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AT&T (NYSE: T) stock fundamentals

NYSE: T · Communication services · United States

Signed off by OffScriptBySami on  · Updated

Data as of  · For information only, not investment advice.

In brief

AT&T (NYSE: T) provides wireless and wireline telecom and broadband services to consumers in the United States and businesses globally, and wireless service and equipment in Mexico. Its Form 10-K for FY2025 reports revenue of USD 126 billion. Its Form 10-Q for Q2 2026 reports revenue of USD 31.6 billion and net income attributable to AT&T of USD 4.63 billion.

Data as of Source: Form 10-K for FY2025 and Form 10-Q for Q2 2026

Key facts

Data as of

AT&T (NYSE: T) · USD · fiscal year ends 31 December · figures from SEC filings; derived values are marked.

Revenue (USD bn)
126
FY2025 (ended ) · Form 10-K
Revenue, TTM (USD bn)
127
TTM to · derived
Revenue by quarter, from USD 30.2 bn in Q3 2024 to USD 31.6 bn in Q2 2026
Net income attributable to shareholders (USD bn)
22.0
FY2025 (ended ) · Form 10-K
Operating margin
19.2%
FY2025 (ended ) · derived
Free cash flow (USD bn)
19.4
FY2025 (ended ) · derived
Net debt (USD bn)
126
at · derived: total debt minus cash and short-term investments
Dividend declared per share (USD)
1.11
FY2025 (ended ) · Form 10-K
Shares outstanding (bn)
6.85
at · Form 10-Q cover page

Fundamentals profile

vs AT&T's own FY2021–FY2025 range (fewer than 5 covered peers) · TTM to Q2 2026 · Data as of

Each row places AT&T's value against its own FY2021–FY2025 range. It describes; it does not rate. There is no overall score. How we calculate this

AT&T fundamentals profile compared with its own FY2021–FY2025 range. Each row names its period; values are percentages, multiples or years.
DimensionMetricAT&TOwn 5-year medianPositionRange
GrowthRevenue, 3-year CAGR to FY20251.3%Own 5-year median −5.1%Above its 5-year median
Lower (−12.7%) Higher (1.3%)
MarginsOperating margin (TTM to Q2 2026)20.1%Own 5-year median 19.2%Near its 5-year median
Lower (−3.8%) Higher (19.3%)
LeverageNet debt / EBITDA (TTM to Q2 2026; below zero means net cash)2.7×Own 5-year median 3.1×Below its 5-year median
Lower (2.6×) Higher (9.8×)
Cash flowFCF margin (TTM to Q2 2026)13.9%Own 5-year median 15.5%Near its 5-year median
Lower (13.4%) Higher (16.7%)
Dividend historyConsecutive years of cash dividends, to FY2025Every fiscal year in our data, FY2009 to FY2025, had a dividend; our data starts in FY2009.At least 17Own 5-year median not availablenot availablenot available

Source: AT&T Forms 10-Q and 10-K, SEC EDGAR. Derived by StockFactsheet. Data as of

Compared with AT&T's own FY2021–FY2025 range because fewer than 5 covered peers exist. Descriptive only; not a rating.

AT&T's revenue rose year on year in every quarter from Q4 2024 to Q2 2026

AT&T's revenue rose year on year in each of the 7 quarters from Q4 2024 to Q2 2026, by between 0.9% and 3.6%. Q2 2026 revenue was USD 31.6 billion, up 2.3%, and its operating margin, our calculation, was 22.3%, against 21.1% in Q2 2025.

