NYSE : T
AT&T Inc. — Financial statements
Communication Services · Telecom Services · United States
Last price 20.92 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 140.93B
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Financial statements
AT&T Inc. (T) reported revenue of 128.85B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 128.85B | 125.65B | 122.34B | 122.43B | 120.74B | 134.04B |
| Cost of Revenue | 51.87B | 50.82B | 49.22B | 50.12B | 50.85B | 60.41B |
| Gross Profit | 76.98B | 74.83B | 73.11B | 72.31B | 69.89B | 73.63B |
| Selling, General & Admin | 27.83B | 27.38B | 26.09B | 27.36B | 23.52B | 21.02B |
| Operating Expenses | 47.87B | 48.26B | 46.66B | 46.13B | 41.54B | 38.87B |
| Operating Income | 29.11B | 26.57B | 26.45B | 26.17B | 28.35B | 34.76B |
| Interest Expense | -7.47B | -6.80B | -6.76B | -6.70B | -6.11B | -6.72B |
| Earnings From Equity Investments | -90.00M | 1.90B | 1.99B | 1.68B | 1.79B | 603.00M |
| Currency Exchange Gain (Loss) | 1.00M | 1.00M | ||||
| Other Non Operating Income (Expenses) | 462.00M | 588.00M | 248.00M | -101.00M | 371.00M | 26.00M |
| EBT Excluding Unusual Items | 22.02B | 22.25B | 21.93B | 21.04B | 24.40B | 28.68B |
| Merger & Restructuring Charges | -1.27B | |||||
| Impairment of Goodwill | -4.42B | -24.81B | ||||
| Gain (Loss) on Sale of Investments | 155.00M | 5.60B | -155.00M | |||
| Gain (Loss) on Sale of Assets | 706.00M | |||||
| Asset Writedown | -3.99B | -838.00M | -653.00M | -1.19B | -1.41B | -213.00M |
| Pretax Income | 18.18B | 27.01B | 16.70B | 19.85B | -3.09B | 29.17B |
| Income Tax Expense | 3.46B | 3.62B | 4.45B | 4.22B | 3.78B | 5.39B |
| Earnings From Continuing Operations | 14.72B | 23.39B | 12.25B | 15.62B | -6.87B | 23.78B |
| Earnings From Discontinued Operations | -103.00M | -181.00M | -2.30B | |||
| Net Income to Company | 14.62B | 23.39B | 12.25B | 15.62B | -7.05B | 21.48B |
| Minority Interest in Earnings | -1.48B | -1.43B | -1.30B | -1.22B | -1.47B | -1.40B |
| Net Income | 13.13B | 21.95B | 10.95B | 14.40B | -8.52B | 20.08B |
| Preferred Dividends & Other Adjustments | 144.00M | 64.00M | 202.00M | 208.00M | -460.00M | 207.00M |
| Net Income to Common | 12.99B | 21.89B | 10.75B | 14.19B | -8.06B | 19.87B |
| Shares Outstanding (Basic) | 6.97B | 7.17B | 7.20B | 7.18B | 7.17B | 7.17B |
| Shares Outstanding (Diluted) | 6.98B | 7.18B | 7.20B | 7.26B | 7.17B | 7.50B |
| EPS (Basic) | 1.86 | 3.05 | 1.49 | 1.98 | -1.13 | 2.77 |
| EPS (Diluted) | 1.86 | 3.05 | 1.49 | 1.97 | -1.13 | 2.73 |
| Free Cash Flow | 18.01B | 19.44B | 18.51B | 20.46B | 12.40B | 26.41B |
| Free Cash Flow Per Share | 2.58 | 2.71 | 2.57 | 2.82 | 1.73 | 3.52 |
