AT&T (T) FY2020 results: revenue $143.1 billion, down 21.1% on the year
AT&T Inc. (T) reported revenue of $143.1 billion for fiscal 2020, the year ended 31 December 2020, down 21.1% on the year before. Net income was -$5.2 billion, and diluted earnings per share $-0.75. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$143.1 billion
-21.1% on the year
FY2013FY2020
Operating margin
5.9%
15.4% a year earlier
FY2013FY2020
Net income
-$5.2 billion
FY2013FY2020
Diluted EPS
-$0.75
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
143,050
181,193
170,756
-21.1%
Cost of revenue
65,651
84,141
79,419
-22.0%
Gross profit
77,399
97,052
91,337
-20.2%
Gross margin
54.1%
53.6%
53.5%
Selling, general and administrative
30,817
39,422
36,765
-21.8%
Operating income
8,372
27,955
26,096
-70.1%
Operating margin
5.9%
15.4%
15.3%
Interest expense
7,727
8,422
7,957
-8.3%
Pre-tax income
-354
18,468
24,873
Income tax
1,168
3,493
4,920
-66.6%
Effective tax rate
n/a
18.9%
19.8%
Net income
-5,176
13,903
19,370
Net margin
-3.6%
7.7%
11.3%
Diluted EPS
-$0.75
$1.89
$2.85
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
43,130
48,668
43,602
-11.4%
Capital expenditure
14,690
19,635
21,251
-25.2%
Free cash flow
28,440
29,033
22,351
-2.0%
Free cash flow margin
19.9%
16.0%
13.1%
Cash from investing
-13,548
-16,690
-63,145
Cash from financing
-32,007
-25,083
-25,989
Depreciation and amortisation
22,523
28,217
28,430
-20.2%
Share-based compensation
422
819
463
-48.5%
Buybacks
5,498
2,417
609
+127.5%
Dividends paid
14,956
14,888
13,410
+0.5%
Dividend per share
$2.08
$2.05
$2.01
+1.5%
Diluted shares, weighted
7,183m
7,348m
6,806m
-2.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
179,240
201,934
193,884
-11.2%
Debt
157,245
163,147
176,505
-3.6%
Operating lease liabilities
22,202
21,804
0.0
+1.8%
Finance lease liabilities
1,847
1,872
n/a
-1.3%
Other liabilities
165,227
162,912
161,475
+1.4%
Total liabilities and equity
525,761
551,669
531,864
-4.7%
Fixed assets
n/a
130,128
131,473
Goodwill
92,812
146,241
146,370
-36.5%
Securities held for sale or to maturity
1,479
1,444
870
+2.4%
Cash and equivalents
7,924
9,702
5,204
-18.3%
Receivables
20,215
22,636
26,472
-10.7%
Inventory
3,592
2,864
2,771
+25.4%
Other assets
399,739
238,654
218,704
+67.5%
Total assets
525,761
551,669
531,864
-4.7%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.