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AT&T (T) stock

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NYSE: T NYSE Integrated Telecommunication Services Next results ~January 27, 2027

C+ Fundamentals grade

AT&T is a US-listed company in the integrated telecommunication services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$38

Cash-flow model

Base case. Range ~$23–$59 across our lower- and higher-growth cases (-2.3%–7.7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 79% above it.

Price used: $21.44, November 2, 2026

AT&T valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter AT&T files

10-Q filed October 21: AT&T

Revenue for the twelve months to September 2026 reached $128.9bn, up 3.5% on a year earlier and faster than the 2.6% pace of a quarter earlier. Working against that, free cash flow margin slipped to 13.8% from 16.0% a year earlier. The diluted share count is down 3.1% over the same span, which lifts the claim of each remaining share. Our model value is little changed at $40.54 a share, against a price of $22.74, so the rating stays Buy. At that price, the model implies the market expects cash flow to shrink about 3.7% a year for five years. That is slower than the -0.8% a year revenue growth already delivered.

Source: 10-Q filed October 21, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where AT&T stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $127.2bn, up 2.6% on a year earlier, about the same pace as a quarter earlier. That puts it 745 of 931 for growth among all the companies we cover. Free-cash-flow margin fell to 13.9% from 15.8% a year earlier. Operating margin widened to 20.1% from 15.9%. The diluted share count is down 2.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 0 of our 2 financial-health checks. Our cash-flow model value is $30.81 a share, against a share price of $23.49. At that price, our model says the market is pricing in cash flow shrinking about 0.8% a year for five years, close to the -1.0% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

AT&T's trailing-twelve-month revenue grew 3.5% year on year, with a free-cash-flow margin of 13.8%. Where it stands out: change in share count of -3.1% ranks 1 of 15 integrated telecommunication services companies we cover.

Our discounted-cash-flow model values the business at ~$38 per share in the base case (~$23–$59 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 10.7% while net income fell 41.0%: a 30pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $21.44 is 79% below our value per share of $38.
  • Shrinking share count. Diluted shares fell 3.1% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Gross margin slipping. Gross margin is down 6.4 points on a year ago.

Latest results: FY2026 Q3

Filed October 21, 2026
Earnings per share
$0.65 against an average estimate of $0.60: beat by 7.8%
Revenue
$32.32bn, up 5.3% on a year earlier
Share reaction
-2.9% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Next report
October 21, 2026; average EPS estimate $0.54

AT&T's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.1%
  • 1 week+2.8%
  • 1 month-10.8%
  • This year-9.6%
  • 1 year-9.2%
  • 5 years+50.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$129B
Operating margin
18.3%
Net margin
10.2%
EPS (TTM, diluted)
$1.88

Growth

Revenue growth
+3.5%
Change in growth rate
+0.9 pts
Share count change
−3.1%

Cash

Free cash flow (TTM)
$17.8B
FCF margin
13.8%

Earnings

Last results
October 21, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Our research
  3. Results
  4. Leadership
  5. Leadership
  6. Announcement
  7. Announcement
  8. Financing
  9. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

AT&T valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 3.3% a year for five years.That is close to the -0.8% a year revenue growth AT&T has delivered.

  • Priced in-3.3%
  • Last 12 months3.5%
  • 3 years a year1.9%
  • 5 years a year-0.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($21.20, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$38
Price used
$21.20close November 3, 2026
Implied change
▲ +81%
Uncertainty
High

How we got here: a discounted-cash-flow model of AT&T's free cash flow after stock-based pay with after-tax interest added back ($25.6B, FY2026 Q3 TTM), growing 1.5% and 1.7% in the next two years (forecasts, guidance and its record), then back to 2.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$23–~$59 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of AT&T's free cash flow after stock-based pay ( $25.6B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value AT&T as an operating company, with every model that fits that kind of business. Cost of equity 7.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.57 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$38 ~$23–$59 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$19 ~$14–$26 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$19 ~$17–$23 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$29 ~$19–$38 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare AT&T with Integrated Telecommunication Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −41%
  • Revenue growth 5 points higher ▲ +54%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▼ −16%
  • Discount rate 1 point higher ▼ −24%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $30$49$75$108$152$209
8.5% $17$31$49$73$105$145
10% $9$20$34$53$77$107

