AT&T (T) Financials

$27.77 -0.25 (-0.89%)

As of 05/20/2025 03:58 PM Eastern

Annual Income Statements for AT&T

This table shows AT&T's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	10,746	14,192	-8,727	19,874	-5,369	13,900	19,370	29,450	12,976	13,345
Consolidated Net Income / (Loss)	12,253	15,623	-7,055	21,479	-3,821	14,975	19,953	29,847	13,333	13,687
Net Income / (Loss) Continuing Operations	12,253	15,623	-6,874	23,776	-1,522	14,975	19,953	30,103	13,333	13,687
Total Pre-Tax Income	16,698	19,848	-3,094	29,171	-354	18,468	24,873	15,139	19,812	20,692
Total Operating Income	19,049	23,461	-4,587	25,897	8,372	27,955	26,096	19,970	23,543	24,785
Total Gross Profit	73,115	72,305	69,893	73,631	77,399	97,052	91,337	82,736	86,596	115,537
Total Revenue	122,336	122,428	120,741	134,038	143,050	181,193	170,756	160,546	163,786	146,801
Operating Revenue	122,336	122,428	120,741	134,038	143,050	181,193	170,756	160,546	163,786	146,801
Total Cost of Revenue	49,221	50,123	50,848	60,407	65,651	84,141	79,419	77,810	77,190	31,264
Operating Cost of Revenue	49,221	50,123	50,848	60,407	65,651	84,141	79,419	77,810	77,190	31,264
Total Operating Expenses	54,066	48,844	74,480	47,734	69,027	69,097	65,241	62,766	63,053	90,682
Selling, General & Admin Expense	28,411	28,874	28,961	29,669	30,817	39,422	36,765	35,465	36,845	32,919
Depreciation Expense	20,580	18,777	18,021	17,852	22,523	28,217	28,430	24,387	25,847	22,016
Impairment Charge	5,075	1,193	27,498	213	15,687	1,458	46	2,914	-	-35
Total Other Income / (Expense), net	-2,351	-3,613	1,493	3,274	-8,726	-9,487	-1,223	-4,831	-3,731	-4,093
Interest Expense	6,759	6,704	6,108	6,716	7,727	8,422	7,957	6,300	4,910	4,120
Interest & Investment Income	1,989	1,675	1,791	603	89	6.00	-48	-128	98	79
Other Income / (Expense), net	2,419	1,416	5,810	9,387	-1,088	-1,071	6,782	1,597	1,081	-52
Income Tax Expense	4,445	4,225	3,780	5,395	1,168	3,493	4,920	-14,708	6,479	7,005
Net Income / (Loss) Discontinued Operations	0.00	0.00	-181	-2,297	-2,299	-	-	-	-	-
Preferred Stock Dividends Declared	202	208	203	207	193	3.00	0.00	0.00	-	-
Net Income / (Loss) Attributable to Noncontrolling Interest	1,305	1,223	1,469	1,398	1,355	1,072	583	397	357	342
Basic Earnings per Share	$1.49	$1.97	($1.13)	$2.77	($0.75)	$1.90	$2.85	$4.77	$2.10	$2.37
Weighted Average Basic Shares Outstanding	7.18B	7.15B	7.13B	7.14B	7.13B	7.17B	6.80B	6.17B	6.17B	5.63B
Diluted Earnings per Share	$1.49	$1.97	($1.13)	$2.73	($0.75)	$1.89	$2.85	$4.76	$2.10	$2.37
Weighted Average Diluted Shares Outstanding	7.18B	7.15B	7.13B	7.14B	7.13B	7.17B	6.80B	6.17B	6.17B	5.63B
Weighted Average Basic & Diluted Shares Outstanding	7.18B	7.15B	7.13B	7.14B	7.13B	7.17B	6.80B	6.17B	6.17B	5.63B
Cash Dividends to Common per Share	$1.11	$1.11	$1.11	$2.08	$2.08	$2.05	$2.01	$1.97	$1.93	$1.89

This table shows AT&T's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	4,395	4,031	-226	3,546	3,395	2,135	3,444	4,437	4,176	-23,571	5,977
Consolidated Net Income / (Loss)	4,692	4,408	145	3,949	3,751	2,582	3,826	4,762	4,453	-23,155	6,399
Net Income / (Loss) Continuing Operations	4,692	4,408	145	3,949	3,751	2,582	3,826	4,762	4,453	-23,120	6,346
Total Pre-Tax Income	5,991	5,308	1,430	5,091	4,869	2,936	4,980	6,165	5,767	-23,197	7,254
Total Operating Income	5,754	5,326	2,116	5,760	5,847	5,271	5,782	6,406	6,002	-21,092	6,012
Total Gross Profit	18,593	18,103	18,583	18,355	18,074	18,111	18,296	18,090	17,808	17,772	17,842
Total Revenue	30,626	32,298	30,213	29,797	30,028	32,022	30,350	29,917	30,139	31,343	30,043
Operating Revenue	30,626	32,298	30,213	29,797	30,028	32,022	30,350	29,917	30,139	31,343	30,043
Total Cost of Revenue	12,033	14,195	11,630	11,442	11,954	13,911	12,054	11,827	12,331	13,571	12,201
Operating Cost of Revenue	12,033	14,195	11,630	11,442	11,954	13,911	12,054	11,827	12,331	13,571	12,201
Total Operating Expenses	12,839	12,777	16,467	12,595	12,227	12,840	12,514	11,684	11,806	38,864	11,830
Selling, General & Admin Expense	7,145	7,389	6,958	7,043	7,021	7,485	7,205	7,009	7,175	7,516	7,202
Depreciation Expense	5,190	5,374	5,087	5,072	5,047	4,766	4,705	4,675	4,631	4,595	4,514
Impairment Charge	504	14	4,422	480	159	589	604	0.00	0.00	26,753	114
Total Other Income / (Expense), net	237	-18	-686	-669	-978	-2,335	-802	-241	-235	-2,105	1,242
Interest Expense	1,658	1,661	1,675	1,699	1,724	1,726	1,662	1,608	1,708	1,560	1,420
Interest & Investment Income	1,440	1,074	272	348	295	337	420	380	538	374	392
Other Income / (Expense), net	455	569	717	682	451	-946	440	987	935	-919	2,270
Income Tax Expense	1,299	900	1,285	1,142	1,118	354	1,154	1,403	1,314	-77	908
Preferred Stock Dividends Declared	-44	49	52	51	50	53	51	52	52	54	49
Net Income / (Loss) Attributable to Noncontrolling Interest	341	328	319	352	306	394	331	273	225	362	373
Basic Earnings per Share	$0.61	$0.56	($0.03)	$0.49	$0.47	$0.30	$0.48	$0.61	$0.58	($3.31)	$0.83
Weighted Average Basic Shares Outstanding	7.21B	7.18B	7.20B	7.20B	7.19B	7.15B	7.19B	7.18B	7.17B	7.13B	7.15B
Diluted Earnings per Share	$0.61	$0.56	($0.03)	$0.49	$0.47	$0.30	$0.48	$0.61	$0.57	($3.31)	$0.80
Weighted Average Diluted Shares Outstanding	7.22B	7.18B	7.21B	7.20B	7.19B	7.15B	7.19B	7.18B	7.47B	7.13B	7.65B
Weighted Average Basic & Diluted Shares Outstanding	7.20B	7.18B	7.18B	7.17B	7.17B	7.15B	7.15B	7.15B	7.15B	7.13B	7.13B

