AT&T (T) Financials

$27.32 +0.06 (+0.20%)

As of 03:07 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	13,345	12,976	29,450	19,370	13,900	-5,369	19,874	-8,727	14,192	10,746
Consolidated Net Income / (Loss)	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	13,687	13,333	30,103	19,953	14,975	-1,522	23,776	-6,874	15,623	12,253
Total Pre-Tax Income	20,692	19,812	15,139	24,873	18,468	-354	29,171	-3,094	19,848	16,698
Total Operating Income	24,785	23,543	19,970	26,096	27,955	8,372	25,897	-4,587	23,461	19,049
Total Gross Profit	115,537	86,596	82,736	91,337	97,052	77,399	73,631	69,893	72,305	73,115
Total Revenue	146,801	163,786	160,546	170,756	181,193	143,050	134,038	120,741	122,428	122,336
Operating Revenue	146,801	163,786	160,546	170,756	181,193	143,050	134,038	120,741	122,428	122,336
Total Cost of Revenue	31,264	77,190	77,810	79,419	84,141	65,651	60,407	50,848	50,123	49,221
Operating Cost of Revenue	31,264	77,190	77,810	79,419	84,141	65,651	60,407	50,848	50,123	49,221
Total Operating Expenses	90,682	63,053	62,766	65,241	69,097	69,027	47,734	74,480	48,844	54,066
Selling, General & Admin Expense	32,919	36,845	35,465	36,765	39,422	30,817	29,669	28,961	28,874	28,411
Depreciation Expense	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	-4,093	-3,731	-4,831	-1,223	-9,487	-8,726	3,274	1,493	-3,613	-2,351
Interest Expense	4,120	4,910	6,300	7,957	8,422	7,727	6,716	6,108	6,704	6,759
Interest & Investment Income	79	98	-128	-48	6.00	89	603	1,791	1,675	1,989
Other Income / (Expense), net	-52	1,081	1,597	6,782	-1,071	-1,088	9,387	5,810	1,416	2,419
Income Tax Expense	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	342	357	397	583	1,072	1,355	1,398	1,469	1,223	1,305
Basic Earnings per Share	$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	5.63B	6.17B	6.17B	6.80B	7.17B	7.13B	7.14B	7.13B	7.15B	7.18B
Diluted Earnings per Share	$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	5.63B	6.17B	6.17B	6.80B	7.17B	7.13B	7.14B	7.13B	7.15B	7.18B
Weighted Average Basic & Diluted Shares Outstanding	5.63B	6.17B	6.17B	6.80B	7.17B	7.13B	7.14B	7.13B	7.15B	7.18B
Cash Dividends to Common per Share	$1.89	$1.93	$1.97	$2.01	$2.05	$2.08	$2.08	$1.11	$1.11	$1.11

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

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-3,482	662	44,997	-45,532	6,895	-6,994	6,575	-50,651	3,040	-3,427
Net Cash From Operating Activities	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	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	13,687	13,333	29,847	19,953	14,975	-1,522	23,776	-6,874	15,623	12,253
Consolidated Net Income / (Loss)	13,687	13,333	29,847	19,953	14,975	-	23,776	-	15,623	12,253
Depreciation Expense	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	-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	1,571	-1,174	-20,691	-6,041	-12,940	-2,773	-1,400	-3,234	-1,150	604
Net Cash From Investing Activities	-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	-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	-19,218	-21,516	-20,647	-21,251	-19,635	-14,690	-15,545	-19,626	-17,853	-20,263
Acquisitions	-30,759	-2,959	-	-43,309	-1,809	-1,625	-25,453	-10,200	-2,942	-380
Purchase of Investments	1,545	1.00	0.00	-1,233	-	-	-	82	-902	2,575
Divestitures	83	646	1,182	2,148	4,684	2,472	7,136	199	72	75
Sale and/or Maturity of Investments	0.00	672	449	-	0.00	0.00	1,367	2,649	2,049	928
Other Investing Activities, net	-795	-162	73	500	70	396	6.00	-3.00	-84	-425
Net Cash From Financing Activities	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	9,782	-14,462	25,930	-25,989	-25,083	-31,031	1,894	-59,564	-15,614	-24,708
Repayment of Debt	-13,861	-12,439	-12,341	-58,928	-35,450	-53,042	-14,719	-48,415	-17,859	-15,018
Repurchase of Common Equity	-269	-512	-463	-609	-2,417	-7,448	-202	-3,555	-5,527	-215
Payment of Dividends	-10,200	-11,797	-12,038	-13,410	-14,888	-14,956	-15,068	-9,859	-8,136	-8,208
Issuance of Debt	33,969	10,140	51,311	46,773	21,051	41,428	31,787	6,934	14,496	510
Issuance of Common Equity	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