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$12.17$16.07$15.67$12.42$18.44$14.81$13.94$14.84$14.44$20.80$23.71$21.44
Market value$68.7bn$99.4bn$96.9bn$84.5bn$135.5bn$110.6bn$104.6bn$112.6bn$104.8bn$149.9bn$170.2bn$149.7bn
+ Net debt (− = net cash)$121.0bn$117.7bn$113.8bn$171.3bn$154.9bn$157.5bn$158.5bn$139.6bn$136.6bn$128.5bn$126.1bn$148.9bn
Enterprise value$189.8bn$217.2bn$210.7bn$255.8bn$290.3bn$268.1bn$263.1bn$252.2bn$241.4bn$278.4bn$296.3bn$298.5bn
Multiples
Price / sales 0.5x0.6x0.6x0.5x0.7x0.8x0.8x0.9x0.9x1.2x1.4x1.2x
Price / earnings 5.2x7.7x3.3x4.4x9.7x—5.2x—7.3x13.7x7.8x11.4x
Price / free cash flow 4.1x5.9x5.6x3.8x4.7x3.9x4.0x7.0x5.1x8.1x8.8x8.4x
EV / EBITDA 4.1x4.4x4.8x4.7x5.2x8.7x6.0x18.8x5.7x7.0x6.6x6.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

68 /100

Moderate moat

How hard AT&T's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 18 / 20

    Cash operating profit has been a median 13.4% of total assets over 6 years.

  • Pricing power 19 / 20

    Gross margin has been a median 57.3%, moving by 2.6 percentage points (standard deviation) across 7 years.

  • Durability 4 / 20

    Operating margin has been a median 15.1%; its worst year was -2.4%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 10 of 10 years, at a median 15.8% of revenue.

  • Discipline 15 / 20

    The diluted share count fell 9.3% over five years.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (73 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.40 +13% $130.0bn +4%
Next $2.59 +8% $130.1bn +0%

Next year's EPS estimate has moved +0.9% in 90 days, across 23 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.8% on 90 days ago. In the last 30 days, 3 analysts raised AT&T's forecast and 4 cut it.

Consensus EPS forecast AT&T, last 90 days
$2.30 $2.40 $2.50 $2.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.34 Current fiscal year, 60 days ago: $2.34 Current fiscal year, 30 days ago: $2.34 Current fiscal year, 7 days ago: $2.34 Current fiscal year, Now: $2.40 $2.40 Next fiscal year, 90 days ago: $2.57 Next fiscal year, 60 days ago: $2.56 Next fiscal year, 30 days ago: $2.57 Next fiscal year, 7 days ago: $2.57 Next fiscal year, Now: $2.59 $2.59

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.34$2.57
60 days ago $2.34$2.56
30 days ago $2.34$2.57
7 days ago $2.34$2.57
Now $2.40$2.59

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.60 $0.65 +7.8%
Jun 2026 $0.59 $0.65 +10.5%
Mar 2026 $0.55 $0.57 +3.4%
Dec 2025 $0.47 $0.52 +11.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026

No numeric guidance in AT&T's latest earnings release (filed October 21, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows AT&T's revenue by +1.5% next year and +1.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+1.0%, weight 70%) and the company's own record (+2.7%, weight 30%) . How the weights are set.

Analyst recommendations

24 analysts, Oct 2026
Buy1458%
Hold938%
Sell14%

Monthly trend

  1. Oct 2026410924
  2. Sep 2026412926
  3. Aug 20263111025
  4. Jul 2026411925

Counts of recommendations published by analysts covering AT&T, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.8%
of tradable shares
Days to cover
2.68
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
70%
of shares
Held by insiders
0.1%
of shares
Employees
133,030
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −9.2%

$23.62 on October 31, 2025 to $21.44

ThenNowEffect
Revenue (last 12 months) $124.0bn $127.2bn +2.6%
Net margin 10.3% 16.9% +64.7%
P/E multiple 13.4x 7.0x −47.4%
Share count 7217m 7062m +2.2%

Biggest factor: p/e multiple.

