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AT&T Inc.

T Communication Services Telecom Services

AT&T Inc.’s revenue for fiscal 2025 (year ended December 2025) was $125.6 billion, up 2.71% from fiscal 2024. In the quarter to June 2026, revenue grew 2.30%, EPS grew 6.45%, free cash flow grew 4.83% and total debt rose 8.80%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for three consecutive years, operating cash flow growth for three.

20.88 0.18 +0.87%
Market cap
$140.9B
P/E
6.9×
Fwd P/E
10.4×
Dividend yield
5.32%
F-score
7/9
Altman Z
0.89
Beneish M
−2.76
Dividend safety
64/100
Overview Business Profile Financial Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 3.00%

Capital & Financial Ratios $m

Market Cap 140,930.00
Revenue 127,239.00
Net Income 23,090.00
Free Cash Flow 17,623.00
Net Debt 126,384.00
Current Ratio 0.97 (below 1: weak)
Debt/Equity 1.14
P/E ratio 6.91
Fwd P/E 10.40
P/S ratio 1.14
P/B ratio 1.15
Past 5Y EPS Growth —
This Y EPS Growth 13.13%
Next Y EPS Growth 8.11%
Next Y revenue growth 3.44%
Next 5Y EPS Growth 11.54%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.1×, against a ten-year median of 2.1×; over the ten years it ranged from 1.7× in 2018 to 2.7× in 2022.
P/E against its own 10 years 17.34%
10-year low 10-year high
P/S against its own 10 years 53.56%
10-year low 10-year high
P/B against its own 10 years 54.34%
10-year low 10-year high
EV/Sales against its own 10 years 55.40%
10-year low 10-year high
EV/FCF against its own 10 years 47.50%
10-year low 10-year high

Dividends

Payout Ratio 0.37
Annual Dividend Rate 1.11
Annual Dividend Yield 5.32%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.11
0.28
0.28
0.28
0.28
2025 1.11
0.28
0.28
0.28
0.28
2024 1.11
0.28
0.28
0.28
0.28
2023 1.11
0.28
0.28
0.28
0.28
2022 1.35
0.52
0.28
0.28
0.28
2021 2.08
0.52
0.52
0.52
0.52
2020 2.08
0.52
0.52
0.52
0.52
2019 2.04
0.51
0.51
0.51
0.51
2018 2.00
0.50
0.50
0.50
0.50
2017 1.96
0.49
0.49
0.49
0.49
2016 1.92
0.48
0.48
0.48
0.48
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 6,722 3,298 18,234 17,570
Receivables 10,289 9,638 8,843 8,521
Inventory 2,177 2,270 2,420 2,368
Other — — — —
36,458 31,168 48,732 51,834
2023 2024 2025 Q'26
Payables 35,852 35,657 38,514 38,049
ST’ Debt 9,477 5,089 9,011 9,323
Other 3,778 4,099 4,266 4,065
51,127 46,872 53,780 53,382

Compound Annual Growth %

10y 5y 3y
Sales (1.54%) (2.56%) 1.34%
Cash Flow 1.16% 1.45% 4.00%
Earnings 5.07% 0.00% 0.00%
Book Value 0.23% (6.73%) 5.92%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.61 Actual 0.65

