Selected Financial Data
since 2005
Income Statement
AT&T Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Operating revenues | Operating income (loss) | Net income (loss) attributable to AT&T |
|---|---|---|---|
| Dec 31, 2024 | 122,336) | 19,049) | 10,948) |
| Dec 31, 2023 | 122,428) | 23,461) | 14,400) |
| Dec 31, 2022 | 120,741) | (4,587) | (8,524) |
| Dec 31, 2021 | 168,864) | 23,347) | 20,081) |
| Dec 31, 2020 | 171,760) | 6,405) | (5,176) |
| Dec 31, 2019 | 181,193) | 27,955) | 13,903) |
| Dec 31, 2018 | 170,756) | 26,096) | 19,370) |
| Dec 31, 2017 | 160,546) | 20,949) | 29,450) |
| Dec 31, 2016 | 163,786) | 24,347) | 12,976) |
| Dec 31, 2015 | 146,801) | 24,785) | 13,345) |
| Dec 31, 2014 | 132,447) | 11,746) | 6,224) |
| Dec 31, 2013 | 128,752) | 30,479) | 18,249) |
| Dec 31, 2012 | 127,434) | 12,997) | 7,264) |
| Dec 31, 2011 | 126,723) | 9,218) | 3,944) |
| Dec 31, 2010 | 124,280) | 19,573) | 19,864) |
| Dec 31, 2009 | 123,018) | 21,492) | 12,535) |
| Dec 31, 2008 | 124,028) | 23,063) | 12,867) |
| Dec 31, 2007 | 118,928) | 20,404) | 11,951) |
| Dec 31, 2006 | 63,055) | 10,288) | 7,356) |
| Dec 31, 2005 | 43,862) | 6,168) | 4,786) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
- Operating Revenues
- The operating revenues exhibited substantial growth from 2005 to 2016, increasing from approximately $43.9 billion to a peak of around $163.8 billion. This upward trend suggests a period of expansion and possibly acquisitions or diversification of revenue streams. Post-2016, revenues showed fluctuations with a general declining tendency, dropping sharply in 2022 to about $120.7 billion, before stabilizing around $122 billion through 2024. This indicates potential market challenges or divestitures affecting top-line performance in recent years.
- Operating Income (Loss)
- Operating income increased markedly from $6.2 billion in 2005 to a high of nearly $30.5 billion in 2013, reflecting enhanced operational efficiency or favorable market conditions during that period. However, notable volatility is observed thereafter. A significant dip occurred in 2014, followed by recovery and peaks in 2018 and 2019 with operating income of approximately $26.1 billion and $28.0 billion respectively. In 2022, operating income turned negative, posting a loss of approximately $4.6 billion, before rebounding strongly to over $23 billion in 2023 and maintaining around $19 billion in 2024. These swings imply periods of operational challenges and recovery, possibly influenced by restructuring or extraordinary expenses.
- Net Income (Loss) Attributable to AT&T
- Net income displayed an upward movement from $4.8 billion in 2005, peaking at around $29.5 billion in 2017. This improvement aligns with operating income trends but shows greater variability, suggesting impacts from non-operating items such as taxes, interest, or one-time gains/losses. Post-2017, net income fluctuated considerably, with a steep decline in 2020, resulting in a net loss of approximately $5.2 billion, potentially due to external economic pressures or extraordinary write-downs. Recovery ensued with net income rising to $20.1 billion in 2021, followed by another substantial loss in 2022. The subsequent years, 2023 and 2024, reflected positive net income again, albeit lower than earlier peak levels, indicating ongoing volatility and a challenging environment for profitability.
