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T AT&T INC.

NYSECommunication & mediaTelephone Communications (No Radiotelephone)Dallas, TXFY ends December 31

Profitable 4/5: Fiscal years with net income above zero, out of the last five reported.FY2025 10-K filed Feb 9, 2026

FY2025 at a glance

Fundamentals from SEC filings, not quotes
Revenue
$126BYoYup 2.71%ended Dec 31, 2025
Net income
$22B17.5% margin
Diluted EPS
$3.04YoYup 104.03%
Free cash flow
—
Cash
$18.2BNet debt $118B
Total debt
$136BD/E 1.08×
About AT&T INC.

Overview

AT&T INC. (T) is listed on NYSE; the SEC classifies it under "Telephone Communications (No Radiotelephone)".

For fiscal 2025 (ended Dec 31, 2025) it reported revenue of $125.65B, up 2.7% from fiscal 2024.

Net income was $21.95B, a net margin of 17.5%.

At fiscal year end it had total assets of $420.2B and stockholders' equity of $126.49B (30.1% of assets).

Fiscal years shown
FY2016–FY2025 (10 years)
Latest 10-K
Feb 9, 2026
Latest filing
10-QOct 21, 2026
FY2016–FY2025 · annual 10-K

Charts

Revenue and net income

Revenue and net income, fiscal years FY2016 to FY2025.
PeriodRevenueNet incomeNet margin
FY2016$164B——
FY2017$161B$29.5B18.3%
FY2018$171B$19.4B11.3%
FY2019$181B$13.9B7.7%
FY2020$172B-$5.18B-3.0%
FY2021$169B$20.1B11.9%
FY2022$121B-$8.52B-7.1%
FY2023$122B$14.4B11.8%
FY2024$122B$10.9B8.9%
FY2025$126B$22B17.5%

Diluted EPS

Diluted EPS, fiscal years FY2016 to FY2025.
PeriodEPS (diluted)
FY2016—
FY2017$4.76
FY2018$2.85
FY2019$1.89
FY2020-$0.75
FY2021$2.76
FY2022-$1.13
FY2023$1.97
FY2024$1.49
FY2025$3.04

Free cash flow vs net income

Free cash flow vs net income, fiscal years FY2016 to FY2025.
PeriodFree cash flowNet income
FY2016$17.8B—
FY2017$18.5B$29.5B
FY2018—$19.4B
FY2019—$13.9B
FY2020—-$5.18B
FY2021—$20.1B
FY2022—-$8.52B
FY2023—$14.4B
FY2024—$10.9B
FY2025—$22B

Diluted shares

Diluted shares, fiscal years FY2016 to FY2025.
PeriodDiluted shares (weighted)
FY20166.19B
FY20176.18B
FY20186.81B
FY20197.35B
FY20207.18B
FY20217.2B
FY20227.59B
FY20237.26B
FY20247.2B
FY20257.18B

Cash vs total debt

Cash vs total debt, fiscal years FY2016 to FY2025.
PeriodCash & equivalentsTotal debt
FY2016$5.79B$124B
FY2017$50.5B$164B
FY2018$5.2B$176B
FY2019$12.1B$163B
FY2020$9.74B$157B
FY2021$21.2B$167B
FY2022$3.7B$136B
FY2023$6.72B$137B
FY2024$3.3B$124B
FY2025$18.2B$136B

Each bar is one fiscal year as reported in its 10-K; bars below the zero line are negative and gaps are years not reported. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

FY2025 · 5-year trend

Ratios

Profitability

Operating margin
19.2%
Net margin
17.5%
Return on equity
17.9%
Return on assets
5.4%

Growth

Growth. Compound annual growth: (end ÷ start)^(1 ÷ years) − 1, both ends positive.
Metric1y3y CAGR5y CAGR9y CAGR
Revenueup 2.71%up 1.34%down 6.06%down 2.90%
EPS (diluted)up 104.03%———
Free cash flow————
Change in share count
-0.35%

Financial strength

Current ratio
0.91×
Debt / equity
1.08×
Net debt
$118B
Interest coverage
3.55×
Equity / assets
30.1%

Shareholder returns

Dividends per share
$1.11
Dividends paid
$8.18B
Buybacks
$4.5B
Payout ratio
37.3%
Stock comp. / revenue
0.4%
Piotroski F-Score · Altman Z''-Score

Quality screens

Piotroski F-Score

7 of 8 checks passed

FY2025 vs FY2024

Partial: 8 of 9 checks could be computed.