| Dividend Per Share | 1.11 | 1.11 | 1.11 | 1.11 | 1.11 | 2.08 |
| Gross Margin | 59.74% | 59.55% | 59.77% | 59.06% | 57.89% | 54.93% |
| Operating Margin | 22.59% | 21.14% | 21.62% | 21.38% | 23.48% | 25.94% |
| Profit Margin | 10.08% | 17.42% | 8.78% | 11.59% | -6.68% | 14.83% |
| Free Cash Flow Margin | 13.98% | 15.47% | 15.13% | 16.71% | 10.27% | 19.71% |
| EBITDA | 45.94B | 44.24B | 43.95B | 41.92B | 43.40B | 49.71B |
| EBITDA Margin | 35.65% | 35.21% | 35.93% | 34.24% | 35.94% | 37.08% |
| D&A For EBITDA | 16.83B | 17.68B | 17.50B | 15.75B | 15.05B | 14.94B |
| EBIT | 29.11B | 26.57B | 26.45B | 26.17B | 28.35B | 34.76B |
| EBIT Margin | 22.59% | 21.14% | 21.62% | 21.38% | 23.48% | 25.94% |
| Effective Tax Rate | 19.04% | 13.41% | 26.62% | 21.29% | 18.49% | |
| Revenue as Reported | 128.85B | 125.65B | 122.34B | 122.43B | 120.74B | 134.04B |
| Advertising Expenses | 3.10B | 2.50B | 2.58B | 2.46B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 10.77B | 18.23B | 3.30B | 6.72B | 3.70B | 19.22B |
| Cash & Short-Term Investments | 10.77B | 18.23B | 3.30B | 6.72B | 3.70B | 19.22B |
| Accounts Receivable | 12.16B | 12.97B | 13.48B | 13.84B | 14.41B | 14.89B |
| Other Receivables | 1.83B | 1.34B | 1.91B | 1.30B | 1.28B | 2.12B |
| Receivables | 13.99B | 14.31B | 15.39B | 15.13B | 15.69B | 17.02B |
| Inventory | 2.89B | 2.42B | 2.27B | 2.18B | 3.12B | 3.33B |
| Prepaid Expenses | 7.96B | 8.20B | 4.87B | 6.85B | 5.22B | 6.27B |
| Restricted Cash | 353.00M | 157.00M | 1.00M | 2.00M | 1.00M | 3.00M |
| Other Current Assets | 16.38B | 5.41B | 5.34B | 5.57B | 5.37B | 124.93B |
| Total Current Assets | 52.34B | 48.73B | 31.17B | 36.46B | 33.11B | 170.77B |
| Property, Plant & Equipment | 154.51B | 154.20B | 149.78B | 149.39B | 149.26B | 143.47B |
| Long-Term Investments | 2.80B | 2.71B | 1.90B | 1.25B | 3.53B | 6.17B |
| Goodwill | 63.87B | 63.42B | 63.43B | 67.85B | 67.89B | 92.74B |
| Other Intangible Assets | 155.34B | 133.40B | 132.29B | 132.50B | 129.45B | 119.22B |
| Long-Term Deferred Charges | 7.81B | 7.64B | 7.47B | 7.92B | 8.12B | 7.39B |
| Other Long-Term Assets | 9.20B | 10.08B | 8.76B | 11.68B | 11.49B | 11.86B |
| Total Assets | 445.87B | 420.20B | 394.80B | 407.06B | 402.85B | 551.62B |
| Accounts Payable | 36.43B | 29.91B | 27.43B | 27.31B | 31.10B | 29.51B |
| Accrued Expenses | 5.00B | 4.61B | 4.52B | 4.94B | 5.75B | |
| Short-Term Debt | 2.09B | 866.00M | 16.69B | |||
| Current Portion of Long-Term Debt | 11.14B | 8.82B | 4.91B | 7.20B | 6.56B | 9.05B |
| Current Portion of Leases | 3.21B | 2.50B | 3.19B | 3.31B | 2.81B | |
| Current Income Taxes Payable | 585.00M | 1.30B | 1.02B | 798.00M | 1.15B | |
