AT&T
T NYSE Integrated Telecommunication Services 金融 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%.
AT&Tの事業内容
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.
- 正式名称
- AT&T INC.
- 決算期末
- 2025年12月31日
- 最新の年次報告書
- 10-K · 2026年2月9日
- 受付番号 · CIK
- 0000732717-26-000120
0000732717
売上高と利益率
AT&Tの2025年度の売上高は$125.6Bで、前年比2.7%増でした。
純利益と1株当たり利益
2016年度から2025年度にかけて、希薄化後EPSは年率4.2%で成長しました。 赤字の期間は赤で表示しています。
資本利益率
事業に投下された資金(負債+自己資本−現金)に対する税引後営業利益の割合。
キャッシュフロー
2025年度のフリーキャッシュフローは$19.4Bで、売上高の15.5%でした。 営業キャッシュフローから設備投資を差し引いた額。
配当、自社株買い、株式数
AT&Tは2025年度に$12.7Bを株主に還元しました。フリーキャッシュフローの65%にあたります。 希薄化後株式数は0.4%減少しました。
AT&Tを自分で評価
前提条件を変えて、1株あたりの価値を確認できます。これはモデルであり、予測や目標株価ではありません。結果は入力した値によって決まります。
DCF(割引キャッシュフロー)
1株当たり価値
—
ネットキャッシュ−$117.9Bを加え、希薄化後株式数7,179.0Mで割ります。10年分のキャッシュフローと継続価値を現在価値に割り引いています。
利益倍率
1株当たり価値
—
参考倍率:現在 11.3x · 同業他社 — · セクター 17.3x。
貸借対照表
現金、負債、そしてAT&Tがどれだけ余裕を持って負債を抱えられるかを示す指標。
| 期末 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 現金および短期投資 | $19.2B | $3.7B | $6.7B | $3.3B | $18.2B |
| 負債(ファイナンス・リース含む) | $175.6B | $135.9B | $137.3B | $123.5B | $136.1B |
| 純負債 / EBITDA | 3.6x | 9.8x | 3.1x | 3.0x | 2.6x |
| 負債 / 自己資本 | 1.0x | 1.3x | 1.2x | 1.0x | 1.1x |
| インタレスト・カバレッジ | 3.9x | −0.8x | 3.5x | 2.8x | 3.6x |
| 流動比率 | 1.6x | 0.6x | 0.7x | 0.7x | 0.9x |
| 当座比率 | 1.6x | 0.6x | 0.7x | 0.7x | 0.9x |
| 総資産 | $551.6B | $402.9B | $407.1B | $394.8B | $420.2B |
| 負債合計 | $367.8B | $296.4B | $289.6B | $276.6B | $293.7B |
| 自己資本 | $183.9B | $106.5B | $117.4B | $118.2B | $126.5B |
| 純負債 (− = ネットキャッシュ) | $156.4B | $132.2B | $130.6B | $120.2B | $117.9B |
インサイダー取引
役員、取締役、10%超保有者による市場内での売買(Form 4の届出に基づく)。「計画」は事前に定めたRule 10b5-1プランによる取引を示します。
買い(12か月)
$0.0M
インサイダー0人
売り(12か月)
$0.0M
インサイダー0人
売りのうち計画取引
—
$0.0M
直近12か月に市場内でのインサイダー取引はありません。
ピオトロスキーFスコア
収益性、資金調達、効率性に関する9つの合否テスト。8〜9は良好、0〜2は弱い。
| テスト | FY23 | FY24 | FY25 |
|---|---|---|---|
| 純利益がプラス | ✓ | ✓ | ✓ |
| 営業キャッシュフローがプラス | ✓ | ✓ | ✓ |
| 総資産利益率が上昇 | ✓ | ✕ | ✓ |
| 営業キャッシュフローが純利益を上回る | ✓ | ✓ | ✓ |
| 資産に対する負債が減少 | ✕ | ✓ | ✕ |
| 流動比率が上昇 | ✓ | ✕ | ✓ |
| 株式数が増えていない | ✓ | ✓ | ✓ |
| 売上総利益率が上昇 | — | — | — |
| 資産に対する売上高が上昇 | ✓ | ✕ | ✓ |
| Fスコア | 7 / 8 | 5 / 8 | 7 / 8 |
| アクルーアル比率 | −5.9% | −6.9% | −4.5% |
| Altman Z'' | 0.54 | 0.53 | 0.88 |
類似企業
各社の直近会計年度のデータです。決算月が異なるため、期間は完全には一致しません。
| 企業 | 時価総額 | 成長率 | 営業利益率 | FCFマージン | ROIC | PER | Fスコア | |
|---|---|---|---|---|---|---|---|---|
| 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 | 比較 → |
10年分のデータ
金額はUSD建て。指標名にカーソルを合わせると定義が表示されます。
| 会計年度 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 損益計算書 | ||||||||||
