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AT&T (T) Financials

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$28.08 +0.02 (+0.07%)
Closing price 03:59 PM Eastern
Extended Trading
$28.08 0.00 (-0.02%)
As of 07:58 PM Eastern
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Annual Income Statements for AT&T

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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders
6,442 13,345 12,976 29,450 19,370 13,900 -5,369 19,874 -8,727 14,192 10,746
Consolidated Net Income / (Loss)
10,976 13,687 13,333 29,847 19,953 14,975 -3,821 21,479 -7,055 15,623 12,253
Net Income / (Loss) Continuing Operations
6,736 13,687 13,333 30,103 19,953 14,975 -1,522 23,776 -6,874 15,623 12,253
Total Pre-Tax Income
10,355 20,692 19,812 15,139 24,873 18,468 -354 29,171 -3,094 19,848 16,698
Total Operating Income
12,212 24,785 23,543 19,970 26,096 27,955 8,372 25,897 -4,587 23,461 19,049
Total Gross Profit
109,426 115,537 86,596 82,736 91,337 97,052 77,399 73,631 69,893 72,305 73,115
Total Revenue
132,447 146,801 163,786 160,546 170,756 181,193 143,050 134,038 120,741 122,428 122,336
Operating Revenue
132,447 146,801 163,786 160,546 170,756 181,193 143,050 134,038 120,741 122,428 122,336
Total Cost of Revenue
23,021 31,264 77,190 77,810 79,419 84,141 65,651 60,407 50,848 50,123 49,221
Operating Cost of Revenue
23,021 31,264 77,190 77,810 79,419 84,141 65,651 60,407 50,848 50,123 49,221
Total Operating Expenses
92,974 90,682 63,053 62,766 65,241 69,097 69,027 47,734 74,480 48,844 54,066
Selling, General & Admin Expense
39,697 32,919 36,845 35,465 36,765 39,422 30,817 29,669 28,961 28,874 28,411
Depreciation Expense
18,273 22,016 25,847 24,387 28,430 28,217 22,523 17,852 18,021 18,777 20,580
Impairment Charge
- -35 - 2,914 46 1,458 15,687 213 27,498 1,193 5,075
Total Other Income / (Expense), net
-1,857 -4,093 -3,731 -4,831 -1,223 -9,487 -8,726 3,274 1,493 -3,613 -2,351
Interest Expense
3,613 4,120 4,910 6,300 7,957 8,422 7,727 6,716 6,108 6,704 6,759
Interest & Investment Income
175 79 98 -128 -48 6.00 89 603 1,791 1,675 1,989
Other Income / (Expense), net
1,581 -52 1,081 1,597 6,782 -1,071 -1,088 9,387 5,810 1,416 2,419
Income Tax Expense
3,619 7,005 6,479 -14,708 4,920 3,493 1,168 5,395 3,780 4,225 4,445
Net Income / (Loss) Discontinued Operations
- - - - - - -2,299 -2,297 -181 0.00 0.00
Preferred Stock Dividends Declared
- - - 0.00 0.00 3.00 193 207 203 208 202
Net Income / (Loss) Attributable to Noncontrolling Interest
294 342 357 397 583 1,072 1,355 1,398 1,469 1,223 1,305
Basic Earnings per Share
$1.24 $2.37 $2.10 $4.77 $2.85 $1.90 ($0.75) $2.77 ($1.13) $1.97 $1.49
Weighted Average Basic Shares Outstanding
5.21B 5.63B 6.17B 6.17B 6.80B 7.17B 7.13B 7.14B 7.13B 7.15B 7.18B
Diluted Earnings per Share
$1.24 $2.37 $2.10 $4.76 $2.85 $1.89 ($0.75) $2.73 ($1.13) $1.97 $1.49
Weighted Average Diluted Shares Outstanding
5.21B 5.63B 6.17B 6.17B 6.80B 7.17B 7.13B 7.14B 7.13B 7.15B 7.18B
Weighted Average Basic & Diluted Shares Outstanding
5.21B 5.63B 6.17B 6.17B 6.80B 7.17B 7.13B 7.14B 7.13B 7.15B 7.18B
Cash Dividends to Common per Share
$1.81 $1.89 $1.93 $1.97 $2.01 $2.05 $2.08 $2.08 $1.11 $1.11 $1.11

Quarterly Income Statements for AT&T

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 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders
-23,571 4,176 4,437 3,444 2,135 3,395 3,546 -226 4,031 4,395 4,464
Consolidated Net Income / (Loss)
-23,155 4,453 4,762 3,826 2,582 3,751 3,949 145 4,408 4,692 4,861
Net Income / (Loss) Continuing Operations
-23,120 4,453 4,762 3,826 2,582 3,751 3,949 145 4,408 4,692 4,861
Total Pre-Tax Income
-23,197 5,767 6,165 4,980 2,936 4,869 5,091 1,430 5,308 5,991 6,098
Total Operating Income
-21,092 6,002 6,406 5,782 5,271 5,847 5,760 2,116 5,326 5,754 6,501
Total Gross Profit
17,772 17,808 18,090 18,296 18,111 18,074 18,355 18,583 18,103 18,593 18,697
Total Revenue
31,343 30,139 29,917 30,350 32,022 30,028 29,797 30,213 32,298 30,626 30,847
Operating Revenue
31,343 30,139 29,917 30,350 32,022 30,028 29,797 30,213 32,298 30,626 30,847
Total Cost of Revenue
13,571 12,331 11,827 12,054 13,911 11,954 11,442 11,630 14,195 12,033 12,150
Operating Cost of Revenue
13,571 12,331 11,827 12,054 13,911 11,954 11,442 11,630 14,195 12,033 12,150
Total Operating Expenses
38,864 11,806 11,684 12,514 12,840 12,227 12,595 16,467 12,777 12,839 12,196
Selling, General & Admin Expense
7,516 7,175 7,009 7,205 7,485 7,021 7,043 6,958 7,389 7,145 6,945
Depreciation Expense
4,595 4,631 4,675 4,705 4,766 5,047 5,072 5,087 5,374 5,190 5,251
Impairment Charge
26,753 0.00 0.00 604 589 159 480 4,422 14 504 0.00
Total Other Income / (Expense), net
-2,105 -235 -241 -802 -2,335 -978 -669 -686 -18 237 -403
Interest Expense
1,560 1,708 1,608 1,662 1,726 1,724 1,699 1,675 1,661 1,658 1,655
Interest & Investment Income
374 538 380 420 337 295 348 272 1,074 1,440 485
Other Income / (Expense), net
-919 935 987 440 -946 451 682 717 569 455 767
Income Tax Expense
-77 1,314 1,403 1,154 354 1,118 1,142 1,285 900 1,299 1,237
Preferred Stock Dividends Declared
54 52 52 51 53 50 51 52 49 -44 36
Net Income / (Loss) Attributable to Noncontrolling Interest
362 225 273 331 394 306 352 319 328 341 361
Basic Earnings per Share
($3.31) $0.58 $0.61 $0.48 $0.30 $0.47 $0.49 ($0.03) $0.56 $0.61 $0.62
Weighted Average Basic Shares Outstanding
7.13B 7.17B 7.18B 7.19B 7.15B 7.19B 7.20B 7.20B 7.18B 7.21B 7.21B
Diluted Earnings per Share
($3.31) $0.57 $0.61 $0.48 $0.30 $0.47 $0.49 ($0.03) $0.56 $0.61 $0.62
Weighted Average Diluted Shares Outstanding
7.13B 7.47B 7.18B 7.19B 7.15B 7.19B 7.20B 7.21B 7.18B 7.22B 7.22B
Weighted Average Basic & Diluted Shares Outstanding
7.13B 7.15B 7.15B 7.15B 7.15B 7.17B 7.17B 7.18B 7.18B 7.20B 7.15B
Cash Dividends to Common per Share
$0.28 $0.28 $0.28 $0.28 $0.28 $0.28 $0.28 - - - $0.28

