Analysis of Reportable Segments
AT&T Inc. operates in 2 segments: Communications and Latin America.
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- Income Statement
- Statement of Comprehensive Income
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Segment Profit Margin
AT&T Inc., profit margin by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Communications | |||||
| Latin America |
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).
- Communications Segment Profit Margin
- The profit margin in the communications segment demonstrates an overall positive performance across the observed years. Starting at 21.98% in 2020, it increased to a peak of 24.86% in 2022. However, following this peak, the margin experienced a decline, decreasing to 23.55% in 2023, and further slightly down to 23.03% in 2024. This indicates a generally strong profitability with some recent moderation after reaching the highest margin in 2022.
- Latin America Segment Profit Margin
- The Latin America segment shows a consistent improvement trend in profit margin over the given years, despite starting with negative values. Beginning at -13.17% in 2020, the margin improves steadily, although still negative at -10.37% in 2022. The trend continues with a notable reduction in losses reaching -3.59% in 2023, and eventually turning positive at 0.95% in 2024. This progression suggests a clear recovery and gradual turnaround from loss to profitability within the Latin America segment during the period reviewed.
- Comparative Insights
- While the communications segment maintains a relatively stable and higher profit margin overall, the Latin America segment has shown a marked transition from significant losses toward positive profitability. The improvement in Latin America’s margins may imply successful strategic or operational adjustments. On the other hand, the slight decrease in the communications segment’s margin after 2022 could indicate emerging challenges or increased costs that may warrant further examination.
Segment Profit Margin: Communications
AT&T Inc.; Communications; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | |||||
| Revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2024 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × ÷ =
- Operating Income (Loss)
- The operating income exhibited a declining trend over the five-year period. Starting at $30,521 million in 2020, it decreased to $28,279 million in 2021, rose slightly to $29,107 million in 2022, and then declined again to $27,801 million in 2023, eventually reaching $27,095 million in 2024. Overall, this reflects a gradual reduction in operating income with a minor recovery in 2022.
- Revenues
- Revenues showed a notable decrease from $138,850 million in 2020 to $114,730 million in 2021. Following this significant drop, revenues experienced modest growth in 2022 and 2023, stabilizing around $117 billion, with a slight decline to $117,652 million in 2024. This indicates initial revenue contraction followed by a period of relative stabilization.
- Segment Profit Margin
- The segment profit margin percentages increased from 21.98% in 2020 to a peak of 24.86% in 2022. After 2022, there was a downturn to 23.55% in 2023 and further to 23.03% in 2024. The margin trend mirrors the operating income pattern, showing initial improvement in profitability followed by a moderate decline.
Segment Profit Margin: Latin America
AT&T Inc.; Latin America; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | |||||
| Revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2024 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × ÷ =
- Operating Income (Loss)
- The operating income for the Latin America segment showed a continuous improvement over the five-year period. Starting from a loss of $753 million in 2020, the loss narrowed each subsequent year to reach a positive value of $40 million in 2024. This indicates a reduction in operating losses initially, culminating in a profitable position by the end of the observed period.
- Revenues
- Revenues demonstrated a downward trend from 2020 to 2022, dropping from $5,716 million to $3,144 million. However, from 2022 onwards, revenues began to recover, increasing to $3,932 million in 2023 and further to $4,232 million in 2024. Despite the initial decline, the segment showed signs of revenue recovery in the later years.
- Segment Profit Margin
- The segment profit margin followed a pattern consistent with operating income trends. It was negative throughout most of the period but showed marked improvement from -13.17% in 2020 to -3.59% in 2023. By 2024, the margin turned positive at 0.95%, reflecting enhanced profitability and operational efficiency within the segment.
Segment Return on Assets (Segment ROA)
AT&T Inc., ROA by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Communications | |||||
| Latin America |
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).
