AT&T (T) FY2019 results: revenue $181.2 billion, up 6.1% on the year
AT&T Inc. (T) reported revenue of $181.2 billion for fiscal 2019, the year ended 31 December 2019, up 6.1% on the year before. Net income was $13.9 billion, down 28.2%, and diluted earnings per share $1.89. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$181.2 billion
+6.1% on the year
FY2012FY2019
Operating margin
15.4%
15.3% a year earlier
FY2012FY2019
Net income
$13.9 billion
-28.2% on the year
FY2012FY2019
Diluted EPS
$1.89
-33.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
181,193
170,756
160,546
+6.1%
Cost of revenue
84,141
79,419
n/a
+5.9%
Gross profit
97,052
91,337
n/a
+6.3%
Gross margin
53.6%
53.5%
n/a
Selling, general and administrative
39,422
36,765
35,465
+7.2%
Operating income
27,955
26,096
19,970
+7.1%
Operating margin
15.4%
15.3%
12.4%
Interest expense
8,422
7,957
6,300
+5.8%
Pre-tax income
18,468
24,873
15,139
-25.8%
Income tax
3,493
4,920
-14,708
-29.0%
Effective tax rate
18.9%
19.8%
-97.2%
Net income
13,903
19,370
29,450
-28.2%
Net margin
7.7%
11.3%
18.3%
Diluted EPS
$1.89
$2.85
$4.76
-33.7%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
48,668
43,602
38,010
+11.6%
Capital expenditure
19,635
21,251
20,647
-7.6%
Free cash flow
29,033
22,351
17,363
+29.9%
Free cash flow margin
16.0%
13.1%
10.8%
Cash from investing
-16,690
-63,145
-18,943
Cash from financing
-25,083
-25,989
25,930
Depreciation and amortisation
28,217
28,430
24,387
-0.7%
Share-based compensation
819
463
480
+76.9%
Buybacks
2,417
609
463
+296.9%
Dividends paid
14,888
13,410
12,038
+11.0%
Dividend per share
$2.05
$2.01
$1.97
+2.0%
Diluted shares, weighted
7,348m
6,806m
6,183m
+8.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
201,934
193,884
142,007
+4.2%
Debt
163,147
176,505
164,346
-7.6%
Operating lease liabilities
21,804
0.0
n/a
Finance lease liabilities
1,872
n/a
n/a
Other liabilities
162,912
161,475
137,744
+0.9%
Total liabilities and equity
551,669
531,864
444,097
+3.7%
Fixed assets
130,128
131,473
125,222
-1.0%
Goodwill
146,241
146,370
105,449
-0.1%
Securities held for sale or to maturity
1,444
870
581
+66.0%
Cash and equivalents
9,702
5,204
50,498
+86.4%
Receivables
22,636
26,472
16,522
-14.5%
Inventory
2,864
2,771
2,225
+3.4%
Other assets
238,654
218,704
143,600
+9.1%
Total assets
551,669
531,864
444,097
+3.7%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.