This table details how cash moves in and out of AT&T's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-3,427	3,040	-50,651	6,575	-6,994	6,895	-45,532	44,997	662	-3,482
Net Cash From Operating Activities	38,771	38,314	35,812	37,170	37,484	48,668	43,602	38,010	38,442	35,880
Net Cash From Continuing Operating Activities	38,771	38,314	35,812	37,170	37,484	48,668	43,556	38,010	38,442	35,810
Net Income / (Loss) Continuing Operations	12,253	15,623	-6,874	23,776	-1,522	14,975	19,953	29,847	13,333	13,687
Consolidated Net Income / (Loss)	12,253	15,623	-	23,776	-	14,975	19,953	29,847	13,333	13,687
Depreciation Expense	20,580	18,777	18,021	17,852	22,523	28,217	28,430	24,387	25,847	22,016
Non-Cash Adjustments To Reconcile Net Income	5,334	5,064	27,899	-3,058	19,256	8,829	-2,558	4,467	436	-1,464
Changes in Operating Assets and Liabilities, net	604	-1,150	-3,234	-1,400	-2,773	-12,940	-6,041	-20,691	-1,174	1,571
Net Cash From Investing Activities	-17,490	-19,660	-26,899	-32,489	-13,447	-16,690	-63,145	-18,943	-23,318	-49,144
Net Cash From Continuing Investing Activities	-17,490	-19,660	-26,899	-32,489	-13,447	-16,690	-63,145	-18,943	-23,318	-49,144
Purchase of Property, Plant & Equipment	-20,263	-17,853	-19,626	-15,545	-14,690	-19,635	-21,251	-20,647	-21,516	-19,218
Acquisitions	-380	-2,942	-10,200	-25,453	-1,625	-1,809	-43,309	-	-2,959	-30,759
Purchase of Investments	2,575	-902	82	-	-	-	-1,233	0.00	1.00	1,545
Divestitures	75	72	199	7,136	2,472	4,684	2,148	1,182	646	83
Sale and/or Maturity of Investments	928	2,049	2,649	1,367	0.00	0.00	-	449	672	0.00
Other Investing Activities, net	-425	-84	-3.00	6.00	396	70	500	73	-162	-795
Net Cash From Financing Activities	-24,708	-15,614	-59,564	1,894	-31,031	-25,083	-25,989	25,930	-14,462	9,782
Net Cash From Continuing Financing Activities	-24,708	-15,614	-59,564	1,894	-31,031	-25,083	-25,989	25,930	-14,462	9,782
Repayment of Debt	-15,018	-17,859	-48,415	-14,719	-53,042	-35,450	-58,928	-12,341	-12,439	-13,861
Repurchase of Common Equity	-215	-5,527	-3,555	-202	-7,448	-2,417	-609	-463	-512	-269
Payment of Dividends	-8,208	-8,136	-9,859	-15,068	-14,956	-14,888	-13,410	-12,038	-11,797	-10,200
Issuance of Debt	510	14,496	6,934	31,787	41,428	21,051	46,773	51,311	10,140	33,969
Issuance of Common Equity	15	7,154	28	96	2,084	8,507	745	33	146	143
Other Financing Activities, net	-1,792	-5,742	-4,697	-	-2,966	-3,050	-560	-572	-	-
Other Net Changes in Cash	0.00	0.00	-	-	-	-	-	-	-	-

This table details how cash moves in and out of AT&T's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	3,538	680	-477	-401	-3,229	-826	-1,963	6,680	-851	1,299	-545
Net Cash From Operating Activities	9,049	11,896	10,235	9,093	7,547	11,378	10,336	9,922	6,678	10,348	10,094
Net Cash From Continuing Operating Activities	9,049	11,896	10,235	9,093	7,547	11,378	10,336	9,922	6,678	10,348	10,094
Net Income / (Loss) Continuing Operations	4,692	4,408	145	3,949	3,751	2,582	3,826	4,762	4,453	-23,120	6,346
Consolidated Net Income / (Loss)	4,692	4,408	145	3,949	3,751	2,582	3,826	4,762	4,453	-	-
Depreciation Expense	5,190	5,374	5,087	5,072	5,047	4,766	4,705	4,675	4,631	4,595	4,514
Non-Cash Adjustments To Reconcile Net Income	2,098	-347	4,235	590	856	2,917	1,754	252	141	28,351	112
Changes in Operating Assets and Liabilities, net	-2,931	2,461	768	-518	-2,107	1,113	51	233	-2,547	522	-878
Net Cash From Investing Activities	-4,958	-5,363	-5,150	-4,016	-2,961	-5,874	-4,545	-5,423	-3,818	-3,888	-5,700
Net Cash From Continuing Investing Activities	-4,958	-5,363	-5,150	-4,016	-2,961	-5,874	-4,545	-5,423	-3,818	-3,888	-5,700
Purchase of Property, Plant & Equipment	-4,277	-6,843	-5,302	-4,360	-3,758	-4,601	-4,647	-4,270	-4,335	-4,229	-5,921
Acquisitions	-20	-58	-52	-59	-211	-2,019	-408	-224	-291	-241	-389
Purchase of Investments	45	1,422	6.00	68	1,079	141	13	-1,075	19	-11	-
Divestitures	11	9.00	52	6.00	8.00	6.00	50	1.00	15	150	27
Sale and/or Maturity of Investments	0.00	-	342	392	194	602	473	200	774	444	494
Other Investing Activities, net	-717	107	-196	-63	-273	-3.00	-26	-55	0.00	-1.00	-4.00
Net Cash From Financing Activities	-553	-5,853	-5,562	-5,478	-7,815	-6,330	-7,754	2,181	-3,711	-5,161	-4,939
Net Cash From Continuing Financing Activities	-553	-5,853	-5,562	-5,478	-7,815	-6,330	-7,754	2,181	-3,711	-5,161	-4,939
Repayment of Debt	-1,160	-3,610	-619	-3,582	-7,207	-3,671	-4,754	-3,578	-5,856	-2,507	-51
Repurchase of Preferred Equity	-2,075	-	-	-	-	-	-	-	-	-	-
Repurchase of Common Equity	-218	-13	-43	-2.00	-157	-4.00	-1.00	-5,334	-188	-2,680	-3.00
Payment of Dividends	-2,091	-2,037	-2,038	-2,099	-2,034	-2,020	-2,019	-2,083	-2,014	-2,014	-2,010
Issuance of Debt	2,956	15	-2,684	755	2,424	371	-	7,668	6,457	2,500	1,362
Issuance of Common Equity	2,238	13	2.00	-	0.00	-	-	7,151	3.00	-	-
Other Financing Activities, net	-203	-221	-180	-550	-841	-1,006	-980	-1,643	-2,113	-460	-

