Stock Analysis on Net
Stock Analysis on Net

AT&T Inc. (NYSE:T)

$24.99

Income Statement
Quarterly Data

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

US$ in millions

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 financial performance exhibited significant fluctuations over the observed period. Operating revenues initially demonstrated growth through June 2021, peaking at US$44.045 billion, before experiencing a decline through September 2021. Revenues remained relatively stable between US$29.643 billion and US$32.298 billion from March 2022 through December 2024, with a notable increase to US$33.466 billion in December 2025.

Cost of revenues generally mirrored the trend in operating revenues, decreasing from US$21.099 billion in June 2021 to US$13.571 billion in December 2022, before increasing again to US$14.818 billion in December 2025. This resulted in fluctuating gross profit figures, peaking at US$22.946 billion in June 2021 and reaching US$18.648 billion in December 2025.

Operating Income
Operating income displayed considerable volatility. A substantial decrease occurred in December 2022, resulting in an operating loss of US$23.197 billion. This was followed by a recovery, with operating income reaching US$6.501 billion in June 2025. Prior to the December 2022 loss, operating income generally ranged between US$5.308 billion and US$7.812 billion.
Net Income Attributable to Common Stock
Net income attributable to common stock followed a similar pattern to operating income, with a significant loss of US$23.571 billion in December 2022. The period before this loss showed net income between US$1.514 billion and US$5.868 billion. A strong recovery was observed in later periods, with net income reaching US$9.278 billion in September 2025 and US$3.752 billion in December 2025.

Service revenues remained the largest component of operating revenues throughout the period, consistently contributing between US$23.999 billion and US$38.956 billion per quarter. Equipment revenues fluctuated, generally ranging between US$5.067 billion and US$8.074 billion. Broadcast, programming and operations costs were only reported through September 2021, showing a decline over that period.

Expense Trends
Selling, general and administrative expenses remained relatively stable, generally between US$6.958 billion and US$9.382 billion. Depreciation and amortization expenses also exhibited relative stability, ranging from US$4.450 billion to US$5.809 billion. Interest expense remained consistent, fluctuating between US$1.420 billion and US$1.870 billion. Asset impairments and abandonments and restructuring costs were significant in June 2021 and December 2022, impacting overall profitability.

Other income (expense), net, experienced substantial swings, including a significant negative impact in December 2022. This volatility contributed to the overall fluctuations in income from continuing operations. Income tax expense generally tracked net income, with a negative expense (benefit) observed in periods of net loss.