AT&T
T NYSE Integrated Telecommunication Services Financials FY2016–FY2025
AT&T's revenue rose 2.7% to $125.6 billion in fiscal 2025. Its operating margin was 19.2%, up from 15.6% a year earlier. Free cash flow was $19.4 billion, up 5.0%. It paid out $12.7 billion in dividends and buybacks, 65% of free cash flow. The diluted share count fell 0.3%.
What AT&T does
AT&T sells wireless and home internet service in the United States and network services to businesses. It offers phone plans and sells phones and other devices online, in its own stores and through agents and other retailers. At home it provides internet over fiber lines and, where fiber isn't available, over its 5G wireless network under the AT&T Internet Air name. Its business customers range from multinational corporations to small firms and government agencies. It also provides wireless service in Mexico.
AT&T reports two segments. Communications, made up of its Mobility, Business Wireline and Consumer Wireline units, provided approximately 97% of 2025 segment operating revenues. At the end of 2025 Mobility served 120 million subscribers, including 91 million on postpaid plans, and AT&T had 10.4 million fiber home broadband customers. The Latin America segment serves approximately 24.7 million wireless subscribers in Mexico. AT&T names two national wireless providers, regional providers and resellers, and certain cable companies among its competitors in the United States.
As of December 31, 2025, AT&T employed approximately 133,030 persons, and approximately 43% of its employees are represented by unions. It is working to shut down its old copper network across most of its wireline footprint and move customers to fiber and wireless. In July 2025 it sold its remaining interest in DIRECTV to TPG. On February 2, 2026, it completed buying substantially all of Lumen's Mass Markets fiber business, and in August 2025 it agreed to buy wireless spectrum licenses from EchoStar.
- Legal name
- AT&T INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 9, 2026
- Accession · CIK
- 0000732717-26-000120
0000732717
Revenue and margins
AT&T had $125.6B of revenue in fiscal 2025, up 2.7% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 4.2% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $19.4B in fiscal 2025, 15.5% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
AT&T returned $12.7B to shareholders in fiscal 2025, 65% of free cash flow. The diluted share count fell 0.4%.
Value AT&T yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$117.9B and divides by 7,179.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 11.3x · peers — · sector 17.3x.
Balance sheet
Cash, debt and the ratios that show how comfortably AT&T can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $19.2B | $3.7B | $6.7B | $3.3B | $18.2B |
| Debt incl. finance leases | $175.6B | $135.9B | $137.3B | $123.5B | $136.1B |
| Net debt / EBITDA | 3.6x | 9.8x | 3.1x | 3.0x | 2.6x |
| Debt / equity | 1.0x | 1.3x | 1.2x | 1.0x | 1.1x |
| Interest coverage | 3.9x | −0.8x | 3.5x | 2.8x | 3.6x |
| Current ratio | 1.6x | 0.6x | 0.7x | 0.7x | 0.9x |
