AT&T Inc. (T) financials

NYSE · Communication Services · Telecommunications Services · 133,030 employees · CEO John T. Stankey

Price: $21.41 +2.34%
Market cap: $144B
Enterprise value: $312B
Last report: Q3 '26 filed 2026-10-21
Next report: 2027-01-27 EPS est. $0.53

Revenue (TTM)$129B+3.5% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)18.6%-0.5 pp vs a year agoOperating income $23.9B

Net income (TTM)$13.1B-41.2% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$17.8B-10.6% vs a year agoCapex $22.4B

Diluted EPS (TTM)$1.84-40.3% vs a year agoSum of the last 4 quarters

Net cash-$167B-21.1% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $144B
Revenue: $129B
Revenue growth: +3%
Profit margin: 10.1%
P/E: 11.6×
P/S: 1.1×
EV / EBITDA: 6.8×
Free cash flow: $17.8B
Net income: $13.1B
Revenue estimate: $130B
Earnings: 2027-01-27
Dividend: $1.11

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-21): revenue beat by 1.9%, EPS beat by 8.0%Revenue $32.3B vs $31.7B expected (+1.9%); EPS $0.65 vs $0.60 (+8.0%).
Revenue growth accelerating: 5.3% year on yearQ3 '26 revenue $32.3B, against an average of 2.6% over the four quarters before.
Operating margin 18.6% (TTM), -0.5 pp on a year agoOperating income grew 0.8% while revenue grew 3.5%.
31.5% of pre-tax profit is eaten by non-operating lossesPre-tax income $18.2B vs operating income $23.9B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 17.4% of revenue (a year ago 16.8%)$22.4B invested in the last 4 quarters (+7.2% on a year earlier). Free cash flow $17.8B = 136.5% of net income.
Returned $17.2B to shareholders = 96.6% of free cash flowBuybacks $9.3B (a year earlier $4.76B), dividends $7.94B, stock-based pay $0 (TTM).
Diluted share count down 4.5% in a year6.84B diluted shares in Q3 '26, 7.17B a year earlier.
Net debt $167BCash + short-term investments $10.8B, debt incl. leases $178B; a year ago net debt $138B.
Latin America Segment: revenue +13.2%, margin 3.6% (was 2.0%)Fastest-growing reported segment in Q3 '26: operating income $45M on revenue $1.24B (from the segment note of the filing).

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$32.3B	$30.7B	+5.3%
Gross margin	61.5%	61.5%	0.0 pp
Operating income	$4.1B	$6.12B	-33.1%
Operating margin	12.7%	19.9%	-7.3 pp
Net income	$891M	$9.31B	-90.4%
Diluted EPS	$0.12	$1.29	-90.7%
Operating cash flow	$10.5B	$10.2B	+3.6%
Capex	$5.06B	$4.89B	+3.6%
Free cash flow	$5.46B	$5.27B	+3.7%
R&D	$0	$0	–
Stock-based compensation	$0	$0	–

Reported vs consensus

2026-10-21

	Actual	Consensus	vs consensus
Revenue	$32.3B	$31.7B	+1.9%
EPS (as estimated)	$0.65	$0.60	+8.0%