  • PassPositive return on assets5.6%
  • PassPositive operating cash flow$40.3B
  • PassReturn on assets improved5.6% vs 2.7%
  • PassOperating cash flow above net income10.2% vs 5.6%
  • FailLong-term debt / assets fell30.2% vs 30.0%
  • PassCurrent ratio improved0.91× vs 0.66×
  • PassNo increase in share count7.18B vs 7.2B
  • —Not computableGross margin improved—
  • PassAsset turnover improved0.32× vs 0.3×

Altman Z''-Score

Needs current assets and liabilities, retained earnings, operating income, total assets, liabilities and equity from the latest 10-K.

Screening heuristic, not a recommendation. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Last 10 fiscal years · newest first

Financial statements

USD millions, except per-share figures (USD). Share counts in millions.

Income statement

Income statement. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Revenue125,648122,336122,428120,741168,864171,760181,193170,756160,546163,786
YoY (Revenue)+2.71%-0.08%+1.40%-28.50%-1.69%-5.21%+6.11%+6.36%-1.98%—
Selling, general & admin.28,94228,41128,87428,96137,94438,03939,42236,76534,91736,347
Operating income24,16219,04923,461-4,58723,3476,40527,95526,09620,94924,347
Interest expense6,8046,7596,7046,1086,8847,9258,4227,9576,3004,910
Pretax income27,00716,69819,848-3,09426,947-2,85618,46824,87315,13919,812
Income tax3,6214,4454,2253,7805,4689653,4934,920-14,7086,479
Net income21,95310,94814,400-8,52420,081-5,17613,90319,37029,450—
YoY (Net income)+100.52%-23.97%—-142.45%—-137.23%-28.22%-34.23%——
EPS (basic)3.041.491.97-1.132.77-0.751.902.854.77—
EPS (diluted)3.041.491.97-1.132.76-0.751.892.854.76—
YoY (EPS (diluted))+104.03%-24.37%—-140.94%—-139.68%-33.68%-40.13%——
Diluted shares (weighted)7,1797,2047,2587,5877,1997,1837,3486,8066,1836,189

Balance sheet

Balance sheet. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Cash & equivalents18,2343,2986,7223,70121,1699,74012,1305,20450,4985,788
Receivables8,8439,63810,28911,46617,57120,21522,63626,47216,52216,794
Inventory—————3,5922,8642,7712,2252,039
Current assets48,73231,16836,45833,10859,99752,00854,76151,42779,14638,369
Goodwill63,42563,43267,85467,895133,223135,259146,241146,370105,449105,207
Total assets420,198394,795407,060402,853551,622525,761551,669531,864444,097403,821
Current liabilities53,78046,87251,12756,17385,58863,43868,91164,42081,38950,576
Short-term debt9,0115,0899,4777,46714,5303,47011,83410,23838,3729,828
Long-term debt127,089118,443127,854128,423152,724153,775151,309166,250125,972113,681
Retained earnings15,7681,871-5,015-19,41542,35037,45757,93658,75350,50034,734
Stockholders' equity126,491118,245117,442106,457183,855179,240201,934193,884142,007124,110
Shares outstanding7,0017,1787,1537,1307,1437,1327,1737,2856,1426,142

Cash flow

Cash flow. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Operating cash flow40,284———41,95743,13048,66843,60239,15139,344
Capital expenditures————————20,64721,516
Free cash flow————————18,50417,828
YoY (Free cash flow)————————+3.79%—
Depreciation & amortization20,88620,58018,77718,02122,86228,51628,21728,43024,38725,847
Stock-based compensation536505479518637638819463480653
Share repurchases4,5002151948902025,4982,417609463512
Dividends paid8,1808,2088,1369,85915,06814,95614,88813,41012,03811,797
Dividends per share1.111.111.111.112.082.082.052.011.971.93
Key financials (annual, 10-K)

Values as reported in each fiscal year's Form 10-K (XBRL data on SEC EDGAR); growth and ratios are computed from those values. Revenue is the total revenue figure the company tagged (omitted when the only figure tagged is evidently partial, e.g. below net income); growth is only shown between consecutive ~12-month fiscal years reported with the same revenue measure. Per-share figures and share counts are as reported and not adjusted for later stock splits. — = not reported.