- Communications Segment ROA
-
The Return on Assets (ROA) for the Communications segment shows a relatively stable trend over the five-year period from 2020 to 2024. The ROA started at 5.84% in 2020 and experienced a slight decline to 5.72% in 2021. It then increased to a peak of 6.17% in 2022, followed by a decrease to 5.52% in 2023. In 2024, the ROA showed a modest improvement, rising to 5.62%.
This pattern suggests that the Communications segment maintained a consistent level of asset profitability, with minor fluctuations possibly influenced by operational efficiency or market conditions. The peak in 2022 could indicate a period of enhanced asset utilization or improved income generation relative to asset base, whereas the subsequent dip and recovery in 2023 and 2024 imply some variability but overall resilience.
- Latin America Segment ROA
-
The ROA for the Latin America segment exhibited a marked improvement over the analyzed period, starting with negative values and moving towards positive territory. In 2020, the ROA was -4.76%, slightly worsening to -4.91% in 2021. However, from 2022 onwards, there was a significant upward trend: the ROA improved to -3.88% in 2022, then further to -1.51% in 2023, and turned positive to 0.51% by 2024.
This steady recovery indicates enhanced asset efficiency in the Latin America segment. The transition from negative to positive ROA suggests a turnaround in profitability or better management of assets, possibly due to restructuring, cost optimization, market expansion, or improved economic conditions in the region. The continuous improvement highlights progress in overcoming previous challenges affecting asset returns.
Segment ROA: Communications
AT&T Inc.; Communications; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | |||||
| Assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
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).
1 2024 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × ÷ =
- Operating Income (Loss)
- The operating income for the segment demonstrates a general downward trend over the five-year period. Starting at 30,521 million USD in 2020, it declined to 28,279 million USD in 2021, showed a slight recovery in 2022 to 29,107 million USD, before decreasing again in 2023 and 2024 to 27,801 million USD and 27,095 million USD, respectively. This pattern indicates some volatility but an overall reduction in operating profitability.
- Assets
- The asset base exhibits fluctuations across the period. Initially, assets decreased from 522,758 million USD in 2020 to 471,444 million USD in 2022, representing a notable contraction in asset size over the first three years. However, assets increased again in 2023 to 504,006 million USD before declining once more to 481,757 million USD in 2024. This reflects some variability in asset management or investment activity within the segment.
- Segment Return on Assets (ROA)
- The segment ROA shows moderate variation within a relatively narrow band. Starting at 5.84% in 2020, it slightly decreased to 5.72% in 2021, improved to 6.17% in 2022, then declined again to 5.52% and modestly rose to 5.62% in 2023 and 2024 respectively. These changes suggest fluctuations in the efficiency of asset utilization to generate operating income, with a peak in 2022 followed by a decline but maintaining levels close to those at the start of the period.
- Overall Insights
- Over the five years, operating income and asset levels both display downward pressures with intermittent recoveries, while the segment ROA remains relatively stable, oscillating around the mid-5% range. The data suggests ongoing challenges in sustaining operating income growth alongside fluctuating asset bases, with efficiency in asset use showing some resilience despite these trends.
Segment ROA: Latin America
AT&T Inc.; Latin America; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | |||||
| Assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
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).
1 2024 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × ÷ =
- Operating Income (Loss)
- The operating income for the segment has shown a consistent improvement over the analyzed period. Starting with a significant loss of US$ -753 million in 2020, the loss narrowed progressively each year, reaching a near break-even point by 2023 with a loss of US$ -141 million, and finally turning to a positive operating income of US$ 40 million in 2024. This trend indicates enhanced operational efficiency or improved revenue generation within the segment over time.
- Assets
- There was a notable decline in total assets from US$ 15,811 million in 2020 to US$ 8,874 million in 2021, followed by a relatively stable but slightly decreasing trend in subsequent years, reaching US$ 7,808 million by 2024. The sharp drop between 2020 and 2021 may suggest asset divestitures, impairments, or other significant balance sheet adjustments within the segment. The subsequent modest decreases imply a period of consolidation or cautious asset management.
