Estimating Cost of Equity Capital and Weighted Average Cost of Capital
The December 31, 2015, partial financial statements taken from the annual report for AT&T Inc. (T ) follow.
Consolidated Statements of Income
Dollars in millions except per share amounts
2015
2014
Operating revenues
Service
$ 131,677
$ 118,437
Equipment
15,124
14,010
Total operating revenues
146,801
132,447
Operating expenses
Equipment
19,268
18,946
Broadcast, programming and operations
11,996
4,075
Other cost of services (exclusive of depreciation and...