Is AT&T financially healthy?

On 30 September 2026 AT&T held 10.77B USD in cash and short-term investments against total debt of 178.15B USD. Its current ratio is 0.87: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 17.85B USD of free cash flow.

AT&T's revenue shrank 6.1% a year over its last five fiscal years, from 171.76B USD in fiscal year 2020 to 125.65B USD in fiscal year 2025. Over the last twelve months it was up 3.5% on the twelve months before.

Where can I find AT&T's annual report (10-K)?

AT&T files its annual report (Form 10-K) and its quarterly reports (Form 10-Q) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

AT&T
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Arincen ScoreBeta54/100

54/100B

21.625

USD

-0.20

(-0.89%)

Post Trading·21.615USD-0.010(-0.05%)

Q4 FY2026 · Earnings report

EPS estimate 0.53Revenue estimate 34.70B

Q4 FY2026 · Earnings report

Wednesday 27 January

EPS estimate 0.53Revenue estimate 34.70B

Q4 FY2026 · Earnings report

EPS estimate 0.53Revenue estimate 34.70B

Q4 FY2026 · Earnings report

Wednesday 27 January

EPS estimate 0.53Revenue estimate 34.70B

Overview Financials Forecast Earnings Dividends Company

AT&T financials

Yes. AT&T earned 13.07B USD of net income over the last twelve months, 10.1% of its revenue. It made a profit in 36 of its 41 fiscal years since 1985. Its last loss was in fiscal year 2022.

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 128.85B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 13.07B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 17.85B USD
Cash and short-term investments: 10.77B USD
Total debt: 178.15B USD
Shareholders' equityWhat is a balance sheet? The balance sheet lists what a company owns (assets), what it owes (liabilities) and what is left for its shareholders (equity) on one date.: 106.78B USD

Cash, debt and equity as of 30 Sept 2026.

AT&T earnings

Next earnings · Q4 FY2026

27 Jan 2027

EPS estimate

0.53 USD

Revenue estimate

34.70B USD

Last quarter · Q3 FY2026

EPS0.65Beat +8.0%Revenue32.30BBeat +1.9%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q1 FY2028	—	0.69	—	—	+12.88%	32.36B	—	—	+2.30%
Q4 FY2027	—	0.61	—	—	+15.28%	34.34B	—	—	-1.04%
Q1 FY2027	—	0.61	—	—	+7.62%	31.63B	—	—	+0.40%
Q4 FY2026	27 Jan 2027	0.53	—	—	+1.92%	34.70B	—	—	+3.69%
Q3 FY2026	21 Oct 2026	0.60	0.65	+7.97%	+20.37%	31.69B	32.30B	+1.93%	+5.18%
Q2 FY2026	22 Jul 2026	0.59	0.65	+10.17%	+20.37%	31.80B	31.56B	-0.75%	+2.30%
Q1 FY2026	22 Apr 2026	0.55	0.57	+3.26%	+11.76%	31.25B	31.51B	+0.82%	+2.87%
Q4 FY2025	28 Jan 2026	0.46	0.52	+12.36%	-3.70%	32.87B	33.47B	+1.81%	+3.62%
Q3 FY2025	22 Oct 2025	0.54	0.54	+0.56%	-10.00%	30.87B	30.71B	-0.52%	+1.64%
Q2 FY2025	23 Jul 2025	0.53	0.54	+1.89%	-5.26%	30.46B	30.85B	+1.28%	+3.52%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2028	2.95	—	—	+13.45%	132.51B	—	—	+1.83%
FY2027	2.60	—	—	+8.14%	130.13B	—	—	+0.07%
FY2026	2.40	—	—	+13.77%	130.04B	—	—	+3.50%
FY2025	2.06	2.11	+2.48%	-6.64%	125.02B	125.65B	+0.50%	+2.71%
FY2024	2.16	2.26	+4.70%	-6.22%	122.14B	122.34B	+0.16%	-0.08%
FY2023	2.43	2.41	-0.93%	-11.07%	121.85B	122.43B	+0.47%	+1.40%
FY2022	2.60	2.71	+4.13%	-20.29%	121.47B	120.74B	-0.60%	-20.55%