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

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

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

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.84%	11.57%	-1.98%	6.36%	6.11%	-21.05%	-6.30%	-9.92%	1.40%	-0.08%
EBITDA Growth	45.79%	7.96%	-8.95%	41.62%	-0.60%	-53.92%	78.27%	-63.78%	126.84%	-3.68%
EBIT Growth	79.32%	-0.44%	-12.41%	52.45%	-18.23%	-72.91%	384.40%	-96.53%	1,934.10%	-13.70%
NOPAT Growth	106.37%	-3.36%	148.50%	-46.83%	8.28%	-74.15%	260.17%	-115.21%	675.13%	-24.31%
Net Income Growth	24.70%	-2.59%	123.86%	-33.15%	-24.95%	-125.52%	662.13%	-132.85%	321.45%	-21.57%
EPS Growth	91.13%	-11.39%	126.67%	-40.13%	-33.68%	-125.52%	662.13%	-141.39%	274.34%	-24.37%
Operating Cash Flow Growth	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	-1,813.96%	129.23%	34.71%	-435.62%	112.57%	180.52%	240.47%	-88.58%	-49.13%	286.24%
Invested Capital Growth	48.48%	-1.16%	5.84%	40.96%	3.32%	-6.38%	-22.89%	-5.47%	4.92%	-3.27%
Revenue Q/Q Growth	5.52%	-0.17%	-0.10%	3.84%	-0.64%	-17.26%	4.73%	7.39%	0.56%	0.23%
EBITDA Q/Q Growth	44.93%	-6.30%	-7.65%	20.78%	-4.69%	-51.48%	69.75%	-59.93%	154.59%	5.46%
EBIT Q/Q Growth	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	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	36.39%	-10.54%	125.67%	-41.24%	-29.08%	-144.00%	734.46%	-132.83%	254.47%	17.51%
EPS Q/Q Growth	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	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	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	0.55%	-0.83%	6.23%	1.56%	0.01%	-4.55%	-24.01%	-11.13%	0.06%	-1.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	78.70%	52.87%	51.53%	53.49%	53.56%	54.11%	54.93%	57.89%	59.06%	59.77%
EBITDA Margin	31.85%	30.82%	28.62%	38.11%	35.70%	20.84%	39.64%	15.94%	35.66%	34.37%
Operating Margin	16.88%	14.37%	12.44%	15.28%	15.43%	5.85%	19.32%	-3.80%	19.16%	15.57%
EBIT Margin	16.85%	15.03%	13.43%	19.25%	14.84%	5.09%	26.32%	1.01%	20.32%	17.55%
Profit (Net Income) Margin	9.32%	8.14%	18.59%	11.69%	8.26%	-2.67%	16.02%	-5.84%	12.76%	10.02%
Tax Burden Percent	66.15%	67.30%	197.15%	80.22%	81.09%	1,079.38%	73.63%	228.02%	78.71%	73.38%
Interest Burden Percent	83.66%	80.46%	70.20%	75.65%	68.70%	-4.86%	82.67%	-252.98%	79.78%	77.78%
Effective Tax Rate	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)	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)	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)	4.83%	4.29%	6.70%	5.13%	1.42%	-3.62%	5.04%	-3.64%	6.79%	4.93%
Return on Equity (ROE)	12.80%	10.76%	22.43%	11.88%	7.57%	-2.00%	11.83%	-4.86%	13.83%	10.23%
Cash Return on Invested Capital (CROIC)	-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)	7.07%	6.11%	5.09%	6.74%	4.96%	1.35%	6.55%	0.26%	6.14%	5.35%
Return on Assets (ROA)	3.91%	3.31%	7.04%	4.09%	2.76%	-0.71%	3.99%	-1.48%	3.86%	3.06%
Return on Common Equity (ROCE)	12.71%	10.68%	22.25%	11.49%	7.04%	-1.82%	10.69%	-4.42%	12.30%	8.86%
Return on Equity Simple (ROE_SIMPLE)	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)	16,394	15,844	39,371	20,934	22,668	5,860	21,108	-3,211	18,467	13,978
NOPAT Margin	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)	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	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	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%
Operating Expenses to Revenue	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)	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)	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)	1.01	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
Price to Revenue (P/Rev)	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)	9.32	12.42	5.25	7.36	14.98	0.00	7.40	0.00	7.86	15.01
Dividend Yield	9.30%	7.32%	7.78%	10.21%	7.16%	9.28%	10.09%	7.65%	7.11%	4.94%
Earnings Yield	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)	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)	1.67	1.70	1.67	1.86	2.18	2.41	2.49	2.24	2.24	2.57
Enterprise Value to EBITDA (EV/EBITDA)	5.23	5.51	5.83	4.88	6.11	11.58	6.28	14.06	6.29	7.48
Enterprise Value to EBIT (EV/EBIT)	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)	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)	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)	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	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	0.96	0.92	0.89	0.86	0.86	0.98	0.92	1.38	1.22	1.13
Financial Leverage	0.92	0.97	0.88	0.85	0.86	0.90	0.71	0.81	1.32	1.20
Leverage Ratio	3.27	3.26	3.19	2.91	2.74	2.83	2.97	3.29	3.59	3.35
Compound Leverage Factor	2.74	2.62	2.24	2.20	1.88	-0.14	2.45	-8.32	2.86	2.60
Debt to Total Capital	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	3.06%	3.97%	12.53%	2.77%	3.06%	0.97%	6.51%	2.86%	3.45%	1.95%
Long-Term Debt to Total Capital	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%