- Segment Return on Assets (ROA)
- The segment’s ROA has progressively improved during the period. Beginning with a negative return of -4.76% in 2020, the ROA further declined slightly in 2021 to -4.91%. After this low point, the trend reversed, with steady improvements resulting in a less negative ROA of -3.88% in 2022 and -1.51% in 2023. By 2024, the segment achieved a positive ROA of 0.51%, indicating the segment became more effective at generating income from its asset base over time.
Segment Asset Turnover
AT&T Inc., asset turnover by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Communications | |||||
| Latin America |
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 annual reportable segment asset turnover data reveals differentiated trends across the Communications and Latin America segments over the analyzed periods.
- Communications Segment
- The asset turnover ratio for the Communications segment demonstrates a slight overall decline with subtle fluctuations. Starting at 0.27 in 2020, there was a decrease to 0.23 in 2021, followed by a mild recovery to 0.25 in 2022. However, the ratio decreased again to 0.23 in 2023 and experienced a marginal increase to 0.24 in 2024. This pattern suggests relative stability but with a generally modest downward trend, indicating potentially diminishing efficiency in utilizing assets for revenue generation in this segment over the five-year span.
- Latin America Segment
- The Latin America segment shows a more volatile and generally upward trend in asset turnover. It started at 0.36 in 2020 and saw a significant increase to 0.60 in 2021. This peak was followed by a decline to 0.37 in 2022 but then experienced a rebound to 0.42 in 2023 and a substantial rise again to 0.54 in 2024. These variations highlight periods of both improved and reduced efficiency, but the overall trajectory points toward enhanced utilization of assets in generating revenue, particularly notable in the sharp gains seen in 2021 and 2024.
In summary, while the Communications segment reflects a relatively flat or slightly declining asset turnover trend, the Latin America segment exhibits more pronounced variability but a distinct overall improvement in asset utilization efficiency over the observed years.
Segment Asset Turnover: Communications
AT&T Inc.; Communications; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
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).
1 2024 Calculation
Segment asset turnover = Revenues ÷ Assets
= ÷ =
The analyzed segment data reveals several notable trends across the five-year period.
- Revenues
- Revenues underwent a noticeable decline from 138,850 million US dollars in 2020 to 114,730 million US dollars in 2021. Subsequently, revenues experienced modest fluctuations with marginal increases in 2022 and 2023, reaching 118,038 million US dollars, before slightly decreasing again to 117,652 million US dollars in 2024. Overall, the revenue trend demonstrates an initial significant decrease followed by a period of stabilization within a narrower range.
- Assets
- Total assets show a decreasing trend from 522,758 million US dollars in 2020 to 471,444 million US dollars in 2022. There was a rebound to 504,006 million US dollars in 2023, followed by another decline to 481,757 million US dollars in 2024. This pattern suggests some volatility in asset levels, with an overall reduction compared to the starting point in 2020.
- Segment Asset Turnover
- The segment asset turnover ratio, which measures the efficiency of asset utilization to generate revenues, declined from 0.27 in 2020 to 0.23 in 2021. It then improved to 0.25 in 2022 before decreasing again to 0.23 in 2023 and slightly increasing to 0.24 in 2024. This ratio indicates fluctuating efficiency over the period, with generally lower asset turnover compared to the initial year.
In summary, the segment experienced an initial revenue and asset base contraction in 2021 and 2022, followed by relative stabilization in subsequent years. Asset utilization efficiency remained variable without clear upward momentum, indicating challenges in enhancing operational performance despite fluctuations in asset levels.
Segment Asset Turnover: Latin America
AT&T Inc.; Latin America; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
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).
1 2024 Calculation
Segment asset turnover = Revenues ÷ Assets
= ÷ =
The analysis of the "Latin America" reportable segment reveals significant fluctuations in key financial metrics over the five-year period.