Annual Cash Flow Statements for AT&T

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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents
5,264 -3,482 662 44,997 -45,532 6,895 -6,994 6,575 -50,651 3,040 -3,427
Net Cash From Operating Activities
31,338 35,880 38,442 38,010 43,602 48,668 37,484 37,170 35,812 38,314 38,771
Net Cash From Continuing Operating Activities
27,098 35,810 38,442 38,010 43,556 48,668 37,484 37,170 35,812 38,314 38,771
Net Income / (Loss) Continuing Operations
6,736 13,687 13,333 29,847 19,953 14,975 -1,522 23,776 -6,874 15,623 12,253
Consolidated Net Income / (Loss)
6,736 13,687 13,333 29,847 19,953 14,975 - 23,776 - 15,623 12,253
Depreciation Expense
18,273 22,016 25,847 24,387 28,430 28,217 22,523 17,852 18,021 18,777 20,580
Non-Cash Adjustments To Reconcile Net Income
4,733 -1,464 436 4,467 -2,558 8,829 19,256 -3,058 27,899 5,064 5,334
Changes in Operating Assets and Liabilities, net
-2,644 1,571 -1,174 -20,691 -6,041 -12,940 -2,773 -1,400 -3,234 -1,150 604
Net Cash From Investing Activities
-18,337 -49,144 -23,318 -18,943 -63,145 -16,690 -13,447 -32,489 -26,899 -19,660 -17,490
Net Cash From Continuing Investing Activities
-18,337 -49,144 -23,318 -18,943 -63,145 -16,690 -13,447 -32,489 -26,899 -19,660 -17,490
Purchase of Property, Plant & Equipment
-21,199 -19,218 -21,516 -20,647 -21,251 -19,635 -14,690 -15,545 -19,626 -17,853 -20,263
Acquisitions
-3,141 -30,759 -2,959 - -43,309 -1,809 -1,625 -25,453 -10,200 -2,942 -380
Purchase of Investments
-1,890 1,545 1.00 0.00 -1,233 - - - 82 -902 2,575
Divestitures
8,123 83 646 1,182 2,148 4,684 2,472 7,136 199 72 75
Sale and/or Maturity of Investments
0.00 0.00 672 449 - 0.00 0.00 1,367 2,649 2,049 928
Other Investing Activities, net
-230 -795 -162 73 500 70 396 6.00 -3.00 -84 -425
Net Cash From Financing Activities
-7,737 9,782 -14,462 25,930 -25,989 -25,083 -31,031 1,894 -59,564 -15,614 -24,708
Net Cash From Continuing Financing Activities
-7,737 9,782 -14,462 25,930 -25,989 -25,083 -31,031 1,894 -59,564 -15,614 -24,708
Repayment of Debt
-12,640 -13,861 -12,439 -12,341 -58,928 -35,450 -53,042 -14,719 -48,415 -17,859 -15,018
Repurchase of Common Equity
-1,617 -269 -512 -463 -609 -2,417 -7,448 -202 -3,555 -5,527 -215
Payment of Dividends
-9,552 -10,200 -11,797 -12,038 -13,410 -14,888 -14,956 -15,068 -9,859 -8,136 -8,208
Issuance of Debt
16,033 33,969 10,140 51,311 46,773 21,051 41,428 31,787 6,934 14,496 510
Issuance of Common Equity
39 143 146 33 745 8,507 2,084 96 28 7,154 15
Other Financing Activities, net
- - - -572 -560 -3,050 -2,966 - -4,697 -5,742 -1,792
Other Net Changes in Cash
- - - - - - - - - 0.00 0.00

Quarterly Cash Flow Statements for AT&T

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 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents
1,299 -851 6,680 -1,963 -826 -3,229 -401 -477 680 3,538 3,632
Net Cash From Operating Activities
10,348 6,678 9,922 10,336 11,378 7,547 9,093 10,235 11,896 9,049 9,763
Net Cash From Continuing Operating Activities
10,348 6,678 9,922 10,336 11,378 7,547 9,093 10,235 11,896 9,049 9,763
Net Income / (Loss) Continuing Operations
-23,120 4,453 4,762 3,826 2,582 3,751 3,949 145 4,408 4,692 4,861
Consolidated Net Income / (Loss)
- 4,453 4,762 3,826 2,582 3,751 3,949 145 4,408 4,692 4,861
Depreciation Expense
4,595 4,631 4,675 4,705 4,766 5,047 5,072 5,087 5,374 5,190 5,251
Non-Cash Adjustments To Reconcile Net Income
28,351 141 252 1,754 2,917 903 590 4,235 -347 2,098 125
Changes in Operating Assets and Liabilities, net
522 -2,547 233 51 1,113 -2,154 -518 768 2,461 -2,931 -474
Net Cash From Investing Activities
-3,888 -3,818 -5,423 -4,545 -5,874 -2,961 -4,016 -5,150 -5,363 -4,958 -6,086
Net Cash From Continuing Investing Activities
-3,888 -3,818 -5,423 -4,545 -5,874 -2,961 -4,016 -5,150 -5,363 -4,958 -6,086
Purchase of Property, Plant & Equipment
-4,229 -4,335 -4,270 -4,647 -4,601 -3,758 -4,360 -5,302 -6,843 -4,277 -4,897
Acquisitions
-241 -291 -224 -408 -2,019 -211 -59 -52 -58 -20 -28
Purchase of Investments
-11 19 -1,075 13 141 1,079 68 6.00 1,422 45 -1,129
Divestitures
150 15 1.00 50 6.00 8.00 6.00 52 9.00 11 29
Other Investing Activities, net
-1.00 0.00 -55 -26 -3.00 -273 -63 -196 107 -717 -61
Net Cash From Financing Activities
-5,161 -3,711 2,181 -7,754 -6,330 -7,815 -5,478 -5,562 -5,853 -553 -45
Net Cash From Continuing Financing Activities
-5,161 -3,711 2,181 -7,754 -6,330 -7,815 -5,478 -5,562 -5,853 -553 -45
Repayment of Debt
-2,507 -5,856 -3,578 -4,754 -3,671 -7,207 -3,582 -619 -3,610 -1,160 -293
Repurchase of Common Equity
-2,680 -188 -5,334 -1.00 -4.00 -157 -2.00 -43 -13 -218 -961
Payment of Dividends
-2,014 -2,014 -2,083 -2,019 -2,020 -2,034 -2,099 -2,038 -2,037 -2,091 -2,044
Issuance of Debt
2,500 6,457 7,668 - 371 2,424 755 -2,684 15 2,956 3,473
Other Financing Activities, net
-460 -2,113 -1,643 -980 -1,006 -841 -550 -180 -221 -203 -220