| Quick ratio | 1.6x | 0.6x | 0.7x | 0.7x | 0.9x |
| Total assets | $551.6B | $402.9B | $407.1B | $394.8B | $420.2B |
| Total liabilities | $367.8B | $296.4B | $289.6B | $276.6B | $293.7B |
| Shareholders' equity | $183.9B | $106.5B | $117.4B | $118.2B | $126.5B |
| Net debt (− = net cash) | $156.4B | $132.2B | $130.6B | $120.2B | $117.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✕ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | 7 / 8 | 5 / 8 | 7 / 8 |
| Accruals ratio | −5.9% | −6.9% | −4.5% |
| Altman Z'' | 0.54 | 0.53 | 0.88 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| AT&T T | $143.2B | 2.7% | 19.2% | 15.5% | 8.7% | 11.3x | 7 | |
| Verizon VZ | $186.3B | 2.5% | 21.2% | 14.6% | 9.4% | 11.6x | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $163.8B | $160.5B | $170.8B | $181.2B | $143.1B | $134.0B | $120.7B | $122.4B | $122.3B | $125.6B |
| Operating income | $23.5B | $20.0B | $26.1B | $28.0B | $8.4B | $25.9B | −$4.6B | $23.5B | $19.0B | $24.2B |
| Interest expense | $4.9B | $6.3B | $8.0B | $8.4B | $7.7B | $6.7B | $6.1B | $6.7B | $6.8B | $6.8B |
| Pretax income | $19.8B | $15.1B | $24.9B | $18.5B | −$354M | $29.2B | −$3.1B | $19.8B | $16.7B | $27.0B |
| Income tax | $6.5B | −$14.7B | $4.9B | $3.5B | $1.2B | $5.4B | $3.8B | $4.2B | $4.4B | $3.6B |
| Net income | $13.0B | $29.5B | $19.4B | $13.9B | −$5.2B | $20.1B | −$8.5B | $14.4B | $10.9B | $22.0B |
| Diluted EPS | $2.10 | $4.76 | $2.85 | $1.89 | −$0.75 | $2.73 | −$1.13 | $1.97 | $1.49 | $3.04 |
| Diluted shares | 6.19B | 6.18B | 6.81B | 7.35B | 7.47B | 7.50B | 7.59B | 7.26B | 7.20B | 7.18B |
| Cash flow | ||||||||||
| Cash from operations | $38.4B | $38.0B | $43.6B | $48.7B | $43.1B | $42.0B | $35.8B | $38.3B | $38.8B | $40.3B |
| Capital expenditure | $21.5B | $20.6B | $21.3B | $19.6B | $14.7B | $15.5B | $19.6B | $17.9B | $20.3B | $20.8B |
| Free cash flow | $16.9B | $17.4B | $22.4B | $29.0B | $28.4B | $26.4B | $16.2B | $20.5B | $18.5B | $19.4B |
| Depreciation and amortization | $25.8B | $24.4B | $28.4B | $28.2B | $22.5B | $17.9B | $18.0B | $18.8B | $20.6B | $20.9B |
| Stock-based compensation | $653M | $480M | $463M | $819M | $422M | $447M | $518M | $479M | $505M | $536M |
| Acquisitions | $3.0B | $1.1B | $43.3B | $1.8B | $1.6B | $25.5B | $10.2B | $2.9B | $380M | $379M |
| Share buybacks | $512M | $463M | $609M | $2.4B | $5.5B | $202M | $890M | $194M | $215M | $4.5B |
| Dividends paid | $11.8B | $12.0B | $13.4B | $14.9B | $15.0B | $15.1B | $9.9B | $8.1B | $8.2B | $8.2B |
| Dividends and buybacks | $12.3B | $12.5B | $14.0B | $17.3B | $20.5B | $15.3B | $10.7B | $8.3B | $8.4B | $12.7B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $5.8B | $50.5B | $5.2B | $9.7B | $7.9B | $19.2B | $3.7B | $6.7B | $3.3B | $18.2B |
| Total debt | $123.5B | $164.3B | $176.5B | $161.1B | $155.2B | $174.1B | $134.1B | $135.5B | $122.1B | $134.7B |
| Finance lease liabilities | $0.0M | $0.0M | $1.9B | $2.0B | $2.0B | $1.6B | $1.8B | $1.8B | $1.4B | $1.4B |
| Current assets | $38.4B | $79.1B | $51.4B | $54.8B | $52.0B | $170.8B | $33.1B | $36.5B | $31.2B | $48.7B |
| Current liabilities | $50.6B | $81.4B | $64.4B | $68.9B | $63.4B | $106.2B | $56.2B | $51.1B | $46.9B | $53.8B |