- Revenues
- Revenues experienced a downward trend from 2020 to 2022, declining sharply from $5,716 million in 2020 to $3,144 million in 2022. Following this decline, revenues showed a recovery with a steady increase to $4,232 million by 2024. This suggests initial challenges in the Latin American market, followed by signs of stabilization and growth.
- Assets
- Assets substantially decreased from $15,811 million in 2020 to $8,874 million in 2021 and remained relatively stable but on a generally lower level through 2024, finishing at $7,808 million. This steep reduction between 2020 and 2021 indicates a possible divestiture, impairment, or strategic scale-back of capital investment in the segment. The moderate fluctuation thereafter points to a consistent asset base without major expansions.
- Segment Asset Turnover
- The segment asset turnover ratio, an efficiency measure indicating how effectively assets generate revenues, showed considerable variability. It increased markedly from 0.36 in 2020 to 0.6 in 2021, reflecting improved revenue generation relative to assets despite the reduction in asset base. However, the ratio decreased to 0.37 in 2022, coinciding with the revenue drop, and then gradually increased to 0.54 by 2024, evidencing improved operational efficiency in asset utilization in the later years.
- Overall Trends
- The overall trend indicates that the segment faced significant downward pressure on revenues and assets initially but showed recovery in revenue and improved asset efficiency toward the end of the period. This pattern may imply strategic realignment or adaptation to market conditions within the Latin America segment, with efforts leading to better asset utilization and revenue growth after a period of contraction.
Segment Capital Expenditures to Depreciation
AT&T Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Communications | |||||
| Latin America |
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 analysis of the annual reportable segment capital expenditures to depreciation ratios reveals distinct trends across the segments over the five-year period.
- Communications Segment
- The capital expenditures to depreciation ratio for the Communications segment showed a general increasing trend from 0.76 in 2020 to 1.14 in 2022, indicating that capital investments were growing relative to depreciation during this period. However, following this peak, the ratio declined to 0.97 in 2023 and slightly recovered to 0.99 in 2024. Despite the recent decrease from the 2022 high, the ratio remained close to parity with depreciation, suggesting a stabilization in the investment intensity relative to asset consumption.
- Latin America Segment
- The Latin America segment exhibited a consistent downward trend in its capital expenditures to depreciation ratio over the five years. Starting at 0.69 in both 2020 and 2021, the ratio declined to 0.55 in 2022 and further dropped to 0.41 in 2023, maintaining this level through 2024. This persistent decrease suggests a relative reduction in capital investments compared to depreciation, indicating either reduced investment activities, asset base contraction, or a combination thereof within this segment.
Overall, the Communications segment maintained a ratio near or above 1.0 after 2021, illustrating relatively balanced or increasing capital expenditure levels compared to asset wear. In contrast, the Latin America segment consistently operated below 0.7, with a clear declining pattern, reflecting diminished capital expenditure relative to depreciation. These contrasting trajectories may reflect varying strategic focuses or economic conditions impacting investment in different regions.
Segment Capital Expenditures to Depreciation: Communications
AT&T Inc.; Communications; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The analysis of the annual communications segment data over the five-year period reveals distinct trends in capital expenditures, depreciation and amortization, and their ratio.
- Capital expenditures
- There is a general upward trend in capital expenditures from 2020 to 2024. The value increased from $14,107 million in 2020 to a peak of $18,962 million in 2022. Despite a decline in 2023 to $16,876 million, capital expenditures rose again in 2024 to $19,335 million, marking the highest level over the observed period.
- Depreciation and amortization
- Depreciation and amortization expenses depict a more fluctuating pattern. It decreased significantly from $18,488 million in 2020 to $16,409 million in 2021, then showed slight increases in the subsequent years, reaching $19,433 million in 2024. The overall movement indicates a bottoming out in 2021, followed by steady growth through to 2024.