| 売上高 | $163.8B | $160.5B | $170.8B | $181.2B | $143.1B | $134.0B | $120.7B | $122.4B | $122.3B | $125.6B |
| 営業利益 | $23.5B | $20.0B | $26.1B | $28.0B | $8.4B | $25.9B | −$4.6B | $23.5B | $19.0B | $24.2B |
| 支払利息 | $4.9B | $6.3B | $8.0B | $8.4B | $7.7B | $6.7B | $6.1B | $6.7B | $6.8B | $6.8B |
| 税引前利益 | $19.8B | $15.1B | $24.9B | $18.5B | −$354M | $29.2B | −$3.1B | $19.8B | $16.7B | $27.0B |
| 法人税 | $6.5B | −$14.7B | $4.9B | $3.5B | $1.2B | $5.4B | $3.8B | $4.2B | $4.4B | $3.6B |
| 純利益 | $13.0B | $29.5B | $19.4B | $13.9B | −$5.2B | $20.1B | −$8.5B | $14.4B | $10.9B | $22.0B |
| 希薄化後EPS | $2.10 | $4.76 | $2.85 | $1.89 | −$0.75 | $2.73 | −$1.13 | $1.97 | $1.49 | $3.04 |
| 希薄化後株式数 | 6.19B | 6.18B | 6.81B | 7.35B | 7.47B | 7.50B | 7.59B | 7.26B | 7.20B | 7.18B |
| キャッシュフロー | ||||||||||
| 営業キャッシュフロー | $38.4B | $38.0B | $43.6B | $48.7B | $43.1B | $42.0B | $35.8B | $38.3B | $38.8B | $40.3B |
| 設備投資(capex) | $21.5B | $20.6B | $21.3B | $19.6B | $14.7B | $15.5B | $19.6B | $17.9B | $20.3B | $20.8B |
| フリーキャッシュフロー | $16.9B | $17.4B | $22.4B | $29.0B | $28.4B | $26.4B | $16.2B | $20.5B | $18.5B | $19.4B |
| 減価償却費 | $25.8B | $24.4B | $28.4B | $28.2B | $22.5B | $17.9B | $18.0B | $18.8B | $20.6B | $20.9B |
| 株式報酬 | $653M | $480M | $463M | $819M | $422M | $447M | $518M | $479M | $505M | $536M |
| 買収 | $3.0B | $1.1B | $43.3B | $1.8B | $1.6B | $25.5B | $10.2B | $2.9B | $380M | $379M |
| 自社株買い | $512M | $463M | $609M | $2.4B | $5.5B | $202M | $890M | $194M | $215M | $4.5B |
| 支払配当金 | $11.8B | $12.0B | $13.4B | $14.9B | $15.0B | $15.1B | $9.9B | $8.1B | $8.2B | $8.2B |
| 配当と自社株買い | $12.3B | $12.5B | $14.0B | $17.3B | $20.5B | $15.3B | $10.7B | $8.3B | $8.4B | $12.7B |
| 貸借対照表 | ||||||||||
| 現金および短期投資 | $5.8B | $50.5B | $5.2B | $9.7B | $7.9B | $19.2B | $3.7B | $6.7B | $3.3B | $18.2B |
| 負債総額 | $123.5B | $164.3B | $176.5B | $161.1B | $155.2B | $174.1B | $134.1B | $135.5B | $122.1B | $134.7B |
| ファイナンス・リース負債 | $0.0M | $0.0M | $1.9B | $2.0B | $2.0B | $1.6B | $1.8B | $1.8B | $1.4B | $1.4B |
| 流動資産 | $38.4B | $79.1B | $51.4B | $54.8B | $52.0B | $170.8B | $33.1B | $36.5B | $31.2B | $48.7B |
| 流動負債 | $50.6B | $81.4B | $64.4B | $68.9B | $63.4B | $106.2B | $56.2B | $51.1B | $46.9B | $53.8B |
| 棚卸資産 | $2.0B | $2.2B | $2.8B | $2.9B | $3.6B | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| 有形固定資産(純額) | $124.9B | $125.2B | $131.5B | $130.1B | $121.1B | $121.6B | $127.4B | $128.5B | $128.9B | $131.6B |
| 総資産 | $403.8B | $444.1B | $531.9B | $551.7B | $525.8B | $551.6B | $402.9B | $407.1B | $394.8B | $420.2B |
