Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The financial data reveals notable fluctuations in revenues, costs, and profitability over the five-year period.
- Revenue Analysis
- The service revenue shows a declining trend from $152,767 million in 2020 to $97,831 million in 2022, followed by stabilization around $99,649 million to $100,135 million in the last two years. Equipment revenue demonstrates growth from $18,993 million in 2020 to a peak of $22,910 million in 2022, with a slight decline thereafter to $22,201 million in 2024. Overall operating revenues dropped significantly from $171,760 million in 2020 to $120,741 million in 2022, then remained relatively flat through 2023 and 2024.
- Cost of Revenues
- Equipment costs consistently increased from -$19,706 million in 2020 to -$24,009 million in 2022, then decreased to -$22,249 million in 2024. Broadcast, programming, and operations costs declined from -$27,305 million in 2020 to -$24,797 million in 2021, with data missing for the following years. Other costs of revenues decreased steadily from -$32,909 million in 2020 to about -$26,972 million in 2024. Total cost of revenues showed a sharp decline from -$79,920 million in 2020 to -$50,848 million in 2022, holding steady around -$49,221 million in 2024.
- Profitability
- Gross profit decreased notably from $91,840 million in 2020 to $69,893 million in 2022, with a slight upward trend thereafter to $73,115 million in 2024. Selling, general, and administrative expenses reduced from -$38,039 million in 2020 to -$28,411 million in 2024. Significant fluctuations occurred in asset impairments, with a marked peak of -$27,498 million in 2022, deviating from lower levels in other years. Depreciation and amortization expenses declined from -$28,516 million in 2020 to -$18,021 million in 2022 but rose again to -$20,580 million in 2024.
- Operating Income and Other Income Components
- Operating income experienced severe volatility: a positive $6,405 million in 2020, a sharp increase to $23,347 million in 2021, a loss of -$4,587 million in 2022, and recovery to approximately $19,000 to $23,000 million in subsequent years. Interest expense gradually decreased from -$7,925 million in 2020 to around -$6,759 million in 2024. Equity in net income of affiliates showed growth from minimal amounts to nearly $2,000 million by 2024. Other income (expense), net, presented irregular fluctuations with significant positive spikes in 2021 and 2022, followed by moderation.
- Income Before and After Taxes
- Income from continuing operations before income taxes shifted from a loss of -$2,856 million in 2020 to a gain of $26,947 million in 2021, then returned to a small loss in 2022 and positive results again later. Income tax expenses varied but remained in the range of -$965 million to -$4,445 million. Net income aligned closely with income from continuing operations, showing a loss in 2020 and 2022, and positive earnings in 2021, 2023, and 2024.
- Net Income Attributable to AT&T and Common Stock
- Net income attributable to AT&T fluctuated markedly, with losses in 2020 and 2022 at approximately -$5,176 million and -$8,524 million, respectively, contrasted by strong positive earnings in 2021 ($20,081 million), and solid earnings in 2023 ($14,400 million) and 2024 ($10,948 million). Preferred stock dividends remained relatively stable throughout the period.