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.46 0.52 Beat by 0.06
Q1 FY26 0.55 0.57 Beat by 0.02
Q2 FY26 0.59 0.65 Beat by 0.06
Q3 FY26 0.61 0.65 Beat by 0.04
Q4 FY26 0.52 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.54 0.66 — — —
’25 0.61 0.62 1.29 0.53 3.04
’24 0.47 0.49 (0.03) 0.56 1.49
’23 0.57 0.61 0.48 0.30 1.97
’22 0.65 0.56 0.80 (3.20) (1.13)
’21 1.04 0.21 0.82 0.69 2.76
’20 0.63 0.17 0.39 (1.95) (0.75)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 31,506 31,558 — — —
’25 30,626 30,847 30,709 33,466 125,648
’24 30,028 29,797 30,213 32,298 122,336
’23 30,139 29,917 30,350 32,022 122,428
’22 29,712 29,643 30,043 31,343 120,741
’21 43,939 35,740 31,326 23,033 134,038
’20 42,779 40,950 42,340 16,981 143,050
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 7,595 10,801 — — —
’25 9,049 9,763 10,152 11,320 40,284
’24 7,547 9,093 10,235 11,896 38,771
’23 6,678 9,922 10,336 11,378 38,314
’22 7,630 7,740 10,094 10,348 35,812
’21 9,927 9,856 9,310 8,077 37,170
’20 8,866 12,059 12,123 4,436 37,484
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 2,718 5,101 — — —
’25 4,772 4,866 5,265 4,539 19,442
’24 3,789 4,733 4,933 5,053 18,508
’23 2,343 5,652 5,689 6,777 20,461
’22 3,062 2,832 4,173 6,119 16,186
’21 5,894 6,308 4,840 4,583 21,625
’20 3,900 7,593 8,272 3,029 22,794
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low 25.23 25.47 20.97 22.15 20.41 17.23 14.46 13.43 15.94 21.38 (1.8%) ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 33.52 33.67 30.75 31.07 30.95 26.51 21.53 22.84 24.03 29.79 (1.3%) ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 268,000 252,000 268,000 246,000 230,000 203,000 160,700 149,900 140,990 133,030 (7.5%) ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 0.61 0.64 0.64 0.74 0.62 0.66 0.75 0.82 0.87 0.94 +5.0% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 163,786 160,546 170,756 181,193 143,050 134,038 120,741 122,428 122,336 125,648 (2.9%) 129,969 130,227 132,650 +1.8%
Gross margin, % 52.87 51.53 53.49 53.56 54.11 54.93 57.89 59.06 59.77 59.55 +6.7 pt
EBT 19,812 15,139 24,873 18,468 (354) 29,171 (3,094) 19,848 16,698 27,007 +3.5%
EBT margin, % 12.10 9.43 14.57 10.19 (0.25) 21.76 (2.56) 16.21 13.65 21.49 +9.4 pt
Net income 13,333 29,847 19,953 14,975 (1,522) 23,776 (6,874) 15,623 12,253 23,386 +6.4%
Depreciation 25,847 24,387 32,202 37,804 22,523 17,852 18,021 18,777 20,580 20,886 (2.3%)
Per share, $
Per share, $ Revenue 26.55 26.05 25.19 24.76 19.99 18.70 16.85 17.05 16.99 17.53 (4.5%)
Earnings 2.10 4.77 2.85 1.90 (0.75) 2.77 (1.13) 1.97 1.49 3.04 +4.2%
Cash flow 6.23 6.17 6.43 6.65 5.24 5.19 5.00 5.34 5.39 5.62 (1.1%)
Capex (3.49) (3.35) (3.14) (2.68) (2.05) (2.17) (2.74) (2.49) (2.81) (2.91) (2.0%)
Free cash flow 2.74 2.82 3.30 3.97 3.18 3.02 2.26 2.85 2.57 2.71 (0.1%)
Book value 20.12 23.04 28.60 27.59 25.04 25.65 14.86 16.35 16.43 17.64 (1.4%)
Shares, m 6,168 6,164 6,778 7,319 7,157 7,168 7,166 7,181 7,199 7,169 +1.7%
Valuation, ×
Valuation, × P/E 16.03 6.32 7.78 16.09 0.00 6.97 0.00 8.71 15.28 8.14 8.5
P/S 1.27 1.16 0.89 1.24 1.13 1.03 1.11 1.01 1.34 1.42 1.2
P/B 1.67 1.31 0.78 1.11 0.90 0.75 1.26 1.05 1.39 1.41 1.2
EV/Sales 1.99 1.87 1.89 2.07 2.16 2.20 2.21 2.08 2.32 2.36 2.1
EV/FCF 19.22 17.26 14.44 12.91 13.54 13.61 16.46 12.44 15.35 15.22 15.0
Cash, $m
Cash, $m Operating cash flow 38,442 38,010 43,602 48,668 37,484 37,170 35,812 38,314 38,771 40,284 +0.5%
Capex (21,516) (20,647) (21,251) (19,635) (14,690) (15,545) (19,626) (17,853) (20,263) (20,842) (0.4%)
Free cash flow 16,926 17,363 22,351 29,033 22,794 21,625 16,186 20,461 18,508 19,442 +1.6%
Balance, $m
Balance, $m Working capital (12,207) (2,243) (12,993) (14,150) (11,430) 64,538 (23,065) (14,669) (15,704) (5,048) (9.3%)
Total debt 123,513 164,346 176,505 163,147 157,245 175,631 135,890 137,331 123,532 136,100 +1.1%
Net debt 117,725 113,848 171,301 151,017 147,505 156,408 132,189 130,609 120,234 117,866 0.0%
Shareholders’ equity 124,110 142,007 193,884 201,934 179,240 183,855 106,457 117,442 118,245 126,491 +0.2%
Returns, %
Returns, % ROA 3.22 6.95 3.97 2.57 (1.00) 3.69 (1.83) 3.50 2.68 5.37 +2.2 pt
ROIC 6.08 4.88 4.47 4.95 1.60 4.76 (1.20) 5.91 4.99 6.18 +0.1 pt
ROE 10.48 22.13 11.53 7.02 (2.82) 10.95 (6.01) 12.68 9.12 17.89 +7.4 pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Communications 120,896 96.22%
Latin America 4,379 3.49%
Corporate & Other 373 0.30%
Gross margin 59.55%
Operating margin 19.23%
Pre-tax margin 21.49%