Annual Balance Sheets for AT&T

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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets
296,834 402,672 403,821 444,097 531,864 551,669 525,761 551,622 402,853 407,060 394,795
Total Current Assets
33,606 35,992 38,369 79,146 51,427 54,761 52,008 170,768 33,108 36,458 31,168
Cash & Equivalents
8,603 5,121 5,788 50,498 5,204 12,130 9,740 19,223 3,701 6,722 3,298
Accounts Receivable
14,527 16,532 16,794 16,522 26,472 22,636 20,215 12,313 11,466 10,289 9,638
Inventories, net
- - 1,555 - - - - 3,325 3,123 2,177 2,270
Prepaid Expenses
831 1,072 - 1,369 2,047 1,631 3,695 - - 17,270 15,962
Plant, Property, & Equipment, net
112,898 124,450 124,899 125,222 131,473 0.00 0.00 121,649 127,445 128,489 128,871
Plant, Property & Equipment, gross
- 124,450 124,899 125,222 131,473 - - - - - 350,914
Accumulated Depreciation
- - - - - - - - - - 222,043
Total Noncurrent Assets
150,330 242,230 240,553 239,729 348,964 496,908 473,753 259,205 242,300 242,113 234,756
Long-Term Investments
250 1,606 1,674 1,560 6,245 3,695 1,780 6,168 3,533 1,251 295
Goodwill
69,692 104,568 105,207 105,449 146,370 146,241 135,259 92,740 67,895 67,854 63,432
Intangible Assets
66,963 120,710 116,860 114,276 122,413 157,617 146,316 119,221 129,446 132,502 132,290
Other Noncurrent Operating Assets
13,425 15,346 16,812 18,444 73,936 189,355 190,398 41,076 41,426 40,506 38,739
Total Liabilities & Shareholders' Equity
296,834 402,672 403,821 444,097 531,864 551,669 525,761 551,622 402,853 407,060 394,795
Total Liabilities
206,564 279,032 279,711 302,090 337,980 349,735 346,521 367,767 296,396 287,645 274,570
Total Current Liabilities
37,282 47,816 50,576 81,389 64,420 68,911 63,438 106,230 56,173 51,127 46,872
Short-Term Debt
6,056 7,636 9,832 38,374 10,255 11,838 3,470 24,620 7,467 9,477 5,089
Accounts Payable
23,592 30,372 31,138 34,470 43,184 45,956 50,051 40,340 42,644 35,852 35,657
Dividends Payable
2,438 2,950 3,008 3,070 3,854 3,781 3,741 3,749 2,014 2,020 2,027
Current Deferred Revenue
4,105 4,682 4,519 4,213 5,948 - - - 3,918 3,778 4,099
Total Noncurrent Liabilities
169,282 231,216 229,135 220,701 273,560 280,824 283,083 261,537 240,223 236,518 227,698
Long-Term Debt
75,778 118,515 113,681 125,972 166,250 151,309 153,775 151,011 128,423 127,854 118,443
Capital Lease Obligations
- - - - 0.00 21,804 22,202 18,956 18,659 17,568 17,391
Noncurrent Deferred & Payable Income Tax Liabilities
38,436 56,181 60,128 43,207 57,859 59,502 60,472 53,767 57,032 58,666 58,939
Noncurrent Employee Benefit Liabilities
37,079 34,262 33,578 31,775 19,218 18,788 18,276 12,560 7,260 8,734 9,025
Other Noncurrent Operating Liabilities
17,989 22,258 21,748 19,747 30,233 29,421 28,358 25,243 28,849 23,696 23,900
Redeemable Noncontrolling Interest
- - - - - - - - 0.00 1,973 1,980
Total Equity & Noncontrolling Interests
90,270 123,640 124,110 142,007 193,884 201,934 179,240 183,855 106,457 117,442 118,245
Total Preferred & Common Equity
89,716 122,671 123,135 140,861 184,089 184,221 161,673 166,332 97,500 103,297 104,372
Preferred Stock
- - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
89,716 122,671 123,135 140,861 184,089 184,221 161,673 166,332 97,500 103,297 104,372
Common Stock
97,603 96,258 96,099 96,058 133,146 133,900 137,796 137,733 131,231 122,140 116,729
Retained Earnings
31,081 33,671 34,734 50,500 58,753 57,936 37,457 42,350 -19,415 -5,015 1,871
Treasury Stock
-47,029 -12,592 -12,659 -12,714 -12,059 -13,085 -17,910 -17,280 -17,082 -16,128 -15,023
Accumulated Other Comprehensive Income / (Loss)
8,061 5,334 4,961 7,017 4,249 5,470 4,330 3,529 2,766 2,300 795
Noncontrolling Interest
554 969 975 1,146 9,795 17,713 17,567 17,523 8,957 14,145 13,873

Quarterly Balance Sheets for AT&T

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 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets
402,853 400,873 408,453 406,698 407,060 399,428 398,026 393,719 394,795 397,467 405,491
Total Current Assets
33,108 29,903 36,672 35,620 36,458 30,445 29,868 29,799 31,168 33,780 39,306
Cash & Equivalents
3,701 2,821 9,528 7,540 6,722 3,520 3,093 2,586 3,298 6,885 10,499
Accounts Receivable
11,466 10,214 9,304 8,962 10,289 9,577 9,686 9,068 9,638 9,228 8,844
Inventories, net
3,123 2,791 2,348 2,520 2,177 2,127 1,816 2,529 2,270 2,593 2,357
Prepaid Expenses
- 14,077 15,492 16,598 17,270 15,221 15,273 15,616 15,962 15,074 17,606
Plant, Property, & Equipment, net
127,445 128,458 128,783 128,496 128,489 127,851 127,772 127,964 128,871 128,453 129,094
Plant, Property & Equipment, gross
- 330,486 334,206 337,309 - 339,115 342,607 346,030 - 351,203 356,188
Accumulated Depreciation
- 202,028 205,423 208,813 - 211,264 214,835 218,066 - 222,750 227,094
Total Noncurrent Assets
242,300 242,512 242,998 242,582 242,113 241,132 240,386 235,956 234,756 235,234 237,091
Long-Term Investments
3,533 2,810 2,779 1,847 1,251 891 584 281 295 942 1,011
Goodwill
67,895 67,895 67,854 67,854 67,854 67,854 67,854 63,432 63,432 63,432 63,432
Intangible Assets
129,446 129,848 130,388 132,445 132,502 132,704 132,556 132,390 132,290 132,599 132,798
Other Noncurrent Operating Assets
41,426 41,959 41,977 40,436 40,506 39,683 39,392 39,853 38,739 38,261 39,850
Total Liabilities & Shareholders' Equity
402,853 400,873 408,453 406,698 407,060 399,428 398,026 393,719 394,795 397,467 405,491
Total Liabilities
296,396 292,527 290,408 286,871 287,645 278,833 276,702 275,459 274,570 275,628 282,114
Total Current Liabilities
56,173 58,150 54,159 51,684 51,127 44,834 42,429 40,658 46,872 47,999 48,565
Short-Term Debt
7,467 13,757 15,268 11,302 9,477 7,060 5,249 2,637 5,089 8,902 9,254
Accounts Payable
42,644 38,389 33,038 34,659 35,852 31,973 31,173 31,935 35,657 33,113 33,289
Dividends Payable
2,014 2,082 2,020 2,020 2,020 2,088 2,026 2,027 2,027 2,033 2,023
Current Deferred Revenue
3,918 - 3,833 3,703 3,778 3,713 3,981 4,059 4,099 3,951 3,999
Total Noncurrent Liabilities
240,223 234,377 236,249 235,187 236,518 233,999 234,273 234,801 227,698 227,629 233,549
Long-Term Debt
128,423 123,727 128,012 126,701 127,854 125,704 125,355 126,375 118,443 117,259 123,057
Capital Lease Obligations
18,659 18,413 18,311 17,730 17,568 17,291 17,174 17,331 17,391 17,433 17,762
Noncurrent Deferred & Payable Income Tax Liabilities
57,032 57,294 57,972 58,671 58,666 58,820 58,918 58,461 58,939 59,144 59,786
Noncurrent Employee Benefit Liabilities
7,260 7,060 6,696 6,494 8,734 8,743 8,744 8,750 9,025 9,040 9,079
Other Noncurrent Operating Liabilities
28,849 27,883 25,258 25,591 23,696 23,441 24,082 23,884 23,900 24,753 23,865
Redeemable Noncontrolling Interest
0.00 - 1,970 1,972 1,973 1,975 1,977 1,978 1,980 1,981 1,983
Total Equity & Noncontrolling Interests
106,457 108,346 116,075 117,855 117,442 118,620 119,347 116,282 118,245 119,858 121,394
Total Preferred & Common Equity
97,500 99,396 101,903 103,703 103,297 104,540 105,310 102,351 104,372 103,744 105,272
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
97,500 99,396 101,903 103,703 103,297 104,540 105,310 102,351 104,372 103,744 105,272
Common Stock
131,231 128,395 126,454 124,511 122,140 119,220 119,136 116,975 116,729 113,923 114,002
Retained Earnings
-19,415 -15,187 -10,698 -7,203 -5,015 -1,570 2.00 -185 1,871 4,215 6,680
Treasury Stock
-17,082 -16,166 -16,158 -16,150 -16,128 -15,277 -15,268 -15,087 -15,023 -14,252 -15,210
Accumulated Other Comprehensive Income / (Loss)
2,766 2,354 2,305 2,545 2,300 2,167 1,440 648 795 -142 -200
Noncontrolling Interest
8,957 8,950 14,172 14,152 14,145 14,080 14,037 13,931 13,873 16,114 16,122