From the report of 2026-10-21 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Wireless Service	$18.6B	–	100.0%	–	–
Service	–	–	–	–	–
Wireless service	–	–	–	–	–
Equipment	–	–	–	–	–
Legacy Voice and Data	–	–	–	–	–
IP Broadband	–	–	–	–	–
Advanced home internet	–	–	–	–	–
Other service	–	–	–	–	–
Business fiber and advanced connectivity	–	–	–	–	–
Business transitional and other	–	–	–	–	–
Other Service	–	–	–	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Advanced Connectivity Segment	$29.5B	+7.2%	$7.63B	+18.9%	25.9%	23.3%	–
Legacy Segment	$1.52B	-24.5%	$498M	-26.7%	32.8%	33.7%	–
Latin America Segment	$1.24B	+13.2%	$45M	+104.5%	3.6%	2.0%	–
Corporate And Other	$82M	-16.3%	-$4.08B	-308.0%	-4,970.7%	-1,019.4%	-$6.79B
Communications	–	–	–	–	–	–	–
Latin America Business Segment	–	–	–	–	–	–	–
Corporate And Reconciling Items	–	–	–	–	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $40.3B
Capex: -$22.4B
Buybacks: -$9.3B
Dividends: -$7.94B
Acquisitions: -$22.5B
Net debt issued: $22B
Stock-based compensation: $0
Free cash flow: $17.8B
Returned to shareholders / FCF: 96.6%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	11.6×	10.2× 4 of 5 years	8.2× – 15.3×
EV / EBITDA	6.8×	7.8×	5.9× – 13.4×
EV / Sales	2.4×	2.5×	2.2× – 2.7×
Price / FCF	8.1×	8.3×	5.9× – 10.6×
Price / Book	1.4×	1.4×	1.1× – 1.6×
FCF yield	12.4%	12.6%	9.4% – 17.0%
Return on invested capital	4.9%	3.9%	-1.3% – 5.8%
Return on equity	12.0%	9.5%	-8.7% – 19.8%