This table presents AT&T's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	394,795	407,060	402,853	551,622	525,761	551,669	531,864	444,097	403,821	402,672
Total Current Assets	31,168	36,458	33,108	170,768	52,008	54,761	51,427	79,146	38,369	35,992
Cash & Equivalents	3,298	6,722	3,701	19,223	9,740	12,130	5,204	50,498	5,788	5,121
Accounts Receivable	9,638	10,289	11,466	12,313	20,215	22,636	26,472	16,522	16,794	16,532
Inventories, net	2,270	2,177	3,123	3,325	-	-	-	-	1,555	-
Prepaid Expenses	15,962	17,270	-	-	3,695	1,631	2,047	1,369	-	1,072
Plant, Property, & Equipment, net	128,871	128,489	127,445	121,649	0.00	0.00	131,473	125,222	124,899	124,450
Total Noncurrent Assets	234,756	242,113	242,300	259,205	473,753	496,908	348,964	239,729	240,553	242,230
Long-Term Investments	295	1,251	3,533	6,168	1,780	3,695	6,245	1,560	1,674	1,606
Goodwill	63,432	67,854	67,895	92,740	135,259	146,241	146,370	105,449	105,207	104,568
Intangible Assets	132,290	132,502	129,446	119,221	146,316	157,617	122,413	114,276	116,860	120,710
Other Noncurrent Operating Assets	38,739	40,506	41,426	41,076	190,398	189,355	73,936	18,444	16,812	15,346
Total Liabilities & Shareholders' Equity	394,795	407,060	402,853	551,622	525,761	551,669	531,864	444,097	403,821	402,672
Total Liabilities	274,570	287,645	296,396	367,767	346,521	349,735	337,980	302,090	279,711	279,032
Total Current Liabilities	46,872	51,127	56,173	106,230	63,438	68,911	64,420	81,389	50,576	47,816
Short-Term Debt	5,089	9,477	7,467	24,620	3,470	11,838	10,255	38,374	9,832	7,636
Accounts Payable	35,657	35,852	42,644	40,340	50,051	45,956	43,184	34,470	31,138	30,372
Dividends Payable	2,027	2,020	2,014	3,749	3,741	3,781	3,854	3,070	3,008	2,950
Current Deferred Revenue	4,099	3,778	3,918	-	-	-	5,948	4,213	4,519	4,682
Total Noncurrent Liabilities	227,698	236,518	240,223	261,537	283,083	280,824	273,560	220,701	229,135	231,216
Long-Term Debt	118,443	127,854	128,423	151,011	153,775	151,309	166,250	125,972	113,681	118,515
Capital Lease Obligations	17,391	17,568	18,659	18,956	22,202	21,804	0.00	-	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	58,939	58,666	57,032	53,767	60,472	59,502	57,859	43,207	60,128	56,181
Noncurrent Employee Benefit Liabilities	9,025	8,734	7,260	12,560	18,276	18,788	19,218	31,775	33,578	34,262
Other Noncurrent Operating Liabilities	23,900	23,696	28,849	25,243	28,358	29,421	30,233	19,747	21,748	22,258
Redeemable Noncontrolling Interest	1,980	1,973	0.00	-	-	-	-	-	-	-
Total Equity & Noncontrolling Interests	118,245	117,442	106,457	183,855	179,240	201,934	193,884	142,007	124,110	123,640
Total Preferred & Common Equity	104,372	103,297	97,500	166,332	161,673	184,221	184,089	140,861	123,135	122,671
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-	-
Total Common Equity	104,372	103,297	97,500	166,332	161,673	184,221	184,089	140,861	123,135	122,671
Common Stock	116,729	122,140	131,231	137,733	137,796	133,900	133,146	96,058	96,099	96,258
Retained Earnings	1,871	-5,015	-19,415	42,350	37,457	57,936	58,753	50,500	34,734	33,671
Treasury Stock	-15,023	-16,128	-17,082	-17,280	-17,910	-13,085	-12,059	-12,714	-12,659	-12,592
Accumulated Other Comprehensive Income / (Loss)	795	2,300	2,766	3,529	4,330	5,470	4,249	7,017	4,961	5,334
Noncontrolling Interest	13,873	14,145	8,957	17,523	17,567	17,713	9,795	1,146	975	969

This table presents AT&T's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	397,467	394,795	393,719	398,026	399,428	407,060	406,698	408,453	400,873	402,853	426,463
Total Current Assets	33,780	31,168	29,799	29,868	30,445	36,458	35,620	36,672	29,903	33,108	32,295
Cash & Equivalents	6,885	3,298	2,586	3,093	3,520	6,722	7,540	9,528	2,821	3,701	2,423
Accounts Receivable	9,228	9,638	9,068	9,686	9,577	10,289	8,962	9,304	10,214	11,466	11,384
Inventories, net	2,593	2,270	2,529	1,816	2,127	2,177	2,520	2,348	2,791	3,123	3,935
Prepaid Expenses	15,074	15,962	15,616	15,273	15,221	17,270	16,598	15,492	14,077	-	14,553
Plant, Property, & Equipment, net	128,453	128,871	127,964	127,772	127,851	128,489	128,496	128,783	128,458	127,445	127,045
Plant, Property & Equipment, gross	351,203	-	346,030	342,607	339,115	-	337,309	334,206	330,486	-	327,903
Accumulated Depreciation	222,750	-	218,066	214,835	211,264	-	208,813	205,423	202,028	-	200,858
Total Noncurrent Assets	235,234	234,756	235,956	240,386	241,132	242,113	242,582	242,998	242,512	242,300	267,123
Long-Term Investments	942	295	281	584	891	1,251	1,847	2,779	2,810	3,533	3,964
Goodwill	63,432	63,432	63,432	67,854	67,854	67,854	67,854	67,854	67,895	67,895	92,725
Intangible Assets	132,599	132,290	132,390	132,556	132,704	132,502	132,445	130,388	129,848	129,446	129,218
Other Noncurrent Operating Assets	38,261	38,739	39,853	39,392	39,683	40,506	40,436	41,977	41,959	41,426	41,216
Total Liabilities & Shareholders' Equity	397,467	394,795	393,719	398,026	399,428	407,060	406,698	408,453	400,873	402,853	426,463
Total Liabilities	275,628	274,570	275,459	276,702	278,833	287,645	286,871	290,408	292,527	296,396	286,485
Total Current Liabilities	47,999	46,872	40,658	42,429	44,834	51,127	51,684	54,159	58,150	56,173	52,257
Short-Term Debt	8,902	5,089	2,637	5,249	7,060	9,477	11,302	15,268	13,757	7,467	9,626
Accounts Payable	33,113	35,657	31,935	31,173	31,973	35,852	34,659	33,038	38,389	42,644	36,913
Dividends Payable	2,033	2,027	2,027	2,026	2,088	2,020	2,020	2,020	2,082	2,014	2,013
Current Deferred Revenue	3,951	4,099	4,059	3,981	3,713	3,778	3,703	3,833	-	3,918	-
Total Noncurrent Liabilities	227,629	227,698	234,801	234,273	233,999	236,518	235,187	236,249	234,377	240,223	234,228
Long-Term Debt	117,259	118,443	126,375	125,355	125,704	127,854	126,701	128,012	123,727	128,423	123,854
Capital Lease Obligations	17,433	17,391	17,331	17,174	17,291	17,568	17,730	18,311	18,413	18,659	18,741
Noncurrent Deferred & Payable Income Tax Liabilities	59,144	58,939	58,461	58,918	58,820	58,666	58,671	57,972	57,294	57,032	56,055
Noncurrent Employee Benefit Liabilities	9,040	9,025	8,750	8,744	8,743	8,734	6,494	6,696	7,060	7,260	6,152
Other Noncurrent Operating Liabilities	24,753	23,900	23,884	24,082	23,441	23,696	25,591	25,258	27,883	28,849	29,426
Redeemable Noncontrolling Interest	1,981	1,980	1,978	1,977	1,975	1,973	1,972	1,970	-	0.00	-
Total Equity & Noncontrolling Interests	119,858	118,245	116,282	119,347	118,620	117,442	117,855	116,075	108,346	106,457	139,978
Total Preferred & Common Equity	103,744	104,372	102,351	105,310	104,540	103,297	103,703	101,903	99,396	97,500	122,406
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	103,744	104,372	102,351	105,310	104,540	103,297	103,703	101,903	99,396	97,500	122,406
Common Stock	113,923	116,729	116,975	119,136	119,220	122,140	124,511	126,454	128,395	131,231	130,554
Retained Earnings	4,215	1,871	-185	2.00	-1,570	-5,015	-7,203	-10,698	-15,187	-19,415	6,127
Treasury Stock	-14,252	-15,023	-15,087	-15,268	-15,277	-16,128	-16,150	-16,158	-16,166	-17,082	-17,148
Accumulated Other Comprehensive Income / (Loss)	-142	795	648	1,440	2,167	2,300	2,545	2,305	2,354	2,766	2,873
Noncontrolling Interest	16,114	13,873	13,931	14,037	14,080	14,145	14,152	14,172	8,950	8,957	17,572

