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: Jun 30, 2026 Mar 31, 2026 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-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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).

A significant structural shift in the financial profile is evident between late 2021 and early 2022, characterized by a sharp contraction in operating revenues and associated costs. Following this transition, the company entered a period of relative stability in its revenue streams, punctuated by consistent seasonal fluctuations and occasional non-operational volatility.

Revenue Streams and Trends
Operating revenues experienced a substantial decline from a peak of $44,045 million in June 2021 to approximately $29,712 million by March 2022. Since that pivot, revenues have largely stabilized, fluctuating between $29,797 million and $33,466 million. Service revenue remains the primary driver of top-line performance, showing a gradual upward trajectory from $23,999 million in March 2022 to $25,977 million by June 2026. Equipment revenue exhibits a clear seasonal pattern, with significant spikes every December, reaching a peak of $8,074 million in December 2025.
Gross Profit and Cost Management
Gross profit margins remained relatively resilient following the structural revenue decline, stabilizing in the range of $17,772 million to $19,511 million from 2022 onwards. Cost of revenues decreased in tandem with the overall reduction in business scale, moving from levels above $20,000 million in 2021 to a consistent range of $11,442 million to $14,818 million in subsequent years. The cost of equipment closely tracks the revenue generated from equipment sales, maintaining a consistent margin relationship.
Operating Income and Anomalies
Operating income generally reflects stability, typically ranging between $5,000 million and $7,000 million per quarter. However, a severe anomaly occurred on December 31, 2022, where a massive asset impairment and restructuring charge of $26,753 million resulted in an operating loss of $21,092 million. Aside from this event and a smaller impairment in September 2024, operating performance has remained steady, with a gradual improvement in operating income observed through the first half of 2026.
Net Profitability and Non-Operating Items
Net income attributable to common stock has been subject to extreme volatility. Beyond the significant loss in December 2022, a notable spike occurred on September 30, 2025, where net income rose to $9,278 million. This increase was primarily driven by a surge in other income, net, which reached $6,254 million in that quarter. Interest expenses have remained remarkably stable, typically fluctuating between $1,420 million and $1,883 million, suggesting a consistent debt service requirement.
Taxation and Equity Contributions
Income tax expenses generally range between $700 million and $1,500 million per quarter, with a tax benefit observed during the major loss period of late 2022. Equity in the net income of affiliates provided a positive contribution for most of the period, although this trend reversed into small losses starting in September 2025.