- Segment capital expenditures to depreciation ratio
- This ratio, representing the extent to which capital expenditures cover depreciation and amortization, increased from 0.76 in 2020 to a high of 1.14 in 2022, suggesting a period when investments outpaced depreciation. It subsequently declined to 0.97 in 2023 and then stabilized near parity at 0.99 in 2024. This trend implies a balancing between reinvestment and asset consumption in the most recent periods.
Overall, the data indicates a strategic investment pattern within the communications segment, with capital expenditures generally exceeding or matching depreciation expenses in recent years, which may reflect renewed investments in infrastructure or technology. The fluctuations in depreciation and amortization also suggest adjustments in asset base and amortization schedules over time.
Segment Capital Expenditures to Depreciation: Latin America
AT&T Inc.; Latin America; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The analysis of the annual financial data for the Latin America reportable segment over the five-year period reveals several notable trends in capital expenditures and depreciation and amortization.
- Capital Expenditures
- Capital expenditures show a consistent decline from 708 million US dollars in 2020 to 269 million US dollars in 2024. The reduction is particularly steep in the initial years, dropping from 708 million to 580 million between 2020 and 2021, followed by a more pronounced decrease to 360 million in 2022. The decline continues at a slower pace through 2023 and 2024, reaching the lowest value in the period observed.
- Depreciation and Amortization
- Depreciation and amortization expenses also decrease over the period, from 1,033 million US dollars in 2020 to 657 million in 2024. The decline is marked, especially between 2020 and 2022, with values dropping from 1,033 million to 658 million. There is a slight uptick in 2023 to 724 million before the expense falls again in 2024. This pattern suggests the segment may have adjusted its asset base or amortization schedules during these years.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation consistently decreases from 0.69 in 2020 and 2021 to 0.55 in 2022 and then stabilizes at 0.41 for the last two years. This downward trend indicates that capital spending is becoming increasingly insufficient relative to the depreciation expense, implying that the segment is investing less to replace or expand its asset base compared to how much value is being consumed or amortized each year.
Overall, the segment exhibits a clear downward trend in both capital expenditures and depreciation charges, with a notable reduction in the reinvestment ratio. This suggests a strategic shift towards limiting capital investments relative to the asset depreciation over time, which could impact long-term operational capacity or growth prospects unless this trend reverses.
Revenues
AT&T Inc., revenues by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Communications | |||||
| WarnerMedia | |||||
| Latin America | |||||
| Segment total | |||||
| Corporate and eliminations | |||||
| Total |
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).
- Communications Segment
- The Communications segment revenue demonstrates a general decline from 2020 to 2021, dropping from 138,850 million US dollars to 114,730 million US dollars. This is followed by a modest recovery in 2022 and 2023, with revenues of 117,067 million and 118,038 million US dollars respectively, before a slight decrease to 117,652 million US dollars in 2024. Overall, this segment experiences a downward trend from 2020 to 2024, with some stabilization around the 117,000 million US dollar mark in the later years.
- WarnerMedia Segment
- The WarnerMedia segment shows an increase in revenue from 30,442 million US dollars in 2020 to 35,632 million US dollars in 2021. However, there is no reported data for WarnerMedia revenues after 2021, indicating either discontinuation, reclassification, or divestiture of this segment in subsequent years.
- Latin America Segment
- In the Latin America segment, revenue decreases steadily from 5,716 million US dollars in 2020 to 3,144 million US dollars in 2022. Following this low point, revenue rebounds to 3,932 million US dollars in 2023 and further increases to 4,232 million US dollars in 2024. The pattern reflects a notable decline through 2022, followed by a recovery in the most recent periods, suggesting positive momentum in this segment during the last two years.
- Segment Total
- The total segment revenue declines sharply from 175,008 million US dollars in 2020 to 155,716 million US dollars in 2021, with a marked drop to 120,211 million US dollars in 2022. It then shows a slight increase to 121,970 million in 2023 and remains almost flat at 121,884 million US dollars in 2024. This notable reduction from 2020 to 2022, followed by stabilization, could be attributed to decreases in the Communications and Latin America segments, accompanied by the disappearance of WarnerMedia revenues after 2021.