Revenue by segment since 2009

AT&T Inc. vs peers in Telecom Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VZ Verizon Communications Inc. $181.0B 11.4× 9.9× −0.73% (below 0%: shrinking) −22.03% (below 0%: shrinking) +5.91% (above 0%: growing) 61.80% 20.96% Compare
TMUS T-Mobile US, Inc. $156.0B 15.4× 13.4× +7.85% (above 0%: growing) +5.28% (above 0%: growing) −25.62% (below 0%: shrinking) 64.75% 24.09% Compare
T AT&T Inc. $140.9B 6.9× 10.4× +2.30% (above 0%: growing) +6.45% (above 0%: growing) +4.83% (above 0%: growing) 61.83% 22.30%
CMCSA Comcast Corporation $79.1B 7.2× 7.7× −1.23% (below 0%: shrinking) −66.78% (below 0%: shrinking) +2.27% (above 0%: growing) 37.09% 17.23% Compare
AMX America Movil, S.A.B. de C.V. Unsponsored ADR $73.9B 13.8× 13.6× +15.58% (above 0%: growing) +23.68% (above 0%: growing) −25.28% (below 0%: shrinking) 63.33% 21.49% Compare
CHT Chunghwa Telecom Co., Ltd. $37.7B 29.4× — +5.50% (above 0%: growing) +2.33% (above 0%: growing) +39.64% (above 0%: growing) 37.54% 21.61% Compare
VOD Vodafone Group PLC $36.1B 31.6× 13.2× −11.38% (below 0%: shrinking) −130.12% (below 0%: shrinking) −16.70% (below 0%: shrinking) 30.36% 0.00% Compare
ORANY Orange $29.8B 6.7× — −5.73% (below 0%: shrinking) +128.97% (above 0%: growing) +104.16% (above 0%: growing) 16.49% 0.00% Compare
ECHO EchoStar Corporation $28.4B — (loss-making) 3.6× −3.99% (below 0%: shrinking) n/m +64.20% (above 0%: growing) 34.37% 14.34% Compare
Median of peers $55.8B 13.8× 11.6× −0.98% +2.33% +4.09% 37.32% 19.10%

All 55 Telecom Services stocks →

Business profile

Updated

AT&T is a telecommunications and technology holding company headquartered in Dallas. John T. Stankey is Chairman, Chief Executive Officer and President. Its operating subsidiaries sell connectivity: wireless phone and data service, home broadband, and network services for businesses.

Its main U.S. Communications segment combines three businesses. Mobility supplies nationwide wireless service and devices to consumers, wholesale and resale subscribers. Business Wireline sells fiber-based ethernet, dedicated internet, fixed wireless, IP voice, managed services and related equipment to companies, government bodies, wholesale customers and multinational customers. Consumer Wireline supplies residential fiber broadband, AT&T Internet Air fixed wireless internet, and legacy telephone service.

Financial Analysis (summary)

Updated

AT&T recorded revenue of $125.6 billion and net income of $23.4 billion in FY2025. Operating income was $24.2 billion in FY2025, while free cash flow was $19.4 billion in FY2025. Revenue was $31.6 billion and operating income was $7.0 billion in Q2 FY2026.

For the TTM to Q2 FY2026, revenue was $127.2 billion, net income was $23.1 billion, and free cash flow was $17.6 billion. Net debt was $126.4 billion in Q2 FY2026, while the current ratio was 1.0× in Q2 FY2026. Market capitalisation was $152.5 billion as of October 21, 2026.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Bernstein Oct 24, 2026 Downgrade Outperform → Hold 25.00 → 24.00
Bank of America Oct 22, 2026 Reiterated Buy 34.00
Oppenheimer Oct 19, 2026 Downgrade — —
Morgan Stanley Oct 14, 2026 Target raised Outperform 27.00 → 28.00
Scotiabank Oct 11, 2026 Target cut — 29.25 → 27.50
BNP Paribas Sep 28, 2026 Upgrade Hold → Outperform 26.00 → 30.00

Pay and ownership Proxy statement filed 23 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 29.91m 43.04m 155.00
2024 26.41m 44.54m 136.00
2023 26.45m 23.87m 95.00
2022 22.92m 22.87m 97.00
2021 24.82m 20.75m 92.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

AT&T Inc. (T) Latest News

29 Oct

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28 Oct

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27 Oct

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26 Oct

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25 Oct

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24 Oct

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23 Oct

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T metrics, ten years each

stockrow.com/T · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com