AT&T growth and profitability

Full income statement

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 128.85B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 13.07B USD
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.: 59.74%
Operating margin: 18.56%
Net margin: 10.14%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2025	125.65B	+2.71%	21.89B	+99.94%	59.55%	19.90%	17.42%	54.70B	+24.25%
FY2024	122.34B	-0.08%	10.95B	-23.97%	42.94%	19.83%	8.95%	44.02B	-2.86%
FY2023	122.43B	+1.40%	14.40B	—	43.72%	20.23%	11.76%	45.32B	+115.12%
FY2022	120.74B	-9.92%	-8.52B	-142.45%	57.89%	-3.80%	-7.06%	21.07B	-60.78%
FY2021	134.04B	-21.96%	20.08B	—	54.93%	19.32%	14.98%	53.72B	+60.02%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q3 FY2026	32.32B	891.00M	61.51%	12.67%	2.76%
Q2 FY2026	31.56B	4.63B	61.83%	22.30%	14.66%
Q1 FY2026	31.51B	3.83B	60.12%	21.13%	12.15%
Q4 FY2025	33.47B	3.72B	55.72%	18.29%	11.13%
Q3 FY2025	30.71B	9.31B	61.51%	19.93%	30.33%

How AT&T makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Wireless Service70.10B 55.8%

Equipment24.49B 19.5%

Business Service15.98B 12.7%

Legacy Voice and Data10.36B 8.2%

IP Broadband3.54B 2.8%

Other Service1.18B 0.9%

Revenue125.65B 100.0%

Cost of revenue50.82B 40.4%

Gross profit74.83B 59.6%

Selling and administration28.94B 23.0%

Other operating expenses20.89B 16.6%

Operating income25.00B 19.9%

Tax3.62B 2.9%

Net income21.89B 17.4%

FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.

AT&T revenue breakdown

By product

FY2025

55.8%Wireless Service19.5%Equipment12.7%Business Service8.2%Legacy Voice and Data2.8%IP Broadband

Segment	Revenue	Share of revenue	Change on the year
Wireless Service	70.10B	55.8%	+3.0%
Equipment	24.49B	19.5%	+10.3%
Business Service	15.98B	12.7%	-11.5%
Legacy Voice and Data	10.36B	8.2%	+582.6%
IP Broadband	3.54B	2.8%	-68.4%
Other Service	1.18B	0.9%	-9.5%

By region

FY2025

95.7%United States3.5%Mexico

Region	Revenue	Share of revenue	Change on the year
United States	120.22B	95.7%	+2.9%
Mexico	4.43B	3.5%	+3.3%
Asia Pacific	395.00M	0.3%	-14.5%
Europe	382.00M	0.3%	-13.4%
International	114.00M	0.1%	-1.7%
Region of Latin America and Caribbean excluding Brazil	110.00M	0.1%	-26.2%

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2025	40.28B	19.44B
FY2024	38.77B	18.51B
FY2023	38.31B	20.46B
FY2022	32.02B	12.40B
FY2021	41.96B	25.43B
FY2020	43.13B	27.46B
FY2019	48.67B	29.23B
FY2018	43.60B	22.84B
FY2017	38.01B	17.36B
FY2016	39.34B	17.83B

