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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Analysis of Debt
- Aggregate Accruals
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AT&T Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
- Revenue Trends
- Service revenues experienced a gradual decline from early 2020 through the end of 2021, dropping sharply in 2022 before stabilizing and recovering modestly from 2023 onward. Equipment revenues showed more volatility, with notable peaks at year-end quarters, reflecting possible seasonal sales patterns or campaign-driven spikes. Overall operating revenues followed a similar trajectory to service revenues, declining sharply in 2022 and then recovering gradually in subsequent quarters.
- Cost of Revenues and Gross Profit
- Cost of revenues showed a decreasing trend in total amount over 2020 and 2021, accompanied by an extraordinary drop in reported values for the "Broadcast, programming and operations" expenses after 2020, as data for that category in subsequent periods is missing. The "Other cost of revenues" category remained relatively stable but showed a decreasing trend by late 2022 onwards. Gross profit mirrored the reductions in both revenues and costs in 2022, hitting lows in the 17,000 to 18,000 million range, before recovering slightly toward 2024 and 2025 to around 18,500 million. Gross margin compression is evident in the sharp revenue drop in 2022 that outpaced cost reductions.
- Operating Expenses and Impairments
- Selling, general, and administrative expenses fluctuated but showed a slight downward bias in recent quarters compared to early 2020. Asset impairments and restructuring charges stood out with significant non-recurring charges in late 2020 and intermittent large expenses recorded in 2022 and 2023, indicating periods of restructuring or write-down activities impacting operating results distinctly.
- Operating Income
- Operating income demonstrated significant volatility. It plunged to a large loss in the final quarter of 2020, coinciding with a major impairment charge that quarter. Subsequent quarters saw a rebound with operating income returning to positive territory, fluctuating between approximately 5,000 and 7,000 million, but with another negative spike in late 2022. The later periods toward 2025 show operating income stabilizing and improving moderately.
- Interest and Other Income/Expense
- Interest expense steadily decreased over time from around 2,000 million in early 2020 to roughly 1,650 million by mid-2025, suggesting effective debt management or refinancing. Other income (expense) was highly variable with notable swings; some quarters exhibited positive inflows, contributing to income before taxes, whereas periods like late 2020 and 2022 showed significant net expenses impacting overall profitability.
- Income Before Taxes and Net Income
- Income from continuing operations before income taxes demonstrated wide fluctuations, with considerable losses in late 2020 and 2022, aligning with impairment charges and other extraordinary losses. Income taxes generally offset some income, with occasional quarters showing tax benefits tied to losses. Net income attributable to common stockholders likewise reflected these variations, with substantial losses recorded during significant impairment quarters. The trend post-2023 points to recovery in profitability and relative stability in net income, albeit with some quarters showing muted gains or minor losses.
- Noncontrolling Interest
- Net income attributed to noncontrolling interests remained consistently negative throughout the observed period, with moderate fluctuations in magnitude, indicating ongoing distribution of losses or allocated expenses to minority shareholders.
- Summary and Insights
- The data highlights a period marked by operational challenges, including large impairment and restructuring charges impacting profit metrics prominently in late 2020 and 2022, causing substantial income volatility. While the revenue base declined sharply during the 2022 period, there is evidence of recovery and stabilization from 2023 onward. Cost management appears relatively consistent with some success in reducing interest expenses and administrative costs despite fluctuations in core operating expenses. Overall, profitability after significant restructuring shows a positive trend toward stability but remains sensitive to extraordinary items and revenue pressures.