Balance Sheet: Assets
AT&T Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2024 | 31,168) | 394,795) |
| Dec 31, 2023 | 36,458) | 407,060) |
| Dec 31, 2022 | 33,108) | 402,853) |
| Dec 31, 2021 | 59,997) | 551,622) |
| Dec 31, 2020 | 52,008) | 525,761) |
| Dec 31, 2019 | 54,761) | 551,669) |
| Dec 31, 2018 | 51,427) | 531,864) |
| Dec 31, 2017 | 79,146) | 444,097) |
| Dec 31, 2016 | 38,369) | 403,821) |
| Dec 31, 2015 | 35,992) | 402,672) |
| Dec 31, 2014 | 32,028) | 292,829) |
| Dec 31, 2013 | 23,196) | 277,787) |
| Dec 31, 2012 | 22,706) | 272,315) |
| Dec 31, 2011 | 23,027) | 270,344) |
| Dec 31, 2010 | 19,951) | 268,488) |
| Dec 31, 2009 | 24,334) | 268,752) |
| Dec 31, 2008 | 22,556) | 265,245) |
| Dec 31, 2007 | 24,686) | 275,644) |
| Dec 31, 2006 | 25,553) | 270,634) |
| Dec 31, 2005 | 14,654) | 145,632) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The analysis of the financial data reveals notable trends in both current assets and total assets over the examined period.
- Current Assets
- Current assets demonstrate a generally increasing trend from 2005 through 2017, rising from approximately 14.7 billion USD in 2005 to a peak of about 79.1 billion USD in 2017. This increase indicates enhanced liquidity or short-term asset accumulation during this timeframe.
- After the 2017 peak, a sharp decline occurs in 2018, with current assets dropping to around 51.4 billion USD, followed by a modest recovery in 2019 reaching approximately 54.8 billion USD. A gradual decrease is observable from 2020 to 2024, with values descending from roughly 52.0 billion USD to about 31.2 billion USD by 2024. This decline post-2017 suggests potential asset reallocation, disposals, or changes in working capital management.
- Total Assets
- Total assets show a steady and significant upward movement from 2005 to 2015, beginning at roughly 145.6 billion USD in 2005 and escalating to about 402.7 billion USD in 2015. This reflects considerable growth in the company’s asset base over the decade.
- Between 2015 and 2019, total assets continue to rise, reaching a maximum of approximately 551.7 billion USD in 2019, indicating continued expansion or acquisition activities.
- From 2020 onward, the total assets show a declining pattern, falling to about 394.8 billion USD by 2024. This reduction may imply asset divestitures, impairment charges, or shifts in strategic asset management.
In summary, the data reveals a long-term growth trend in both current and total assets until around 2017–2019, followed by a reversal characterized by declining asset balances through 2024. The peak and subsequent decrease point to a possibly strategic realignment or operational changes affecting the asset structure of the company. The volatility in current assets relative to the more steady rise and fall in total assets may also suggest fluctuations in short-term financial positioning versus long-term investments.
Balance Sheet: Liabilities and Stockholders’ Equity
AT&T Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt | Stockholders’ equity attributable to AT&T | |
|---|---|---|---|
| Dec 31, 2024 | 46,872) | 123,532) | 104,372) |
| Dec 31, 2023 | 51,127) | 137,331) | 103,297) |
| Dec 31, 2022 | 56,173) | 135,890) | 97,500) |
| Dec 31, 2021 | 85,588) | 177,354) | 166,332) |
| Dec 31, 2020 | 63,438) | 157,245) | 161,673) |
| Dec 31, 2019 | 68,911) | 163,147) | 184,221) |
| Dec 31, 2018 | 64,420) | 176,505) | 184,089) |
| Dec 31, 2017 | 81,389) | 164,346) | 140,861) |
| Dec 31, 2016 | 50,576) | 123,513) | 123,135) |
| Dec 31, 2015 | 47,816) | 126,151) | 122,671) |
| Dec 31, 2014 | 37,282) | 82,067) | 86,370) |
| Dec 31, 2013 | 34,995) | 74,788) | 90,988) |
| Dec 31, 2012 | 31,787) | 69,844) | 92,362) |
| Dec 31, 2011 | 30,794) | 64,753) | 105,534) |
| Dec 31, 2010 | 33,951) | 66,167) | 111,647) |
| Dec 31, 2009 | 36,705) | 72,081) | 101,900) |
| Dec 31, 2008 | 42,290) | 74,991) | 96,347) |
| Dec 31, 2007 | 39,274) | 64,115) | 115,367) |
| Dec 31, 2006 | 40,482) | 59,796) | 115,540) |
| Dec 31, 2005 | 25,418) | 30,570) | 54,690) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The analysis of the financial data reveals several notable trends in the company's current liabilities, total debt, and stockholders’ equity over the period from 2005 to 2024.