Last 3 years +56.9%

$13.66 on November 3, 2023 to $21.44

ThenNowEffect
Revenue (last 12 months) $121.4bn $127.2bn +4.8%
P/S multiple 0.8x 1.2x +41.8%
Share count 7459m 7062m +5.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
T−6%+7%−3%+44%+14%−10%
Industry peers (median)−3%−58%+19%+8%+8%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
T33%42%67%75%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
T−29%−29%−32%−9%−18%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 39% from January 22, 2020 to July 18, 2023. Getting back needed a 65% gain, reached on September 6, 2024, 416 days after the low.

Price behaviour

52-week range
$19.98 – $28.10
From 52-week high
−23.7%
vs 50-day average
−11.0%
vs 200-day average
−12.3%
Volatility (1 year)
29%
Beta vs S&P 500
-0.44

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±3.7%
After a week
9 up, 3 down
typical move ±5.4%
After a month
8 up, 3 down
typical move ±7.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 −2.9% −0.7% −11.6% —
July 22, 2026 +3.1% −1.3% +7.5% +13.0%
April 22, 2026 +2.8% +0.6% −0.5% −2.1%
January 28, 2026 +9.3% −0.2% +18.3% +21.8%
October 22, 2025 −5.5% +0.1% −3.5% −2.0%
July 23, 2025 +1.8% +0.9% +0.3% +7.4%
April 23, 2025 +2.1% +3.7% +2.7% +1.0%
January 27, 2025 +7.4% −0.6% +6.7% +16.9%
October 23, 2024 +3.3% −0.7% +2.4% +6.9%
July 24, 2024 +5.4% −2.8% +5.7% +7.1%
April 24, 2024 +0.5% −0.4% +2.5% +5.9%
January 24, 2024 −0.1% +0.7% +2.9% −2.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How AT&T’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.81× the last 60 days’ realised volatility , richer than 4% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