Chart 1

AT&T quarterly revenue, Q3 2024 to Q2 2026

USD bn · quarters ended to

Revenue by quarter, from USD 30.2 bn in Q3 2024 to USD 31.6 bn in Q2 2026.01020304031.6Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: AT&T Forms 10-Q and 10-K, SEC EDGAR Data as of
Report an error in this table

Swipe for earlier periods

Table 1 AT&T quarterly revenue, margins and profit, Q3 2024–Q2 2026 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Revenue31,55831,50633,466 D30,70930,84730,62632,298 D30,213
Revenue YoY %increased 2.3%increased 2.9%increased 3.6%increased 1.6%increased 3.5%increased 2.0%increased 0.9%decreased 0.5%
Operating income7,0386,6585,788 D6,1196,5015,7545,326 D2,116
Operating margin %22.3%21.1%17.3%19.9%21.1%18.8%16.5%7.0%
Net income attributable to shareholders4,6273,8293,788 D9,3144,5004,3514,080 D−174
(opens in new tab)

Source: AT&T Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.

Totals may not add up because of rounding.

Arrows show direction of change only, not whether a change is good or bad.

Q3 2024 and Q3 2025 stand apart. In Q3 2024, the operating margin was 7.0% and net income attributable to AT&T was a loss of USD 174 million. Its income statement for that quarter shows USD 4,422 million on the line for asset impairments and abandonments and restructuring.[8]

In Q3 2025, net income attributable to AT&T was USD 9,314 million, against operating income of USD 6,119 million. AT&T sold its DIRECTV interest to TPG on 2 Jul 2025.[4] In Q3 2025, it recorded a gain of approximately USD 5,500 million on the sale in other income (expense), net.[4]

For the trailing 12 months (TTM) to 30 Jun 2026, our calculation, revenue was USD 127 billion and the operating margin was 20.1%. The fundamentals profile compares that margin with FY2021 to FY2025, when the high was 19.3% and the median 19.2%. Every quarter and year behind these figures is on the AT&T financial statements page.

How did the WarnerMedia separation of 8 Apr 2022 change AT&T's 2021 figures?

AT&T's Form 10-K for FY2022 shows 2021 revenue of USD 134 billion, against USD 169 billion first reported in the FY2021 10-K.[10][15] After the separation of WarnerMedia on 8 Apr 2022, the same 10-K presents WarnerMedia, Vrio, Xandr and Playdemic as discontinued operations, including for periods before the separation.[10]

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Swipe for earlier periods

Table 2 AT&T restated annual figures, FY2021–FY2022 (USD millions) USD millions, except per-share data (USD) and percentages
USD mFY2022ended FY2021ended
Revenue120,741134,038 R
SG&A28,96129,669 R
Operating income−4,58725,897 R
Pre-tax income−3,09429,171 R
Income tax3,7805,395 R
Diluted EPS (USD)−1.132.73 R
(opens in new tab)

Source: AT&T Forms 10-Q and 10-K, SEC EDGAR Data as of

  • R Restated in Form 10-K filed ; originally reported USD 168,864 m in Form 10-K filed .
  • R Restated in Form 10-K filed ; originally reported USD 37,944 m in Form 10-K filed .
  • R Restated in Form 10-K filed ; originally reported USD 23,347 m in Form 10-K filed .
  • R Restated in Form 10-K filed ; originally reported USD 26,947 m in Form 10-K filed .
  • R Restated in Form 10-K filed ; originally reported USD 5,468 m in Form 10-K filed .
  • R Restated in Form 10-K filed ; originally reported USD 2.76 in Form 10-K filed .

Totals may not add up because of rounding.

Operating income moved the other way: 2021 operating income in the FY2022 10-K is USD 25.9 billion, against USD 23.3 billion first reported.[10][15] Selling, general and administrative expenses there are USD 29.7 billion, against USD 37.9 billion. The re-presented 2021 figures still include the former US video operations, which AT&T contributed to DIRECTV on 31 Jul 2021.[10]

The separation also affects longer comparisons. The fundamentals profile's 3-year compound annual growth rate for revenue is 1.3% a year from FY2022 to FY2025, our calculation. The lowest of its 3-year rates ending in FY2021 to FY2025 is a decline of 12.7% a year. The windows ending in FY2021 and FY2022 start from FY2018 and FY2019 revenue as first filed, which still included WarnerMedia.[16][17]

AT&T's 3-year rates ending in FY2021 and FY2022 therefore compare the continuing business with years that still held the businesses now in discontinued operations. Its 2021 cash from operations and capital expenditure are also re-presented in the FY2022 10-K for continuing operations, so they differ from the FY2021 10-K.[10] PepsiCo, which reclassified an earlier quarter's SG&A in a later 10-Q, has its own page: PepsiCo stock fundamentals.

