A 
AT&T T · USD
Communication Services · Diversified Telecommunication Services · US listing · 🇺🇸 United States
S&P 500
21.63
-0.89%
Close of 6 Nov 2026, in USD
At a glance
Figures in USD, from our data supplier.
Revenue
$125.65bn
FY2016FY2025
Net income
$21.89bn
FY2016FY2025
Free cash flow
$19.44bn
FY2016FY2025
Shareholders' equity
$110.53bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $125.65bn | $122.34bn | $122.43bn | $120.74bn | $134.04bn | $171.76bn | $181.19bn | $170.76bn | $160.55bn | $163.79bn |
| Research and development | — | $955.0m | $954.0m | $1.24bn | $1.32bn | $1.21bn | $1.28bn | $1.19bn | $1.50bn | $1.65bn |
| Operating income | $33.81bn | $24.26bn | $24.77bn | −$4.59bn | $32.78bn | $25.72bn | $30.38bn | $27.29bn | $23.51bn | $25.87bn |
| Net income | $21.89bn | $10.95bn | $14.40bn | −$8.52bn | $20.08bn | −$5.18bn | $13.90bn | $19.37bn | $29.45bn | $12.98bn |
| Diluted earnings per share | 3.05 | 1.52 | 2.00 | -1.13 | 2.79 | -0.72 | 1.89 | 2.64 | 4.76 | 2.10 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $420.20bn | $394.80bn | $407.06bn | $402.85bn | $551.62bn | $525.76bn | $551.67bn | $531.86bn | $444.10bn | $403.82bn |
| Cash and short-term investments | $18.23bn | $3.30bn | $6.72bn | $3.70bn | $19.22bn | $9.74bn | $12.13bn | $5.20bn | $50.50bn | $5.79bn |
| Total liabilities | $291.71bn | $274.57bn | $287.64bn | $296.40bn | $367.77bn | $346.52bn | $349.74bn | $337.98bn | $302.09bn | $279.71bn |
| Debt | $136.10bn | $123.53bn | $137.33bn | $136.02bn | $176.88bn | $157.25bn | $163.15bn | $176.50bn | $164.35bn | $123.51bn |
| Shareholders' equity | $110.53bn | $104.37bn | $103.30bn | $97.50bn | $166.33bn | $161.67bn | $184.22bn | $184.09bn | $140.86bn | $123.14bn |
| Shares outstanding | 7,179m | 7,206m | 7,191m | 7,533m | 7,204m | 7,176m | 7,341m | 7,328m | 6,182m | 6,181m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $40.28bn | $38.77bn | $38.31bn | $32.02bn | $41.96bn | $43.13bn | $48.67bn | $43.60bn | $38.01bn | $39.34bn |
| Capital spending | −$20.84bn | −$20.26bn | −$17.85bn | −$19.63bn | −$16.53bn | −$15.68bn | −$19.43bn | −$20.76bn | −$20.65bn | −$21.52bn |
| Free cash flow | $19.44bn | $18.51bn | $20.46bn | $12.40bn | $25.43bn | $27.45bn | $29.23bn | $22.84bn | $17.36bn | $17.83bn |
| Dividends paid | −$8.18bn | −$8.21bn | −$8.14bn | −$9.86bn | −$15.07bn | −$14.96bn | −$14.89bn | −$13.41bn | −$12.04bn | −$11.80bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $31.56bn | $31.51bn | $33.47bn | $30.71bn | $30.85bn | $30.63bn | $32.30bn | $30.21bn |
| Operating income | $7.04bn | $6.66bn | $5.16bn | $6.12bn | $6.55bn | $7.41bn | $5.35bn | $6.58bn |
| Net income | $4.59bn | $3.83bn | $3.72bn | $9.31bn | $4.50bn | $4.35bn | $4.08bn | −$174.0m |
| Diluted earnings per share | 0.66 | 0.55 | 0.52 | 1.30 | 0.63 | 0.61 | 0.57 | -0.02 |
| Cash from operations | $10.84bn | $7.56bn | $11.32bn | $10.15bn | $9.76bn | $9.05bn | $11.90bn | $10.23bn |
| Capital spending | −$5.70bn | −$4.88bn | −$6.78bn | −$4.89bn | −$4.90bn | −$4.28bn | −$6.84bn | −$5.30bn |
| Free cash flow | $5.14bn | $2.68bn | $4.54bn | $5.26bn | $4.87bn | $4.77bn | $5.05bn | $4.93bn |
| Total assets | $428.36bn | $421.19bn | $420.20bn | $423.21bn | $405.49bn | $397.47bn | $394.80bn | $393.72bn |
| Cash and short-term investments | $17.57bn | $11.96bn | $18.23bn | $20.27bn | $10.50bn | $6.88bn | $3.30bn | $2.59bn |
| Debt | $9.32bn | $138.41bn | $136.10bn | $139.47bn | $132.31bn | $126.16bn | $123.53bn | $129.01bn |
| Shareholders' equity | $126.43bn | $109.66bn | $110.53bn | $110.71bn | $105.27bn | $103.74bn | $104.37bn | $102.35bn |
Financial ratios
Data as of 5 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 25.3% | 19.8% | 20.2% | -3.8% | 24.5% | 15.0% | — |
| Net margin | 17.4% | 8.9% | 11.8% | -7.1% | 15.0% | -3.0% | — |
| Return on equity | 19.8% | 10.5% | 13.9% | -8.7% | 12.1% | -3.2% | — |
| Return on assets | 5.2% | 2.8% | 3.5% | -2.1% | 3.6% | -1.0% | — |
| Free cash flow yield | 33.2% | 31.9% | 30.4% | 26.7% | 31.6% | 31.9% | — |
| Revenue growth | 2.7% | -0.1% | 1.4% | -9.9% | -22.0% | -5.2% | — |
| Earnings growth | 99.9% | -24.0% | -268.9% | -142.4% | -488.0% | -137.2% | — |
| Current ratio | 0.91x | 0.66x | 0.71x | 0.59x | 1.61x | 0.82x | — |
| Debt to equity | 1.23x | 1.18x | 1.33x | 1.40x | 1.07x | 0.97x | — |
| Equity ratio | 26.3% | 26.4% | 25.4% | 24.2% | 30.2% | 30.8% | — |
| Interest coverage | 4.67x | 3.60x | 3.70x | -0.75x | 4.90x | 3.25x | — |
| R&D as a share of sales | — | 0.8% | 0.8% | 1.0% | 1.0% | 0.7% | 0.7% |
| Buybacks as a share of market value | 0.4% | -0.2% | 4.5% | -4.6% | -0.4% | 2.2% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.3% | -6.1% | -1.5% |
| Operating income | — | 5.6% | 2.4% |
| Net income | — | — | 5.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 23.4% | 15.9% | 17.2% | 16.7% |
| Net margin | 13.2% | 7.9% | 6.7% | 8.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 8.2 | 15.0 | 8.4 | -16.3 | 8.8 | -39.9 | 20.6 | 10.8 | 8.2 | 20.3 |
| Price to sales | 1.4 | 1.3 | 1.0 | 1.1 | 1.3 | 1.2 | 1.6 | 1.2 | 1.5 | 1.6 |
Market value over time
31 Oct 2016 to 4 Sept 2026, in USD
$171.97bn$178.37bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 8% | 35% | -7% | -26% | -17% | -26% | 37% | -26% | -9% | 24% |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 9 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.834 | 1.11 | 1.11 | 1.11 | 1.11 | 2.08 | 2.08 | 2.05 |
- 2-for-1 split · 20 Mar 1998
- 2-for-1 split · 26 May 1993
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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