AT&T in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) AT&T
$122B $124B $126B $128B $130B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $122.4B Revenue (TTM), FY24 Q1: $122.3B Revenue (TTM), FY24 Q2: $122.2B Revenue (TTM), FY24 Q3: $122.1B Revenue (TTM), FY24 Q4: $122.3B Revenue (TTM), FY25 Q1: $122.9B Revenue (TTM), FY25 Q2: $124B Revenue (TTM), FY25 Q3: $124.5B Revenue (TTM), FY25 Q4: $125.6B Revenue (TTM), FY26 Q1: $126.5B Revenue (TTM), FY26 Q2: $127.2B Revenue (TTM), FY26 Q3: $128.9B $128.9B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $122.4B
FY24 Q1 $122.3B
FY24 Q2 $122.2B
FY24 Q3 $122.1B
FY24 Q4 $122.3B
FY25 Q1 $122.9B
FY25 Q2 $124B
FY25 Q3 $124.5B
FY25 Q4 $125.6B
FY26 Q1 $126.5B
FY26 Q2 $127.2B
FY26 Q3 $128.9B
Revenue growth, TTM YoY AT&T
-1% 0% 1% 2% 3% 4% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 1.4% Revenue growth, TTM YoY, FY24 Q1: 0.9% Revenue growth, TTM YoY, FY24 Q2: 0.6% Revenue growth, TTM YoY, FY24 Q3: 0.3% Revenue growth, TTM YoY, FY24 Q4: -0.1% Revenue growth, TTM YoY, FY25 Q1: 0.5% Revenue growth, TTM YoY, FY25 Q2: 1.5% Revenue growth, TTM YoY, FY25 Q3: 2.0% Revenue growth, TTM YoY, FY25 Q4: 2.7% Revenue growth, TTM YoY, FY26 Q1: 2.9% Revenue growth, TTM YoY, FY26 Q2: 2.6% Revenue growth, TTM YoY, FY26 Q3: 3.5% 3.5%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 1.4%
FY24 Q1 0.9%
FY24 Q2 0.6%
FY24 Q3 0.3%
FY24 Q4 -0.1%
FY25 Q1 0.5%
FY25 Q2 1.5%
FY25 Q3 2.0%
FY25 Q4 2.7%
FY26 Q1 2.9%
FY26 Q2 2.6%
FY26 Q3 3.5%
Operating margin (TTM) AT&T
14% 16% 18% 20% 22% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 19.2% Operating margin (TTM), FY24 Q1: 19.1% Operating margin (TTM), FY24 Q2: 18.5% Operating margin (TTM), FY24 Q3: 15.6% Operating margin (TTM), FY24 Q4: 15.6% Operating margin (TTM), FY25 Q1: 15.4% Operating margin (TTM), FY25 Q2: 15.9% Operating margin (TTM), FY25 Q3: 19.0% Operating margin (TTM), FY25 Q4: 19.2% Operating margin (TTM), FY26 Q1: 19.8% Operating margin (TTM), FY26 Q2: 20.1% Operating margin (TTM), FY26 Q3: 18.3% 18.3%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 19.2%
FY24 Q1 19.1%
FY24 Q2 18.5%
FY24 Q3 15.6%
FY24 Q4 15.6%
FY25 Q1 15.4%
FY25 Q2 15.9%
FY25 Q3 19.0%
FY25 Q4 19.2%
FY26 Q1 19.8%
FY26 Q2 20.1%
FY26 Q3 18.3%
FCF margin (TTM) AT&T
12% 14% 16% 18% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 16.7% FCF margin (TTM), FY24 Q1: 17.9% FCF margin (TTM), FY24 Q2: 17.2% FCF margin (TTM), FY24 Q3: 16.6% FCF margin (TTM), FY24 Q4: 15.1% FCF margin (TTM), FY25 Q1: 15.9% FCF margin (TTM), FY25 Q2: 15.8% FCF margin (TTM), FY25 Q3: 16.0% FCF margin (TTM), FY25 Q4: 15.5% FCF margin (TTM), FY26 Q1: 13.7% FCF margin (TTM), FY26 Q2: 13.9% FCF margin (TTM), FY26 Q3: 13.8% 13.8%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 16.7%
FY24 Q1 17.9%
FY24 Q2 17.2%
FY24 Q3 16.6%
FY24 Q4 15.1%
FY25 Q1 15.9%
FY25 Q2 15.8%
FY25 Q3 16.0%
FY25 Q4 15.5%
FY26 Q1 13.7%
FY26 Q2 13.9%
FY26 Q3 13.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar AT&T took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $126B
  2. Other income $1.4B · 1.1%
  3. Selling, general and admin $28.9B · 23.0%
  4. Other operating costs $72.5B · 57.7%
  5. Operating income $24.2B · 19.2%
  6. Income tax $3.6B · 2.9%
  7. Net income $22B · 17.5%

