AT&T Inc. (T) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.59	$0.65	+10.2%	—	—	—
Q3 26	$0.55	$0.57	+3.6%	—	—	—
Q2 26	$0.54	$0.54	0.0%	—	—	—
Q1 26	$0.53	$0.54	+1.9%	—	—	—
Q4 25	$0.51	$0.51	0.0%	—	—	—
Q3 25	$0.51	$0.54	+5.9%	—	—	—
Q2 25	$0.57	$0.6	+5.3%	—	—	—
Q1 25	$0.57	$0.57	0.0%	—	—	—
Q4 24	$0.53	$0.55	+3.8%	—	—	—
Q3 24	$0.56	$0.54	-3.6%	—	—	—
Q2 24	$0.62	$0.64	+3.2%	—	—	—
Q1 24	$0.6	$0.63	+5.0%	—	—	—
Q4 23	$0.59	$0.6	+1.7%	—	—	—
Q3 23	$0.57	$0.61	+7.0%	—	—	—
Q2 23	$0.61	$0.68	+11.5%	—	—	—
Q1 23	$0.61	$0.65	+6.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.04	—	—	$125.6B	—
FY24	—	$1.49	—	—	$122.3B	—
FY23	—	$1.97	—	—	$122.4B	—
FY22	—	-$1.13	—	—	$120.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$163.8B	$160.5B	$170.8B	$181.2B	$171.8B	$134B	$120.7B	$122.4B	$122.3B	$125.6B
YoY change	+11.6%	-1.98%	+6.36%	+6.11%	-5.21%	-22%	-9.92%	+1.4%	-0.08%	+2.71%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	163.8B	160.5B	170.8B	181.2B	171.8B	134B	120.7B	122.4B	122.3B	125.6B
Cost of revenue	77.2B	77.8B	79.4B	84.1B	79.9B	60.4B	50.8B	50.1B	49.2B	50.8B
Gross profit	86.6B	82.7B	91.3B	97.1B	91.8B	73.6B	69.9B	72.3B	73.1B	74.8B
Gross margin	52.9%	51.5%	53.5%	53.6%	53.5%	54.9%	57.9%	59.1%	59.8%	59.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	36.8B	35.5B	36.8B	39.4B	38B	29.7B	29B	28.9B	28.4B	28.9B
Operating expenses	36.8B	35.5B	36.8B	39.4B	38B	29.7B	29B	28.9B	28.4B	28.9B
Operating income	23.9B	22.9B	26.1B	29.4B	25.3B	26.1B	22.9B	24.7B	24.1B	25B
Operating margin	14.6%	14.3%	15.3%	16.2%	14.7%	19.5%	19%	20.1%	19.7%	19.9%
Non-operating income, net	818M	-1.4B	6.7B	-2.5B	-20.2B	9.8B	-19.9B	1.9B	-667M	8.8B
Pretax income	19.8B	15.1B	24.9B	18.5B	-2.9B	29.2B	-3.1B	19.8B	16.7B	27B
Income tax	6.5B	-14.7B	4.9B	3.5B	965M	5.4B	3.8B	4.2B	4.4B	3.6B
Net income	13.3B	29.8B	20B	15B	-3.8B	21.5B	-7.1B	15.6B	12.3B	23.4B
Net margin	8.14%	18.6%	11.7%	8.26%	-2.22%	16%	-5.84%	12.8%	10%	18.6%
EBITDA	50.9B	48.7B	61.3B	56.6B	52.5B	54B	48.5B	46.5B	49.1B	55.5B
EPS	2.1	4.77	2.85	1.9	-0.75	2.77	-1.13	1.97	1.49	3.04
Diluted EPS	2.1	4.76	2.85	1.89	-0.75	2.76	-1.13	1.97	1.49	3.04