Annual Metrics And Ratios for AT&T

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

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics
- - - - - - - - - - -
Revenue Growth
2.87% 10.84% 11.57% -1.98% 6.36% 6.11% -21.05% -6.30% -9.92% 1.40% -0.08%
EBITDA Growth
-35.54% 45.79% 7.96% -8.95% 41.62% -0.60% -53.92% 78.27% -63.78% 126.84% -3.68%
EBIT Growth
-56.00% 79.32% -0.44% -12.41% 52.45% -18.23% -72.91% 384.40% -96.53% 1,934.10% -13.70%
NOPAT Growth
-61.30% 106.37% -3.36% 148.50% -46.83% 8.28% -74.15% 260.17% -115.21% 675.13% -24.31%
Net Income Growth
-41.37% 24.70% -2.59% 123.86% -33.15% -24.95% -125.52% 662.13% -132.85% 321.45% -21.57%
EPS Growth
-63.74% 91.13% -11.39% 126.67% -40.13% -33.68% -125.52% 662.13% -141.39% 274.34% -24.37%
Operating Cash Flow Growth
-9.94% 14.49% 7.14% -1.12% 14.71% 11.62% -22.98% -0.84% -3.65% 6.99% 1.19%
Free Cash Flow Firm Growth
-74.62% -1,813.96% 129.23% 34.71% -435.62% 112.57% 180.52% 240.47% -88.58% -49.13% 286.24%
Invested Capital Growth
2.61% 48.48% -1.16% 5.84% 40.96% 3.32% -6.38% -22.89% -5.47% 4.92% -3.27%
Revenue Q/Q Growth
0.97% 5.52% -0.17% -0.10% 3.84% -0.64% -17.26% 4.73% 7.39% 0.56% 0.23%
EBITDA Q/Q Growth
-35.97% 44.93% -6.30% -7.65% 20.78% -4.69% -51.48% 69.75% -59.93% 154.59% 5.46%
EBIT Q/Q Growth
-56.48% 103.56% -11.01% -14.81% 28.09% -8.87% -69.59% 107.99% -95.94% 1,805.07% 7.89%
NOPAT Q/Q Growth
-58.42% 97.49% -11.79% 163.79% -48.15% -4.66% -66.69% 125.25% -118.75% 1,009.07% 1.11%
Net Income Q/Q Growth
-38.01% 36.39% -10.54% 125.67% -41.24% -29.08% -144.00% 734.46% -132.83% 254.47% 17.51%
EPS Q/Q Growth
-62.42% 141.84% -10.64% 128.85% -46.12% -31.02% -144.00% 734.46% -140.79% 223.13% 21.14%
Operating Cash Flow Q/Q Growth
-6.48% 10.60% 0.14% 0.79% 6.19% -0.28% -16.69% 10.86% 6.77% 2.76% 1.35%
Free Cash Flow Firm Q/Q Growth
-62.73% 5.79% 7.23% 41.01% -13.27% 70.69% 20.44% 384.49% -86.44% -66.52% 24.67%
Invested Capital Q/Q Growth
-1.67% 0.55% -0.83% 6.23% 1.56% 0.01% -4.55% -24.01% -11.13% 0.06% -1.59%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
82.62% 78.70% 52.87% 51.53% 53.49% 53.56% 54.11% 54.93% 57.89% 59.06% 59.77%
EBITDA Margin
24.21% 31.85% 30.82% 28.62% 38.11% 35.70% 20.84% 39.64% 15.94% 35.66% 34.37%
Operating Margin
9.22% 16.88% 14.37% 12.44% 15.28% 15.43% 5.85% 19.32% -3.80% 19.16% 15.57%
EBIT Margin
10.41% 16.85% 15.03% 13.43% 19.25% 14.84% 5.09% 26.32% 1.01% 20.32% 17.55%
Profit (Net Income) Margin
8.29% 9.32% 8.14% 18.59% 11.69% 8.26% -2.67% 16.02% -5.84% 12.76% 10.02%
Tax Burden Percent
106.00% 66.15% 67.30% 197.15% 80.22% 81.09% 1,079.38% 73.63% 228.02% 78.71% 73.38%
Interest Burden Percent
75.07% 83.66% 80.46% 70.20% 75.65% 68.70% -4.86% 82.67% -252.98% 79.78% 77.78%
Effective Tax Rate
34.95% 33.85% 32.70% -97.15% 19.78% 18.91% 0.00% 18.49% 0.00% 21.29% 26.62%
Return on Invested Capital (ROIC)
4.86% 7.96% 6.48% 15.73% 6.75% 6.15% 1.62% 6.79% -1.22% 7.05% 5.30%
ROIC Less NNEP Spread (ROIC-NNEP)
9.03% 5.23% 4.40% 7.61% 6.06% 1.65% -4.00% 7.08% -4.48% 5.14% 4.10%
Return on Net Nonoperating Assets (RNNOA)
7.22% 4.83% 4.29% 6.70% 5.13% 1.42% -3.62% 5.04% -3.64% 6.79% 4.93%
Return on Equity (ROE)
12.08% 12.80% 10.76% 22.43% 11.88% 7.57% -2.00% 11.83% -4.86% 13.83% 10.23%
Cash Return on Invested Capital (CROIC)
2.28% -31.06% 7.64% 10.06% -27.25% 2.88% 8.21% 32.64% 4.40% 2.25% 8.62%
Operating Return on Assets (OROA)
4.80% 7.07% 6.11% 5.09% 6.74% 4.96% 1.35% 6.55% 0.26% 6.14% 5.35%
Return on Assets (ROA)
3.82% 3.91% 3.31% 7.04% 4.09% 2.76% -0.71% 3.99% -1.48% 3.86% 3.06%
Return on Common Equity (ROCE)
12.01% 12.71% 10.68% 22.25% 11.49% 7.04% -1.82% 10.69% -4.42% 12.30% 8.86%
Return on Equity Simple (ROE_SIMPLE)
12.23% 11.16% 10.83% 21.19% 10.84% 8.13% -2.36% 12.91% -7.24% 15.12% 11.74%
Net Operating Profit after Tax (NOPAT)
7,944 16,394 15,844 39,371 20,934 22,668 5,860 21,108 -3,211 18,467 13,978
NOPAT Margin
6.00% 11.17% 9.67% 24.52% 12.26% 12.51% 4.10% 15.75% -2.66% 15.08% 11.43%
Net Nonoperating Expense Percent (NNEP)
-4.17% 2.74% 2.08% 8.13% 0.69% 4.50% 5.62% -0.29% 3.26% 1.91% 1.20%
Return On Investment Capital (ROIC_SIMPLE)
- - - - - - - - -1.23% 6.78% 5.39%
Cost of Revenue to Revenue
17.38% 21.30% 47.13% 48.47% 46.51% 46.44% 45.89% 45.07% 42.11% 40.94% 40.23%
SG&A Expenses to Revenue
29.97% 22.42% 22.50% 22.09% 21.53% 21.76% 21.54% 22.13% 23.99% 23.58% 23.22%
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
70.20% 61.77% 38.50% 39.10% 38.21% 38.13% 48.25% 35.61% 61.69% 39.90% 44.19%
Earnings before Interest and Taxes (EBIT)
13,793 24,733 24,624 21,567 32,878 26,884 7,284 35,284 1,223 24,877 21,468
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
32,066 46,749 50,471 45,954 65,080 64,688 29,807 53,136 19,244 43,654 42,048
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
1.08 1.01 1.31 1.10 0.77 1.13 0.99 0.88 1.17 1.08 1.55
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)
0.73 0.85 0.98 0.96 0.83 1.15 1.12 1.10 0.95 0.91 1.32
Price to Earnings (P/E)
15.02 9.32 12.42 5.25 7.36 14.98 0.00 7.40 0.00 7.86 15.01
Dividend Yield
9.86% 9.30% 7.32% 7.78% 10.21% 7.16% 9.28% 10.09% 7.65% 7.11% 4.94%
Earnings Yield
6.66% 10.73% 8.05% 19.04% 13.59% 6.67% 0.00% 13.51% 0.00% 12.72% 6.66%
Enterprise Value to Invested Capital (EV/IC)
1.03 0.99 1.14 1.04 0.87 1.05 0.98 1.23 1.06 1.02 1.21
Enterprise Value to Revenue (EV/Rev)
1.29 1.67 1.70 1.67 1.86 2.18 2.41 2.49 2.24 2.24 2.57
Enterprise Value to EBITDA (EV/EBITDA)
5.31 5.23 5.51 5.83 4.88 6.11 11.58 6.28 14.06 6.29 7.48
Enterprise Value to EBIT (EV/EBIT)
12.35 9.89 11.30 12.43 9.65 14.70 47.40 9.46 221.28 11.04 14.65
Enterprise Value to NOPAT (EV/NOPAT)
21.44 14.93 17.56 6.81 15.16 17.43 58.91 15.82 0.00 14.87 22.50
Enterprise Value to Operating Cash Flow (EV/OCF)
5.43 6.82 7.24 7.05 7.28 8.12 9.21 8.98 7.56 7.17 8.11
Enterprise Value to Free Cash Flow (EV/FCFF)
45.66 0.00 14.89 10.65 0.00 37.20 11.59 3.29 23.37 46.61 13.82
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.91 1.02 1.00 1.16 0.91 0.92 1.00 1.06 1.45 1.30 1.17
Long-Term Debt to Equity
0.84 0.96 0.92 0.89 0.86 0.86 0.98 0.92 1.38 1.22 1.13
Financial Leverage
0.80 0.92 0.97 0.88 0.85 0.86 0.90 0.71 0.81 1.32 1.20
Leverage Ratio
3.16 3.27 3.26 3.19 2.91 2.74 2.83 2.97 3.29 3.59 3.35
Compound Leverage Factor
2.37 2.74 2.62 2.24 2.20 1.88 -0.14 2.45 -8.32 2.86 2.60
Debt to Total Capital
47.55% 50.50% 49.88% 53.65% 47.65% 47.81% 50.03% 51.42% 59.21% 56.47% 53.96%
Short-Term Debt to Total Capital
3.52% 3.06% 3.97% 12.53% 2.77% 3.06% 0.97% 6.51% 2.86% 3.45% 1.95%