AT&T financial health

Full balance sheet

Cash and short-term investments: 10.77B USD
Total debt: 178.15B USD
Net cash: -167.38B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 17.85B USD
Current ratioWhat is the current ratio? The current ratio is current assets divided by current liabilities: whether what a company will turn into cash within a year covers what it owes within a year.: 0.87
Debt to equityWhat is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.: 1.67
Piotroski scoreWhat is the Piotroski F-Score? The Piotroski F-Score rates a company's financial strength from 0 to 9: one point for each of nine tests of profit, debt and efficiency it passes.: 5 / 9
Altman Z-scoreWhat is the Altman Z-Score? The Altman Z-Score rolls five financial ratios into one number that signals a company's risk of bankruptcy: over 3 is safe, under 1.8 is distress.: 0.79

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2025	18.23B	173.99B	19.44B
FY2024	3.30B	140.92B	18.51B
FY2023	6.72B	154.90B	20.46B
FY2022	3.70B	154.68B	12.40B
FY2021	19.22B	195.83B	25.43B

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2025	420.20B	291.71B	110.53B
FY2024	394.80B	274.57B	104.37B
FY2023	407.06B	287.65B	103.30B
FY2022	402.85B	296.40B	97.50B
FY2021	551.62B	367.77B	166.33B
FY2020	525.76B	346.52B	161.67B
FY2019	551.67B	349.74B	184.22B
FY2018	531.86B	337.98B	184.09B
FY2017	444.10B	302.09B	140.86B
FY2016	403.82B	279.71B	123.14B

AT&T valuation

Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.: 11.69
Forward P/E (FY2026)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.: 9.01
Price to sales (TTM)What is the P/S ratio? The price-to-sales ratio compares a company's market value with its revenue over the last year: what you pay for each dollar of sales.: 1.13
Price to bookWhat is the P/B ratio? The price-to-book ratio compares a company's market value with its book value, the shareholders' equity on its balance sheet.: 1.36
EV / EBITDA (TTM)What is EV/EBITDA? EV/EBITDA compares a company's whole value, debt included and cash taken off, with a year of its earnings before interest, tax and depreciation.: 6.85

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Market capitalization

145.68B USD

Total debt

178.15B USD

−

Cash and short-term investments

10.77B USD

Enterprise value

313.06B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2028 (est.)	7.34	—	—	—	—
FY2027 (est.)	8.33	7.34	—	—	—
FY2026 (est.)	9.01	8.33	—	—	—
Now (TTM)	11.69	8.42	1.13	1.36	6.85
FY2025	8.17	11.07	1.42	1.61	6.10
FY2024	15.28	11.07	1.34	1.57	6.85
FY2023	8.52	7.78	0.98	1.17	5.93
FY2022	-15.09	7.56	1.09	1.35	13.43
FY2021	8.88	7.13	1.31	1.06	6.57

AT&T against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: T-Mobile US, Verizon Communications, Comcast, T-Mobile US, Inc. 6.25 % Notes -01.09.69, and Charter Communications, the US Telecommunications Services companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

Gross marginHighest in 5 years59.6%
42.9%59.6%
Against its peers: 2 of 5Peers' median 47.0%
Operating marginAbove its median19.9%
-3.8%20.2%
Against its peers: 4 of 5Peers' median 21.2%
Net marginHighest in 5 years17.4%
-7.1%17.4%
Against its peers: 1 of 5Peers' median 12.4%
Return on equityHighest in 5 years19.8%
-8.7%19.8%
Against its peers: 3 of 5Peers' median 19.6%
Free cash flow marginAt its median15.5%
10.3%19.0%
Against its peers: 3 of 5Peers' median 14.9%
Revenue growthHighest in 5 years2.7%
-22.0%2.7%
Against its peers: 2 of 5Peers' median 1.3%
EPS growthHighest in 5 years104.0%
-154.8%104.0%
Against its peers: 1 of 5Peers' median 2.1%
Debt to EBITDALowest in 5 years3.18×
3.18×7.34×
Against its peers: 2 of 5Peers' median 4.05×
Current ratioAbove its median0.91
0.591.61
Against its peers: 3 of 5Peers' median 0.90

