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: 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: 2026-03-31), 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 revenue and cost profiles is observed between the first and second quarters of 2022. Total operating revenues decreased from an average of approximately 41 billion USD per quarter in 2021 to a stabilized range of 30 billion to 32 billion USD from 2022 through early 2026. This contraction is primarily driven by a sharp decline in service revenues, which fell from approximately 38 billion USD in early 2021 to a consistent baseline of approximately 24 billion to 25 billion USD starting in 2022.

Revenue Composition and Seasonality
Operating revenues exhibit a recurring seasonal pattern driven by equipment sales. While service revenue remains remarkably flat after the 2022 adjustment, equipment revenue consistently peaks in the fourth quarter of each year, reaching a high of 8.07 billion USD in December 2025. This seasonality results in total operating revenues consistently peaking in December, followed by a contraction in the first quarter of the subsequent year.
Gross Profitability and Operating Efficiency
Gross profit stabilized at approximately 18 billion USD per quarter following the 2022 transition, down from the 21 billion to 23 billion USD range seen in 2021. Selling, general, and administrative expenses also decreased from approximately 9 billion USD per quarter in 2021 to a stable range of 6.9 billion to 7.5 billion USD from 2022 onwards, suggesting an alignment of the cost structure with the reduced revenue base.
Impact of Non-Recurring Items
Operating income shows extreme volatility due to significant non-cash charges. A substantial operating loss of 21.09 billion USD was recorded in December 2022, directly attributable to asset impairments and restructuring charges totaling 26.75 billion USD. Similar, though smaller, impairment events occurred in June 2022 and September 2024, the latter of which totaled 4.42 billion USD and significantly depressed operating income for that period.
Net Income and Other Income Volatility
Net income attributable to common stock generally fluctuates between 3 billion and 5 billion USD per quarter, excluding anomalous periods. The extreme deficit in December 2022 of 23.57 billion USD mirrors the aforementioned impairment charges. Conversely, a peak in net income occurred in September 2025, reaching 9.28 billion USD, driven by a substantial gain in other income totaling 6.25 billion USD.
Financial Obligations and Tax Trends
Interest expenses remain relatively constant over the analyzed period, typically ranging between 1.4 billion and 1.8 billion USD per quarter. Income tax expenses show variability, with a notable decrease in the tax burden during the December 2022 loss period and a significant reduction in September 2025, coinciding with the period of highest net income.