Long-Term Debt to Total Capital
44.03% 47.45% 45.91% 41.12% 44.89% 44.75% 49.06% 44.91% 56.35% 53.01% 52.01%
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
0.32% 0.39% 0.39% 0.37% 2.64% 4.58% 4.90% 4.63% 3.43% 5.88% 6.07%
Common Equity to Total Capital
52.13% 49.11% 49.73% 45.98% 49.70% 47.62% 45.07% 43.95% 37.36% 37.66% 39.97%
Debt to EBITDA
2.55 2.70 2.45 3.58 2.71 2.86 6.02 3.66 8.03 3.55 3.35
Net Debt to EBITDA
2.28 2.55 2.30 2.44 2.54 2.61 5.63 3.18 7.66 3.37 3.27
Long-Term Debt to EBITDA
2.36 2.54 2.25 2.74 2.55 2.68 5.90 3.20 7.64 3.33 3.23
Debt to NOPAT
10.30 7.69 7.80 4.17 8.43 8.16 30.62 9.22 -48.13 8.39 10.08
Net Debt to NOPAT
9.19 7.28 7.32 2.85 7.88 7.46 28.65 8.02 -45.88 7.96 9.82
Long-Term Debt to NOPAT
9.54 7.23 7.18 3.20 7.94 7.64 30.03 8.05 -45.81 7.87 9.72
Altman Z-Score
1.01 0.92 1.04 0.98 0.90 0.96 0.67 0.94 0.41 0.67 0.80
Noncontrolling Interest Sharing Ratio
0.58% 0.71% 0.78% 0.80% 3.26% 6.95% 9.26% 9.66% 9.12% 11.10% 13.34%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
0.90 0.75 0.76 0.97 0.80 0.79 0.82 1.61 0.59 0.71 0.67
Quick Ratio
0.62 0.45 0.45 0.82 0.49 0.50 0.47 0.30 0.27 0.33 0.28
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
3,730 -63,931 18,689 25,175 -84,495 10,621 29,793 101,437 11,582 5,892 22,757
Operating Cash Flow to CapEx
147.83% 186.70% 178.67% 184.09% 205.18% 247.86% 255.17% 239.11% 182.47% 214.61% 191.34%
Free Cash Flow to Firm to Interest Expense
1.03 -15.52 3.81 4.00 -10.62 1.26 3.86 15.10 1.90 0.88 3.37
Operating Cash Flow to Interest Expense
8.67 8.71 7.83 6.03 5.48 5.78 4.85 5.53 5.86 5.72 5.74
Operating Cash Flow Less CapEx to Interest Expense
2.81 4.04 3.45 2.76 2.81 3.45 2.95 3.22 2.65 3.05 2.74
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.46 0.42 0.41 0.38 0.35 0.33 0.27 0.25 0.25 0.30 0.31
Accounts Receivable Turnover
9.65 9.45 9.83 9.64 7.94 7.38 6.68 8.24 10.16 11.26 12.28
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15.77 18.91 22.14
Fixed Asset Turnover
1.18 1.24 1.31 1.28 1.33 0.00 0.00 0.00 0.97 0.96 0.95
Accounts Payable Turnover
1.03 1.16 2.51 2.37 2.05 1.89 1.37 1.34 1.23 1.28 1.38
Days Sales Outstanding (DSO)
37.82 38.61 37.13 37.87 45.95 49.46 54.67 44.29 35.94 32.43 29.73
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 23.14 19.30 16.49
Days Payable Outstanding (DPO)
354.35 315.01 145.43 153.88 178.44 193.34 266.89 273.09 297.84 285.81 265.14
Cash Conversion Cycle (CCC)
-316.54 -276.40 -108.29 -116.01 -132.49 -143.88 -212.22 -228.80 -238.76 -234.08 -218.92
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
165,689 246,014 243,169 257,365 362,794 374,841 350,908 270,579 255,786 268,361 259,582
Invested Capital Turnover
0.81 0.71 0.67 0.64 0.55 0.49 0.39 0.43 0.46 0.47 0.46
Increase / (Decrease) in Invested Capital
4,214 80,325 -2,845 14,196 105,429 12,047 -23,933 -80,329 -14,793 12,575 -8,779
Enterprise Value (EV)
170,307 244,718 278,204 268,105 317,416 395,105 345,235 333,843 270,628 274,624 314,520
Market Capitalization
96,772 124,325 161,178 154,671 142,565 208,266 159,741 147,124 114,356 111,580 161,337
Book Value per Share
$17.30 $19.94 $20.05 $22.95 $25.29 $25.22 $22.69 $23.29 $13.68 $14.45 $14.55
Tangible Book Value per Share
($9.05) ($16.68) ($16.11) ($12.85) ($11.64) ($16.38) ($16.83) ($6.39) ($14.01) ($13.57) ($12.73)
Total Capital
172,104 249,791 247,623 306,353 370,389 386,885 358,687 378,442 261,006 274,314 261,148
Total Debt
81,834 126,151 123,513 164,346 176,505 184,951 179,447 194,587 154,549 154,899 140,923
Total Long-Term Debt
75,778 118,515 113,681 125,972 166,250 173,113 175,977 169,967 147,082 145,422 135,834
Net Debt
72,981 119,424 116,051 112,288 165,056 169,126 167,927 169,196 147,315 146,926 137,330
Capital Expenditures (CapEx)
21,199 19,218 21,516 20,647 21,251 19,635 14,690 15,545 19,626 17,853 20,263
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-6,223 -9,309 -8,163 -14,367 -7,942 -14,442 -17,700 69,935 -19,299 -11,914 -13,913
Debt-free Net Working Capital (DFNWC)
2,380 -4,188 -2,375 36,131 -2,738 -2,312 -7,960 89,158 -15,598 -5,192 -10,615
Net Working Capital (NWC)
-3,676 -11,824 -12,207 -2,243 -12,993 -14,150 -11,430 64,538 -23,065 -14,669 -15,704
Net Nonoperating Expense (NNE)
-3,032 2,707 2,511 9,524 981 7,693 9,681 -371 3,844 2,844 1,725
Net Nonoperating Obligations (NNO)
75,419 122,374 119,059 115,358 168,910 172,907 171,668 86,724 149,329 148,946 139,357
Total Depreciation and Amortization (D&A)
18,273 22,016 25,847 24,387 32,202 37,804 22,523 17,852 18,021 18,777 20,580
Debt-free, Cash-free Net Working Capital to Revenue
-4.70% -6.34% -4.98% -8.95% -4.65% -7.97% -12.37% 52.18% -15.98% -9.73% -11.37%
Debt-free Net Working Capital to Revenue
1.80% -2.85% -1.45% 22.51% -1.60% -1.28% -5.56% 66.52% -12.92% -4.24% -8.68%
Net Working Capital to Revenue
-2.78% -8.05% -7.45% -1.40% -7.61% -7.81% -7.99% 48.15% -19.10% -11.98% -12.84%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.90 $1.80 $1.59 $3.62 $2.16 $1.44 ($0.57) $2.10 ($1.13) $1.97 $1.49
Adjusted Weighted Average Basic Shares Outstanding
6.84B 8.11B 8.10B 8.10B 9.60B 9.45B 9.40B 9.41B 7.13B 7.15B 7.18B
Adjusted Diluted Earnings per Share
$0.90 $1.80 $1.59 $3.61 $2.16 $1.43 ($0.57) $2.09 ($1.13) $1.97 $1.49
Adjusted Weighted Average Diluted Shares Outstanding
6.84B 8.11B 8.10B 8.10B 9.60B 9.45B 9.40B 9.41B 7.13B 7.15B 7.18B
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 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
6.84B 8.11B 8.10B 8.10B 9.60B 9.45B 9.40B 9.41B 7.13B 7.15B 7.18B
Normalized Net Operating Profit after Tax (NOPAT)
9,323 16,371 16,087 16,019 20,971 23,850 16,841 21,281 16,038 19,406 17,702
Normalized NOPAT Margin
7.04% 11.15% 9.82% 9.98% 12.28% 13.16% 11.77% 15.88% 13.28% 15.85% 14.47%
Pre Tax Income Margin
7.82% 14.10% 12.10% 9.43% 14.57% 10.19% -0.25% 21.76% -2.56% 16.21% 13.65%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
3.82 6.00 5.02 3.42 4.13 3.19 0.94 5.25 0.20 3.71 3.18
NOPAT to Interest Expense
2.20 3.98 3.23 6.25 2.63 2.69 0.76 3.14 -0.53 2.75 2.07
EBIT Less CapEx to Interest Expense
-2.05 1.34 0.63 0.15 1.46 0.86 -0.96 2.94 -3.01 1.05 0.18
NOPAT Less CapEx to Interest Expense
-3.67 -0.69 -1.16 2.97 -0.04 0.36 -1.14 0.83 -3.74 0.09 -0.93
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
87.03% 74.52% 88.48% 40.33% 67.21% 99.42% -391.42% 70.15% -139.74% 52.08% 66.99%
Augmented Payout Ratio
101.76% 76.49% 92.32% 41.88% 70.26% 115.56% -586.34% 71.09% -190.13% 87.45% 68.74%

