AT&T Inc. (T)财务
NYSE · Communication Services · Telecommunications Services · 员工133,030人 · CEO John T. Stankey
- 股价
- $21.41 +2.34%
- 市值
- $1440亿
- 企业价值
- $3120亿
- 最近财报
- Q3 '26 2026-10-21提交
- 下次财报
- 2027-01-27 EPS预期 $0.53
营收(TTM)$1290亿+3.5% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)18.6%-0.5 百分点 对比去年同期营业利润 $239亿
净利润(TTM)$131亿-41.2% 对比去年同期税后,含营业外收益
自由现金流(TTM)$178亿-10.6% 对比去年同期资本支出 $224亿
稀释EPS(TTM)$1.84-40.3% 对比去年同期最近4个季度之和
净现金-$1670亿-21.1% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $1440亿 EV $3120亿
- 营收
- $1290亿 过去12个月
- 营收增速
- +3% FY2026年一致预期
- 净利润率
- 10.1% 净利润 / 营收,TTM
- P/E
- 11.6× 预期 8.9×(FY2026)
- P/S
- 1.1× 股价 / 营收,TTM
- EV / EBITDA
- 6.8× TTM
- 自由现金流
- $178亿 过去12个月
- 净利润
- $131亿 过去12个月
- 营收预期
- $1300亿 FY2026年一致预期
- 盈利
- 2027-01-27 营收预期 $347亿
- 股息
- $1.11 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-21):营收超预期1.9%,EPS 超预期8.0%营收$323亿,预期$317亿(+1.9%);EPS $0.65,预期$0.60(+8.0%)。
- 营收增长加速:同比5.3%Q3 '26营收$323亿,此前四个季度的平均值为2.6%。
- 营业利润率18.6%(TTM),较去年同期-0.5 百分点营收增长3.5%,营业利润增长0.8%。
- 税前利润的31.5%被营业外亏损吞噬税前利润$182亿,营业利润$239亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的17.4%(去年为16.8%)最近4个季度投入$224亿(同比+7.2%)。自由现金流$178亿,相当于净利润的136.5%。
- 股东回报$172亿 = 自由现金流的96.6%回购$93亿(去年为$47.6亿),股息$79.4亿,股权激励$0(TTM)。
- 稀释股数一年内减少4.5%Q3 '26稀释股数68.4亿,一年前为71.7亿。
- 净债务 $1670亿现金 + 短期投资 $108亿,含租赁债务 $1780亿;一年前净债务 $1380亿。
- Latin America Segment:营收+13.2%,利润率3.6%(此前为2.0%)Q3 '26增长最快的披露分部:营收$12.4亿,营业利润$4500万(来自财报的分部附注)。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $323亿 | $307亿 | +5.3% |
| 毛利率 | 61.5% | 61.5% | 0.0 百分点 |
| 营业利润 | $41亿 | $61.2亿 | -33.1% |
| 营业利润率 | 12.7% | 19.9% | -7.3 百分点 |
| 净利润 | $8.91亿 | $93.1亿 | -90.4% |
| 稀释EPS | $0.12 | $1.29 | -90.7% |
| 经营现金流 | $105亿 | $102亿 | +3.6% |
| 资本支出 | $50.6亿 | $48.9亿 | +3.6% |
| 自由现金流 | $54.6亿 | $52.7亿 | +3.7% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $0 | $0 | – |
实际 vs 一致预期
2026-10-21| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $323亿 | $317亿 | +1.9% |
| EPS(一致预期口径) | $0.65 | $0.60 | +8.0% |
来自2026-10-21发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Wireless Service | $186亿 | – | 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 | – | – | – | – | – |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Advanced Connectivity Segment | $295亿 | +7.2% | $76.3亿 | +18.9% | 25.9% | 23.3% | – |
| Legacy Segment | $15.2亿 | -24.5% | $4.98亿 | -26.7% | 32.8% | 33.7% | – |
| Latin America Segment | $12.4亿 | +13.2% | $4500万 | +104.5% | 3.6% | 2.0% | – |
| Corporate And Other | $8200万 | -16.3% | -$40.8亿 | -308.0% | -4,970.7% | -1,019.4% | -$67.9亿 |
| Communications | – | – | – | – | – | – | – |
| Latin America Business Segment | – | – | – | – | – | – | – |
| Corporate And Reconciling Items | – | – | – | – | – | – | – |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $403亿
- 资本支出
- -$224亿
- 股票回购
- -$93亿
- 股息
- -$79.4亿
- 收购
- -$225亿
- 债务净发行
- $220亿
- 股权激励费用
- $0
- 自由现金流
- $178亿
- 股东回报 / FCF
- 96.6%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 11.6× | 10.2× 5年中的4年 | 8.2× – 15.3× |
| EV / EBITDA | 6.8× | 7.8× | 5.9× – 13.4× |