FY2025 · per diluted weighted share

Per share and valuation context

EPS (diluted)
$3.04
Revenue per share
$17.50
Book value per share
$17.62
Tangible book per share
$8.78
Cash per share
$2.54
Dividends per share
$1.11
Public floatas of Jun 30, 2025
$207B

Price ratios need a live quote. This page shows no stock prices. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Price ratio calculator

Type a share price to compute ratios from the latest 10-K figures. Nothing is stored or sent. (FY2025)

Market capPrice × diluted weighted shares
—
P/EPrice ÷ diluted EPS
—
P/BPrice ÷ book value per share
—
P/SPrice ÷ revenue per share
—
P/FCFPrice ÷ FCF per share
—
Dividend yieldDividends per share ÷ price
—
SEC EDGAR

Filing timeline

  1. 10-Q
    Quarterly report· Sep 30, 2026(SEC EDGAR)
  2. 8-K
    Current report· Oct 21, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  3. 8-K
    Current report· Oct 14, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 9.01Financial statements and exhibits
  4. 8-K
    Current report· Sep 7, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 9.01Financial statements and exhibits
  5. 8-K
    Current report· Aug 17, 2026(SEC EDGAR)
    • 8.01Other events
    • 9.01Financial statements and exhibits
  6. 8-K
    Current report· Aug 3, 2026(SEC EDGAR)
    • 8.01Other events
    • 9.01Financial statements and exhibits
  7. 8-K
    Current report· Jul 28, 2026(SEC EDGAR)
    • 2.03New financial obligation
    • 7.01Regulation FD disclosure
    • 9.01Financial statements and exhibits
  8. 10-Q
    Quarterly report· Jun 30, 2026(SEC EDGAR)
  9. 8-K
    Current report· Jul 22, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  10. 8-K
    Current report· Jun 11, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 9.01Financial statements and exhibits
All filings on SEC EDGAR
SIC 4813 · Telephone Communications (No Radiotelephone)

Peers (same SIC code)

Peers (same SIC code)
TickerRevenue (FY)YoYNet marginROEF-Score5y revenue
VZVERIZON COMMUNICATIONS INC$138Bup 2.52%12.4%16.6%—
TAT&T INC. (This company)$126Bup 2.71%17.5%17.9%—
Peer median$138Bup 2.52%12.4%16.6%——

Companies with the same 4-digit SIC code, ordered by latest revenue. The median excludes this company. — = not reported or not computable.

Frequently asked questions

What does AT&T INC. do?

The SEC classifies AT&T INC. under Standard Industrial Classification (SIC) code 4813, "Telephone Communications (No Radiotelephone)". It is headquartered in Dallas, TX. It is incorporated in DE. In fiscal 2025 it reported revenue of $125.65B and net income of $21.95B in its annual 10-K report.

What was AT&T INC.'s revenue in 2025?

AT&T INC. reported revenue of $125.65B for fiscal 2025, which ended Dec 31, 2025, up 2.7% from $122.34B in fiscal 2024, according to its annual 10-K report filed with the SEC on Feb 9, 2026.

What was AT&T INC.'s net income in 2025?

AT&T INC. reported net income of $21.95B for fiscal 2025, a net margin of 17.5% of revenue.

Where is AT&T INC. listed?

According to the SEC, AT&T INC.'s ticker T is listed on NYSE. The SEC also lists the tickers TBB, T-PA and T-PC for the company.

When does AT&T INC.'s fiscal year end?

According to the SEC, AT&T INC.'s fiscal year ends on December 31; its latest reported fiscal year (2025) ended Dec 31, 2025.

Source: SEC EDGAR · Last updated:

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Not investment advice: This page shows financial data that companies reported to the US Securities and Exchange Commission, for information only. It is not investment advice or a recommendation to buy or sell any security, and it shows no stock prices. Data may be incomplete, restated or out of date — check the original filings on SEC EDGAR before making decisions.