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	30.4B	32B	30B	29.8B	30.2B	32.3B	30.6B	30.8B	30.7B	33.5B	31.5B	31.6B
Cost of revenue	12.1B	13.9B	12B	11.4B	11.6B	14.2B	12B	12.2B	11.8B	14.8B	12.6B	12B
Gross profit	18.3B	18.1B	18.1B	18.4B	18.6B	18.1B	18.6B	18.7B	18.9B	18.6B	18.9B	19.5B
Gross margin	60.3%	56.6%	60.2%	61.6%	61.5%	56%	60.7%	60.6%	61.5%	55.7%	60.1%	61.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	7.2B	7.5B	7B	7B	7B	7.4B	7.1B	6.9B	7.5B	7.4B	7.3B	7.2B
Operating expenses	7.2B	7.5B	7B	7B	7B	7.4B	7.1B	6.9B	7.5B	7.4B	7.3B	7.2B
Operating income	6.4B	5.9B	6B	6.2B	6.5B	5.3B	6.3B	6.5B	6.1B	6.1B	6.7B	7.3B
Operating margin	21%	18.3%	20%	20.9%	21.6%	16.5%	20.4%	21.1%	19.9%	18.3%	21.1%	23.2%
Non-operating income, net	256M	-1.2B	587M	550M	-3.4B	1.6B	1.4B	1.3B	6.2B	-66M	553M	381M
Pretax income	5B	2.9B	4.9B	5.1B	1.4B	5.3B	6B	6.1B	10.7B	4.3B	5.4B	5.8B
Income tax	1.2B	354M	1.1B	1.1B	1.3B	900M	1.3B	1.2B	976M	109M	1.2B	784M
Net income	3.8B	2.6B	3.8B	3.9B	145M	4.4B	4.7B	4.9B	9.7B	4.2B	4.2B	5B
Net margin	12.6%	8.06%	12.5%	13.3%	0.48%	13.6%	15.3%	15.8%	31.5%	12.4%	13.3%	15.9%
EBITDA	12B	10B	11.8B	12.3B	12.6B	12.4B	13.3B	13B	17.7B	11.5B	12.2B	13B
EPS	0.48	0.3	0.47	0.49	-0.03	0.56	0.61	0.62	1.29	0.53	0.54	0.66
Diluted EPS	0.48	0.3	0.47	0.49	-0.03	0.56	0.61	0.62	1.29	0.53	0.54	0.66

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	198.1B	181B	146.1B	216B	155.5B	133.2B	131.9B	120.5B	163.9B	178.1B	170.6B
Enterprise value	315.9B	294.9B	317.4B	388.9B	325.2B	309.8B	282.9B	268.7B	301.5B	314.9B	340.1B
Shares outstanding	6.2B	6.2B	6.8B	7.3B	7.2B	7.2B	7.2B	7.2B	7.2B	7.2B	7.2B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	14.9	6.06	7.32	14.4	—	6.2	—	7.71	13.4	7.61	8.38
P/S	1.21	1.13	0.86	1.19	0.91	0.99	1.09	0.98	1.34	1.42	1.37
P/B	1.6	1.27	0.75	1.07	0.87	0.72	1.24	1.01	1.36	1.39	1.58
EV/EBITDA	6.2	6.05	5.18	6.87	6.2	5.74	5.83	5.78	6.14	5.67	7.57
EV/Sales	1.93	1.84	1.86	2.15	1.89	2.31	2.34	2.19	2.46	2.51	2.67
Earnings yield	6.73%	16.5%	13.7%	6.93%	—	16.1%	—	13%	7.47%	13.1%	11.9%
FCF yield	8.54%	9.59%	15.3%	13.4%	17.7%	19.8%	9.4%	17%	11.3%	10.9%	5.94%
PEG	—	—	—	—	—	—	—	—	—	—	1.3