| EV / 营收 | 2.4× | 2.5× | 2.2× – 2.7× |
| 股价 / FCF | 8.1× | 8.3× | 5.9× – 10.6× |
| 股价 / 净资产 | 1.4× | 1.4× | 1.1× – 1.6× |
| FCF收益率 | 12.4% | 12.6% | 9.4% – 17.0% |
| 投入资本回报率 | 4.9% | 3.9% | -1.3% – 5.8% |
| 净资产收益率 | 12.0% | 9.5% | -8.7% – 19.8% |
分析师
一致目标价 $26.39 (+23.3%)
区间 $20.00 – $33.00 · 评级 Hold
强烈买入1
买入26
持有29
卖出6
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $1300亿 | +3.5% | $2.40 | -21.0% | 8.9× | 13 |
| FY2027 | $1300亿 | +0.1% | $2.60 | +8.1% | 8.2× | 14 |
| FY2028 | $1330亿 | +1.8% | $2.95 | +13.4% | 7.3× | 7 |
| FY2029 | $1380亿 | +4.0% | $3.18 | +8.0% | 6.7× | 2 |
| FY2030 | $1410亿 | +2.1% | $3.51 | +10.2% | 6.1× | 4 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
AT&T Inc.在近期10-Q / 10-K文件中标记的全部328项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| -$66.8亿 | $97.5亿 | -168.5% | – | – | – | |
| -$7800万 | $0 | – | – | – | – | |
| Accounts Payable and Accrued Liabilities, Current | $383亿 | $366亿 | +4.8% | $385亿 | $357亿 | +8.0% |
| Accounts Payable, Current | $299亿2025-12-31 | $274亿 | +9.0% | $299亿 | $274亿 | +9.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $79.9亿 | $89.4亿 | -10.6% | $88.4亿 | $96.4亿 | -8.2% |
| Accounts Receivable, Allowance for Credit Loss, Current | $2.72亿 | $3.95亿 | -31.1% | $4.29亿 | $3.75亿 | +14.4% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $6.68亿 | $5.55亿 | +20.4% | $22.7亿 | $19.7亿 | +15.3% |
| Accrued Income Taxes | $5.85亿2025-12-31 | $13亿 | -55.0% | $5.85亿 | $13亿 | -55.0% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$10.8亿 | -$6.48亿 | -67.0% | -$8.6亿 | $7.95亿 | -208.2% |
| Additional Collateral, Aggregate Fair Value | $4500万 | $5400万 | -16.7% | $4900万 | $5200万 | -5.8% |
| Additional Paid in Capital, Common Stock | $1060亿 | $1060亿 | -0.2% | $1070亿 | $1090亿 | -2.4% |
| Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | $92.1亿 | $4.75亿 | +1,839.6% | $169亿 | $265亿 | -36.3% |
| Advertising Expense | – | – | – | $31.1亿 | $25.1亿 | +24.0% |
| Amortization | – | – | – | $1.4亿 | $1.59亿 | -11.9% |
| Assets | $4460亿 | $4230亿 | +5.4% | $4200亿 | $3950亿 | +6.4% |
| Assets, Current | $523亿 | $546亿 | -4.1% | $487亿 | $312亿 | +56.4% |
| Business Combination, Integration Related Costs | $4400万 | $4.87亿 | -91.0% | – | – | – |
| Cash | $35.2亿2025-12-31 | $21.5亿 | +63.8% | $35.2亿 | $21.5亿 | +63.8% |
| Cash and Cash Equivalents, at Carrying Value | $108亿 | $203亿 | -46.9% | $182亿 | $33亿 | +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 | -$2.44亿 | $0 | – | $02024-12-31 | $0 | – |
| Cash Provided by (Used in) Operating Activities, Discontinued Operations | $1.66亿 | $0 | – | $02024-12-31 | $0 | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $112亿 | $203亿 | -45.0% | $185亿 | $34.1亿 | +444.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $112亿 | $203亿 | -45.0% | $185亿 | $34.1亿 | +444.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | -$18亿2025-12-31 | $6.8亿 | -364.9% | $151亿 | -$34.3亿 | +541.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$67.6亿 | $97.5亿 | -169.3% | $114亿2021-12-31 | -$24.3亿 | +572.0% |
