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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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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AT&T Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 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).
- Operating Revenues and Components
- Operating revenues experienced a significant decline starting in March 2022, dropping to approximately $29.7 billion from levels near $40 billion in prior years. This lower revenue level persisted relatively consistently through 2024 and into early 2025. Both service and equipment revenues contributed to this decrease. Service revenues fell sharply in early 2022 from above $34 billion to under $25 billion, showing little recovery afterward and stabilizing around $25 billion. Equipment revenues similarly declined in 2022 but showed periodic increases in some quarters, remaining volatile but generally below historical averages.
- Cost of Revenues and Gross Profit
- Cost of revenues decreased substantially starting in early 2022, reflecting the decline in revenues. The cost reduction was proportionally significant, resulting in gross profit margins that stabilized at lower absolute levels but showed some improvement as gross profit figures hovered around $17 billion to $19 billion in recent quarters. Notably, gross profit peaked near $23 billion before the revenue drop and then settled into the $18 billion range through 2024 and 2025. Other cost components such as broadcast, programming and operations data was only available until 2021 and showed a decline into that period.
- Operating Expenses
- Selling, general and administrative expenses decreased in tandem with the revenue decline, falling from approximately $9 billion in 2020-2021 to around $7 billion in more recent periods. Continuous management of these expenses suggests efforts to adapt operating costs to the reduced scale of operations. Depreciation and amortization expenses declined slightly in 2022 and 2023 compared to earlier years but remained steady around $5 billion subsequently. Asset impairments and restructuring expenses spiked dramatically in late 2020 and at times thereafter, indicating significant charges associated with restructuring activities or asset write-downs.
- Profitability Metrics
- Operating income was highly volatile, with an extraordinary loss in late 2020 followed by recovery periods with moderate operating income averaging between $5 billion and $6.5 billion most quarters. However, a sharp negative operating income appeared again at the end of 2022. This highly fluctuating profitability reflects both operational challenges and periodic impairment impacts. Net income attributable to the company also exhibited volatility, with large losses in certain quarters (notably late 2020 and late 2022) followed by recuperation phases where net income stabilized between $3 billion and $5 billion. The most recent quarter showed a significant net income increase exceeding $9 billion.
- Interest and Other Income/Expenses
- Interest expense steadily decreased over the periods analyzed, indicating either debt reduction or refinancing benefits, falling from over $2 billion early on to approximately $1.7 billion-$1.6 billion range in later years. Other income (expense), net exhibited considerable variability with both positive and negative swings indicating non-operational financial activities; substantial positive spikes in a few quarters improved overall income but were not consistent.
- Tax and Income from Continuing Operations
- Income tax expense was also volatile, including quarters with tax benefits (negative expense) often coinciding with operational losses. Income from continuing operations mirrored operating income patterns, reflecting recoveries and downturns with similar timing and magnitude. The discontinuation of reporting in some income statement components after 2021 limits granular insight for later years, though net income stability suggests continuing operational consistency by 2024-2025.
- Equity in Affiliates and Noncontrolling Interests
- Equity in net income of affiliates showed a generally positive contribution especially from 2021 onward, with occasional spikes enhancing overall profitability. Net income attributable to noncontrolling interest remained consistently negative but relatively stable, reducing net income available to the company itself.
- Summary Insights
- The data reflect a company adapting to a permanent reduction in revenue starting in early 2022, with corresponding cost control measures and periodic restructuring or impairment charges. Despite significant short-term volatility in profitability, especially related to impairments and extraordinary losses, operating and net income figures indicate partial recovery and stabilization in recent quarters. Financial expenses have been gradually managed downwards while investment in affiliates contributes positively intermittently. The company appears to have faced structural challenges but maintained profitability resilience through cost management and operational adjustments.