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	52.9%	51.5%	53.5%	53.6%	53.5%	54.9%	57.9%	59.1%	59.8%	59.6%	61.8%
Operating margin	14.6%	14.3%	15.3%	16.2%	14.7%	19.5%	19%	20.1%	19.7%	19.9%	24.8%
Net margin	8.14%	18.6%	11.7%	8.26%	-2.22%	16%	-5.84%	12.8%	10%	18.6%	16.9%
ROE	10.7%	21%	10.3%	7.42%	-2.13%	11.7%	-6.63%	13.1%	10.2%	18.2%	18.3%
ROA	3.3%	6.72%	3.75%	2.71%	-0.73%	3.89%	-1.75%	3.84%	3.1%	5.57%	4.16%
ROIC	6.65%	8.94%	5.74%	6.36%	7.25%	5.9%	8.9%	7.25%	6.87%	8.16%	8.46%
Return on tangible assets	-33.1%	642.3%	-22.5%	-26.7%	10.2%	16.8%	-86.3%	246.1%	365.7%	88.1%	76.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.76	0.97	0.8	0.79	0.82	1.61	0.59	0.71	0.66	0.91	0.97
Quick ratio	0.76	0.97	0.8	0.79	0.76	1.58	0.53	0.67	0.62	0.86	0.93
Debt / equity	1	1.16	0.91	0.92	1	1.07	1.45	1.3	1.17	1.21	1.29
Debt / assets	0.31	0.37	0.33	0.34	0.34	0.36	0.38	0.38	0.36	0.37	0.38
Net debt / EBITDA	2.31	2.34	2.79	3.06	3.23	3.27	3.11	3.19	2.8	2.46	2.68
Interest coverage	5.04	3.4	4.13	3.19	0.64	5.34	0.49	3.96	3.47	4.97	4.64
Effective tax rate	32.7%	0%	19.8%	18.9%	0%	18.5%	0%	21.3%	26.6%	13.4%	11.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	26.6	26	25.2	24.8	24	18.7	16.8	17	17	17.5	18
EPS (basic)	2.1	4.77	2.85	1.9	-0.75	2.77	-1.13	1.97	1.49	3.04	3.04
EPS (diluted)	2.1	4.76	2.85	1.89	-0.75	2.76	-1.13	1.97	1.49	3.04	3.03
Book value per share	20.1	23	28.6	27.6	25	25.6	14.9	16.6	16.7	17.9	16.1
FCF per share	2.74	2.82	3.3	3.97	3.84	3.68	1.73	2.85	2.57	2.71	2.54
Cash per share	0.94	8.19	0.77	1.66	1.36	2.68	0.52	0.94	0.46	2.54	2.56
Capex per share	3.49	3.35	3.06	2.66	2.19	—	—	—	—	2.91	3.2

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	13.1%	12.9%	12.2%	10.7%	9.13%	—	—	—	—	16.6%	17.5%
Capex / operating cash flow	60.3%	63.5%	46%	44.3%	67.5%	—	—	—	—	51.7%	55.8%
Payout ratio	88.5%	40.3%	67.2%	99.4%	-391.4%	70.2%	-139.7%	52.1%	67%	35%	36.6%
Dividend yield	5.95%	6.65%	9.18%	6.89%	9.62%	11.3%	7.47%	6.75%	5.01%	4.59%	4.5%

Yield

4.5%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.278

ex-dividend Jul 10, 2026

Payout ratio

37%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 10, 2026	$0.278
Apr 10, 2026	$0.278
Jan 12, 2026	$0.278