- Corporate and Eliminations
- The Corporate and eliminations line shows significant variability. It moves from a negative 3,248 million US dollars in 2020 to a positive 13,148 million US dollars in 2021, then declines sharply to 530 million in 2022 and stabilizes around 450 million in 2023 and 2024. The large positive adjustment in 2021 likely reflects restructuring or related accounting changes impacting consolidated amounts.
- Total Revenues
- Total revenues rise slightly from 171,760 million US dollars in 2020 to 168,864 million in 2021. However, there is a significant drop to 120,741 million US dollars in 2022, mirroring the sharp decline seen in the segment totals. After 2022, total revenues marginally improve to 122,428 million in 2023 and then decrease slightly to 122,336 million US dollars in 2024. The steep reduction between 2021 and 2022 represents a major shift in the company's revenue base.
- Summary
- Overall, the data reflects a substantial decline in total revenues beginning in 2022, driven primarily by the disappearance of WarnerMedia revenues and declines in Communications and Latin America segments. The Communications segment shows some stabilization after initial decreases, while Latin America demonstrates recovery in the latest years. Corporate adjustments vary considerably but stabilize at a lower positive value in recent years. Total revenues post-2022 remain relatively flat, indicating a period of revenue stabilization following the prior significant decreases.
Depreciation and amortization
AT&T Inc., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Communications | |||||
| WarnerMedia | |||||
| Latin America | |||||
| Segment total | |||||
| Corporate and eliminations | |||||
| Total |
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 depreciation and amortization data across the reportable segments reveals several noteworthy trends and patterns over the examined five-year period.
- Communications Segment
- The Communications segment shows a fluctuating trend characterized by an initial decrease from 18,488 million USD in 2020 to 16,409 million USD in 2021, followed by a slight increase over the subsequent years. The figures rose modestly to 16,681 million USD in 2022 and further to 17,363 million USD in 2023, culminating in a significant rise to 19,433 million USD in 2024. This pattern suggests a period of reduced depreciation and amortization charges initially, possibly due to asset revaluation or disposals, followed by increasing charges that may correspond to increased asset base or acquisitions in later years.
- WarnerMedia Segment
- Depreciation and amortization amounts for WarnerMedia are present only for 2020 and 2021, showing a marginal decline from 671 million USD to 656 million USD. The absence of data from 2022 onwards may indicate divestiture, restructuring, or reclassification of this segment occurring after 2021.
- Latin America Segment
- The Latin America segment displays a consistent downward trend in depreciation and amortization from 1,033 million USD in 2020 to 657 million USD in 2024. Notably, the decline is somewhat steady with small fluctuations, decreasing from 836 million USD in 2021 to 658 million USD in 2022, a slight rise in 2023 to 724 million USD, and a decrease again in 2024. This overall reduction may reflect asset disposals, changes in asset life estimates, or lower capital expenditures in the region.
- Segment Total
- The total for reportable segments follows a pattern similar to the Communications segment, starting from 20,192 million USD in 2020, declining to 17,901 million USD in 2021 and bottoming out at 17,339 million USD in 2022. Subsequently, it increases to 18,087 million USD in 2023 and further to 20,090 million USD in 2024. This trajectory indicates an initial reduction in depreciation and amortization charges, followed by a recovery approaching the 2020 levels by 2024.
- Corporate and Eliminations
- Corporate and eliminations show a marked decline over the analyzed period. Starting from 8,324 million USD in 2020, the value decreases sharply to 4,961 million USD in 2021 and plunges further to 682 million USD in 2022. Minor changes occur thereafter with 690 million USD in 2023 and 490 million USD in 2024. This pronounced reduction could be attributed to significant changes in corporate-level allocations, disposals, or reclassifications impacting depreciation and amortization recorded under this category.