How large were AT&T's share buybacks in FY2025, after its December 2024 authorisation?

AT&T's buybacks rose to USD 4,500 million in FY2025, from USD 215 million in FY2024. In December 2024, its board had approved a repurchase authorisation of up to USD 10,000 million.[3] Its FY2025 cash flow statement also shows USD 8.18 billion of dividends paid.[3] Free cash flow, our calculation, was USD 19.4 billion.

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Swipe for earlier periods

Table 3 AT&T cash flow, dividends paid and buybacks, FY2021–FY2025 (USD millions) USD millions · outflows shown with a minus sign
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Cash from operations40,28438,77138,31435,81237,170 R
Capital expenditure−20,842−20,263−17,853−19,626−15,545 R
Free cash flow19,442 D18,508 D20,461 D16,186 D21,625 R D
Dividends paid−8,180−8,208−8,136−9,859−15,068 1
Share buybacks−4,500−215−194−890−202 1
(opens in new tab)

Source: AT&T Forms 10-Q and 10-K, SEC EDGAR Data as of

  • R Restated in Form 10-K filed ; originally reported USD 41,957 m in Form 10-K filed .
  • R Restated in Form 10-K filed ; originally reported USD −16,527 m in Form 10-K filed .
  • D Free cash flow = cash from operations minus capital expenditure.
  • R Uses FY2021 cash from operations as restated in Form 10-K filed (USD 37,170 m; originally reported USD 41,957 m in Form 10-K filed ).
  • R Uses FY2021 capital expenditure as restated in Form 10-K filed (USD −15,545 m; originally reported USD −16,527 m in Form 10-K filed ).

1 As presented in Form 10-K filed .

Totals may not add up because of rounding.

AT&T's buybacks were between USD 194 million and USD 890 million a year from FY2021 to FY2024. On 27 Jan 2026, after the end of FY2025, its board approved a further authorisation of USD 10,000 million.[3]

AT&T's dividends paid fell from USD 15.1 billion in FY2021 to USD 9.86 billion in FY2022, the year of the WarnerMedia separation. From FY2023 to FY2025 they stayed between USD 8.14 billion and USD 8.21 billion.

AT&T's cash from operations rose each year from USD 35.8 billion in FY2022 to USD 40.3 billion in FY2025, while capital expenditure was USD 20.8 billion in FY2025. At 30 Jun 2026, net debt, our calculation, was USD 126 billion. For the TTM to 30 Jun 2026, net debt to EBITDA, our calculation, was 2.7×, below its 5-year median of 3.1×.

How we got these numbers

Every figure comes from AT&T's Forms 10-Q and 10-K as filed with the SEC. Derived values are marked D and explained below.

Full method for this page
Source documents
Forms 10-Q (Q2 2022 to Q2 2026) and 10-K (FY2018 to FY2025)
Period covered
8 quarters and 5 fiscal years
Calculations
TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
Restatements
FY2021 cash from operations, an input of the FY2021 ratio, was restated in Form 10-K filed (originally USD 41,957 m). FY2021 capital expenditure, an input of the FY2021 ratio, was restated in Form 10-K filed (originally USD −16,527 m). FY2021 revenue, an input of the fundamentals profile, was restated in Form 10-K filed (originally USD 168,864 m). FY2020 revenue, an input of the fundamentals profile, was restated in Form 10-K filed (originally USD 171,760 m). FY2021 operating income, an input of the fundamentals profile, was restated in Form 10-K filed (originally USD 23,347 m). FY2021 total debt, an input of the fundamentals profile, was restated in Form 10-Q filed (originally USD 177,354 m). FY2021 cash and short-term investments, an input of the fundamentals profile, was restated in Form 10-Q filed (originally USD 21,169 m). Restated figures carry the R marker; its footnote gives the originally reported value.
Comparator
Each profile row compares the current value with AT&T's own last five fiscal years, FY2021 to FY2025: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
Currency
As reported (USD); no FX conversion.
Read the full methodology

Latest filings and disclosures

SEC filings behind AT&T's figures, newest first.