This table displays calculated financial ratios and metrics derived from AT&T's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.08%	1.40%	-9.92%	-6.30%	-21.05%	6.11%	6.36%	-1.98%	11.57%	10.84%
EBITDA Growth	-3.68%	126.84%	-63.78%	78.27%	-53.92%	-0.60%	41.62%	-8.95%	7.96%	45.79%
EBIT Growth	-13.70%	1,934.10%	-96.53%	384.40%	-72.91%	-18.23%	52.45%	-12.41%	-0.44%	79.32%
NOPAT Growth	-24.31%	675.13%	-115.21%	260.17%	-74.15%	8.28%	-46.83%	148.50%	-3.36%	106.37%
Net Income Growth	-21.57%	321.45%	-132.85%	662.13%	-125.52%	-24.95%	-33.15%	123.86%	-2.59%	24.70%
EPS Growth	-24.37%	274.34%	-141.39%	662.13%	-125.52%	-33.68%	-40.13%	126.67%	-11.39%	91.13%
Operating Cash Flow Growth	1.19%	6.99%	-3.65%	-0.84%	-22.98%	11.62%	14.71%	-1.12%	7.14%	14.49%
Free Cash Flow Firm Growth	286.24%	-49.13%	-88.58%	240.47%	180.52%	112.57%	-435.62%	34.71%	129.23%	-1,813.96%
Invested Capital Growth	-3.27%	4.92%	-5.47%	-22.89%	-6.38%	3.32%	40.96%	5.84%	-1.16%	48.48%
Revenue Q/Q Growth	0.23%	0.56%	7.39%	4.73%	-17.26%	-0.64%	3.84%	-0.10%	-0.17%	5.52%
EBITDA Q/Q Growth	5.46%	154.59%	-59.93%	69.75%	-51.48%	-4.69%	20.78%	-7.65%	-6.30%	44.93%
EBIT Q/Q Growth	7.89%	1,805.07%	-95.94%	107.99%	-69.59%	-8.87%	28.09%	-14.81%	-11.01%	103.56%
NOPAT Q/Q Growth	1.11%	1,009.07%	-118.75%	125.25%	-66.69%	-4.66%	-48.15%	163.79%	-11.79%	97.49%
Net Income Q/Q Growth	17.51%	254.47%	-132.83%	734.46%	-144.00%	-29.08%	-41.24%	125.67%	-10.54%	36.39%
EPS Q/Q Growth	21.14%	223.13%	-140.79%	734.46%	-144.00%	-31.02%	-46.12%	128.85%	-10.64%	141.84%
Operating Cash Flow Q/Q Growth	1.35%	2.76%	6.77%	10.86%	-16.69%	-0.28%	6.19%	0.79%	0.14%	10.60%
Free Cash Flow Firm Q/Q Growth	24.67%	-66.52%	-86.44%	384.49%	20.44%	70.69%	-13.27%	41.01%	7.23%	5.79%
Invested Capital Q/Q Growth	-1.59%	0.06%	-11.13%	-24.01%	-4.55%	0.01%	1.56%	6.23%	-0.83%	0.55%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.77%	59.06%	57.89%	54.93%	54.11%	53.56%	53.49%	51.53%	52.87%	78.70%
EBITDA Margin	34.37%	35.66%	15.94%	39.64%	20.84%	35.70%	38.11%	28.62%	30.82%	31.85%
Operating Margin	15.57%	19.16%	-3.80%	19.32%	5.85%	15.43%	15.28%	12.44%	14.37%	16.88%
EBIT Margin	17.55%	20.32%	1.01%	26.32%	5.09%	14.84%	19.25%	13.43%	15.03%	16.85%
Profit (Net Income) Margin	10.02%	12.76%	-5.84%	16.02%	-2.67%	8.26%	11.69%	18.59%	8.14%	9.32%
Tax Burden Percent	73.38%	78.71%	228.02%	73.63%	1,079.38%	81.09%	80.22%	197.15%	67.30%	66.15%
Interest Burden Percent	77.78%	79.78%	-252.98%	82.67%	-4.86%	68.70%	75.65%	70.20%	80.46%	83.66%
Effective Tax Rate	26.62%	21.29%	0.00%	18.49%	0.00%	18.91%	19.78%	-97.15%	32.70%	33.85%
Return on Invested Capital (ROIC)	5.30%	7.05%	-1.22%	6.79%	1.62%	6.15%	6.75%	15.73%	6.48%	7.96%
ROIC Less NNEP Spread (ROIC-NNEP)	4.10%	5.14%	-4.48%	7.08%	-4.00%	1.65%	6.06%	7.61%	4.40%	5.23%
Return on Net Nonoperating Assets (RNNOA)	4.93%	6.79%	-3.64%	5.04%	-3.62%	1.42%	5.13%	6.70%	4.29%	4.83%
Return on Equity (ROE)	10.23%	13.83%	-4.86%	11.83%	-2.00%	7.57%	11.88%	22.43%	10.76%	12.80%
Cash Return on Invested Capital (CROIC)	8.62%	2.25%	4.40%	32.64%	8.21%	2.88%	-27.25%	10.06%	7.64%	-31.06%
Operating Return on Assets (OROA)	5.35%	6.14%	0.26%	6.55%	1.35%	4.96%	6.74%	5.09%	6.11%	7.07%
Return on Assets (ROA)	3.06%	3.86%	-1.48%	3.99%	-0.71%	2.76%	4.09%	7.04%	3.31%	3.91%
Return on Common Equity (ROCE)	8.86%	12.30%	-4.42%	10.69%	-1.82%	7.04%	11.49%	22.25%	10.68%	12.71%
Return on Equity Simple (ROE_SIMPLE)	11.74%	15.12%	-7.24%	12.91%	-2.36%	8.13%	10.84%	21.19%	10.83%	11.16%
Net Operating Profit after Tax (NOPAT)	13,978	18,467	-3,211	21,108	5,860	22,668	20,934	39,371	15,844	16,394
NOPAT Margin	11.43%	15.08%	-2.66%	15.75%	4.10%	12.51%	12.26%	24.52%	9.67%	11.17%
Net Nonoperating Expense Percent (NNEP)	1.20%	1.91%	3.26%	-0.29%	5.62%	4.50%	0.69%	8.13%	2.08%	2.74%
Return On Investment Capital (ROIC_SIMPLE)	5.39%	6.78%	-1.23%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	40.23%	40.94%	42.11%	45.07%	45.89%	46.44%	46.51%	48.47%	47.13%	21.30%
SG&A Expenses to Revenue	23.22%	23.58%	23.99%	22.13%	21.54%	21.76%	21.53%	22.09%	22.50%	22.42%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	44.19%	39.90%	61.69%	35.61%	48.25%	38.13%	38.21%	39.10%	38.50%	61.77%
Earnings before Interest and Taxes (EBIT)	21,468	24,877	1,223	35,284	7,284	26,884	32,878	21,567	24,624	24,733
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	42,048	43,654	19,244	53,136	29,807	64,688	65,080	45,954	50,471	46,749
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.55	1.08	1.17	0.88	0.99	1.13	0.77	1.10	1.31	1.01
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.32	0.91	0.95	1.10	1.12	1.15	0.83	0.96	0.98	0.85
Price to Earnings (P/E)	15.01	7.86	0.00	7.40	0.00	14.98	7.36	5.25	12.42	9.32
Dividend Yield	4.94%	7.11%	7.65%	10.09%	9.28%	7.16%	10.21%	7.78%	7.32%	9.30%
Earnings Yield	6.66%	12.72%	0.00%	13.51%	0.00%	6.67%	13.59%	19.04%	8.05%	10.73%
Enterprise Value to Invested Capital (EV/IC)	1.21	1.02	1.06	1.23	0.98	1.05	0.87	1.04	1.14	0.99
Enterprise Value to Revenue (EV/Rev)	2.57	2.24	2.24	2.49	2.41	2.18	1.86	1.67	1.70	1.67
Enterprise Value to EBITDA (EV/EBITDA)	7.48	6.29	14.06	6.28	11.58	6.11	4.88	5.83	5.51	5.23
Enterprise Value to EBIT (EV/EBIT)	14.65	11.04	221.28	9.46	47.40	14.70	9.65	12.43	11.30	9.89
Enterprise Value to NOPAT (EV/NOPAT)	22.50	14.87	0.00	15.82	58.91	17.43	15.16	6.81	17.56	14.93
Enterprise Value to Operating Cash Flow (EV/OCF)	8.11	7.17	7.56	8.98	9.21	8.12	7.28	7.05	7.24	6.82
Enterprise Value to Free Cash Flow (EV/FCFF)	13.82	46.61	23.37	3.29	11.59	37.20	0.00	10.65	14.89	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.17	1.30	1.45	1.06	1.00	0.92	0.91	1.16	1.00	1.02
Long-Term Debt to Equity	1.13	1.22	1.38	0.92	0.98	0.86	0.86	0.89	0.92	0.96
Financial Leverage	1.20	1.32	0.81	0.71	0.90	0.86	0.85	0.88	0.97	0.92
Leverage Ratio	3.35	3.59	3.29	2.97	2.83	2.74	2.91	3.19	3.26	3.27
Compound Leverage Factor	2.60	2.86	-8.32	2.45	-0.14	1.88	2.20	2.24	2.62	2.74
Debt to Total Capital	53.96%	56.47%	59.21%	51.42%	50.03%	47.81%	47.65%	53.65%	49.88%	50.50%
Short-Term Debt to Total Capital	1.95%	3.45%	2.86%	6.51%	0.97%	3.06%	2.77%	12.53%	3.97%	3.06%