Quarterly Metrics And Ratios for AT&T

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

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics
- - - - - - - - - - -
Revenue Growth
36.08% 1.44% 0.92% 1.02% 2.17% -0.37% -0.40% -0.45% 0.86% 1.99% 3.52%
EBITDA Growth
-253.24% -4.84% 3.07% -14.61% 152.20% -1.93% -4.59% -27.52% 23.96% 0.48% 8.73%
EBIT Growth
-420.63% -9.84% 1.86% -24.87% 119.65% -9.21% -12.86% -54.47% 36.30% -1.41% 12.82%
NOPAT Growth
-490.35% 7.11% 31.55% -15.54% 131.40% -2.81% -9.71% -95.17% -4.58% 0.04% 15.99%
Net Income Growth
-529.59% -13.77% 4.96% -40.21% 111.15% -15.76% -17.07% -96.21% 70.72% 25.09% 23.09%
EPS Growth
-572.86% -12.31% 8.93% -40.00% 109.06% -17.54% -19.67% -106.25% 86.67% 29.79% 26.53%
Operating Cash Flow Growth
28.12% -12.48% 28.19% 2.40% 9.95% 13.01% -8.36% -0.98% 4.55% 19.90% 7.37%
Free Cash Flow Firm Growth
-99.97% 1,465.70% -79.16% -67.25% -27,860.62% -102.68% -66.64% -80.71% 266.28% 521.74% 36.20%
Invested Capital Growth
-5.47% -30.04% -4.99% -6.82% 4.92% 2.93% -0.70% -1.65% -3.27% -3.24% -1.30%
Revenue Q/Q Growth
4.33% -3.84% -0.74% 1.45% 5.51% -6.23% -0.77% 1.40% 6.90% -5.18% 0.72%
EBITDA Q/Q Growth
-236.11% 166.42% 4.32% -9.45% -16.80% 24.79% 1.49% -31.21% 42.29% 1.15% 9.83%
EBIT Q/Q Growth
-365.77% 131.52% 6.57% -15.84% -30.49% 45.62% 2.29% -56.02% 108.08% 5.33% 17.06%
NOPAT Q/Q Growth
-380.72% 131.39% 6.77% -10.23% 4.35% -2.83% -0.81% -95.20% 1,961.41% 1.89% 15.00%
Net Income Q/Q Growth
-461.85% 119.23% 6.94% -19.66% -32.51% 45.28% 5.28% -96.33% 2,940.00% 6.44% 3.60%
EPS Q/Q Growth
-513.75% 117.22% 7.02% -21.31% -37.50% 56.67% 4.26% -106.12% 1,966.67% 8.93% 1.64%
Operating Cash Flow Q/Q Growth
2.52% -35.47% 48.58% 4.17% 10.08% -33.67% 20.49% 12.56% 16.23% -23.93% 7.89%
Free Cash Flow Firm Q/Q Growth
-99.96% 407,415.58% -83.63% 26.15% -132.98% 60.60% 303.48% -27.04% 184.25% -0.06% -34.29%
Invested Capital Q/Q Growth
-11.13% 1.92% 3.32% -0.43% 0.06% -0.01% -0.33% -1.38% -1.59% 0.02% 1.67%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
56.70% 59.09% 60.47% 60.28% 56.56% 60.19% 61.60% 61.51% 56.05% 60.71% 60.61%
EBITDA Margin
-55.57% 38.38% 40.34% 36.00% 28.39% 37.78% 38.64% 26.21% 34.89% 37.22% 40.58%
Operating Margin
-67.29% 19.91% 21.41% 19.05% 16.46% 19.47% 19.33% 7.00% 16.49% 18.79% 21.08%
EBIT Margin
-70.23% 23.02% 24.71% 20.50% 13.51% 20.97% 21.62% 9.38% 18.25% 20.27% 23.56%
Profit (Net Income) Margin
-73.88% 14.77% 15.92% 12.61% 8.06% 12.49% 13.25% 0.48% 13.65% 15.32% 15.76%
Tax Burden Percent
99.82% 77.22% 77.24% 76.83% 87.94% 77.04% 77.57% 10.14% 83.04% 78.32% 79.71%
Interest Burden Percent
105.39% 83.13% 83.39% 80.04% 67.88% 77.31% 79.03% 50.48% 90.04% 96.49% 83.90%
Effective Tax Rate
0.00% 22.78% 22.76% 23.17% 12.06% 22.96% 22.43% 89.86% 16.96% 21.68% 20.29%
Return on Invested Capital (ROIC)
-21.61% 5.88% 7.27% 6.41% 6.76% 6.94% 6.83% 0.33% 6.35% 6.85% 7.84%
ROIC Less NNEP Spread (ROIC-NNEP)
-28.72% 5.78% 7.14% 5.99% 5.39% 6.43% 6.48% 0.28% 6.34% 6.98% 7.62%
Return on Net Nonoperating Assets (RNNOA)
-23.35% 6.63% 8.44% 6.83% 7.11% 8.43% 8.05% 0.34% 7.62% 8.22% 8.92%
Return on Equity (ROE)
-44.96% 12.51% 15.71% 13.24% 13.87% 15.37% 14.88% 0.67% 13.97% 15.08% 16.76%
Cash Return on Invested Capital (CROIC)
4.40% 34.43% 4.44% 6.33% 2.25% 4.05% 7.37% 6.86% 8.62% 8.61% 6.87%
Operating Return on Assets (OROA)
-17.77% 5.70% 7.19% 5.99% 4.08% 6.41% 6.55% 2.86% 5.57% 6.26% 7.27%
Return on Assets (ROA)
-18.69% 3.66% 4.63% 3.68% 2.44% 3.82% 4.02% 0.15% 4.16% 4.73% 4.86%
Return on Common Equity (ROCE)
-40.86% 11.39% 13.62% 11.53% 12.33% 13.69% 12.88% 0.58% 12.11% 12.95% 14.42%
Return on Equity Simple (ROE_SIMPLE)
0.00% -7.81% -7.40% -9.75% 0.00% 14.27% 13.40% 10.19% 0.00% 12.72% 13.40%
Net Operating Profit after Tax (NOPAT)
-14,764 4,634 4,948 4,442 4,635 4,504 4,468 215 4,423 4,506 5,182
NOPAT Margin
-47.11% 15.38% 16.54% 14.64% 14.48% 15.00% 14.99% 0.71% 13.69% 14.71% 16.80%
Net Nonoperating Expense Percent (NNEP)
7.11% 0.11% 0.12% 0.42% 1.38% 0.50% 0.35% 0.05% 0.01% -0.13% 0.22%
Return On Investment Capital (ROIC_SIMPLE)
-5.66% - - - 1.70% - - - 1.71% 1.71% 1.91%
Cost of Revenue to Revenue
43.30% 40.91% 39.53% 39.72% 43.44% 39.81% 38.40% 38.49% 43.95% 39.29% 39.39%
SG&A Expenses to Revenue
23.98% 23.81% 23.43% 23.74% 23.37% 23.38% 23.64% 23.03% 22.88% 23.33% 22.51%
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
124.00% 39.17% 39.05% 41.23% 40.10% 40.72% 42.27% 54.50% 39.56% 41.92% 39.54%
Earnings before Interest and Taxes (EBIT)
-22,011 6,937 7,393 6,222 4,325 6,298 6,442 2,833 5,895 6,209 7,268
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-17,416 11,568 12,068 10,927 9,091 11,345 11,514 7,920 11,269 11,399 12,519
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
1.17 1.25 1.03 0.96 1.08 1.17 1.28 1.52 1.55 1.94 1.96
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)
0.95 1.03 0.86 0.82 0.91 1.00 1.10 1.28 1.32 1.63 1.66
Price to Earnings (P/E)
0.00 0.00 0.00 0.00 7.86 9.10 10.78 17.60 15.01 17.10 16.28
Dividend Yield
7.65% 6.36% 7.57% 8.00% 7.11% 6.51% 5.90% 5.11% 4.94% 3.97% 3.87%
Earnings Yield
0.00% 0.00% 0.00% 0.00% 12.72% 10.99% 9.27% 5.68% 6.66% 5.85% 6.14%
Enterprise Value to Invested Capital (EV/IC)
1.06 1.09 1.00 0.98 1.02 1.06 1.10 1.19 1.21 1.37 1.37
Enterprise Value to Revenue (EV/Rev)
2.24 2.34 2.23 2.15 2.24 2.32 2.42 2.58 2.57 2.89 2.93
Enterprise Value to EBITDA (EV/EBITDA)
14.06 15.21 14.21 15.26 6.29 6.53 6.88 7.90 7.48 8.43 8.42
Enterprise Value to EBIT (EV/EBIT)
221.28 608.74 449.73 0.00 11.04 11.70 12.67 15.84 14.65 16.59 16.34
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 0.00 0.00 14.87 15.46 16.50 22.80 22.50 25.27 24.59
Enterprise Value to Operating Cash Flow (EV/OCF)
7.56 8.14 7.30 7.02 7.17 7.24 7.69 8.24 8.11 8.81 8.86
Enterprise Value to Free Cash Flow (EV/FCFF)
23.37 2.60 22.04 14.87 46.61 26.47 14.92 17.26 13.82 15.61 19.89
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
1.45 1.44 1.37 1.30 1.30 1.24 1.22 1.24 1.17 1.18 1.22
Long-Term Debt to Equity
1.38 1.31 1.24 1.21 1.22 1.19 1.17 1.22 1.13 1.11 1.14
Financial Leverage
0.81 1.15 1.18 1.14 1.32 1.31 1.24 1.23 1.20 1.18 1.17
Leverage Ratio
3.29 3.32 3.30 3.21 3.59 3.50 3.37 3.36 3.35 3.29 3.28
Compound Leverage Factor
3.46 2.76 2.75 2.57 2.43 2.70 2.66 1.70 3.01 3.17 2.76
Debt to Total Capital
59.21% 59.00% 57.79% 56.52% 56.47% 55.44% 54.92% 55.31% 53.96% 54.10% 54.88%
Short-Term Debt to Total Capital
2.86% 5.21% 5.46% 4.10% 3.45% 2.61% 1.95% 1.00% 1.95% 3.35% 3.38%
Long-Term Debt to Total Capital
