Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
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AT&T Inc., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
The statement of comprehensive income reveals significant fluctuations in the company’s financial performance over the five-year period. Net income demonstrates considerable volatility, beginning at US$21,479 million in 2021, declining sharply to a loss of US$7,055 million in 2022, and then recovering to US$15,623 million in 2023. This positive trend continued with US$12,253 million in 2024, culminating in a substantial US$23,386 million in 2025. Other comprehensive income also exhibits variability, though generally follows a similar pattern to net income, with a loss in 2022 and increases in subsequent years.
- Net Income Volatility
- The substantial decline in net income in 2022 is a key observation. While the reasons are not apparent from this statement alone, it represents a significant shift in profitability. The subsequent recovery and strong performance in 2025 suggest a turnaround or the impact of specific strategic initiatives. Distributions of WarnerMedia, appearing as negative values in 2022, 2023, and 2024, likely contributed to the 2022 loss and impacted subsequent years.
- Translation and Foreign Currency Adjustments
- Translation adjustments, net of taxes, fluctuate between gains and losses, with a notable loss of US$545 million in 2024. Foreign currency adjustments also show variability, with gains in 2021, 2022, 2023, and 2025, and a loss in 2024. These adjustments suggest exposure to international markets and the impact of currency exchange rate changes on the company’s financial results.
- Securities and Derivative Instruments
- Net unrealized gains (losses) on securities demonstrate significant swings, particularly a large loss of US$650 million in 2025 following a substantial gain of US$922 million in 2023. Derivative instruments also exhibit considerable volatility, with a large gain in 2023 (US$969 million) followed by a substantial loss in 2025 (US$605 million). These fluctuations indicate active management of investment portfolios and hedging activities, which introduce considerable risk and reward.
- Pension Plan Adjustments
- The amortization of net prior service credit consistently represents a significant expense, ranging from US$1,427 million to US$2,028 million annually. Net prior service credit arising during the period was unusually high in 2022 (US$1,787 million) and then returned to more moderate levels. Defined benefit postretirement plans consistently contribute to comprehensive loss, mirroring the amortization expense.
- Comprehensive Income
- Comprehensive income, which includes net income and other comprehensive income, mirrors the trends observed in net income, with a loss in 2022 and subsequent recovery. The attributable portion to noncontrolling interest remains relatively stable, consistently representing a reduction in overall comprehensive income. The final year, 2025, shows a strong comprehensive income attributable to the company, reaching US$20,298 million.
Overall, the statement of comprehensive income indicates a period of significant financial turbulence followed by a strong recovery. The volatility in net income, coupled with fluctuations in other comprehensive income components, suggests the company operates in a dynamic environment with exposure to various financial risks. The impact of WarnerMedia distributions and the performance of securities and derivative instruments are particularly noteworthy factors influencing the company’s financial results.