Long-Term Debt to Total Capital	52.01%	53.01%	56.35%	44.91%	49.06%	44.75%	44.89%	41.12%	45.91%	47.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	6.07%	5.88%	3.43%	4.63%	4.90%	4.58%	2.64%	0.37%	0.39%	0.39%
Common Equity to Total Capital	39.97%	37.66%	37.36%	43.95%	45.07%	47.62%	49.70%	45.98%	49.73%	49.11%
Debt to EBITDA	3.35	3.55	8.03	3.66	6.02	2.86	2.71	3.58	2.45	2.70
Net Debt to EBITDA	3.27	3.37	7.66	3.18	5.63	2.61	2.54	2.44	2.30	2.55
Long-Term Debt to EBITDA	3.23	3.33	7.64	3.20	5.90	2.68	2.55	2.74	2.25	2.54
Debt to NOPAT	10.08	8.39	-48.13	9.22	30.62	8.16	8.43	4.17	7.80	7.69
Net Debt to NOPAT	9.82	7.96	-45.88	8.02	28.65	7.46	7.88	2.85	7.32	7.28
Long-Term Debt to NOPAT	9.72	7.87	-45.81	8.05	30.03	7.64	7.94	3.20	7.18	7.23
Altman Z-Score	0.80	0.67	0.41	0.94	0.67	0.96	0.90	0.98	1.04	0.92
Noncontrolling Interest Sharing Ratio	13.34%	11.10%	9.12%	9.66%	9.26%	6.95%	3.26%	0.80%	0.78%	0.71%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.67	0.71	0.59	1.61	0.82	0.79	0.80	0.97	0.76	0.75
Quick Ratio	0.28	0.33	0.27	0.30	0.47	0.50	0.49	0.82	0.45	0.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	22,757	5,892	11,582	101,437	29,793	10,621	-84,495	25,175	18,689	-63,931
Operating Cash Flow to CapEx	191.34%	214.61%	182.47%	239.11%	255.17%	247.86%	205.18%	184.09%	178.67%	186.70%
Free Cash Flow to Firm to Interest Expense	3.37	0.88	1.90	15.10	3.86	1.26	-10.62	4.00	3.81	-15.52
Operating Cash Flow to Interest Expense	5.74	5.72	5.86	5.53	4.85	5.78	5.48	6.03	7.83	8.71
Operating Cash Flow Less CapEx to Interest Expense	2.74	3.05	2.65	3.22	2.95	3.45	2.81	2.76	3.45	4.04
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.31	0.30	0.25	0.25	0.27	0.33	0.35	0.38	0.41	0.42
Accounts Receivable Turnover	12.28	11.26	10.16	8.24	6.68	7.38	7.94	9.64	9.83	9.45
Inventory Turnover	22.14	18.91	15.77	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.95	0.96	0.97	0.00	0.00	0.00	1.33	1.28	1.31	1.24
Accounts Payable Turnover	1.38	1.28	1.23	1.34	1.37	1.89	2.05	2.37	2.51	1.16
Days Sales Outstanding (DSO)	29.73	32.43	35.94	44.29	54.67	49.46	45.95	37.87	37.13	38.61
Days Inventory Outstanding (DIO)	16.49	19.30	23.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	265.14	285.81	297.84	273.09	266.89	193.34	178.44	153.88	145.43	315.01
Cash Conversion Cycle (CCC)	-218.92	-234.08	-238.76	-228.80	-212.22	-143.88	-132.49	-116.01	-108.29	-276.40
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	259,582	268,361	255,786	270,579	350,908	374,841	362,794	257,365	243,169	246,014
Invested Capital Turnover	0.46	0.47	0.46	0.43	0.39	0.49	0.55	0.64	0.67	0.71
Increase / (Decrease) in Invested Capital	-8,779	12,575	-14,793	-80,329	-23,933	12,047	105,429	14,196	-2,845	80,325
Enterprise Value (EV)	314,520	274,624	270,628	333,843	345,235	395,105	317,416	268,105	278,204	244,718
Market Capitalization	161,337	111,580	114,356	147,124	159,741	208,266	142,565	154,671	161,178	124,325
Book Value per Share	$14.55	$14.45	$13.68	$23.29	$22.69	$25.22	$25.29	$22.95	$20.05	$19.94
Tangible Book Value per Share	($12.73)	($13.57)	($14.01)	($6.39)	($16.83)	($16.38)	($11.64)	($12.85)	($16.11)	($16.68)
Total Capital	261,148	274,314	261,006	378,442	358,687	386,885	370,389	306,353	247,623	249,791
Total Debt	140,923	154,899	154,549	194,587	179,447	184,951	176,505	164,346	123,513	126,151
Total Long-Term Debt	135,834	145,422	147,082	169,967	175,977	173,113	166,250	125,972	113,681	118,515
Net Debt	137,330	146,926	147,315	169,196	167,927	169,126	165,056	112,288	116,051	119,424
Capital Expenditures (CapEx)	20,263	17,853	19,626	15,545	14,690	19,635	21,251	20,647	21,516	19,218
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-13,913	-11,914	-19,299	69,935	-17,700	-14,442	-7,942	-14,367	-8,163	-9,309
Debt-free Net Working Capital (DFNWC)	-10,615	-5,192	-15,598	89,158	-7,960	-2,312	-2,738	36,131	-2,375	-4,188
Net Working Capital (NWC)	-15,704	-14,669	-23,065	64,538	-11,430	-14,150	-12,993	-2,243	-12,207	-11,824
Net Nonoperating Expense (NNE)	1,725	2,844	3,844	-371	9,681	7,693	981	9,524	2,511	2,707
Net Nonoperating Obligations (NNO)	139,357	148,946	149,329	86,724	171,668	172,907	168,910	115,358	119,059	122,374
Total Depreciation and Amortization (D&A)	20,580	18,777	18,021	17,852	22,523	37,804	32,202	24,387	25,847	22,016
Debt-free, Cash-free Net Working Capital to Revenue	-11.37%	-9.73%	-15.98%	52.18%	-12.37%	-7.97%	-4.65%	-8.95%	-4.98%	-6.34%
Debt-free Net Working Capital to Revenue	-8.68%	-4.24%	-12.92%	66.52%	-5.56%	-1.28%	-1.60%	22.51%	-1.45%	-2.85%
Net Working Capital to Revenue	-12.84%	-11.98%	-19.10%	48.15%	-7.99%	-7.81%	-7.61%	-1.40%	-7.45%	-8.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.49	$1.97	($1.13)	$2.10	($0.57)	$1.44	$2.16	$3.62	$1.59	$1.80
Adjusted Weighted Average Basic Shares Outstanding	7.18B	7.15B	7.13B	9.41B	9.40B	9.45B	9.60B	8.10B	8.10B	8.11B
Adjusted Diluted Earnings per Share	$1.49	$1.97	($1.13)	$2.09	($0.57)	$1.43	$2.16	$3.61	$1.59	$1.80
Adjusted Weighted Average Diluted Shares Outstanding	7.18B	7.15B	7.13B	9.41B	9.40B	9.45B	9.60B	8.10B	8.10B	8.11B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$1.44	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	7.18B	7.15B	7.13B	9.41B	9.40B	9.45B	9.60B	8.10B	8.10B	8.11B
Normalized Net Operating Profit after Tax (NOPAT)	17,702	19,406	16,038	21,281	16,841	23,850	20,971	16,019	16,087	16,371
Normalized NOPAT Margin	14.47%	15.85%	13.28%	15.88%	11.77%	13.16%	12.28%	9.98%	9.82%	11.15%
Pre Tax Income Margin	13.65%	16.21%	-2.56%	21.76%	-0.25%	10.19%	14.57%	9.43%	12.10%	14.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.18	3.71	0.20	5.25	0.94	3.19	4.13	3.42	5.02	6.00
NOPAT to Interest Expense	2.07	2.75	-0.53	3.14	0.76	2.69	2.63	6.25	3.23	3.98
EBIT Less CapEx to Interest Expense	0.18	1.05	-3.01	2.94	-0.96	0.86	1.46	0.15	0.63	1.34
NOPAT Less CapEx to Interest Expense	-0.93	0.09	-3.74	0.83	-1.14	0.36	-0.04	2.97	-1.16	-0.69
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	66.99%	52.08%	-139.74%	70.15%	-391.42%	99.42%	67.21%	40.33%	88.48%	74.52%
Augmented Payout Ratio	68.74%	87.45%	-190.13%	71.09%	-586.34%	115.56%	70.26%	41.88%	92.32%	76.49%