56.35% 53.79% 52.33% 52.41% 53.01% 52.83% 52.96% 54.31% 52.01% 50.74% 51.50%
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
3.43% 3.39% 5.77% 5.85% 5.88% 5.93% 5.95% 6.01% 6.07% 6.82% 6.62%
Common Equity to Total Capital
37.36% 37.62% 36.44% 37.63% 37.66% 38.63% 39.13% 38.68% 39.97% 39.08% 38.50%
Debt to EBITDA
8.03 8.36 8.50 9.08 3.55 3.46 3.45 3.67 3.35 3.41 3.48
Net Debt to EBITDA
7.66 8.05 7.85 8.53 3.37 3.35 3.36 3.60 3.27 3.22 3.21
Long-Term Debt to EBITDA
7.64 7.62 7.69 8.42 3.33 3.29 3.32 3.60 3.23 3.20 3.27
Debt to NOPAT
-48.13 -54.03 -86.39 -76.66 8.39 8.18 8.26 10.59 10.08 10.23 10.17
Net Debt to NOPAT
-45.88 -52.08 -79.81 -72.04 7.96 7.94 8.06 10.38 9.82 9.67 9.39
Long-Term Debt to NOPAT
-45.81 -49.26 -78.23 -71.10 7.87 7.79 7.97 10.40 9.72 9.60 9.54
Altman Z-Score
0.21 0.48 0.49 0.49 0.51 0.57 0.62 0.64 0.67 0.77 0.80
Noncontrolling Interest Sharing Ratio
9.12% 8.98% 13.30% 12.97% 11.10% 10.92% 13.43% 13.45% 13.34% 14.09% 13.94%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
0.59 0.51 0.68 0.69 0.71 0.68 0.70 0.73 0.67 0.70 0.81
Quick Ratio
0.27 0.22 0.35 0.32 0.33 0.29 0.30 0.29 0.28 0.34 0.40
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
29 116,549 19,084 24,074 -7,940 -3,129 6,366 4,645 13,202 13,194 8,670
Operating Cash Flow to CapEx
244.69% 154.05% 232.37% 222.42% 247.29% 200.82% 208.56% 193.04% 173.84% 211.57% 199.37%
Free Cash Flow to Firm to Interest Expense
0.02 68.24 11.87 14.49 -4.60 -1.81 3.75 2.77 7.95 7.96 5.24
Operating Cash Flow to Interest Expense
6.63 3.91 6.17 6.22 6.59 4.38 5.35 6.11 7.16 5.46 5.90
Operating Cash Flow Less CapEx to Interest Expense
3.92 1.37 3.51 3.42 3.93 2.20 2.79 2.95 3.04 2.88 2.94
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.25 0.25 0.29 0.29 0.30 0.31 0.30 0.31 0.31 0.31 0.31
Accounts Receivable Turnover
10.16 8.83 11.74 11.97 11.26 12.36 12.87 13.54 12.28 13.07 13.38
Inventory Turnover
15.77 16.97 17.87 15.42 18.91 20.23 23.71 19.38 22.14 20.89 23.97
Fixed Asset Turnover
0.97 0.95 0.96 0.95 0.96 0.95 0.95 0.95 0.95 0.96 0.97
Accounts Payable Turnover
1.23 1.17 1.42 1.39 1.28 1.41 1.54 1.47 1.38 1.51 1.55
Days Sales Outstanding (DSO)
35.94 41.32 31.08 30.50 32.43 29.53 28.36 26.96 29.73 27.92 27.28
Days Inventory Outstanding (DIO)
23.14 21.50 20.43 23.66 19.30 18.04 15.40 18.83 16.49 17.47 15.23
Days Payable Outstanding (DPO)
297.84 312.15 257.01 262.38 285.81 258.13 237.40 248.35 265.14 240.94 235.25
Cash Conversion Cycle (CCC)
-238.76 -249.33 -205.51 -208.21 -234.08 -210.56 -193.65 -202.56 -218.92 -195.55 -192.74
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
255,786 260,694 269,349 268,193 268,361 268,327 267,451 263,763 259,582 259,639 263,963
Invested Capital Turnover
0.46 0.38 0.44 0.44 0.47 0.46 0.46 0.46 0.46 0.47 0.47
Increase / (Decrease) in Invested Capital
-14,793 -111,915 -14,136 -19,632 12,575 7,633 -1,898 -4,430 -8,779 -8,688 -3,488
Enterprise Value (EV)
270,628 283,675 270,290 261,705 274,624 283,687 295,114 315,134 314,520 354,733 362,852
Market Capitalization
114,356 124,459 104,864 99,235 111,580 121,988 134,999 155,749 161,337 200,871 206,184
Book Value per Share
$13.68 $13.94 $14.25 $14.51 $14.45 $14.54 $14.69 $14.27 $14.55 $14.45 $14.63
Tangible Book Value per Share
($14.01) ($13.79) ($13.48) ($13.51) ($13.57) ($13.35) ($13.26) ($13.04) ($12.73) ($12.86) ($12.64)
Total Capital
261,006 264,243 279,636 275,560 274,314 270,650 269,102 264,603 261,148 265,433 273,450
Total Debt
154,549 155,897 161,591 155,733 154,899 150,055 147,778 146,343 140,923 143,594 150,073
Total Long-Term Debt
147,082 142,140 146,323 144,431 145,422 142,995 142,529 143,706 135,834 134,692 140,819
Net Debt
147,315 150,266 149,284 146,346 146,926 145,644 144,101 143,476 137,330 135,767 138,563
Capital Expenditures (CapEx)
4,229 4,335 4,270 4,647 4,601 3,758 4,360 5,302 6,843 4,277 4,897
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-19,299 -17,311 -11,747 -12,302 -11,914 -10,849 -10,405 -10,808 -13,913 -12,202 -10,504
Debt-free Net Working Capital (DFNWC)
-15,598 -14,490 -2,219 -4,762 -5,192 -7,329 -7,312 -8,222 -10,615 -5,317 -5.00
Net Working Capital (NWC)
-23,065 -28,247 -17,487 -16,064 -14,669 -14,389 -12,561 -10,859 -15,704 -14,219 -9,259
Net Nonoperating Expense (NNE)
8,391 181 186 616 2,053 753 519 70 15 -186 321
Net Nonoperating Obligations (NNO)
149,329 152,348 151,304 148,366 148,946 147,732 146,127 145,503 139,357 137,800 140,586
Total Depreciation and Amortization (D&A)
4,595 4,631 4,675 4,705 4,766 5,047 5,072 5,087 5,374 5,190 5,251
Debt-free, Cash-free Net Working Capital to Revenue
-15.98% -14.29% -9.67% -10.10% -9.73% -8.87% -8.51% -8.85% -11.37% -9.93% -8.47%
Debt-free Net Working Capital to Revenue
-12.92% -11.96% -1.83% -3.91% -4.24% -5.99% -5.98% -6.74% -8.68% -4.33% 0.00%
Net Working Capital to Revenue
-19.10% -23.31% -14.40% -13.19% -11.98% -11.76% -10.28% -8.90% -12.84% -11.57% -7.47%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
($3.31) $0.58 $0.61 $0.48 $0.30 $0.47 $0.49 ($0.03) $0.56 $0.61 $0.62
Adjusted Weighted Average Basic Shares Outstanding
7.13B 7.17B 7.18B 7.19B 7.15B 7.19B 7.20B 7.20B 7.18B 7.21B 7.21B
Adjusted Diluted Earnings per Share
($3.31) $0.57 $0.61 $0.48 $0.30 $0.47 $0.49 ($0.03) $0.56 $0.61 $0.62
Adjusted Weighted Average Diluted Shares Outstanding
7.13B 7.47B 7.18B 7.19B 7.15B 7.19B 7.20B 7.21B 7.18B 7.22B 7.22B
Adjusted Basic & Diluted Earnings per Share
($3.31) $0.00 $0.00 $0.00 $0.30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
7.13B 7.15B 7.15B 7.15B 7.15B 7.17B 7.17B 7.18B 7.18B 7.20B 7.15B
Normalized Net Operating Profit after Tax (NOPAT)
3,963 4,634 4,948 4,906 5,153 4,627 4,840 4,577 4,435 4,901 5,182
Normalized NOPAT Margin
12.64% 15.38% 16.54% 16.17% 16.09% 15.41% 16.24% 15.15% 13.73% 16.00% 16.80%
Pre Tax Income Margin
-74.01% 19.13% 20.61% 16.41% 9.17% 16.21% 17.09% 4.73% 16.43% 19.56% 19.77%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
-14.11 4.06 4.60 3.74 2.51 3.65 3.79 1.69 3.55 3.74 4.39
NOPAT to Interest Expense
-9.46 2.71 3.08 2.67 2.69 2.61 2.63 0.13 2.66 2.72 3.13
EBIT Less CapEx to Interest Expense
-16.82 1.52 1.94 0.95 -0.16 1.47 1.23 -1.47 -0.57 1.17 1.43
NOPAT Less CapEx to Interest Expense
-12.18 0.18 0.42 -0.12 0.02 0.43 0.06 -3.04 -1.46 0.14 0.17
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
-139.74% -104.61% -107.69% -80.38% 52.08% 54.66% 57.92% 78.56% 66.99% 62.64% 58.20%
Augmented Payout Ratio
-190.13% -150.27% -216.50% -161.49% 87.45% 91.50% 59.09% 80.53% 68.74% 64.73% 66.96%