- Total Depreciation and Amortization
- The aggregate total amounts reveal a decreasing trend from 28,516 million USD in 2020 to a low of 18,021 million USD in 2022, followed by a gradual recovery to 20,580 million USD in 2024. This pattern mirrors reductions at the corporate level and segments like Latin America and WarnerMedia initially, then an uptick linked to growth or increased asset capitalization in Communications and other segments in later periods.
Operating income (loss)
AT&T Inc., operating income (loss) by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Communications | |||||
| WarnerMedia | |||||
| Latin America | |||||
| Segment total | |||||
| Corporate and eliminations | |||||
| Total |
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 data reveals several notable trends in the operating income (loss) across the various reportable segments over the five-year period ending December 31, 2024.
- Communications Segment
- The Communications segment shows a generally declining trend in operating income. Starting at $30,521 million in 2020, it decreased to $28,279 million in 2021, followed by a slight increase to $29,107 million in 2022. Thereafter, the operating income declined consistently to $27,801 million in 2023 and further to $27,095 million in 2024. Although there is minor fluctuation, the overall pattern indicates a reduction in profitability within this segment over the period examined.
- WarnerMedia Segment
- Data for WarnerMedia is available only for 2020 and 2021, where operating income decreased from $8,192 million to $7,239 million. This decline suggests diminishing income before the segment data becomes unavailable from 2022 onwards, indicating either the segment's divestiture or discontinuation of reporting.
- Latin America Segment
- The Latin America segment demonstrates a clear trend of improvement. In 2020, it recorded a loss of $753 million, with losses reducing progressively to $436 million in 2021, $326 million in 2022, and $141 million in 2023. Remarkably, in 2024, the segment achieves a positive operating income of $40 million. This consistent reduction in losses culminating in profitability suggests successful operational or strategic adjustments in this geographic area.
- Segment Total
- The total operating income for all reportable segments combined shows a decline from $37,960 million in 2020 to $35,082 million in 2021, followed by a significant drop to $28,781 million in 2022. This lower level is largely maintained through 2023 ($27,660 million) and 2024 ($27,135 million). The trend indicates reduced aggregate profitability across segments over time.
- Corporate and Eliminations
- The Corporate and eliminations component exhibits a highly volatile but overall improving trend in terms of reducing negative impact. Initially, it recorded a very large loss of $31,555 million in 2020. This loss decreased markedly to $11,735 million in 2021 but worsened again in 2022 to a loss of $33,368 million. From 2023 onwards, there is a significant reduction in loss amounts, with figures of $4,199 million in 2023 and $8,086 million in 2024. Despite this variability, the generally large negative contribution from this category affects consolidated results substantially.
- Total Operating Income
- The consolidated total operating income shows volatility throughout the period. In 2020, total operating income stood at $6,405 million, surging dramatically to $23,347 million in 2021. However, in 2022, it swung into a loss of $4,587 million, reflecting the impact of increased corporate and eliminations losses and segment income drops. The income rebounded sharply to $23,461 million in 2023 before declining again to $19,049 million in 2024. This fluctuating pattern suggests episodic gains possibly influenced by non-segment factors and adjustments in corporate costs or eliminations.
In summary, the data indicates diminishing operating income in the core Communications segment and significant improvements in the Latin America segment’s operating losses transitioning to profitability. The WarnerMedia segment data ceases after 2021, implying structural changes. The corporate and eliminations line shows large but volatile losses that heavily influence total reported income. The overall consolidated income experiences marked fluctuations, reflecting a complex interplay of segment performance and corporate adjustments over the period reviewed.
Assets
AT&T Inc., assets by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Communications | |||||
| WarnerMedia | |||||
| Latin America | |||||
| Segment total | |||||
| Corporate and eliminations | |||||
| Total |
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 annual reportable segment assets data reveals several notable trends and fluctuations over the five-year period.
- Communications Segment
- The Communications segment shows a general decline in assets from 522,758 million US dollars at the end of 2020 to 481,757 million US dollars by the end of 2024. The asset value decreased steadily through 2021 and 2022, with a slight recovery in 2023 before declining again in 2024.