This table displays calculated financial ratios and metrics derived from AT&T's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.99%	0.86%	-0.45%	-0.40%	-0.37%	2.17%	1.02%	0.92%	1.44%	36.08%	-4.10%
EBITDA Growth	0.48%	23.96%	-27.52%	-4.59%	-1.93%	152.20%	-14.61%	3.07%	-4.84%	-253.24%	4.75%
EBIT Growth	-1.41%	36.30%	-54.47%	-12.86%	-9.21%	119.65%	-24.87%	1.86%	-9.84%	-420.63%	6.74%
NOPAT Growth	0.04%	-4.58%	-95.17%	-9.71%	-2.81%	131.40%	-15.54%	31.55%	7.11%	-490.35%	6.10%
Net Income Growth	25.09%	70.72%	-96.21%	-17.07%	-15.76%	111.15%	-40.21%	4.96%	-13.77%	-529.59%	2.01%
EPS Growth	29.79%	86.67%	-106.25%	-19.67%	-17.54%	109.06%	-40.00%	8.93%	-12.31%	-572.86%	0.00%
Operating Cash Flow Growth	19.90%	4.55%	-0.98%	-8.36%	13.01%	9.95%	2.40%	28.19%	-12.48%	28.12%	8.42%
Free Cash Flow Firm Growth	521.74%	266.28%	-80.71%	-66.64%	-102.68%	-27,860.62%	-67.25%	-79.16%	1,465.70%	-99.97%	344.93%
Invested Capital Growth	-3.24%	-3.27%	-1.65%	-0.70%	2.93%	4.92%	-6.82%	-4.99%	-30.04%	-5.47%	-19.17%
Revenue Q/Q Growth	-5.18%	6.90%	1.40%	-0.77%	-6.23%	5.51%	1.45%	-0.74%	-3.84%	4.33%	1.35%
EBITDA Q/Q Growth	1.15%	42.29%	-31.21%	1.49%	24.79%	-16.80%	-9.45%	4.32%	166.42%	-236.11%	9.29%
EBIT Q/Q Growth	5.33%	108.08%	-56.02%	2.29%	45.62%	-30.49%	-15.84%	6.57%	131.52%	-365.77%	14.11%
NOPAT Q/Q Growth	1.89%	1,961.41%	-95.20%	-0.81%	-2.83%	4.35%	-10.23%	6.77%	131.39%	-380.72%	39.83%
Net Income Q/Q Growth	6.44%	2,940.00%	-96.33%	5.28%	45.28%	-32.51%	-19.66%	6.94%	119.23%	-461.85%	41.04%
EPS Q/Q Growth	8.93%	1,966.67%	-106.12%	4.26%	56.67%	-37.50%	-21.31%	7.02%	117.22%	-513.75%	42.86%
Operating Cash Flow Q/Q Growth	-23.93%	16.23%	12.56%	20.49%	-33.67%	10.08%	4.17%	48.58%	-35.47%	2.52%	30.41%
Free Cash Flow Firm Q/Q Growth	-0.06%	184.25%	-27.04%	303.48%	60.60%	-132.98%	26.15%	-83.63%	407,415.58%	-99.96%	-19.72%
Invested Capital Q/Q Growth	0.02%	-1.59%	-1.38%	-0.33%	-0.01%	0.06%	-0.43%	3.32%	1.92%	-11.13%	1.53%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.71%	56.05%	61.51%	61.60%	60.19%	56.56%	60.28%	60.47%	59.09%	56.70%	59.39%
EBITDA Margin	37.22%	34.89%	26.21%	38.64%	37.78%	28.39%	36.00%	40.34%	38.38%	-55.57%	42.59%
Operating Margin	18.79%	16.49%	7.00%	19.33%	19.47%	16.46%	19.05%	21.41%	19.91%	-67.29%	20.01%
EBIT Margin	20.27%	18.25%	9.38%	21.62%	20.97%	13.51%	20.50%	24.71%	23.02%	-70.23%	27.57%
Profit (Net Income) Margin	15.32%	13.65%	0.48%	13.25%	12.49%	8.06%	12.61%	15.92%	14.77%	-73.88%	21.30%
Tax Burden Percent	78.32%	83.04%	10.14%	77.57%	77.04%	87.94%	76.83%	77.24%	77.22%	99.82%	88.21%
Interest Burden Percent	96.49%	90.04%	50.48%	79.03%	77.31%	67.88%	80.04%	83.39%	83.13%	105.39%	87.59%
Effective Tax Rate	21.68%	16.96%	89.86%	22.43%	22.96%	12.06%	23.17%	22.76%	22.78%	0.00%	12.52%
Return on Invested Capital (ROIC)	6.85%	6.35%	0.33%	6.83%	6.94%	6.76%	6.41%	7.27%	5.88%	-21.61%	6.11%
ROIC Less NNEP Spread (ROIC-NNEP)	6.98%	6.34%	0.28%	6.48%	6.43%	5.39%	5.99%	7.14%	5.78%	-28.72%	6.82%
Return on Net Nonoperating Assets (RNNOA)	8.22%	7.62%	0.34%	8.05%	8.43%	7.11%	6.83%	8.44%	6.63%	-23.35%	6.85%
Return on Equity (ROE)	15.08%	13.97%	0.67%	14.88%	15.37%	13.87%	13.24%	15.71%	12.51%	-44.96%	12.96%
Cash Return on Invested Capital (CROIC)	8.61%	8.62%	6.86%	7.37%	4.05%	2.25%	6.33%	4.44%	34.43%	4.40%	26.52%
Operating Return on Assets (OROA)	6.26%	5.57%	2.86%	6.55%	6.41%	4.08%	5.99%	7.19%	5.70%	-17.77%	6.37%
Return on Assets (ROA)	4.73%	4.16%	0.15%	4.02%	3.82%	2.44%	3.68%	4.63%	3.66%	-18.69%	4.92%
Return on Common Equity (ROCE)	12.95%	12.11%	0.58%	12.88%	13.69%	12.33%	11.53%	13.62%	11.39%	-40.86%	11.55%
Return on Equity Simple (ROE_SIMPLE)	12.72%	0.00%	10.19%	13.40%	14.27%	0.00%	-9.75%	-7.40%	-7.81%	0.00%	17.56%
Net Operating Profit after Tax (NOPAT)	4,506	4,423	215	4,468	4,504	4,635	4,442	4,948	4,634	-14,764	5,259
NOPAT Margin	14.71%	13.69%	0.71%	14.99%	15.00%	14.48%	14.64%	16.54%	15.38%	-47.11%	17.51%
Net Nonoperating Expense Percent (NNEP)	-0.13%	0.01%	0.05%	0.35%	0.50%	1.38%	0.42%	0.12%	0.11%	7.11%	-0.71%
Return On Investment Capital (ROIC_SIMPLE)	1.71%	1.71%	-	-	-	1.70%	-	-	-	-5.66%	-
Cost of Revenue to Revenue	39.29%	43.95%	38.49%	38.40%	39.81%	43.44%	39.72%	39.53%	40.91%	43.30%	40.61%
SG&A Expenses to Revenue	23.33%	22.88%	23.03%	23.64%	23.38%	23.37%	23.74%	23.43%	23.81%	23.98%	23.97%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	41.92%	39.56%	54.50%	42.27%	40.72%	40.10%	41.23%	39.05%	39.17%	124.00%	39.38%
Earnings before Interest and Taxes (EBIT)	6,209	5,895	2,833	6,442	6,298	4,325	6,222	7,393	6,937	-22,011	8,282
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	11,399	11,269	7,920	11,514	11,345	9,091	10,927	12,068	11,568	-17,416	12,796
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.94	1.55	1.52	1.28	1.17	1.08	0.96	1.03	1.25	1.17	0.78
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.63	1.32	1.28	1.10	1.00	0.91	0.82	0.86	1.03	0.95	0.85
Price to Earnings (P/E)	17.10	15.01	17.60	10.78	9.10	7.86	0.00	0.00	0.00	0.00	4.84
Dividend Yield	3.97%	4.94%	5.11%	5.90%	6.51%	7.11%	8.00%	7.57%	6.36%	7.65%	9.97%
Earnings Yield	5.85%	6.66%	5.68%	9.27%	10.99%	12.72%	0.00%	0.00%	0.00%	0.00%	20.66%
Enterprise Value to Invested Capital (EV/IC)	1.37	1.21	1.19	1.10	1.06	1.02	0.98	1.00	1.09	1.06	0.90
Enterprise Value to Revenue (EV/Rev)	2.89	2.57	2.58	2.42	2.32	2.24	2.15	2.23	2.34	2.24	2.31
Enterprise Value to EBITDA (EV/EBITDA)	8.43	7.48	7.90	6.88	6.53	6.29	15.26	14.21	15.21	14.06	5.40
Enterprise Value to EBIT (EV/EBIT)	16.59	14.65	15.84	12.67	11.70	11.04	0.00	449.73	608.74	221.28	8.62
Enterprise Value to NOPAT (EV/NOPAT)	25.27	22.50	22.80	16.50	15.46	14.87	0.00	0.00	0.00	0.00	15.15
Enterprise Value to Operating Cash Flow (EV/OCF)	8.81	8.11	8.24	7.69	7.24	7.17	7.02	7.30	8.14	7.56	7.73
Enterprise Value to Free Cash Flow (EV/FCFF)	15.61	13.82	17.26	14.92	26.47	46.61	14.87	22.04	2.60	23.37	3.04
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.18	1.17	1.24	1.22	1.24	1.30	1.30	1.37	1.44	1.45	1.09
Long-Term Debt to Equity	1.11	1.13	1.22	1.17	1.19	1.22	1.21	1.24	1.31	1.38	1.02
Financial Leverage	1.18	1.20	1.23	1.24	1.31	1.32	1.14	1.18	1.15	0.81	1.00
Leverage Ratio	3.29	3.35	3.36	3.37	3.50	3.59	3.21	3.30	3.32	3.29	3.03
Compound Leverage Factor	3.17	3.01	1.70	2.66	2.70	2.43	2.57	2.75	2.76	3.46	2.65
Debt to Total Capital	54.10%	53.96%	55.31%	54.92%	55.44%	56.47%	56.52%	57.79%	59.00%	59.21%	52.10%
Short-Term Debt to Total Capital	3.35%	1.95%	1.00%	1.95%	2.61%	3.45%	4.10%	5.46%	5.21%	2.86%	3.29%
