Analysis of Reportable Segments
AT&T Inc. operates in 2 segments: Communications and Latin America.
Segment Profit Margin
AT&T Inc., profit margin by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Communications | 23.55% | 24.86% | 24.65% | 21.98% | 22.64% |
| Latin America | -3.59% | -10.37% | -8.14% | -13.17% | -9.51% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Communications | Communications segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Latin America | Latin America segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Profit Margin: Communications
AT&T Inc.; Communications; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 27,801) | 29,107) | 28,279) | 30,521) | 32,230) |
| Revenues | 118,038) | 117,067) | 114,730) | 138,850) | 142,359) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 23.55% | 24.86% | 24.65% | 21.98% | 22.64% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 27,801 ÷ 118,038 = 23.55%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Communications | Communications segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Profit Margin: Latin America
AT&T Inc.; Latin America; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | (141) | (326) | (436) | (753) | (662) |
| Revenues | 3,932) | 3,144) | 5,354) | 5,716) | 6,963) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | -3.59% | -10.37% | -8.14% | -13.17% | -9.51% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × -141 ÷ 3,932 = -3.59%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Latin America | Latin America segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Return on Assets (Segment ROA)
AT&T Inc., ROA by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Communications | 5.52% | 6.17% | 5.72% | 5.84% | 6.18% |
| Latin America | -1.51% | -3.88% | -4.91% | -4.76% | -3.21% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Communications | Communications segment ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Latin America | Latin America segment ROA improved from 2021 to 2022 and from 2022 to 2023. |
Segment ROA: Communications
AT&T Inc.; Communications; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 27,801) | 29,107) | 28,279) | 30,521) | 32,230) |
| Assets | 504,006) | 471,444) | 494,063) | 522,758) | 521,252) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 5.52% | 6.17% | 5.72% | 5.84% | 6.18% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × 27,801 ÷ 504,006 = 5.52%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Communications | Communications segment ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment ROA: Latin America
AT&T Inc.; Latin America; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | (141) | (326) | (436) | (753) | (662) |
| Assets | 9,314) | 8,408) | 8,874) | 15,811) | 20,606) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | -1.51% | -3.88% | -4.91% | -4.76% | -3.21% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × -141 ÷ 9,314 = -1.51%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Latin America | Latin America segment ROA improved from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover
AT&T Inc., asset turnover by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Communications | 0.23 | 0.25 | 0.23 | 0.27 | 0.27 |
| Latin America | 0.42 | 0.37 | 0.60 | 0.36 | 0.34 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Communications | Communications segment asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Latin America | Latin America segment asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment Asset Turnover: Communications
AT&T Inc.; Communications; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 118,038) | 117,067) | 114,730) | 138,850) | 142,359) |
| Assets | 504,006) | 471,444) | 494,063) | 522,758) | 521,252) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.23 | 0.25 | 0.23 | 0.27 | 0.27 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Revenues ÷ Assets
= 118,038 ÷ 504,006 = 0.23
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Communications | Communications segment asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Segment Asset Turnover: Latin America
AT&T Inc.; Latin America; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 3,932) | 3,144) | 5,354) | 5,716) | 6,963) |
| Assets | 9,314) | 8,408) | 8,874) | 15,811) | 20,606) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.42 | 0.37 | 0.60 | 0.36 | 0.34 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Revenues ÷ Assets
= 3,932 ÷ 9,314 = 0.42
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Latin America | Latin America segment asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment Capital Expenditures to Depreciation
AT&T Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Communications | 0.97 | 1.14 | 0.91 | 0.76 | 0.95 |
| Latin America | 0.41 | 0.55 | 0.69 | 0.69 | 0.65 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Communications | Communications segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Latin America | Latin America segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Communications
AT&T Inc.; Communications; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 16,876) | 18,962) | 14,860) | 14,107) | 17,410) |
| Depreciation and amortization | 17,363) | 16,681) | 16,409) | 18,488) | 18,329) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.97 | 1.14 | 0.91 | 0.76 | 0.95 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 16,876 ÷ 17,363 = 0.97
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Communications | Communications segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Segment Capital Expenditures to Depreciation: Latin America
AT&T Inc.; Latin America; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 298) | 360) | 580) | 708) | 757) |
| Depreciation and amortization | 724) | 658) | 836) | 1,033) | 1,162) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.41 | 0.55 | 0.69 | 0.69 | 0.65 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 298 ÷ 724 = 0.41
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Latin America | Latin America segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Revenues
AT&T Inc., revenues by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Communications | 118,038) | 117,067) | 114,730) | 138,850) | 142,359) |
| WarnerMedia | —) | —) | 35,632) | 30,442) | 35,521) |
| Latin America | 3,932) | 3,144) | 5,354) | 5,716) | 6,963) |
| Segment total | 121,970) | 120,211) | 155,716) | 175,008) | 184,843) |
| Corporate and eliminations | 458) | 530) | 13,148) | (3,248) | (3,650) |
| Total | 122,428) | 120,741) | 168,864) | 171,760) | 181,193) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Depreciation and amortization
AT&T Inc., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Communications | 17,363) | 16,681) | 16,409) | 18,488) | 18,329) |
| WarnerMedia | —) | —) | 656) | 671) | 596) |
| Latin America | 724) | 658) | 836) | 1,033) | 1,162) |
| Segment total | 18,087) | 17,339) | 17,901) | 20,192) | 20,087) |
| Corporate and eliminations | 690) | 682) | 4,961) | 8,324) | 8,130) |
| Total | 18,777) | 18,021) | 22,862) | 28,516) | 28,217) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Operating income (loss)
AT&T Inc., operating income (loss) by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Communications | 27,801) | 29,107) | 28,279) | 30,521) | 32,230) |
| WarnerMedia | —) | —) | 7,239) | 8,192) | 10,482) |
| Latin America | (141) | (326) | (436) | (753) | (662) |
| Segment total | 27,660) | 28,781) | 35,082) | 37,960) | 42,050) |
| Corporate and eliminations | (4,199) | (33,368) | (11,735) | (31,555) | (14,095) |
| Total | 23,461) | (4,587) | 23,347) | 6,405) | 27,955) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Assets
AT&T Inc., assets by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Communications | 504,006) | 471,444) | 494,063) | 522,758) | 521,252) |
| WarnerMedia | —) | —) | 154,369) | 150,947) | 140,380) |
| Latin America | 9,314) | 8,408) | 8,874) | 15,811) | 20,606) |
| Segment total | 513,320) | 479,852) | 657,306) | 689,516) | 682,238) |
| Corporate and eliminations | (106,260) | (76,999) | (105,684) | (163,755) | (130,569) |
| Total | 407,060) | 402,853) | 551,622) | 525,761) | 551,669) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Capital expenditures
AT&T Inc., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Communications | 16,876) | 18,962) | 14,860) | 14,107) | 17,410) |
| WarnerMedia | —) | —) | 764) | 699) | 1,205) |
| Latin America | 298) | 360) | 580) | 708) | 757) |
| Segment total | 17,174) | 19,322) | 16,204) | 15,514) | 19,372) |
| Corporate and eliminations | 679) | 304) | 323) | 161) | 263) |
| Total | 17,853) | 19,626) | 16,527) | 15,675) | 19,635) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).