| Inventory | $2.0B | $2.2B | $2.8B | $2.9B | $3.6B | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $124.9B | $125.2B | $131.5B | $130.1B | $121.1B | $121.6B | $127.4B | $128.5B | $128.9B | $131.6B |
| Total assets | $403.8B | $444.1B | $531.9B | $551.7B | $525.8B | $551.6B | $402.9B | $407.1B | $394.8B | $420.2B |
| Total liabilities | $279.7B | $302.1B | $338.0B | $349.7B | $346.5B | $367.8B | $296.4B | $289.6B | $276.6B | $293.7B |
| Shareholders' equity | $124.1B | $142.0B | $193.9B | $201.9B | $179.2B | $183.9B | $106.5B | $117.4B | $118.2B | $126.5B |
| Margins | ||||||||||
| Operating margin | 14.4% | 12.4% | 15.3% | 15.4% | 5.9% | 19.3% | −3.8% | 19.2% | 15.6% | 19.2% |
| EBITDA margin | 30.2% | 27.6% | 31.9% | 31.0% | 21.6% | 32.6% | 11.1% | 34.5% | 32.4% | 35.9% |
| Net margin | 7.9% | 18.3% | 11.3% | 7.7% | −3.6% | 15.0% | −7.1% | 11.8% | 9.0% | 17.5% |
| FCF margin | 10.3% | 10.8% | 13.1% | 16.0% | 19.9% | 19.7% | 13.4% | 16.7% | 15.1% | 15.5% |
| Returns | ||||||||||
| Return on capital | 6.5% | 8.0% | 6.7% | 6.3% | 1.9% | 6.3% | −1.3% | 7.6% | 5.8% | 8.7% |
| Return on capital employed | 6.7% | 5.6% | 6.3% | 5.9% | 1.8% | 5.7% | −1.2% | 6.7% | 5.4% | 6.8% |
| Return on equity | 10.5% | 22.1% | 11.5% | 7.0% | −2.7% | 11.1% | −5.9% | 12.9% | 9.3% | 17.9% |
| Return on assets | 3.2% | 7.0% | 4.0% | 2.6% | −1.0% | 3.7% | −1.8% | 3.6% | 2.7% | 5.4% |
| Growth | ||||||||||
| Revenue growth | 11.6% | −2.0% | 6.4% | 6.1% | −21.1% | −6.3% | −9.9% | 1.4% | −0.1% | 2.7% |
| Net income growth | −2.8% | 127.0% | −34.2% | −28.2% | −137.2% | — | −142.5% | — | −24.0% | 100.5% |
| EPS growth | −11.4% | 126.7% | −40.1% | −33.7% | −139.7% | — | −141.4% | — | −24.4% | 104.0% |
| FCF growth | 1.6% | 2.6% | 28.7% | 29.9% | −2.0% | −7.1% | −38.7% | 26.4% | −9.5% | 5.1% |
| Share count change | 9.6% | −0.1% | 10.1% | 8.0% | 1.6% | 0.5% | 1.1% | −4.3% | −0.7% | −0.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.4x | 2.6x | 3.1x | 2.7x | 4.8x | 3.6x | 9.8x | 3.1x | 3.0x | 2.6x |
| Debt / equity | 1.0x | 1.2x | 0.9x | 0.8x | 0.9x | 1.0x | 1.3x | 1.2x | 1.0x | 1.1x |
| Interest coverage | 4.8x | 3.2x | 3.3x | 3.3x | 1.1x | 3.9x | −0.8x | 3.5x | 2.8x | 3.6x |
| Current ratio | 0.8x | 1.0x | 0.8x | 0.8x | 0.8x | 1.6x | 0.6x | 0.7x | 0.7x | 0.9x |
| Quick ratio | 0.7x | 1.0x | 0.8x | 0.8x | 0.8x | 1.6x | 0.6x | 0.7x | 0.7x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 13.1% | 12.9% | 12.5% | 10.8% | 10.3% | 11.6% | 16.3% | 14.6% | 16.6% | 16.6% |
| Stock comp / revenue | 0.4% | 0.3% | 0.3% | 0.5% | 0.3% | 0.3% | 0.4% | 0.4% | 0.4% | 0.4% |
| Payouts / FCF | 72.7% | 72.0% | 62.7% | 59.6% | 71.9% | 57.8% | 66.4% | 40.7% | 45.5% | 65.2% |
| Quality scores | ||||||||||
| Piotroski F-score | 5.0 | 6.0 | 4.0 | 4.0 | 4.0 | 5.0 | 3.0 | 7.0 | 5.0 | 7.0 |
| Altman Z'' | 0.9 | 1.1 | 1.1 | 1.1 | 0.7 | 1.9 | −0.2 | 0.5 | 0.5 | 0.9 |
| Accruals ratio | −6.3% | −2.0% | −5.0% | −6.4% | −9.0% | −4.1% | −9.3% | −5.9% | −6.9% | −4.5% |
Source: SEC EDGAR XBRL filings (CIK 0000732717). Data updated October 21, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.