Shares of revenue. Source: AT&T's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 122.5 124.3 126.7 127.4 128.8 132.4 146.8 163.8 160.5 170.8 181.2 143.1 134.0 120.7 122.4 122.3 125.6 128.9
Gross profit 71.9 74.0 71.8 72.2 77.3 71.8 — — — — — — — — — — — —
EBITDA 40.5 39.0 27.6 31.1 49.1 30.5 46.8 49.4 44.4 54.5 56.2 30.9 43.7 13.4 42.2 39.6 45.0 43.6
Operating income 21.0 19.6 9.2 13.0 30.8 12.2 24.8 23.5 20.0 26.1 28.0 8.4 25.9 −4.6 23.5 19.0 24.2 23.6
Net income 12.1 19.9 3.9 7.3 18.4 6.4 13.3 13.0 29.5 19.4 13.9 −5.2 20.1 −8.5 14.4 10.9 22.0 13.1
Diluted EPS $2.05 $3.35 $0.66 $1.25 $3.42 $1.24 $2.37 $2.10 $4.76 $2.85 $1.89 −$0.75 $2.73 −$1.13 $1.97 $1.49 $3.04 $1.88
Growth (year on year)
Revenue −0.8% +1.4% +2.0% +0.6% +1.0% +2.9% +10.8% +11.6% −2.0% +6.4% +6.1% −21.1% −6.3% −9.9% +1.4% −0.1% +2.7% +3.5%
EBITDA +125.3% −3.9% −29.2% +12.8% +57.8% −38.0% +53.5% +5.5% −10.2% +22.9% +3.0% −45.0% +41.6% −69.3% +214.4% −6.2% +13.7% −2.7%
Operating income — −6.8% −52.9% +41.0% +136.6% −60.3% +103.0% −5.0% −15.2% +30.7% +7.1% −70.1% +209.3% −117.7% — −18.8% +26.8% −0.5%
Net income — +63.7% −80.1% +84.2% +153.6% −65.0% +107.2% −2.8% +127.0% −34.2% −28.2% −137.2% — −142.4% — −24.0% +100.5% −41.0%
Diluted EPS — +63.4% −80.3% +89.4% +173.6% −63.7% +91.1% −11.4% +126.7% −40.1% −33.7% −139.7% — −141.4% — −24.4% +104.0% −39.0%
Margins
Gross margin 58.7% 59.6% 56.7% 56.7% 60.0% 54.2% — — — — — — — — — — — —
EBITDA margin 33.1% 31.3% 21.8% 24.4% 38.2% 23.0% 31.9% 30.2% 27.6% 31.9% 31.0% 21.6% 32.6% 11.1% 34.5% 32.4% 35.9% 33.9%
Operating margin 17.1% 15.7% 7.3% 10.2% 23.9% 9.2% 16.9% 14.4% 12.4% 15.3% 15.4% 5.9% 19.3% −3.8% 19.2% 15.6% 19.2% 18.3%
Net margin 9.9% 16.0% 3.1% 5.7% 14.3% 4.9% 9.1% 7.9% 18.3% 11.3% 7.7% −3.6% 15.0% −7.1% 11.8% 8.9% 17.5% 10.2%
Free-cash-flow margin 14.6% 12.6% 11.5% 15.5% 10.8% 7.7% 11.4% 10.3% 10.8% 13.1% 16.0% 19.9% 19.7% 13.4% 16.7% 15.1% 15.5% 13.8%
Cash flow
Cash from operations 34.4 35.2 34.7 39.2 34.8 31.3 35.9 38.4 38.0 43.6 48.7 43.1 42.0 35.8 38.3 38.8 40.3 40.2
Capital spending 16.6 19.5 20.1 19.5 20.9 21.2 19.2 21.5 20.6 21.3 19.6 14.7 15.5 19.6 17.9 20.3 20.8 22.4
Free cash flow 17.9 15.7 14.6 19.7 13.9 10.1 16.7 16.9 17.4 22.4 29.0 28.4 26.4 16.2 20.5 18.5 19.4 17.8
Stock-based pay — 0.5 0.5 0.5 0.5 0.3 0.5 0.7 0.5 0.5 0.8 0.4 0.4 0.5 0.5 0.5 0.5 —
Free cash flow after stock pay — 15.2 14.1 19.2 13.4 9.8 16.2 16.3 16.9 21.9 28.2 28.0 26.0 15.7 20.0 18.0 18.9 —
Balance sheet
Cash 3.3 1.2 3.0 4.9 3.3 8.6 5.1 5.8 50.5 5.2 9.7 7.9 19.2 3.7 6.7 3.3 18.2 10.8
Total debt 72.1 66.2 64.8 69.8 74.8 81.8 126.2 123.5 164.3 176.5 164.6 165.5 177.7 143.3 143.3 131.8 144.3 159.6
Net debt (negative = net cash) 68.8 65.0 61.7 65.0 71.4 73.2 121.0 117.7 113.8 171.3 154.9 157.5 158.5 139.6 136.6 128.5 126.1 148.9
Diluted shares 5,924m 5,938m 5,950m 5,821m 5,385m 5,221m 5,646m 6,189m 6,183m 6,806m 7,348m 7,466m 7,503m 7,587m 7,258m 7,204m 7,179m 6,981m
Returned to shareholders
Dividends 9.7 9.9 10.2 10.2 9.7 9.6 10.2 11.8 12.0 13.4 14.9 15.0 15.1 9.9 8.1 8.2 8.2 7.9
Buybacks 0.0 0.0 0.0 12.8 13.0 1.6 0.3 0.5 0.5 0.6 2.4 5.5 0.2 0.9 0.2 0.2 4.5 9.3
Total returned 9.7 9.9 10.2 23.0 22.7 11.2 10.5 12.3 12.5 14.0 17.3 20.5 15.3 10.7 8.3 8.4 12.7 17.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · September 30, 2026
What it owns · $445.9bn
Short-term assets $52.3bnLonger-term assets $393.5bn
What it owes, and who funded it · $183.0bn
Short-term liabilities $60.3bnShareholders' equity $122.8bn
  • Short-term assets cover short-term liabilities $52.3bn of assets due within a year against $60.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $10.8bn of cash against $159.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 130% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 97% to 130% over five years.
  • A year's operating cash flow covers at least 20% of debt $40.2bn of operating cash flow against $159.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $23.6bn against $7.5bn of interest.

