Income Statement

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.

AT&T Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Service	100,135)	99,649)	97,831)	146,391)	152,767)
Equipment	22,201)	22,779)	22,910)	22,473)	18,993)
Operating revenues	122,336)	122,428)	120,741)	168,864)	171,760)
Equipment	(22,249)	(23,136)	(24,009)	(23,778)	(19,706)
Broadcast, programming and operations	—)	—)	—)	(24,797)	(27,305)
Other cost of revenues, exclusive of depreciation and amortization	(26,972)	(26,987)	(26,839)	(31,232)	(32,909)
Cost of revenues	(49,221)	(50,123)	(50,848)	(79,807)	(79,920)
Gross profit	73,115)	72,305)	69,893)	89,057)	91,840)
Selling, general and administrative	(28,411)	(28,874)	(28,961)	(37,944)	(38,039)
Asset impairments and abandonments and restructuring	(5,075)	(1,193)	(27,498)	(4,904)	(18,880)
Depreciation and amortization	(20,580)	(18,777)	(18,021)	(22,862)	(28,516)
Operating income (loss)	19,049)	23,461)	(4,587)	23,347)	6,405)
Interest expense	(6,759)	(6,704)	(6,108)	(6,884)	(7,925)
Equity in net income of affiliates	1,989)	1,675)	1,791)	631)	95)
Other income (expense), net	2,419)	1,416)	5,810)	9,853)	(1,431)
Other income (expense)	(2,351)	(3,613)	1,493)	3,600)	(9,261)
Income (loss) from continuing operations before income taxes	16,698)	19,848)	(3,094)	26,947)	(2,856)
Income tax expense on continuing operations	(4,445)	(4,225)	(3,780)	(5,468)	(965)
Income (loss) from continuing operations	12,253)	15,623)	(6,874)	21,479)	(3,821)
Loss from discontinued operations, net of tax	—)	—)	(181)	—)	—)
Net income (loss)	12,253)	15,623)	(7,055)	21,479)	(3,821)
Net income attributable to noncontrolling interest	(1,305)	(1,223)	(1,469)	(1,398)	(1,355)
Net income (loss) attributable to AT&T	10,948)	14,400)	(8,524)	20,081)	(5,176)
Preferred stock dividends	(202)	(208)	(203)	(207)	(193)
Net income (loss) attributable to common stock	10,746)	14,192)	(8,727)	19,874)	(5,369)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

The financial data reveals notable fluctuations in revenues, costs, and profitability over the five-year period.

Revenue Analysis: The service revenue shows a declining trend from $152,767 million in 2020 to $97,831 million in 2022, followed by stabilization around $99,649 million to $100,135 million in the last two years. Equipment revenue demonstrates growth from $18,993 million in 2020 to a peak of $22,910 million in 2022, with a slight decline thereafter to $22,201 million in 2024. Overall operating revenues dropped significantly from $171,760 million in 2020 to $120,741 million in 2022, then remained relatively flat through 2023 and 2024.
Cost of Revenues: Equipment costs consistently increased from -$19,706 million in 2020 to -$24,009 million in 2022, then decreased to -$22,249 million in 2024. Broadcast, programming, and operations costs declined from -$27,305 million in 2020 to -$24,797 million in 2021, with data missing for the following years. Other costs of revenues decreased steadily from -$32,909 million in 2020 to about -$26,972 million in 2024. Total cost of revenues showed a sharp decline from -$79,920 million in 2020 to -$50,848 million in 2022, holding steady around -$49,221 million in 2024.
Profitability: Gross profit decreased notably from $91,840 million in 2020 to $69,893 million in 2022, with a slight upward trend thereafter to $73,115 million in 2024. Selling, general, and administrative expenses reduced from -$38,039 million in 2020 to -$28,411 million in 2024. Significant fluctuations occurred in asset impairments, with a marked peak of -$27,498 million in 2022, deviating from lower levels in other years. Depreciation and amortization expenses declined from -$28,516 million in 2020 to -$18,021 million in 2022 but rose again to -$20,580 million in 2024.
Operating Income and Other Income Components: Operating income experienced severe volatility: a positive $6,405 million in 2020, a sharp increase to $23,347 million in 2021, a loss of -$4,587 million in 2022, and recovery to approximately $19,000 to $23,000 million in subsequent years. Interest expense gradually decreased from -$7,925 million in 2020 to around -$6,759 million in 2024. Equity in net income of affiliates showed growth from minimal amounts to nearly $2,000 million by 2024. Other income (expense), net, presented irregular fluctuations with significant positive spikes in 2021 and 2022, followed by moderation.
Income Before and After Taxes: Income from continuing operations before income taxes shifted from a loss of -$2,856 million in 2020 to a gain of $26,947 million in 2021, then returned to a small loss in 2022 and positive results again later. Income tax expenses varied but remained in the range of -$965 million to -$4,445 million. Net income aligned closely with income from continuing operations, showing a loss in 2020 and 2022, and positive earnings in 2021, 2023, and 2024.
Net Income Attributable to AT&T and Common Stock: Net income attributable to AT&T fluctuated markedly, with losses in 2020 and 2022 at approximately -$5,176 million and -$8,524 million, respectively, contrasted by strong positive earnings in 2021 ($20,081 million), and solid earnings in 2023 ($14,400 million) and 2024 ($10,948 million). Preferred stock dividends remained relatively stable throughout the period.

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AT&T Inc. (NYSE:T)

Income Statement