Analysts

Consensus target $26.39 (+23.3%)
range $20.00 – $33.00 · rating Hold

Strong buy1

Buy26

Hold29

Sell6

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$130B	+3.5%	$2.40	-21.0%	8.9×	13
FY2027	$130B	+0.1%	$2.60	+8.1%	8.2×	14
FY2028	$133B	+1.8%	$2.95	+13.4%	7.3×	7
FY2029	$138B	+4.0%	$3.18	+8.0%	6.7×	2
FY2030	$141B	+2.1%	$3.51	+10.2%	6.1×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 328 figures AT&T Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	-$6.68B	$9.75B	-168.5%	–	–	–
	-$78M	$0	–	–	–	–
Accounts Payable and Accrued Liabilities, Current	$38.3B	$36.6B	+4.8%	$38.5B	$35.7B	+8.0%
Accounts Payable, Current	$29.9B2025-12-31	$27.4B	+9.0%	$29.9B	$27.4B	+9.0%
Accounts Receivable, after Allowance for Credit Loss, Current	$7.99B	$8.94B	-10.6%	$8.84B	$9.64B	-8.2%
Accounts Receivable, Allowance for Credit Loss, Current	$272M	$395M	-31.1%	$429M	$375M	+14.4%
Accounts Receivable, Credit Loss Expense (Reversal)	$668M	$555M	+20.4%	$2.27B	$1.97B	+15.3%
Accrued Income Taxes	$585M2025-12-31	$1.3B	-55.0%	$585M	$1.3B	-55.0%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$1.08B	-$648M	-67.0%	-$860M	$795M	-208.2%
Additional Collateral, Aggregate Fair Value	$45M	$54M	-16.7%	$49M	$52M	-5.8%
Additional Paid in Capital, Common Stock	$106B	$106B	-0.2%	$107B	$109B	-2.4%
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities	$9.21B	$475M	+1,839.6%	$16.9B	$26.5B	-36.3%
Advertising Expense	–	–	–	$3.11B	$2.51B	+24.0%
Amortization	–	–	–	$140M	$159M	-11.9%
Assets	$446B	$423B	+5.4%	$420B	$395B	+6.4%
Assets, Current	$52.3B	$54.6B	-4.1%	$48.7B	$31.2B	+56.4%
Business Combination, Integration Related Costs	$44M	$487M	-91.0%	–	–	–
Cash	$3.52B2025-12-31	$2.15B	+63.8%	$3.52B	$2.15B	+63.8%
Cash and Cash Equivalents, at Carrying Value	$10.8B	$20.3B	-46.9%	$18.2B	$3.3B	+452.9%
Cash Provided by (Used in) Financing Activities, Discontinued Operations	$0	$0	–	$02024-12-31	$0	–
Cash Provided by (Used in) Investing Activities, Discontinued Operations	-$244M	$0	–	$02024-12-31	$0	–
Cash Provided by (Used in) Operating Activities, Discontinued Operations	$166M	$0	–	$02024-12-31	$0	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$11.2B	$20.3B	-45.0%	$18.5B	$3.41B	+444.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$11.2B	$20.3B	-45.0%	$18.5B	$3.41B	+444.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	-$1.8B2025-12-31	$680M	-364.9%	$15.1B	-$3.43B	+541.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$6.76B	$9.75B	-169.3%	$11.4B2021-12-31	-$2.43B	+572.0%
Collateral Already Posted, Aggregate Fair Value	$263M	$375M	-29.9%	$513M	$188M	+172.9%
Commercial Paper	$02025-12-31	$0	–	$0	$0	–
Common Stock, Dividends, Per Share, Declared	$0.28	$0.28	0.0%	$1.11	$1.11	0.0%
Common Stock, Par or Stated Value Per Share	$1.00	$1.00	0.0%	$1.00	$1.00	0.0%
Common Stock, Shares Authorized	14B	14B	0.0%	14B	14B	0.0%
Common Stock, Shares, Issued	7.62B	7.62B	0.0%	7.62B	7.62B	0.0%
Common Stock, Value, Issued	$7.62B	$7.62B	0.0%	$7.62B	$7.62B	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$378M	$363M	+4.1%	$1.43B	$1.31B	+9.8%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$994M	$8.87B	-88.8%	$20.3B	$9.44B	+115.0%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$1.37B	$9.23B	-85.1%	$21.7B	$10.7B	+102.2%
Contract with Customer, Asset, after Allowance for Credit Loss	$7.73B	$7.29B	+6.0%	$7.82B	$6.86B	+14.0%
Contract with Customer, Liability	$4.29B	$4.12B	+4.2%	$4.41B	$4.27B	+3.2%
Contract with Customer, Liability, Current	$3.91B	$3.9B	+0.3%	$4.27B	$4.1B	+4.1%
Contract with Customer, Liability, Revenue Recognized	$283M	$66M	+328.8%	$3.98B	$3.67B	+8.6%
Costs and Expenses	$28.2B	$24.6B	+14.8%	$101B	$103B	-1.7%
Current Federal Tax Expense (Benefit)	–	–	–	$970M	$2.77B	-65.0%
Current Foreign Tax Expense (Benefit)	–	–	–	$44M	$68M	-35.3%
Current State and Local Tax Expense (Benefit)	–	–	–	-$269M	$859M	-131.3%
Debt Instrument, Unamortized Discount (Premium), Net	$9.19B2025-12-31	$9.34B	-1.6%	$9.19B	$9.34B	-1.6%
Debt Issuance Costs, Net	$400M2025-12-31	$379M	+5.5%	$400M	$379M	+5.5%
Debt Securities, Available-for-sale	$518M	$661M	-21.6%	$587M	$689M	-14.8%
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One	$40M	$80M	-50.0%	$13M	$66M	-80.3%
Debt, Current	$9.48B	$11.4B	-16.7%	$9.01B	$5.09B	+77.1%
Deferred Credits and Other Liabilities, Noncurrent	$111B	$113B	-1.6%	$111B	$109B	+1.4%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$2.52B	$1.29B	+95.8%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$21M	-$28M	+175.0%
Deferred Income Tax Assets, Net	$72M2025-12-31	$80M	-10.0%	$72M	$80M	-10.0%
Deferred Income Tax Liabilities, Net	$61.6B	$59.3B	+3.8%	$58.3B	$58.9B	-1.1%
Deferred Income Taxes and Other Assets, Current	$2.77B2025-12-31	$2.24B	+24.0%	$2.77B	$2.24B	+24.0%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$331M	-$512M	+164.6%
Deferred Tax Assets, Operating Loss Carryforwards	$5.57B2025-12-31	$5.62B	-0.9%	$5.57B	$5.62B	-0.9%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits	$2.59B2025-12-31	$3.02B	-14.3%	$2.59B	$3.02B	-14.3%
Deferred Tax Assets, Valuation Allowance	$3.98B2025-12-31	$4.34B	-8.3%	$3.98B	$4.34B	-8.3%
Deferred Tax Liabilities, Investment in Noncontrolled Affiliates	$14M2025-12-31	$2.72B	-99.5%	$14M	$2.72B	-99.5%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01