All Values are in Billion Horizontal Analysis

Fiscal year is Jan - Dec. 2015 2014 2013 2015 2014 2013
Cash 5.12 8.6 3.34 153% 257% 100%
Marketable Securities - - - #VALUE! #VALUE! #VALUE!
Receivables 16.53 14.53 12.92 128% 112% 100%
Inventory - - - #VALUE! #VALUE! #VALUE!
Raw Materials - - - #VALUE! #VALUE! #VALUE!
Work In Progress - - - #VALUE! #VALUE! #VALUE!
Finished Goods - - - #VALUE! #VALUE! #VALUE!
Notes Receivable - - - #VALUE! #VALUE! #VALUE!
Other Current Assets 14.34 8.9 6.94 207% 128% 100%

AT&T Total Current Assets 35.99 32.03 23.2 155% 138% 100%

Property Plant & Equipment 306.23 282.3 274.8 111% 103% 100%

Accumulated Depreciation 181.78B 169.4B 163.83 #VALUE! #VALUE! 100%

AT&T Net Property Plant &
Equipment 124.45 112.9 110.97 112% 102% 100%
Investment & Advances 1.61 0.25 3.86 42% 6% 100%

Other Non-Current Assets - - - #VALUE! #VALUE! #VALUE!

Deferred Charges - - - #VALUE! #VALUE! #VALUE!
Intangibles 225.28 136.66 131.49 171% 104% 100%
Deposits & Other Assets 15.35 11 8.28 185% 133% 100%
AT&T Total Assets 402.67 292.83 277.79 145% 105% 100%
Notes Payable - - - #VALUE! #VALUE! #VALUE!
Accounts Payable 30.37 23.59 21.11 144% 112% 100%
Current Portion Long-Term
Debt 7.64 6.06 5.5 139% 110% 100%
Current Portion Capital
Leases - - - #VALUE! #VALUE! #VALUE!
Accrued Expenses - - - #VALUE! #VALUE! #VALUE!
Income Taxes Payable 2.18 1.09 1.77 123% 62% 100%
Other Current Liabilities 7.63 6.54 6.62 115% 99% 100%
AT&T Total Current
Liabilities 47.82 37.28 35 137% 107% 100%
Mortgages - - - #VALUE! #VALUE! #VALUE!
Deferred Taxes/Income 56.18 37.54 36.31 155% 103% 100%
Convertible Debt - - - #VALUE! #VALUE! #VALUE!
Long-Term Debt 118.52 76.01 69.29 171% 110% 100%

Non-Current Capital Leases - - - #VALUE! #VALUE! #VALUE!

Other Long-Term Liabilities 56.52 55.07 45.71 124% 120% 100%

AT&T Total Liabilities 279.03 205.91 186.31 150% 111% 100%
Minority Interest - - - #VALUE! #VALUE! #VALUE!
Preferred Stock - - - #VALUE! #VALUE! #VALUE!
Common Stock Net 6.5 6.5 6.5 100% 100% 100%
Capital Surplus 89.76 91.11 91.09 99% 100% 100%
Retained Earnings 33.67 27.74 31.14 108% 89% 100%
Treasury Stock 12.59 47.03 45.62 28% 103% 100%
Other Liabilities 6.3 8.61 8.37 75% 103% 100%

AT&T Shareholders Equity 123.64 86.92 91.48 135% 95% 100%

AT&T Total Liabilities &
Shareholders Equity 402.67 292.83 277.79 145% 105% 100%
 All Values are in Billion Horizontal Analysis
2015 2014 2013 2015 2014 2013

AT&T Net Sales

or Revenues 146.8 132.45 128.75 114% 103% 100%
Cost Of Goods
Sold (COGS) 67.05 60.61 51.46 130% 118% 100%
AT&T Gross
Profit 79.76 71.84 77.29 103% 93% 100%
Research &
Development
Expense - - - #VALUE! #VALUE! #VALUE!
Selling General
& Admin
Expense 32.95 41.82 28.41 116% 147% 100%

Income Before
Depreciation
Depletion
Amortization 46.8 30.02 48.87 96% 61% 100%
Depreciation
Depletion
Amortization 22.02 18.27 18.4 120% 99% 100%
Non Operating
Income 0.27 1.83 1.24 22% 148% 100%

Interest Expense 4.12 3.61 3.94 105% 92% 100%

AT&T Pretax
Income 20.69 9.96 27.78 74% 36% 100%
Provision for
Income Taxes 7.01 3.44 9.22 76% 37% 100%
Minority Interest 342 294 304 113% 97% 100%
Investment
Gains Losses - - - #VALUE! #VALUE! #VALUE!
Other Income - - - #VALUE! #VALUE! #VALUE!

