other periods reflected minor negative expenses. Overall, these factors moderately influenced net income variability.
- Income Before Taxes and Net Income
- Income before taxes mirrored operating income trends, with volatility tied to large impairment events. Net income, similarly, reflected fluctuating but positive trends except during major impairment quarters when it turned sharply negative. Net income attributable to common stock generally followed the overall net income pattern, ranging from lows near -30% during impairment-heavy quarters to highs above 14% in stronger periods.
- Summary of Trends
- The data indicates a strategic revenue composition shift from service toward equipment sales over the analyzed timeframe. Cost controls outside of equipment-related and impairment items appear effective, supporting stable gross margins. Significant episodic asset impairments have severely affected profitability in certain quarters, causing substantial fluctuations in operating and net income metrics. Absent these extraordinary charges, profitability ratios display relative stability and moderate improvement. Interest expense and administrative costs remain steady, suggesting consistent financial and operational management.