(opens in new tab)
  1. Filing Form 10-Q, quarter ended 30 Jun 2026 sec.gov
  2. Filing Form 10-Q, quarter ended 31 Mar 2026 sec.gov
  3. Filing Form 10-K, fiscal year ended 31 Dec 2025 sec.gov
  4. Filing Form 10-Q, quarter ended 30 Sep 2025 sec.gov
  5. Filing Form 10-Q, quarter ended 30 Jun 2025 sec.gov
  6. Filing Form 10-Q, quarter ended 31 Mar 2025 sec.gov
  7. Filing Form 10-K, fiscal year ended 31 Dec 2024 sec.gov
  8. Filing Form 10-Q, quarter ended 30 Sep 2024 sec.gov
All filings on SEC EDGAR

Company identifiers

Data as of
(opens in new tab)
Legal name
AT&T Inc.
Exchange
NYSE
Ticker
T
Sector
Communication services
Country
United States
Fiscal year end
31 December
Reporting currency
USD
Accounting standard
US GAAP
SEC CIK
0000732717
Latest filing in this page's data
Form 10-Q, quarter ended 30 Jun 2026 · filed

Sources and data

Data as of Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).

(opens in new tab)
  1. [1] Filing Form 10-Q, quarter ended 30 Jun 2026 AT&T Inc. · · sec.gov
  2. [2] Filing Form 10-Q, quarter ended 31 Mar 2026 AT&T Inc. · · sec.gov
  3. [3] Filing Form 10-K, fiscal year ended 31 Dec 2025 AT&T Inc. · · sec.gov
  4. [4] Filing Form 10-Q, quarter ended 30 Sep 2025 AT&T Inc. · · sec.gov
  5. [5] Filing Form 10-Q, quarter ended 30 Jun 2025 AT&T Inc. · · sec.gov
  6. [6] Filing Form 10-Q, quarter ended 31 Mar 2025 AT&T Inc. · · sec.gov
  7. [7] Filing Form 10-K, fiscal year ended 31 Dec 2024 AT&T Inc. · · sec.gov
  8. [8] Filing Form 10-Q, quarter ended 30 Sep 2024 AT&T Inc. · · sec.gov
  9. [9] Filing Form 10-K, fiscal year ended 31 Dec 2023 AT&T Inc. · · sec.gov
  10. [10] Filing Form 10-K, fiscal year ended 31 Dec 2022 AT&T Inc. · · sec.gov
  11. [11] Filing Form 10-Q, quarter ended 30 Jun 2024 AT&T Inc. · · sec.gov
  12. [12] Filing Form 10-Q, quarter ended 31 Mar 2024 AT&T Inc. · · sec.gov
  13. [13] Filing Form 10-Q, quarter ended 30 Sep 2023 AT&T Inc. · · sec.gov
  14. [14] Filing Form 10-Q, quarter ended 30 Jun 2022 AT&T Inc. · · sec.gov
  15. [15] Filing Form 10-K, fiscal year ended 31 Dec 2021 AT&T Inc. · · sec.gov
  16. [16] Filing Form 10-K, fiscal year ended 31 Dec 2019 AT&T Inc. · · sec.gov
  17. [17] Filing Form 10-K, fiscal year ended 31 Dec 2018 AT&T Inc. · · sec.gov
  18. [18] Our dataset StockFactsheet fundamentals dataset, extracted from SEC EDGAR XBRL on ; derived values (Q4, TTM, free cash flow, net debt, margins, growth rates and ratios) are explained in Methodology.

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Cite this page

StockFactsheet (2026). "AT&T (NYSE: T) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/t/

Not investment advice

For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer

Author and editor

OffScriptBySami

Founder and editor, StockFactsheet

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Update history

  1. Published First published version.