| 負債合計 | $279.7B | $302.1B | $338.0B | $349.7B | $346.5B | $367.8B | $296.4B | $289.6B | $276.6B | $293.7B |
| 自己資本 | $124.1B | $142.0B | $193.9B | $201.9B | $179.2B | $183.9B | $106.5B | $117.4B | $118.2B | $126.5B |
| 利益率 | ||||||||||
| 営業利益率 | 14.4% | 12.4% | 15.3% | 15.4% | 5.9% | 19.3% | −3.8% | 19.2% | 15.6% | 19.2% |
| EBITDAマージン | 30.2% | 27.6% | 31.9% | 31.0% | 21.6% | 32.6% | 11.1% | 34.5% | 32.4% | 35.9% |
| 純利益率 | 7.9% | 18.3% | 11.3% | 7.7% | −3.6% | 15.0% | −7.1% | 11.8% | 9.0% | 17.5% |
| FCFマージン | 10.3% | 10.8% | 13.1% | 16.0% | 19.9% | 19.7% | 13.4% | 16.7% | 15.1% | 15.5% |
| 収益性 | ||||||||||
| 投下資本利益率 | 6.5% | 8.0% | 6.7% | 6.3% | 1.9% | 6.3% | −1.3% | 7.6% | 5.8% | 8.7% |
| 使用資本利益率 | 6.7% | 5.6% | 6.3% | 5.9% | 1.8% | 5.7% | −1.2% | 6.7% | 5.4% | 6.8% |
| 自己資本利益率 | 10.5% | 22.1% | 11.5% | 7.0% | −2.7% | 11.1% | −5.9% | 12.9% | 9.3% | 17.9% |
| 総資産利益率 | 3.2% | 7.0% | 4.0% | 2.6% | −1.0% | 3.7% | −1.8% | 3.6% | 2.7% | 5.4% |
| 成長率 | ||||||||||
| 売上高成長率 | 11.6% | −2.0% | 6.4% | 6.1% | −21.1% | −6.3% | −9.9% | 1.4% | −0.1% | 2.7% |
| 純利益成長率 | −2.8% | 127.0% | −34.2% | −28.2% | −137.2% | — | −142.5% | — | −24.0% | 100.5% |
| EPS成長率 | −11.4% | 126.7% | −40.1% | −33.7% | −139.7% | — | −141.4% | — | −24.4% | 104.0% |
| FCF成長率 | 1.6% | 2.6% | 28.7% | 29.9% | −2.0% | −7.1% | −38.7% | 26.4% | −9.5% | 5.1% |
| 株式数の変化 | 9.6% | −0.1% | 10.1% | 8.0% | 1.6% | 0.5% | 1.1% | −4.3% | −0.7% | −0.4% |
| 財務の健全性 | ||||||||||
| 純負債 / EBITDA | 2.4x | 2.6x | 3.1x | 2.7x | 4.8x | 3.6x | 9.8x | 3.1x | 3.0x | 2.6x |
| 負債 / 自己資本 | 1.0x | 1.2x | 0.9x | 0.8x | 0.9x | 1.0x | 1.3x | 1.2x | 1.0x | 1.1x |
| インタレスト・カバレッジ | 4.8x | 3.2x | 3.3x | 3.3x | 1.1x | 3.9x | −0.8x | 3.5x | 2.8x | 3.6x |
| 流動比率 | 0.8x | 1.0x | 0.8x | 0.8x | 0.8x | 1.6x | 0.6x | 0.7x | 0.7x | 0.9x |
| 当座比率 | 0.7x | 1.0x | 0.8x | 0.8x | 0.8x | 1.6x | 0.6x | 0.7x | 0.7x | 0.9x |
| 資本配分 | ||||||||||
| 設備投資 / 売上高 | 13.1% | 12.9% | 12.5% | 10.8% | 10.3% | 11.6% | 16.3% | 14.6% | 16.6% | 16.6% |
| 株式報酬 / 売上高 | 0.4% | 0.3% | 0.3% | 0.5% | 0.3% | 0.3% | 0.4% | 0.4% | 0.4% | 0.4% |
| 株主還元 / FCF | 72.7% | 72.0% | 62.7% | 59.6% | 71.9% | 57.8% | 66.4% | 40.7% | 45.5% | 65.2% |
| クオリティ指標 | ||||||||||
| ピオトロスキーFスコア | 5.0 | 6.0 | 4.0 | 4.0 | 4.0 | 5.0 | 3.0 | 7.0 | 5.0 | 7.0 |
| アルトマンZ'' | 0.9 | 1.1 | 1.1 | 1.1 | 0.7 | 1.9 | −0.2 | 0.5 | 0.5 | 0.9 |
| アクルーアル比率 | −6.3% | −2.0% | −5.0% | −6.4% | −9.0% | −4.1% | −9.3% | −5.9% | −6.9% | −4.5% |
出典:SEC EDGAR XBRL提出書類 (CIK 0000732717). 2026年10月21日更新。 第4四半期は通期から最初の9か月を差し引いた値です。 情報提供のみを目的としており、投資助言ではありません。数字を利用する前に原本の書類を確認してください。