Long-Term Debt to Total Capital	50.74%	52.01%	54.31%	52.96%	52.83%	53.01%	52.41%	52.33%	53.79%	56.35%	48.80%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	6.82%	6.07%	6.01%	5.95%	5.93%	5.88%	5.85%	5.77%	3.39%	3.43%	6.01%
Common Equity to Total Capital	39.08%	39.97%	38.68%	39.13%	38.63%	37.66%	37.63%	36.44%	37.62%	37.36%	41.89%
Debt to EBITDA	3.41	3.35	3.67	3.45	3.46	3.55	9.08	8.50	8.36	8.03	3.17
Net Debt to EBITDA	3.22	3.27	3.60	3.36	3.35	3.37	8.53	7.85	8.05	7.66	3.04
Long-Term Debt to EBITDA	3.20	3.23	3.60	3.32	3.29	3.33	8.42	7.69	7.62	7.64	2.97
Debt to NOPAT	10.23	10.08	10.59	8.26	8.18	8.39	-76.66	-86.39	-54.03	-48.13	8.89
Net Debt to NOPAT	9.67	9.82	10.38	8.06	7.94	7.96	-72.04	-79.81	-52.08	-45.88	8.51
Long-Term Debt to NOPAT	9.60	9.72	10.40	7.97	7.79	7.87	-71.10	-78.23	-49.26	-45.81	8.32
Altman Z-Score	0.77	0.67	0.64	0.62	0.57	0.51	0.49	0.49	0.48	0.21	0.49
Noncontrolling Interest Sharing Ratio	14.09%	13.34%	13.45%	13.43%	10.92%	11.10%	12.97%	13.30%	8.98%	9.12%	10.93%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.70	0.67	0.73	0.70	0.68	0.71	0.69	0.68	0.51	0.59	0.62
Quick Ratio	0.34	0.28	0.29	0.30	0.29	0.33	0.32	0.35	0.22	0.27	0.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	13,194	13,202	4,645	6,366	-3,129	-7,940	24,074	19,084	116,549	29	73,516
Operating Cash Flow to CapEx	211.57%	173.84%	193.04%	208.56%	200.82%	247.29%	222.42%	232.37%	154.05%	244.69%	170.48%
Free Cash Flow to Firm to Interest Expense	7.96	7.95	2.77	3.75	-1.81	-4.60	14.49	11.87	68.24	0.02	51.77
Operating Cash Flow to Interest Expense	5.46	7.16	6.11	5.35	4.38	6.59	6.22	6.17	3.91	6.63	7.11
Operating Cash Flow Less CapEx to Interest Expense	2.88	3.04	2.95	2.79	2.20	3.93	3.42	3.51	1.37	3.92	2.94
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.31	0.31	0.31	0.30	0.31	0.30	0.29	0.29	0.25	0.25	0.23
Accounts Receivable Turnover	13.07	12.28	13.54	12.87	12.36	11.26	11.97	11.74	8.83	10.16	8.12
Inventory Turnover	20.89	22.14	19.38	23.71	20.23	18.91	15.42	17.87	16.97	15.77	0.00
Fixed Asset Turnover	0.96	0.95	0.95	0.95	0.95	0.96	0.95	0.96	0.95	0.97	0.89
Accounts Payable Turnover	1.51	1.38	1.47	1.54	1.41	1.28	1.39	1.42	1.17	1.23	1.09
Days Sales Outstanding (DSO)	27.92	29.73	26.96	28.36	29.53	32.43	30.50	31.08	41.32	35.94	44.94
Days Inventory Outstanding (DIO)	17.47	16.49	18.83	15.40	18.04	19.30	23.66	20.43	21.50	23.14	0.00
Days Payable Outstanding (DPO)	240.94	265.14	248.35	237.40	258.13	285.81	262.38	257.01	312.15	297.84	333.97
Cash Conversion Cycle (CCC)	-195.55	-218.92	-202.56	-193.65	-210.56	-234.08	-208.21	-205.51	-249.33	-238.76	-289.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	259,639	259,582	263,763	267,451	268,327	268,361	268,193	269,349	260,694	255,786	287,825
Invested Capital Turnover	0.47	0.46	0.46	0.46	0.46	0.47	0.44	0.44	0.38	0.46	0.35
Increase / (Decrease) in Invested Capital	-8,688	-8,779	-4,430	-1,898	7,633	12,575	-19,632	-14,136	-111,915	-14,793	-68,257
Enterprise Value (EV)	354,733	314,520	315,134	295,114	283,687	274,624	261,705	270,290	283,675	270,628	259,421
Market Capitalization	200,871	161,337	155,749	134,999	121,988	111,580	99,235	104,864	124,459	114,356	96,015
Book Value per Share	$14.45	$14.55	$14.27	$14.69	$14.54	$14.45	$14.51	$14.25	$13.94	$13.68	$17.18
Tangible Book Value per Share	($12.86)	($12.73)	($13.04)	($13.26)	($13.35)	($13.57)	($13.51)	($13.48)	($13.79)	($14.01)	($13.97)
Total Capital	265,433	261,148	264,603	269,102	270,650	274,314	275,560	279,636	264,243	261,006	292,199
Total Debt	143,594	140,923	146,343	147,778	150,055	154,899	155,733	161,591	155,897	154,549	152,221
Total Long-Term Debt	134,692	135,834	143,706	142,529	142,995	145,422	144,431	146,323	142,140	147,082	142,595
Net Debt	135,767	137,330	143,476	144,101	145,644	146,926	146,346	149,284	150,266	147,315	145,834
Capital Expenditures (CapEx)	4,277	6,843	5,302	4,360	3,758	4,601	4,647	4,270	4,335	4,229	5,921
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-12,202	-13,913	-10,808	-10,405	-10,849	-11,914	-12,302	-11,747	-17,311	-19,299	-12,759
Debt-free Net Working Capital (DFNWC)	-5,317	-10,615	-8,222	-7,312	-7,329	-5,192	-4,762	-2,219	-14,490	-15,598	-10,336
Net Working Capital (NWC)	-14,219	-15,704	-10,859	-12,561	-14,389	-14,669	-16,064	-17,487	-28,247	-23,065	-19,962
Net Nonoperating Expense (NNE)	-186	15	70	519	753	2,053	616	186	181	8,391	-1,140
Net Nonoperating Obligations (NNO)	137,800	139,357	145,503	146,127	147,732	148,946	148,366	151,304	152,348	149,329	147,847
Total Depreciation and Amortization (D&A)	5,190	5,374	5,087	5,072	5,047	4,766	4,705	4,675	4,631	4,595	4,514
Debt-free, Cash-free Net Working Capital to Revenue	-9.93%	-11.37%	-8.85%	-8.51%	-8.87%	-9.73%	-10.10%	-9.67%	-14.29%	-15.98%	-11.35%
Debt-free Net Working Capital to Revenue	-4.33%	-8.68%	-6.74%	-5.98%	-5.99%	-4.24%	-3.91%	-1.83%	-11.96%	-12.92%	-9.19%
Net Working Capital to Revenue	-11.57%	-12.84%	-8.90%	-10.28%	-11.76%	-11.98%	-13.19%	-14.40%	-23.31%	-19.10%	-17.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.61	$0.56	($0.03)	$0.49	$0.47	$0.30	$0.48	$0.61	$0.58	($3.31)	$0.83
Adjusted Weighted Average Basic Shares Outstanding	7.21B	7.18B	7.20B	7.20B	7.19B	7.15B	7.19B	7.18B	7.17B	7.13B	7.15B
Adjusted Diluted Earnings per Share	$0.61	$0.56	($0.03)	$0.49	$0.47	$0.30	$0.48	$0.61	$0.57	($3.31)	$0.80
Adjusted Weighted Average Diluted Shares Outstanding	7.22B	7.18B	7.21B	7.20B	7.19B	7.15B	7.19B	7.18B	7.47B	7.13B	7.65B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.30	$0.00	$0.00	$0.00	($3.31)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	7.20B	7.18B	7.18B	7.17B	7.17B	7.15B	7.15B	7.15B	7.15B	7.13B	7.13B
Normalized Net Operating Profit after Tax (NOPAT)	4,901	4,435	4,577	4,840	4,627	5,153	4,906	4,948	4,634	3,963	5,359
Normalized NOPAT Margin	16.00%	13.73%	15.15%	16.24%	15.41%	16.09%	16.17%	16.54%	15.38%	12.64%	17.84%
Pre Tax Income Margin	19.56%	16.43%	4.73%	17.09%	16.21%	9.17%	16.41%	20.61%	19.13%	-74.01%	24.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.74	3.55	1.69	3.79	3.65	2.51	3.74	4.60	4.06	-14.11	5.83
NOPAT to Interest Expense	2.72	2.66	0.13	2.63	2.61	2.69	2.67	3.08	2.71	-9.46	3.70
EBIT Less CapEx to Interest Expense	1.17	-0.57	-1.47	1.23	1.47	-0.16	0.95	1.94	1.52	-16.82	1.66
NOPAT Less CapEx to Interest Expense	0.14	-1.46	-3.04	0.06	0.43	0.02	-0.12	0.42	0.18	-12.18	-0.47
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	62.64%	66.99%	78.56%	57.92%	54.66%	52.08%	-80.38%	-107.69%	-104.61%	-139.74%	53.95%
Augmented Payout Ratio	64.73%	68.74%	80.53%	59.09%	91.50%	87.45%	-161.49%	-216.50%	-150.27%	-190.13%	58.07%