- WarnerMedia Segment
- WarnerMedia's assets were reported as 150,947 million US dollars in 2020, increasing slightly to 154,369 million by the end of 2021. No data is available for subsequent years, suggesting potential divestiture, reclassification, or disposal occurring after 2021.
- Latin America Segment
- The Latin America segment demonstrates a downward trend in assets, declining from 15,811 million US dollars in 2020 to 7,808 million US dollars in 2024. There is a temporary increase noted in 2023 before a decrease in 2024, indicating some volatility possibly related to regional market conditions or operational changes.
- Segment Total
- The combined total of reportable segments shows a significant decrease from 689,516 million US dollars in 2020 to 489,565 million in 2024. This decline is heavily influenced by the absence of WarnerMedia data post-2021 and reductions in both Communications and Latin America segments.
- Corporate and Eliminations
- This line item remains negative throughout the period but shows a marked improvement from -163,755 million US dollars in 2020 to -94,770 million by 2024. The lessening negative impact suggests better management of intersegment eliminations or corporate assets.
- Total Assets
- Total assets decrease from 525,761 million US dollars in 2020 to 394,795 million in 2024. The decline is consistent with the overall reduction in segment assets and reflects the changes in corporate and elimination amounts. The total asset base shows relative stability between 2022 and 2023 before declining again in 2024.
Capital expenditures
AT&T Inc., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Communications | |||||
| WarnerMedia | |||||
| Latin America | |||||
| Segment total | |||||
| Corporate and eliminations | |||||
| Total |
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 data on annual reportable segment capital expenditures reveals several noteworthy trends over the period from 2020 to 2024. Overall, there is a discernible upward trajectory in total capital expenditures, despite some fluctuations within individual segments.
- Communications Segment
- The Communications segment shows an overall increase in capital expenditures from $14,107 million in 2020 to $19,335 million in 2024. There is a notable peak in 2022 at $18,962 million, followed by a slight decline in 2023 to $16,876 million, before rising again in 2024. This pattern suggests continued investment growth punctuated by a temporary reduction in spending.
- WarnerMedia Segment
- Capital expenditures for the WarnerMedia segment are only reported for 2020 and 2021, at $699 million and $764 million respectively, with no data for subsequent years. This absence of data may indicate divestiture, restructuring, or reclassification of this segment after 2021.
- Latin America Segment
- The Latin America segment exhibits a clear declining trend in capital expenditures, falling from $708 million in 2020 to $269 million in 2024. The decrease is steady year-over-year, reflecting a possible strategic reduction in investments within this geographic area.
- Segment Total
- The combined capital expenditures for all segments reflect an overall upward trend from $15,514 million in 2020 to $19,604 million in 2024. The rise is somewhat irregular, with a peak in 2022 at $19,322 million, a drop to $17,174 million in 2023, and then a recovery in 2024. This mirrors the pattern seen in the Communications segment and suggests shifting allocation of investment funds among segments.
- Corporate and Eliminations
- Capital expenditures classified under corporate and eliminations demonstrate an increase from $161 million in 2020 to a peak of $679 million in 2023, before a slight decline to $659 million in 2024. This may indicate growing central costs or adjustments impacting consolidated reporting.
- Total Capital Expenditures
- The total capital expenditures reported increased from $15,675 million in 2020 to $20,263 million in 2024. The data show a peak in 2022 at $19,626 million, a decrease in 2023 to $17,853 million, and then a substantial rise in 2024. This volatility may reflect strategic shifts in investment focus and timing of large project expenditures.
In summary, the data indicate a general increase in capital spending over the five years, primarily driven by the Communications segment and offset partially by reductions in the Latin America segment. The discontinuation of WarnerMedia expenditure reporting after 2021 and the increase in corporate-related expenditures are also significant observations, highlighting changing business priorities and structure.