FirmAtlas
Company handbook · T · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
T · CIK 732717 · LATEST FILING: 10-Q JUN '26 · FILED JUL 22, 2026
AT&T INC.
$23.44
−0.06 (−0.26%)
Close, Oct 16, 2026 · 52-week $20–29
Last fiscal year
AT&T INC. reported revenue of $125.6B for the year ended Dec 31, 2025 (FY25), up 2.7% from FY24. Net income was $22.0B, operating cash flow $40.3B and free cash flow $19.4B. Source: 10-K filed Feb 9, 2026.
Market cap
$168.3B
P/E
7.8
EV/EBITDA
6.1x
P/B
1.3
Div yield
4.74%
ROIC
8.9%
Revenue 1Y
2.7%/yr
EPS 1Y
104.0%/yr
Shares 1Y
−0.3%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJohn T. Stankey
HQDallas, TX
AuditorErnst & Young LLP
Employees133,030
Year endsDecember
Revenue by segment · FY25
Communications96%
International3%
Corporate And Other0%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
−5.0%
−1.8%
17.6%
−10.5%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$63.0B deployed
Capex
$41.1B
65.3%
Acquisitions
$759M
1.2%
Dividends
$16.4B
26.0%
Buybacks
$4.7B
7.5%
Operating cash flow over the period: $79.1B. Total debt changed by +$8.6B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
122,336
125,648+2.7%
127,239
YoY
+2.7%
Operating income
19,049
24,162+26.8%
25,603
Operating margin
15.6%
19.2%+3.7 pp
—
EBITDA
39,629
45,048+13.7%
—
EBITDA margin
32.4%
35.9%+3.5 pp
—
Interest expense
6,759
6,804+0.7%
—
Interest coverage
5.86x
6.62x+0.76x
—
Net income
10,948
21,953+100.5%
21,558
YoY
+100.5%
Net margin
8.9%
17.5%+8.5 pp
—
EPS (diluted, $)
1.49
3.04+104.0%
3.02
YoY
+104.0%
Balance sheet
Total assets
394,795
420,198+6.4%
428,359
Cash & short-term investments
3,406
18,527+444.0%
—
Accounts receivable
9,638
8,843−8.2%
—
Net PP&E
128,871
131,559+2.1%
—
Other assets
252,880
261,269+3.3%
—
Total liabilities
276,550
293,707+6.2%
301,925
Accounts payable
27,433
29,910+9.0%
—
Total debt
118,443
127,089+7.3%
134,631
Other liabilities
130,674
136,708+4.6%
—
Shareholders’ equity
118,245
126,491+7.0%
126,434
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
38,771
40,284+3.9%
39,868
Net income
12,253
23,386+90.9%
—
Depreciation & amortization
20,580
20,886+1.5%
—
Stock-based compensation
505
536+6.1%
—
Working capital & other
5,433
(4,524)−183.3%
—
Cash from investing
(17,490)
(18,777)n/m
—
Capex
(20,263)
(20,842)n/m
—
Acquisitions
(380)
(379)n/m
—
Other investing
3,153
2,444−22.5%
—
Cash from financing
(24,708)
(6,386)n/m
—
Debt raised
19
14,027+73726.3%
—
Debt repaid
(10,297)
(5,528)n/m
—
Dividends
(8,208)
(8,180)n/m
—
Buybacks
(215)
(4,500)n/m
—
Other financing
(6,007)
(2,205)n/m
—
Net change in cash
(3,427)
15,121n/m
—
Free cash flow (OCF − capex)
18,508
19,442+5.0%
17,623
Where the cash went
Operating cash flow
38,771
40,284+3.9%
39,868
Reinvested in the business
20,643
21,221+2.8%
—
% of operating cash flow
53.2%
52.7%
Capex
20,263
20,842+2.9%
22,245
Acquisitions
380
379−0.3%
—
Free cash flow
18,508
19,442+5.0%
17,623
YoY
+5.0%
Returned to shareholders
8,423
12,680+50.5%
—
% of free cash flow
45.5%
65.2%
Dividends
8,208
8,180−0.3%
—
Buybacks
215
4,500+1993.0%
—
Change in total debt
—
8,646
—
Cash left over
—
15,029
—
FCF conversion (FCF ÷ net income)
169.1%
88.6%−80.5 pp
—
Owner earnings
—
25,269
—
Owner earnings margin
—
20.1%
—
Buyback yield
0.1%
2.5%+2.4 pp
—
Returns & ratios
ROIC (all capital)
6.0%
8.9%+2.9 pp
—
ROIC (operating)
12.6%
18.9%+6.3 pp
—
Net debt / EBITDA
2.90x
2.41x−0.49x
—
Debt / equity
1.00x
1.00x+0.00x
—
ROE
9.3%
17.4%+8.1 pp
—
ROA
2.8%
5.2%+2.5 pp
—
ROCE
5.5%
6.6%+1.1 pp
—
NOPAT
13,978
20,922+49.7%
—
Invested capital (operating)
111,076
110,492−0.5%
—
Invested capital (all)
233,282
235,053+0.8%
—
Reinvestment rate
—
−2.8%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
30,709
33,466
31,506
31,558
vs year-ago quarter
Operating income
6,119
5,788
6,658
7,038
Net income
9,314
3,788
3,829
4,627
vs year-ago quarter
Net margin
30.3%
11.3%
12.2%
14.7%
EPS (diluted, $)
1.29
0.53
0.54
0.66
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
423,213
420,198
421,188
428,359
Cash & equivalents
20,328
18,527
12,332
17,941
Total debt
128,090
127,089
131,589
134,631
Shareholders’ equity
126,755
126,491
125,619
126,434
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
10,152
11,320
7,595
10,801
Capex
4,887
6,781
4,877
5,700
Free cash flow
5,265
4,539
2,718
5,101
vs year-ago quarter