Key Financial Trends

AT&T (NYSE: T) has demonstrated solid financial performance over the last four years through consistent revenue growth, improved profitability, and disciplined capital management. Here is a summary of the key financial trends observed from the quarterly statements:

  • Consistent Revenue Growth: Operating revenues increased from around $29.9 billion in Q2 2023 to $30.8 billion in Q2 2025, reflecting ongoing demand and possibly successful service/product offerings.
  • Improved Net Income: Consolidated net income rose from $3.95 billion in Q2 2023 to $4.86 billion in Q2 2025, indicating enhanced profitability despite operating expense pressures.
  • Strong Operating Cash Flow: Net cash from continuing operating activities has steadily grown, reaching $9.76 billion in Q2 2025 compared to $9.09 billion in Q2 2023, highlighting strong cash generation capabilities.
  • Stable Dividend Payments: Cash dividends per common share held steady at $0.2775 with consistent dividend payments each quarter, which supports income investors.
  • Controlled Capital Expenditures: Although substantial investments in property, plant, and equipment continue (e.g. about $4.9 billion in Q2 2025), spending trends appear managed and aligned with operational needs.
  • Consistent Depreciation and Amortization: Depreciation expenses have been stable around the $5.0-$5.4 billion range quarterly, consistent with large capital assets in telecom infrastructure.
  • Non-Cash Adjustments Variability: Non-cash adjustments fluctuated, e.g., from $59 million in Q2 2024 to $125 million in Q2 2025, which merits monitoring for underlying causes like asset impairments or provisions.
  • Significant Long-Term Debt: The balance sheet shows substantial long-term debt around $123 billion in Q2 2025, which is a leverage consideration for investors.
  • High Operating Expenses: Total operating expenses remain high with selling, general & administrative expenses above $6.9 billion quarterly and gross profit margins fluctuating slightly, limiting margin expansion.
  • Some Quarterly Volatility in Net Income: Earlier years show occasional net losses or impairment charges impacting earnings notably (e.g., Q4 2022 showed a large net loss with an impairment exceeding $26 billion), highlighting past restructuring or one-time events.

Overall, AT&T displays strength in cash flow generation and profitability with steady revenue growth and dividend payments, which can appeal to income-focused investors. However, investors should be cautious about the company's high debt levels and historical sensitivity to impairment charges, as these factors could impact future financial flexibility and risk.

08/08/25 10:10 PMAI Generated. May Contain Errors.

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 10 years?

AT&T's net income appears to be on a downward trend, with a most recent value of $12.25 billion in 2024, rising from $10.98 billion in 2014. 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's revenue changed over the last 10 years?

Over the last 10 years, AT&T's total revenue changed from $132.45 billion in 2014 to $122.34 billion in 2024, a change of -7.6%.

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 32.9% increase since 2014.

How much cash does AT&T have?

In the past 10 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 10 years?

Over the last 10 years, AT&T's book value per share changed from 17.30 in 2014 to 14.55 in 2024, a change of -15.9%.



This page (NYSE:T) was last updated on 8/8/2025 by MarketBeat.com Staff
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