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$30.4B	$32B	$30B	$29.8B	$30.2B	$32.3B	$30.6B	$30.8B	$30.7B	$33.5B	$31.5B	$31.6B
YoY change	+1.02%	+2.17%	-0.37%	-0.4%	-0.45%	+0.86%	+1.99%	+3.52%	+1.64%	+3.62%	+2.87%	+2.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	5.8B	50.5B	5.2B	12.1B	9.7B	19.2B	3.7B	6.7B	3.3B	18.2B
Receivables	16.8B	16.5B	26.5B	22.6B	20.2B	12.3B	11.5B	10.3B	9.6B	8.8B
Inventory	—	—	—	—	3.7B	3.3B	3.1B	2.2B	2.3B	2.4B
Total current assets	38.4B	79.1B	51.4B	54.8B	52B	170.8B	33.1B	36.5B	31.2B	48.7B
Property, plant & equipment	89.9B	88.9B	93.5B	115.2B	112.6B	105.3B	110.5B	110B	109.8B	113.5B
Goodwill & intangibles	444.1B	439.4B	620.4B	607.7B	563.1B	423.9B	394.7B	400.7B	391.4B	393.7B
Total assets	403.8B	444.1B	531.9B	551.7B	525.8B	551.6B	402.9B	407.1B	394.8B	420.2B
Accounts payable	22B	24.4B	27B	29.6B	31.8B	29.5B	31.1B	27.3B	27.4B	29.9B
Short-term debt	9.8B	38.4B	10.3B	11.8B	3.5B	25.9B	7.6B	9.5B	5.1B	9B
Total current liabilities	50.6B	81.4B	64.4B	68.9B	63.4B	106.2B	56.2B	51.1B	46.9B	53.8B
Long-term debt	113.7B	126B	166.3B	173.1B	176B	170B	147.1B	145.4B	135.8B	146B
Total liabilities	279.7B	302.1B	338B	349.7B	346.5B	367.8B	296.4B	287.6B	274.6B	291.7B
Shareholders' equity	124.1B	142B	193.9B	201.9B	179.2B	183.9B	106.5B	119.4B	120.2B	128.5B
Total debt	123.5B	164.3B	176.5B	185B	179.4B	195.8B	154.7B	154.9B	140.9B	155B
Net debt	117.7B	113.8B	171.3B	172.8B	169.7B	176.6B	151B	148.2B	137.6B	136.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	7.5B	6.7B	3.5B	3.1B	2.6B	3.3B	6.9B	10.5B	20.3B	18.2B	12B	17.6B
Receivables	9B	10.3B	9.6B	9.7B	9.1B	9.6B	9.2B	8.8B	8.9B	8.8B	8.3B	8.5B
Inventory	2.5B	2.2B	2.1B	1.8B	2.5B	2.3B	2.6B	2.4B	2.9B	2.4B	2.5B	2.4B
Total current assets	35.6B	36.5B	30.4B	29.9B	29.8B	31.2B	33.8B	39.3B	54.6B	48.7B	46.3B	51.8B
Property, plant & equipment	149.5B	110B	148.5B	148.4B	148.7B	109.8B	149.5B	150.6B	152.6B	113.5B	155.9B	157B
Goodwill & intangibles	400.6B	400.7B	401.1B	400.8B	391.6B	391.4B	392.1B	392.5B	392.9B	393.7B	398.2B	398.1B
Total assets	406.7B	407.1B	399.4B	398B	393.7B	394.8B	397.5B	405.5B	423.2B	420.2B	421.2B	428.4B
Accounts payable	34.7B	27.3B	32B	31.2B	31.9B	27.4B	33.1B	33.3B	36.6B	29.9B	37.3B	38B
Short-term debt	11.3B	9.5B	7.1B	5.2B	2.6B	5.1B	8.9B	9.3B	11.4B	9B	6.8B	9.3B
Total current liabilities	51.7B	51.1B	44.8B	42.4B	40.7B	46.9B	48B	48.6B	53.9B	53.8B	50.4B	53.4B
Long-term debt	144.4B	145.4B	143B	142.5B	143.7B	135.8B	134.7B	140.8B	147.1B	146B	150.5B	153.6B