Income Before
Extraordinaries &
Disc Operations 13.69 6.52 18.55 74% 35% 100%

Extraordinary
Items &
Discontinued
Operations - - - #VALUE! #VALUE! #VALUE!
AT&T Net
Income
(Profit/Loss) 13.35 6.22 18.25 73% 34% 100%
Average Shares
used to compute
Diluted EPS 5.65 5.22 5.39 105% 97% 100%

Average Shares
used to compute
Basic EPS 5.63 5.21 5.37 105% 97% 100%
Income Before
Nonrecurring
Items 15.26 13.12 13.46 113% 97% 100%
Income from
Nonrecurring
Items -1.92 -6.89 4.79 -40% -144% 100%
AT&T Earnings
Per Share Basic
Net 2.37 1.19 3.39 70% 35% 100%
AT&T Earnings
Per Share
Diluted Net 2.37 1.19 3.39 70% 35% 100%

EPS Diluted
Before
Nonrecurring
Items 2.71 2.51 2.5 108% 100% 100%
Preferred
Dividends Acc
Pd - - - #VALUE! #VALUE! #VALUE!
Dividends
Common - - - #VALUE! #VALUE! #VALUE!

Dividend Per
Share Common 1.88 1.84 1.8 104% 102% 100%
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Fiscal
year is
Jan -
Dec. 2015 2014 2013 2015 2014 2013

AT&T
Net
Income
Cash
Flow 13.69 6.52 18.55 74% 35% 100%

Deprecia
tion
Depletio
n
Amortiza
tion
Cash-
Flow 22.02 18.27 18.4 120% 99% 100%

Net
Increase
(Decreas
e) in
Assets
Liabilities -1.77 -1.76B -1.28B #VALUE! #VALUE! #VALUE!

Cash
From
(used in)
Discontin
ued
Operatio
ns - - - #VALUE! #VALUE! #VALUE!
Other
Adjustme
nts Net 1.95 8.31B -874M #VALUE! #VALUE! #VALUE!

AT&T
Net Cash
from
(used by)
Operatin
g
Activities 35.88 31.34B 34.8B #VALUE! #VALUE! #VALUE!
Increase
(Decreas
e) in
Prop
Plant
And
Equipme
nt -19.22 -21.2 -20.94 92% 101% 100%

Acquisiti
on
Dispositi
on of
Subsidiai
res -30.68 4.98 -2.19 1401% -227% 100%

Increase
(Decreas
e) in
Investme
nts 1.55 -1.89 301 1% -1% 100%

Other
Cash
Inflow
(Outflow)
from
Investme
nt
Activities -796 -234 -291 274% 80% 100%

AT&T
Net Cash
from
(used by)
Invesme
nt
Activities -49.14 -18.34 -23.12 213% 79% 100%

Issuance
(Purchas
e) of
Equity
Shares -0.126 -1.58 -12.91 1% 12% 100%
Issuance
(Repaym
ent) of
Debt
Securitie
s 23.93 5.63 9.14 262% 62% 100%

Increase
(Decreas
e) in
Bank &
Other
Borrowin
gs -1M -16M 20M #VALUE! #VALUE! #VALUE!

Payment
of
Dividend
s&
Other
Cash
Distributi
ons -10.2 -9.55 -9.7 105% 98% 100%

Other
Cash
from
(used by)
Financin
g
Activities #DIV/0! #DIV/0! #DIV/0!

AT&T
Net Cash
from
(used by)
Financin
g
Activities 9.78 -7.74 -13.2 -74% 59% 100%

Effect of
Exchang
e Rate
Changes
on Cash - - - #VALUE! #VALUE! #VALUE!
AT&T
Net
Change
in Cash
& Cash
Equivale
nts -3.48 5.26 -1.53 227% -344% 100%

Cash &
Equivale
nts at
Beginnin
g of Year 8.6 3.34 4.87 177% 69% 100%

Cash &
Equivale
nts at
Year End 5.12 8.6 3.34 153% 257% 100%
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
Return on Sales
G 54.33% 54.24% 60.03%
r
o
s 70.00%
s
p 60.00%
r
O 16.88% 8.87% 23.67%
50.00%
p
e
r 40.00%
a
ti 30.00%
n
g 20.00%
p
N 9.09% 4.70% 14.17%
e 10.00%
t
p 0.00%
r 1 2 3
o
Return on Investment
R 10.88% 7.21% 20.06% 25.00%
e
t
u 20.00%
r
n
o 15.00%
n
e
R 3.31% 2.13% 6.57%
e 10.00%
t
u
r 5.00%
n
o
n 0.00%
a 1 2 3
 Gross profit margin
Operating profit margin
Net profit margin

2 3

Return on equity (ROE)

Return on assets (ROA)

2 3