Noncontrolling Interests to Total Capital	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	49.11%	49.73%	45.98%	49.70%	47.62%	45.07%	43.95%	37.36%	37.66%	39.97%
Debt to EBITDA	2.70	2.45	3.58	2.71	2.86	6.02	3.66	8.03	3.55	3.35
Net Debt to EBITDA	2.55	2.30	2.44	2.54	2.61	5.63	3.18	7.66	3.37	3.27
Long-Term Debt to EBITDA	2.54	2.25	2.74	2.55	2.68	5.90	3.20	7.64	3.33	3.23
Debt to NOPAT	7.69	7.80	4.17	8.43	8.16	30.62	9.22	-48.13	8.39	10.08
Net Debt to NOPAT	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	7.23	7.18	3.20	7.94	7.64	30.03	8.05	-45.81	7.87	9.72
Altman Z-Score	0.92	1.04	0.98	0.90	0.96	0.67	0.94	0.41	0.67	0.80
Noncontrolling Interest Sharing Ratio	0.71%	0.78%	0.80%	3.26%	6.95%	9.26%	9.66%	9.12%	11.10%	13.34%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.75	0.76	0.97	0.80	0.79	0.82	1.61	0.59	0.71	0.67
Quick Ratio	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)	-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	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	-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	8.71	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	4.04	3.45	2.76	2.81	3.45	2.95	3.22	2.65	3.05	2.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.42	0.41	0.38	0.35	0.33	0.27	0.25	0.25	0.30	0.31
Accounts Receivable Turnover	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	15.77	18.91	22.14
Fixed Asset Turnover	1.24	1.31	1.28	1.33	0.00	0.00	0.00	0.97	0.96	0.95
Accounts Payable Turnover	1.16	2.51	2.37	2.05	1.89	1.37	1.34	1.23	1.28	1.38
Days Sales Outstanding (DSO)	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	23.14	19.30	16.49
Days Payable Outstanding (DPO)	315.01	145.43	153.88	178.44	193.34	266.89	273.09	297.84	285.81	265.14
Cash Conversion Cycle (CCC)	-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	246,014	243,169	257,365	362,794	374,841	350,908	270,579	255,786	268,361	259,582
Invested Capital Turnover	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	80,325	-2,845	14,196	105,429	12,047	-23,933	-80,329	-14,793	12,575	-8,779
Enterprise Value (EV)	244,718	278,204	268,105	317,416	395,105	345,235	333,843	270,628	274,624	314,520
Market Capitalization	124,325	161,178	154,671	142,565	208,266	159,741	147,124	114,356	111,580	161,337
Book Value per Share	$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	($16.68)	($16.11)	($12.85)	($11.64)	($16.38)	($16.83)	($6.39)	($14.01)	($13.57)	($12.73)
Total Capital	249,791	247,623	306,353	370,389	386,885	358,687	378,442	261,006	274,314	261,148
Total Debt	126,151	123,513	164,346	176,505	184,951	179,447	194,587	154,549	154,899	140,923
Total Long-Term Debt	118,515	113,681	125,972	166,250	173,113	175,977	169,967	147,082	145,422	135,834
Net Debt	119,424	116,051	112,288	165,056	169,126	167,927	169,196	147,315	146,926	137,330
Capital Expenditures (CapEx)	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)	-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)	-4,188	-2,375	36,131	-2,738	-2,312	-7,960	89,158	-15,598	-5,192	-10,615
Net Working Capital (NWC)	-11,824	-12,207	-2,243	-12,993	-14,150	-11,430	64,538	-23,065	-14,669	-15,704
Net Nonoperating Expense (NNE)	2,707	2,511	9,524	981	7,693	9,681	-371	3,844	2,844	1,725
Net Nonoperating Obligations (NNO)	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)	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	-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	-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	-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	$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	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	$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	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	$1.44	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	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)	16,371	16,087	16,019	20,971	23,850	16,841	21,281	16,038	19,406	17,702
Normalized NOPAT Margin	11.15%	9.82%	9.98%	12.28%	13.16%	11.77%	15.88%	13.28%	15.85%	14.47%
Pre Tax Income Margin	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	6.00	5.02	3.42	4.13	3.19	0.94	5.25	0.20	3.71	3.18
NOPAT to Interest Expense	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	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	-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	74.52%	88.48%	40.33%	67.21%	99.42%	-391.42%	70.15%	-139.74%	52.08%	66.99%
Augmented Payout Ratio	76.49%	92.32%	41.88%	70.26%	115.56%	-586.34%	71.09%	-190.13%	87.45%	68.74%

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

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

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.

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 4/29/2025 by MarketBeat.com Staff

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AT&T (T) Financials

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AT&T (T) Financials

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