| Current Unearned Revenue | 3.91B | 4.27B | 4.10B | 3.78B | 3.92B | 3.97B |
| Other Current Liabilities | 8.80B | 1.99B | 2.03B | 2.02B | 4.68B | 37.30B |
| Total Current Liabilities | 60.27B | 53.78B | 46.87B | 51.13B | 56.17B | 106.23B |
| Long-Term Debt | 150.79B | 126.83B | 117.21B | 127.06B | 126.78B | 149.57B |
| Long-Term Leases | 18.68B | 20.70B | 19.84B | 19.74B | 20.72B | 21.11B |
| Pension & Post-Retirement Benefits | 8.10B | 8.48B | 9.03B | 8.73B | 7.26B | 12.56B |
| Long-Term Deferred Tax Liabilities | 61.55B | 58.31B | 58.94B | 58.67B | 57.03B | 53.77B |
| Other Long-Term Liabilities | 21.71B | 23.61B | 22.68B | 22.32B | 28.44B | 24.53B |
| Total Liabilities | 321.11B | 291.71B | 274.57B | 287.64B | 296.40B | 367.77B |
| Common Stock | 7.62B | 7.62B | 7.62B | 7.62B | 7.62B | 7.62B |
| Additional Paid-In Capital | 106.24B | 106.53B | 109.11B | 114.52B | 123.61B | 130.11B |
| Retained Earnings | 19.27B | 15.77B | 1.87B | -5.01B | -19.41B | 42.35B |
| Treasury Stock | -25.27B | -18.53B | -15.02B | -16.13B | -17.08B | -17.28B |
| Comprehensive Income & Other | -1.08B | -860.00M | 795.00M | 2.30B | 2.77B | 3.53B |
| Total Common Equity | 106.78B | 110.53B | 104.37B | 103.30B | 97.50B | 166.33B |
| Minority Interest | 17.98B | 17.96B | 15.85B | 16.12B | 8.96B | 17.52B |
| Shareholders' Equity | 124.76B | 128.49B | 120.22B | 119.42B | 106.46B | 183.85B |
| Total Liabilities & Equity | 445.87B | 420.20B | 394.80B | 407.06B | 402.85B | 551.62B |
| Total Debt | 180.61B | 159.56B | 144.46B | 159.28B | 158.23B | 199.22B |
| Net Cash (Debt) | -169.84B | -141.33B | -141.16B | -152.56B | -154.53B | -180.00B |
| Net Cash Per Share | -24.33 | -19.69 | -19.59 | -21.02 | -21.56 | -23.99 |
| Filing Date Shares Outstanding | 6.74B | 7.00B | 7.18B | 7.15B | 7.13B | 7.14B |
| Total Common Shares Outstanding | 6.76B | 7.04B | 7.18B | 7.15B | 7.13B | 7.14B |
| Working Capital | -7.93B | -5.05B | -15.70B | -14.67B | -23.07B | 64.54B |
| Book Value Per Share | 15.79 | 15.71 | 14.54 | 14.45 | 13.68 | 23.29 |
| Tangible Book Value | -112.43B | -86.29B | -91.35B | -97.06B | -99.84B | -45.63B |
| Tangible Book Value Per Share | -16.63 | -12.26 | -12.73 | -13.57 | -14.01 | -6.39 |
| Land | 1.37B | 1.37B | 1.38B | 1.38B | 1.40B | |
| Buildings | 40.67B | 39.95B | 39.38B | 38.75B | 38.20B | |
| Machinery | 178.35B | 189.26B | 185.64B | 180.23B | 183.10B | |
| Construction In Progress | 7.71B | 7.45B | 5.64B | 7.18B | 5.42B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 13.13B | 21.95B | 10.95B | 14.40B | -8.52B | 20.08B |
| Depreciation & Amortization | 16.83B | 17.68B | 17.50B | 15.75B | 15.05B | 14.94B |