- Current Liabilities
- Current liabilities exhibited an overall increasing trend between 2005 and 2017, rising from approximately 25.4 billion to peak at over 81.3 billion US dollars in 2017. Subsequent years show a reduction and fluctuations, with liabilities declining to about 46.9 billion by 2024. This suggests periodic adjustments in the company's short-term obligations, potentially reflecting changes in operational strategy, working capital management, or payment schedules.
- Total Debt
- Total debt increased significantly from around 30.6 billion in 2005 to a high of approximately 176.5 billion in 2018, indicating a substantial expansion of long-term and short-term borrowing. After this peak, the debt level somewhat decreased but remained elevated, fluctuating around 123 to 137 billion in the most recent years. The pronounced rise until 2018 likely reflects major financing activities, possibly for investments, acquisitions, or restructuring efforts. The subsequent decline may indicate efforts to deleverage or optimize the capital structure.
- Stockholders’ Equity
- Stockholders’ equity attributable to the company more than tripled from about 54.7 billion in 2005 to around 184.1 billion in 2018. This substantial increase points to consistent profitability, retained earnings accumulation, or possibly equity financing inflows. However, following 2018, equity diminished notably to approximately 97.5 billion by 2022 before stabilizing near 104.4 billion in 2024. The significant drop post-2018 suggests possible impacts from large dividend payouts, share repurchases, impairments, or losses that reduced shareholders’ net investment.
In synthesis, the period up to around 2017-2018 was characterized by increased leverage and equity growth, indicating expansion and capital raising activities. The years following showed efforts toward reducing liabilities and debt, accompanied by a marked decrease in equity levels, suggesting a phase of financial consolidation or restructuring. Monitoring these variables going forward would be essential to assessing the company’s financial stability and strategic direction.
Cash Flow Statement
AT&T Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2024 | 38,771) | (17,490) | (24,708) |
| Dec 31, 2023 | 38,314) | (19,660) | (15,614) |
| Dec 31, 2022 | 35,812) | (26,899) | (59,564) |
| Dec 31, 2021 | 41,957) | (32,089) | 1,578) |
| Dec 31, 2020 | 43,130) | (13,548) | (32,007) |
| Dec 31, 2019 | 48,668) | (16,690) | (25,083) |
| Dec 31, 2018 | 43,602) | (63,145) | (25,989) |
| Dec 31, 2017 | 39,151) | (20,371) | 25,930) |
| Dec 31, 2016 | 39,344) | (24,215) | (14,462) |
| Dec 31, 2015 | 35,880) | (49,144) | 9,782) |
| Dec 31, 2014 | 31,338) | (18,337) | (7,737) |
| Dec 31, 2013 | 34,796) | (23,124) | (13,201) |
| Dec 31, 2012 | 39,176) | (19,680) | (17,673) |
| Dec 31, 2011 | 34,648) | (21,250) | (11,650) |
| Dec 31, 2010 | 34,993) | (21,449) | (15,848) |
| Dec 31, 2009 | 34,445) | (17,925) | (14,510) |
| Dec 31, 2008 | 33,656) | (29,143) | (4,691) |
| Dec 31, 2007 | 34,072) | (18,506) | (16,014) |
| Dec 31, 2006 | 15,615) | (8,293) | (6,128) |
| Dec 31, 2005 | 12,974) | (974) | (11,226) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The analysis of cash flow activities over the years reveals several noteworthy trends and fluctuations.
- Net Cash Provided by Operating Activities
- The net cash generated from operating activities generally exhibited an increasing trend from 2005 through 2019, rising from approximately $12.9 billion to nearly $48.7 billion. There is a peak year in 2019, followed by a decline in the subsequent years, dropping to around $38.3 billion in 2024. This indicates strong operational performance until 2019, after which operational cash inflows decreased.
- Net Cash Used in Investing Activities
- Investing activities consistently show negative cash flows, indicating ongoing investment expenditures. The outflows increased substantially in volatility and magnitude, hitting a peak negative value of about $63.1 billion in 2018. Following 2018, the cash used in investing activities moderated but remained significantly negative, with values around $17.5 billion in 2024. This suggests continued substantial investments, though at a somewhat reduced rate after 2018.