From AT&T's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$9.3B
Dividends (TTM)
$7.9B
Returned to shareholders
97%
of free cash flow
Buybacks, last 3 fiscal years
$4.9B
Diluted share count
−3.1%
year over year
Total shareholder yield
11.8%
dividends 5.4% + buybacks 6.3% of market value
Dividend payout ratio
60%
of net income paid out
Sales & admin spending
22.8%
of revenue
Days sales outstanding
23 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in integrated telecommunication services
Last 12 months unless stated T VZ AMX BCE TU CHT Median
Revenue, last 12 months $128.9bn $139.4bn $49.2bn $17.5bn $14.7bn $7.6bn $4.6bn
Revenue growth, last 12 months 3.5% 1.4% 3.1% −1.7% −1.4% 5.9% 3.3%
Revenue growth, 3-year average 1.9% 1.3% — — — — 1.9%
Revenue growth, latest quarter 5.3% 1.5% — — — — 5.3%
Gross margin 52.8% 60.4% 62.1% 68.4% 88.3% 36.8% 61.2%
Operating margin 18.3% 20.9% 20.3% — 11.5% 20.6% 20.3%
Operating margin, 3-year average 17.6% 20.1% 16.8% — 16.6% 20.8% 16.7%
Net margin 10.2% 11.8% 8.8% 26.6% 5.4% 16.4% 10.5%
Cash from operations / revenue 31.2% 28.0% 28.9% 28.6% 23.7% 32.8% 28.5%
Free-cash-flow margin 13.8% 14.0% 16.7% 13.5% 10.4% 21.1% 13.9%
Free-cash-flow margin, 3-year average 15.5% 13.8% 13.5% 13.8% 9.4% 19.7% 10.2%
Change in share count −3.1% −0.8% −1.9% 1.8% 2.8% 0.0% 0.5%

Median of all 16 companies we cover in integrated telecommunication services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

16 integrated telecommunication services companies
Measure Company Peer median Rank
Revenue growth Growth 3.5% 3.5% 8 of 16
Change in growth rate Growth +0.9pp +0.9pp 8 of 16
Operating margin Profitability 18.3% 20.3% 9 of 15
Net margin Profitability 10.2% 10.7% 9 of 16
Free-cash-flow margin Cash generation 13.8% 13.8% 8 of 15
Long-term debt as % of assets Balance sheet 33.7% 26.0% 8 of 13
Change in share count Balance sheet -3.1% 0.0% 1 of 15
Days sales outstanding Balance sheet 23 days 33 days 4 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Services $101B ▲ 1.0%
Wireless Service $70.1B ▲ 3.0%
Products $24.5B ▲ 10.3%
Other Capitalized Property Plant and Equipment $24.5B ▲ 10.3%
Business Service $16B ▲ 11.3%
Legacy Voice and Data $10.4B ▼ 17.8%
IP Broadband $3.5B ▼ 7.3%
Other Service $1.2B ▼ 9.5%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $120B 95.7% ▲ 2.9%
Mexico $4.4B 3.5% ▲ 3.3%
Asia Pacific $395M 0.3% ▼ 14.5%
Europe $382M 0.3% ▼ 13.4%
All Other Geographical Areas $114M 0.1% ▼ 1.7%
Region of Latin America and Caribbean $110M 0.1% ▼ 26.2%