| Other Amortization | 3.21B | 3.21B | 3.08B | 3.02B | 2.97B | 2.91B |
| Asset Writedown & Restructuring Costs | 3.99B | 838.00M | 5.08B | 1.19B | 27.50B | 213.00M |
| Loss (Gain) From Sale of Investments | -444.00M | -5.89B | 80.00M | 441.00M | 381.00M | -369.00M |
| Provision & Write-off of Bad Debts | 2.50B | 2.27B | 1.97B | 1.97B | 1.86B | 1.24B |
| Other Operating Activities | 3.35B | 2.21B | 2.72B | 3.42B | -1.58B | 2.39B |
| Change in Accounts Receivable | -3.16B | -2.73B | 283.00M | -924.00M | 727.00M | -1.12B |
| Change in Inventory | 669.00M | -460.00M | 70.00M | 747.00M | -674.00M | |
| Change in Accounts Payable | 1.66B | 884.00M | -1.10B | -1.57B | -1.11B | -1.57B |
| Change in Other Net Operating Assets | -1.50B | 324.00M | -1.85B | -133.00M | -793.00M | -1.54B |
| Operating Cash Flow | 40.43B | 40.28B | 38.77B | 38.31B | 32.02B | 41.96B |
| Capital Expenditures | -22.42B | -20.84B | -20.26B | -17.85B | -19.63B | -15.54B |
| Sale of Property, Plant & Equipment | 3.64B | 3.22B | 75.00M | 72.00M | 199.00M | 7.14B |
| Cash Acquisitions | -26.01B | -379.00M | -380.00M | -2.94B | -10.20B | -25.45B |
| Investment in Securities | 155.00M | 181.00M | 3.50B | 1.15B | 2.73B | 1.37B |
| Other Investing Activities | -5.83B | -955.00M | -425.00M | -84.00M | 1.09B | 405.00M |
| Investing Cash Flow | -50.47B | -18.78B | -17.49B | -19.66B | -25.80B | -32.09B |
| Short-Term Debt Issued | 491.00M | 5.41B | 3.96B | 23.17B | ||
| Long-Term Debt Issued | 14.03B | 19.00M | 10.00B | 2.98B | 11.27B | |
| Total Debt Issued | 38.87B | 14.03B | 510.00M | 15.41B | 6.93B | 34.44B |
| Short-Term Debt Repaid | -2.49B | -4.33B | -18.86B | -7.51B | ||
| Long-Term Debt Repaid | -6.71B | -12.09B | -17.92B | -31.03B | -7.63B | |
| Total Debt Repaid | -18.36B | -6.71B | -14.58B | -22.25B | -49.89B | -15.14B |
| Net Debt Issued (Repaid) | 20.51B | 7.32B | -14.07B | -6.83B | -42.96B | 19.30B |
| Issuance of Common Stock | 3.00M | 21.00M | 15.00M | 3.00M | 28.00M | 96.00M |
| Repurchase of Common Stock | -9.30B | -4.50B | -215.00M | -194.00M | -890.00M | -202.00M |
| Dividends Paid | -7.93B | -8.18B | -8.21B | -8.14B | -9.86B | -15.07B |
| Other Financing Activities | -2.39B | 1.03B | -2.23B | -452.00M | 29.94B | -2.55B |
| Financing Cash Flow | 892.00M | -6.39B | -24.71B | -15.61B | -23.74B | 1.58B |
| Net Cash Flow | -9.15B | 15.12B | -3.43B | 3.04B | -17.52B | 11.45B |
| Free Cash Flow | 18.01B | 19.44B | 18.51B | 20.46B | 12.40B | 26.41B |
| Free Cash Flow Margin | 13.98% | 15.47% | 15.13% | 16.71% | 10.27% | 19.71% |
| Free Cash Flow Per Share | 2.58 | 2.71 | 2.57 | 2.82 | 1.73 | 3.52 |
| Levered Free Cash Flow | 11.96B | 12.59B | 15.81B | 6.45B | 102.71B | -67.74B |