- Net Cash Provided by (Used in) Financing Activities
- Financing activities demonstrate considerable variability. Early years showed predominantly negative cash flows, reflecting net repayments or dividends exceeding borrowings or equity issuances. A notable exception is 2015 and 2017 with positive cash flow, indicating possible debt or equity issuance during these years. Post-2018, financing cash flows return to negative, with a severe dip especially in 2022 at nearly negative $59.6 billion, indicating heavy repayments or distributions. The negative trend continues through 2024, pointing to ongoing net outflows in financing activities.
Overall, operating cash generation remained strong through most of the period but declined in recent years. Investment outflows have been consistently substantial with a peak in 2018, suggesting aggressive capital expenditures or acquisitions during that time. Financing activities show cyclical behavior with bursts of positive cash flow likely related to financing events, but generally reflect net cash outflows, particularly significant in recent years, suggesting deleveraging or shareholder returns. The combination of these factors highlights a pattern of robust operations supporting high investment levels, financed at times by external capital inflows but increasingly by internal cash or repayments in later years.
Per Share Data
AT&T Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2024 | 1.49 | 1.49 | 1.11 |
| Dec 31, 2023 | 1.97 | 1.97 | 1.11 |
| Dec 31, 2022 | -1.13 | -1.13 | 1.11 |
| Dec 31, 2021 | 2.77 | 2.76 | 2.08 |
| Dec 31, 2020 | -0.75 | -0.75 | 2.08 |
| Dec 31, 2019 | 1.90 | 1.89 | 2.05 |
| Dec 31, 2018 | 2.85 | 2.85 | 2.01 |
| Dec 31, 2017 | 4.77 | 4.76 | 1.97 |
| Dec 31, 2016 | 2.10 | 2.10 | 1.93 |
| Dec 31, 2015 | 2.37 | 2.37 | 1.89 |
| Dec 31, 2014 | 1.19 | 1.19 | 1.85 |
| Dec 31, 2013 | 3.39 | 3.39 | 1.81 |
| Dec 31, 2012 | 1.25 | 1.25 | 1.77 |
| Dec 31, 2011 | 0.66 | 0.66 | 1.73 |
| Dec 31, 2010 | 3.36 | 3.35 | 1.69 |
| Dec 31, 2009 | 2.12 | 2.12 | 1.65 |
| Dec 31, 2008 | 2.17 | 2.16 | 1.61 |
| Dec 31, 2007 | 1.95 | 1.94 | 1.47 |
| Dec 31, 2006 | 1.89 | 1.89 | 1.35 |
| Dec 31, 2005 | 1.42 | 1.42 | 1.30 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
- Basic Earnings Per Share (EPS)
- Over the analyzed period, basic EPS exhibits significant volatility. From 2005 through 2010, EPS shows a generally upward trajectory, rising from $1.42 to a peak of $3.36 in 2010. This is followed by a notable decline to $0.66 in 2011. Subsequently, EPS recovers and fluctuates notably between 2011 and 2017, achieving another peak of $4.77 in 2017. After this peak, there is a downward trend with intermittent recoveries, including negative values in 2020 (-$0.75) and 2022 (-$1.13), indicating losses in those years. The last recorded years show some recovery with EPS at $1.49 in 2024, but this remains below earlier peak levels.
- Diluted Earnings Per Share
- The pattern for diluted EPS closely mirrors that of basic EPS throughout the entire period. Both metrics suggest consistent earnings trends after accounting for potential share dilution. The close alignment indicates little differential impact from dilution on earnings per share.
- Dividend Per Share
- Dividend per share demonstrates a steady and gradual increase from $1.30 in 2005 to $2.08 by 2016 and 2017, indicating a consistent policy of incremental dividend growth. Notably, after 2017, dividends remain stable at $2.08 through 2018 and 2019, before dropping sharply to $1.11 in 2020. After the decline, dividends remain flat at $1.11 through 2024. This reduction suggests a strategic dividend cut likely in response to decreased profitability or cash flow constraints, particularly during and following the years with negative EPS.