Frequently Asked Questions About AT&T's Financials

When does AT&T's fiscal year end?

According to the most recent income statement we have on file, AT&T's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has AT&T's net income changed over the last 9 years?

AT&T's net income appears to be on a downward trend, with a most recent value of $12.25 billion in 2024, falling from $13.69 billion in 2015. The previous period was $15.62 billion in 2023. View AT&T's forecast to see where analysts expect AT&T to go next.

What is AT&T's operating income?

AT&T's total operating income in 2024 was $19.05 billion, based on the following breakdown:

Total Gross Profit: $73.12 billion
Total Operating Expenses: $54.07 billion

How has AT&T revenue changed over the last 9 years?

Over the last 9 years, AT&T's total revenue changed from $146.80 billion in 2015 to $122.34 billion in 2024, a change of -16.7%.

How much debt does AT&T have?

AT&T's total liabilities were at $274.57 billion at the end of 2024, a 4.5% decrease from 2023, and a 1.6% decrease since 2015.

How much cash does AT&T have?

In the past 9 years, AT&T's cash and equivalents has ranged from $3.30 billion in 2024 to $50.50 billion in 2017, and is currently $3.30 billion as of their latest financial filing in 2024.

How has AT&T's book value per share changed over the last 9 years?

Over the last 9 years, AT&T's book value per share changed from 19.94 in 2015 to 14.55 in 2024, a change of -27.1%.

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This page (NYSE:T) was last updated on 5/21/2025 by MarketBeat.com Staff

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AT&T (T) Financials

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