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Arphra AIPlain-English read on AT&T Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $134.04B | $120.74B | $122.43B | $122.34B | $125.65B | $129.49B | $132.45B | $134.76B | $138.37B |
| Cost of revenue | $60.41B | $50.85B | $68.9B | $69.8B | $25.42B | $56.43B | $59.53B | $60.18B | $62.87B |
| Gross profit | $73.63B | $69.89B | $53.53B | $52.54B | $100.22B | $72.23B | $75.45B | $76.89B | $78.9B |
| Gross margin | +54.93% | +57.89% | +43.72% | +42.94% | +79.77% | +55.78% | +56.97% | +57.06% | +57.02% |
| Operating | |||||||||
| Research & development | $1.33B | $1.24B | $954M | $955M | $0 | $654.03M | $684.48M | $715.86M | $710.76M |
| Selling, general & administrative | $29.67B | $28.96B | $27.81B | $27.32B | $28.94B | $28.83B | $30.64B | $30.29B | $31.09B |
| Total operating expenses | $47.73B | $74.48B | $28.76B | $28.27B | $76.06B | $45.89B | $46.19B | $48.73B | $50.06B |
| Operating income | $25.9B | -$4.59B | $24.77B | $24.26B | $24.16B | $25.19B | $26.49B | $27.01B | $27.99B |
| Operating margin | +19.32% | -3.80% | +20.23% | +19.83% | +19.23% | +19.45% | +20.00% | +20.05% | +20.23% |
| EBITDA | $53.72B | $21.07B | $45.32B | $44.02B | $54.7B | $50.26B | $52.58B | $53.06B | $53.6B |
| EBIT | $35.87B | $3.01B | $26.54B | $23.44B | $33.81B | $28.82B | $29.54B | $30.58B | $30.87B |
| Below the line | |||||||||
| Interest expense | $6.7B | $6.14B | $6.69B | $6.75B | $6.8B | $7.18B | $7.27B | $7.54B | $7.61B |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $3.27B | $1.49B | -$4.92B | -$7.56B | $2.85B | — | — | — | — |
| Pre-tax income | $29.17B | -$3.09B | $19.85B | $16.7B | $27.01B | $22B | $22.95B | $23.32B | $23.46B |
| Income tax expense | $5.4B | $3.78B | $4.23B | $4.45B | $3.62B | $4.51B | $4.76B | $4.81B | $4.79B |
| Earnings | |||||||||
| Net income | $20.08B | -$8.52B | $14.4B | $10.95B | $21.89B | $16.46B | $16.94B | $17.52B | $17.23B |
| Net income · continuing ops | $23.78B | -$6.87B | $15.62B | $12.25B | $23.39B | $18.11B | $18.25B | $18.25B | $18.84B |
| Net margin | +14.98% | -7.06% | +11.76% | +8.95% | +17.42% | +12.71% | +12.79% | +13.00% | +12.45% |
| EPS · basic | $2.77 | $-1.22 | $1.97 | $1.49 | $3.04 | $2.32 | $2.55 | $2.86 | $3.23 |
| EPS · diluted | $2.73 | $-1.13 | $1.97 | $1.49 | $3.04 | $2.31 | $2.54 | $2.87 | $3.22 |
| EPS · low estimate | — | — | — | — | — | $2.20 | $2.43 | $2.77 | $3.14 |
| EPS · high estimate | — | — | — | — | — | $2.36 | $2.63 | $2.91 | $3.41 |
| Shares · basic | 7.17B | 7.17B | 7.18B | 7.2B | 7.17B | 7.14B | 7.22B | 7.17B | 7.19B |
| Shares · diluted | 7.5B | 7.59B | 7.26B | 7.2B | 7.18B | 7.19B | 7.17B | 7.24B | 7.16B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 17 | 17 | 15 | 11 |
| Analysts (EPS) | — | — | — | — | — | 14 | 14 | 8 | 6 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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