AT&T (T) FY2018 results: revenue $170.8 billion, up 6.4% on the year
AT&T Inc. (T) reported revenue of $170.8 billion for fiscal 2018, the year ended 31 December 2018, up 6.4% on the year before. Net income was $19.4 billion, down 34.2%, and diluted earnings per share $2.85. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2019.
Revenue
$170.8 billion
+6.4% on the year
FY2011FY2018
Operating margin
15.3%
12.4% a year earlier
FY2011FY2018
Net income
$19.4 billion
-34.2% on the year
FY2011FY2018
Diluted EPS
$2.85
-40.1% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
170,756
160,546
163,786
+6.4%
Cost of revenue
79,419
n/a
n/a
Gross profit
91,337
n/a
n/a
Gross margin
53.5%
n/a
n/a
Selling, general and administrative
36,765
35,465
36,845
+3.7%
Operating income
26,096
19,970
23,543
+30.7%
Operating margin
15.3%
12.4%
14.4%
Interest expense
7,957
6,300
4,910
+26.3%
Pre-tax income
24,873
15,139
19,812
+64.3%
Income tax
4,920
-14,708
6,479
Effective tax rate
19.8%
-97.2%
32.7%
Net income
19,370
29,450
12,976
-34.2%
Net margin
11.3%
18.3%
7.9%
Diluted EPS
$2.85
$4.76
$2.10
-40.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
43,602
38,010
38,442
+14.7%
Capital expenditure
21,251
20,647
21,516
+2.9%
Free cash flow
22,351
17,363
16,926
+28.7%
Free cash flow margin
13.1%
10.8%
10.3%
Cash from investing
-63,145
-18,943
-23,318
Cash from financing
-25,989
25,930
-14,462
Depreciation and amortisation
28,430
24,387
25,847
+16.6%
Share-based compensation
463
480
653
-3.5%
Buybacks
609
463
512
+31.5%
Dividends paid
13,410
12,038
11,797
+11.4%
Dividend per share
$2.01
$1.97
$1.93
+2.0%
Diluted shares, weighted
6,806m
6,183m
6,189m
+10.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
193,884
142,007
124,110
+36.5%
Debt
176,505
164,346
123,513
+7.4%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
161,475
137,744
156,198
+17.2%
Total liabilities and equity
531,864
444,097
403,821
+19.8%
Fixed assets
131,473
125,222
124,899
+5.0%
Goodwill
146,370
105,449
105,207
+38.8%
Securities held for sale or to maturity
870
581
n/a
+49.7%
Cash and equivalents
5,204
50,498
5,788
-89.7%
Receivables
26,472
16,522
16,794
+60.2%
Inventory
2,771
2,225
2,039
+24.5%
Other assets
218,704
143,600
149,094
+52.3%
Total assets
531,864
444,097
403,821
+19.8%
10-K for the year ended 31 December 2018, filed 20 February 2019: the filing.