Total liabilities	286.9B	287.6B	278.8B	276.7B	275.5B	274.6B	275.6B	282.1B	294.5B	291.7B	293.6B	299.9B
Shareholders' equity	119.8B	119.4B	120.6B	121.3B	118.3B	120.2B	121.8B	123.4B	128.7B	128.5B	127.6B	128.4B
Total debt	155.7B	154.9B	150.1B	147.8B	146.3B	140.9B	143.6B	150.1B	158.5B	155B	157.3B	162.9B
Net debt	148.2B	148.2B	146.5B	144.7B	143.8B	137.6B	136.7B	139.6B	138.2B	136.8B	145.3B	145.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	13.3B	29.8B	20B	15B	-3.8B	23.8B	-6.9B	15.6B	12.3B	23.4B
Depreciation & amortization	25.8B	24.4B	28.4B	28.2B	28.5B	17.9B	18B	18.8B	20.6B	20.9B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-3B	-4.4B	-12B	-10.4B	-11.9B	-2.7B	-740M	-692M	-1.6B	-644M
Operating cash flow	35.7B	32.5B	45.2B	43.9B	23.2B	45.7B	12.4B	37.4B	34.3B	40.3B
Capital expenditure	-21.5B	-20.6B	-20.8B	-19.4B	-15.7B	—	—	—	—	-20.8B
Investing cash flow	-22.4B	-18B	-62.7B	-16.5B	-13.5B	-18.3B	-10B	-3B	-730M	-19B
Dividends paid	-11.8B	-12B	-13.4B	-14.9B	-15B	-15.1B	-9.9B	-8.1B	-8.2B	-8.2B
Share repurchases	-512M	-463M	-609M	-2.4B	-5.5B	-202M	-890M	-194M	-215M	-6.6B
Financing cash flow	-14.5B	25.9B	-28.9B	-32.3B	-41.5B	-5.6B	-79.6B	-20.1B	-27.2B	-6.4B
Net change in cash	-1.2B	40.4B	-46.4B	-4.8B	-31.8B	21.7B	-77.2B	14.4B	6.4B	14.9B
Free cash flow	16.9B	17.4B	22.4B	29B	27.5B	26.4B	12.4B	20.5B	18.5B	19.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	3.8B	2.6B	3.8B	3.9B	145M	4.4B	4.7B	4.9B	9.7B	4.2B	4.2B	5B
Depreciation & amortization	4.7B	4.8B	5B	5.1B	5.1B	5.4B	5.2B	5.3B	5.3B	5.1B	5B	5B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-959M	-1.9B	1.3B	-15M	-2.2B	-1.9B	1.7B	211M	-1.5B	-1B	783M	308M
Operating cash flow	8.7B	5.7B	10.7B	10B	4.4B	8.1B	11.6B	10.9B	10.2B	11.3B	7.6B	10.9B
Capital expenditure	—	—	—	—	—	—	—	—	-4.9B	-6.8B	-4.9B	-5.7B
Investing cash flow	-384M	-2B	-476M	-116M	-196M	58M	-726M	-60M	-4.5B	-4.5B	-7.5B	-5.7B
Dividends paid	-2B	-2B	-2B	-2.1B	-2B	-2B	-2.1B	-2B	-2B	-2B	-2B	-2B
Share repurchases	-1M	-4M	-157M	-2M	-43M	-13M	-2.3B	-961M	-1.5B	-1.8B	-2.5B	-2.2B
Financing cash flow	-7.9B	-8.8B	-9.8B	-6B	-5.6B	-5.9B	-553M	-45M	3B	-8.8B	-2.1B	680M
Net change in cash	496M	-5.1B	396M	3.9B	-1.3B	2.3B	10.4B	10.8B	8.6B	-2B	-2B	5.8B
Free cash flow	5.7B	6.8B	3.8B	4.7B	4.9B	5.1B	4.8B	4.9B	5.3B	4.5B	2.7B	5.2B

Date	Ratio
Apr 11, 2022	1324:1000
Mar 20, 1998	2:1
May 26, 1993	2:1
May 26, 1987	3:1

AT&T Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history