| Collateral Already Posted, Aggregate Fair Value | $2.63亿 | $3.75亿 | -29.9% | $5.13亿 | $1.88亿 | +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 | 140亿 | 140亿 | 0.0% | 140亿 | 140亿 | 0.0% |
| Common Stock, Shares, Issued | 76.2亿 | 76.2亿 | 0.0% | 76.2亿 | 76.2亿 | 0.0% |
| Common Stock, Value, Issued | $76.2亿 | $76.2亿 | 0.0% | $76.2亿 | $76.2亿 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $3.78亿 | $3.63亿 | +4.1% | $14.3亿 | $13.1亿 | +9.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $9.94亿 | $88.7亿 | -88.8% | $203亿 | $94.4亿 | +115.0% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $13.7亿 | $92.3亿 | -85.1% | $217亿 | $107亿 | +102.2% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $77.3亿 | $72.9亿 | +6.0% | $78.2亿 | $68.6亿 | +14.0% |
| Contract with Customer, Liability | $42.9亿 | $41.2亿 | +4.2% | $44.1亿 | $42.7亿 | +3.2% |
| Contract with Customer, Liability, Current | $39.1亿 | $39亿 | +0.3% | $42.7亿 | $41亿 | +4.1% |
| Contract with Customer, Liability, Revenue Recognized | $2.83亿 | $6600万 | +328.8% | $39.8亿 | $36.7亿 | +8.6% |
| Costs and Expenses | $282亿 | $246亿 | +14.8% | $1010亿 | $1030亿 | -1.7% |
| Current Federal Tax Expense (Benefit) | – | – | – | $9.7亿 | $27.7亿 | -65.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $4400万 | $6800万 | -35.3% |
| Current State and Local Tax Expense (Benefit) | – | – | – | -$2.69亿 | $8.59亿 | -131.3% |
| Debt Instrument, Unamortized Discount (Premium), Net | $91.9亿2025-12-31 | $93.4亿 | -1.6% | $91.9亿 | $93.4亿 | -1.6% |
| Debt Issuance Costs, Net | $4亿2025-12-31 | $3.79亿 | +5.5% | $4亿 | $3.79亿 | +5.5% |
| Debt Securities, Available-for-sale | $5.18亿 | $6.61亿 | -21.6% | $5.87亿 | $6.89亿 | -14.8% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $4000万 | $8000万 | -50.0% | $1300万 | $6600万 | -80.3% |
| Debt, Current | $94.8亿 | $114亿 | -16.7% | $90.1亿 | $50.9亿 | +77.1% |
| Deferred Credits and Other Liabilities, Noncurrent | $1110亿 | $1130亿 | -1.6% | $1110亿 | $1090亿 | +1.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $25.2亿 | $12.9亿 | +95.8% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $2100万 | -$2800万 | +175.0% |
| Deferred Income Tax Assets, Net | $7200万2025-12-31 | $8000万 | -10.0% | $7200万 | $8000万 | -10.0% |
| Deferred Income Tax Liabilities, Net | $616亿 | $593亿 | +3.8% | $583亿 | $589亿 | -1.1% |
| Deferred Income Taxes and Other Assets, Current | $27.7亿2025-12-31 | $22.4亿 | +24.0% | $27.7亿 | $22.4亿 | +24.0% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $3.31亿 | -$5.12亿 | +164.6% |
| Deferred Tax Assets, Operating Loss Carryforwards | $55.7亿2025-12-31 | $56.2亿 | -0.9% | $55.7亿 | $56.2亿 | -0.9% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $25.9亿2025-12-31 | $30.2亿 | -14.3% | $25.9亿 | $30.2亿 | -14.3% |
| Deferred Tax Assets, Valuation Allowance | $39.8亿2025-12-31 | $43.4亿 | -8.3% | $39.8亿 | $43.4亿 | -8.3% |
| Deferred Tax Liabilities, Investment in Noncontrolled Affiliates | $1400万2025-12-31 | $27.2亿 | -99.5% | $1400万 | $27.2亿 | -99.5% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01