From AT&T's 10-K filed February 9, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$95.3B
Institutions reporting
2,655
Shares held vs prior quarter
▼ 0.6%
Positions opened / closed
117 / 407

Top buyers and sellers, Q2 2026: 1,218 institutions bought and 1,551 sold ; the biggest buyer was State Street Corp (+18.5M shares) and the biggest seller Capital World Investors (−50.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $11.6B 559.4M 12.2% ▼ 0.3%
Vanguard Capital Management LLC $9.4B 453.6M 9.9% ▼ 0.3%
State Street Corp $6.9B 334.3M 7.3% ▲ 5.8%
Newport Trust Company, LLC $3.7B 178.7M 3.9% ▼ 0.4%
Geode Capital Management, LLC $3.7B 177.0M 3.8% ▲ 1.2%
Vanguard Portfolio Management LLC $2.8B 134.3M 2.9% ▲ 0.6%
Bank Of America Corp $2.3B 111.6M 2.4% ▼ 10.8%
Morgan Stanley $2.2B 106.3M 2.3% ▲ 1.0%
Jpmorgan Chase & Co $2.1B 96.9M 2.2% ▼ 18.0%
Norges Bank $1.6B 79.3M 1.7% —
Bank Of New York Mellon Corp $1.6B 75.3M 1.6% ▲ 3.5%
Northern Trust Corp $1.4B 69.3M 1.5% ▲ 0.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not AT&T's complete shareholder register. Values are as reported by the filers ; 12 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 198 trades and filings

In the last 12 months, 6 members of Congress disclosed 9 purchases and 8 sales of AT&T shares.

  • David J. Taylor(R-OH 2):Purchase, $1,001 - $15,000, traded October 15, 2026, filed October 29, 2026
  • David J. Taylor(R-OH 2):Purchase, $1,001 - $15,000, traded October 9, 2026, filed October 15, 2026
  • Tim Moore(R-NC 14):Sale (full), $50,001 - $100,000, traded August 14, 2026, filed August 20, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 22, 2026
  • April 22, 2026
  • January 28, 2026
  • October 22, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on AT&T was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

AT&T in brief

What does AT&T do?
AT&T is a US-listed company in the integrated telecommunication services industry. Its financial year ends in December.
What is AT&T's stock ticker?
AT&T trades under the ticker T on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is AT&T's revenue, and how fast is it growing?
Over its most recent trailing twelve months, AT&T reported revenue of $129B, 3.5% higher than a year earlier, according to its SEC filings.
What is AT&T's free cash flow?
AT&T's free-cash-flow margin is 13.8% of revenue over the trailing twelve months, ranking 8 of the 15 integrated telecommunication services companies we cover.
What is AT&T's fair value (intrinsic value) per share?
Our discounted-cash-flow model of AT&T's free cash flow after stock-based pay gives ~$38 per share in the base case, and ~$23–$59 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are AT&T's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is AT&T buying back stock, and does it pay a dividend?
AT&T spent $9.3B on share repurchases over the trailing twelve months, and its diluted share count fell 3.1% over the year.
What is AT&T's market cap?
On November 2, 2026, AT&T's market capitalisation was about $150B, with a price-to-earnings ratio of 11.4 and net debt of $149B. Market figures come from third-party market data and may be delayed.
Does AT&T pay a dividend?
Yes: AT&T paid $7.9B in dividends over the trailing twelve months, a dividend yield of 5.41% and a payout ratio of 60.4%.
How much debt does AT&T have?
AT&T's debt-to-equity ratio is 130.0%, from its latest balance sheet (96.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are AT&T's competitors?
In our Integrated Telecommunication Services peer group, the companies closest to AT&T are Verizon, America Movil SAB DE Cv/, BCE Inc, Telus Corp and Chunghwa Telecom Co LTD. The side-by-side comparison below sets their revenue, margins and growth against AT&T's.
When is AT&T's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — AT&T announces its own schedule.