| Unlevered Free Cash Flow | 16.63B | 16.84B | 20.04B | 10.64B | 106.53B | -63.54B |
| Cash Interest Paid | 7.18B | 6.62B | 7.13B | 7.37B | 7.77B | 7.49B |
| Cash Income Tax Paid | 568.00M | 1.35B | 2.46B | 1.60B | 696.00M | 700.00M |
| Change in Working Capital | -2.33B | -1.99B | -2.60B | -1.88B | -1.85B | -4.24B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 144.23B | 176.10B | 163.38B | 119.98B | 131.19B | 175.67B |
| Enterprise Value | 314.07B | 334.03B | 324.65B | 291.07B | 306.87B | 381.40B |
| Last Close Price | 21.41 | 23.71 | 20.80 | 14.44 | 14.85 | 14.04 |
| PE Ratio | 11.49 | 8.04 | 15.20 | 8.45 | 8.84 | |
| Forward PE | 8.44 | 11.47 | 10.25 | 6.84 | 7.20 | 7.81 |
| PS Ratio | 1.12 | 1.40 | 1.34 | 0.98 | 1.09 | 1.31 |
| PB Ratio | 1.36 | 1.37 | 1.36 | 1.00 | 1.23 | 0.95 |
| P/FCF Ratio | 8.01 | 9.06 | 8.83 | 5.86 | 10.58 | 6.65 |
| P/OCF Ratio | 3.57 | 4.37 | 4.21 | 3.13 | 4.10 | 4.19 |
| PEG Ratio | 0.81 | 4.18 | 15.54 | 10.38 | 23.14 | 3.09 |
| EV/Sales Ratio | 2.44 | 2.66 | 2.65 | 2.38 | 2.54 | 2.85 |
| EV/EBITDA Ratio | 6.84 | 7.55 | 7.39 | 6.94 | 7.07 | 7.67 |
| EV/EBIT Ratio | 10.79 | 12.57 | 12.27 | 11.12 | 10.82 | 10.97 |
| EV/FCF Ratio | 17.44 | 17.18 | 17.54 | 14.23 | 24.75 | 14.44 |
| Debt / Equity Ratio | 1.45 | 1.24 | 1.20 | 1.33 | 1.49 | 1.08 |
| Debt / EBITDA Ratio | 3.47 | 3.18 | 2.90 | 3.35 | 3.24 | 3.62 |
| Debt / FCF Ratio | 10.03 | 8.21 | 7.80 | 7.79 | 12.76 | 7.54 |
| Net Debt / Equity Ratio | 1.36 | 1.10 | 1.17 | 1.28 | 1.45 | 0.98 |
| Net Debt / EBITDA Ratio | 3.70 | 3.19 | 3.21 | 3.64 | 3.56 | 3.62 |
| Net Debt / FCF Ratio | 9.43 | 7.27 | 7.63 | 7.46 | 12.46 | 6.82 |
| Asset Turnover | 0.30 | 0.31 | 0.30 | 0.30 | 0.25 | 0.25 |
| Inventory Turnover | 17.95 | 21.67 | 22.14 | 18.91 | 15.77 | 17.21 |
| Quick Ratio | 0.41 | 0.60 | 0.40 | 0.43 | 0.34 | 0.34 |
| Current Ratio | 0.87 | 0.91 | 0.67 | 0.71 | 0.59 | 1.61 |
| Return on Equity (ROE) | 11.61% | 18.80% | 10.23% | 13.83% | -4.74% | 13.10% |
| Return on Assets (ROA) | 4.19% | 4.07% | 4.12% | 4.04% | 3.71% | 4.03% |
| Return on Invested Capital (ROIC) | 8.25% | 8.66% | 7.28% | 7.73% | 9.07% | 7.91% |
| Return on Capital Employed (ROCE) | 7.50% | 7.30% | 7.60% | 7.40% | 8.20% | 7.80% |
| Earnings Yield | 8.70% | 12.47% | 6.70% | 12.00% | -6.50% | 11.43% |
| FCF Yield | 12.49% | 11.04% | 11.33% | 17.05% | 9.45% | 15.04% |
| Dividend Yield | 5.18% | 4.44% | 4.88% | 6.62% | 6.03% | 8.46% |
| Payout Ratio | 59.59% | 37.26% | 74.97% | 56.50% | 75.04% | |
| Buyback Yield / Dilution | 3.14% | 0.35% | 0.74% | -1.28% | 4.49% | -4.83% |
| Total Shareholder Return | 8.32% | 4.78% | 5.62% | 5.33% | 10.52% | 3.62% |