Figure	FY2025	5-year low – high	Against its history	Against its peers
Gross margin	59.6%	42.9%59.6%	Highest in 5 years	2 of 5
Operating margin	19.9%	-3.8%20.2%	Above its median	4 of 5
Net margin	17.4%	-7.1%17.4%	Highest in 5 years	1 of 5
Return on equity	19.8%	-8.7%19.8%	Highest in 5 years	3 of 5
Free cash flow margin	15.5%	10.3%19.0%	At its median	3 of 5
Revenue growth	2.7%	-22.0%2.7%	Highest in 5 years	2 of 5
EPS growth	104.0%	-154.8%104.0%	Highest in 5 years	1 of 5
Debt to EBITDA	3.18×	3.18×7.34×	Lowest in 5 years	2 of 5
Current ratio	0.91	0.591.61	Above its median	3 of 5

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

AT&T dividends

Annual dividend: 1.11 USD
Dividend yield (indicated)What is dividend yield? Dividend yield is a year of dividends as a percentage of the share price: the income a shareholder receives for each dollar invested at today's price.: 5.13%
Payout ratioWhat is the payout ratio? The payout ratio is the share of a company's earnings paid out as dividends: dividends per share divided by earnings per share (EPS).: 60.00%
Frequency: Quarterly
Last payment: 0.28 USD
Last ex-dividend dateWhat is the ex-dividend date? The ex-dividend date is the first day a stock trades without its next dividend: buy before it to receive the payment; buy on or after it and the seller gets it.: 9 Oct 2026
Last payment date: 2 Nov 2026

Dividends per share

Year	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Dividends per share	1.11	1.11	1.11	1.35	2.08	2.08	2.04	2.00	1.96	1.92

AT&T ownership

InstitutionsWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.: 66.25%
Institutional holders: 2,795 (-291)
Free floatWhat is free float? Free float is the part of a company's shares that anyone can buy and sell: all its shares minus those held by insiders, founders and owners of over 5%.: 99.88%

Who owns the shares

Institutions 66.2% Others 33.8%

As of 30 Jun 2026

Shares free to trade

Free float 6.73B shares ·99.9% Closely held 8.40M shares ·0.1%

Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.

Insider trading

Quarter	Shares acquired	Shares disposed of
Q4 2026	38.66K	53.87K
Q3 2026	40.28K	9.25K
Q2 2026	138.82K	0.00
Q1 2026	4.99M	6.46M

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2025	7.17B	7.18B	-0.35%
FY2024	7.20B	7.20B	-0.74%
FY2023	7.18B	7.26B	-4.34%
FY2022	7.17B	7.59B	-23.63%
FY2021	9.49B	9.93B	+4.45%

Common questions about AT&T's financials

Source: Financial Modeling Prep

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AT&T financials

AT&T earnings

Revenue

EPS

AT&T growth and profitability

Revenue / Net income

How AT&T makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

AT&T revenue breakdown

By product

By region

Operating and free cash flow

AT&T financial health

Cash, debt and free cash flow

Assets, liabilities and equity

AT&T valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

AT&T against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

AT&T dividends

Dividends per share

AT&T ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about AT&T's financials

Is AT&T profitable?

Is AT&T financially healthy?

Is AT&T growing?

Where can I find AT&T's annual report (10-K)?

Need help?

AT&T DQuotes are delayed by 15 minutes

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AT&T financials

AT&T earnings

Revenue

EPS

AT&T growth and profitability

Revenue / Net income

How AT&T makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

AT&T revenue breakdown

By product

By region

Operating and free cash flow

AT&T financial health

Cash, debt and free cash flow

Assets, liabilities and equity

AT&T valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

AT&T against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

AT&T dividends

Dividends per share

AT&T ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about AT&T's financials

Is AT&T profitable?

Is AT&T financially healthy?

Is AT&T growing?

Where can I find AT&T's annual report (10-K)?

Need help?

AT&T
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Quotes are delayed by 15 minutes