A Business at a Glance
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AT&T INC.
T
$173.7B
Mkt Cap
$24.13
+5.10%
AT&T INC. (T) has a current P/E ratio of 7.9, compared to its historical median P/E of 7.8. The stock is currently considered Fair based on its historical valuation range.
AT&T INC. (T) has a 5-year average return on invested capital (ROIC) of 4.8%. This is below average and may indicate limited pricing power.
AT&T INC. (T) has a market capitalization of $183.9B. It is classified as a large-cap stock.
Yes, AT&T INC. (T) pays a dividend with a trailing twelve-month yield of 4.40%. The company also returns capital through share buybacks, with a buyback yield of 3.67%.
Based on historical P/E analysis, AT&T INC. (T) appears fair. The current P/E of 7.9 is 2% above its historical median of 7.8. The estimated fair value CAGR (P/E method) is 11.7%.
AT&T INC. (T) operates in the Telephone Communications (No Radiotelephone) industry, within the Communication Services sector.
AT&T INC. (T) reported annual revenue of $125.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
AT&T Inc. is a leading global telecommunications and technology services provider operating through two reportable segments: Communications and Latin America. The Communications segment, which represents approximately 97% of segment operating revenues, comprises three business units—Mobility, Business Wireline, and Consumer Wireline—that collectively serve consumers in the United States and businesses globally through integrated wireless and wireline offerings. Mobility provides nationwide wireless voice and data services to 120 million subscribers (including 91 million postpaid, 18 million prepaid, and 11 million reseller subscribers) and generates revenue from both service plans and equipment sales; Business Wireline serves multinational corporations, small and mid-sized businesses, and governmental customers with legacy voice services, fiber and advanced connectivity services, and equipment; Consumer Wireline provides broadband services including fiber connections and fixed wireless access (AT&T Internet Air) to residential customers, with 10.4 million fiber broadband customers and 1.5 million fixed wireless connections as of December 31, 2025. The company's business model emphasizes convergence of fixed and mobile services, with fiber as a core infrastructure priority underpinning both wired and wireless connectivity; the unit economics reflect a transition from legacy copper-based services toward higher-margin fiber and 5G-enabled services, supported by software-defined network architecture that delivers cost advantages over traditional hardware-intensive approaches. AT&T's competitive moat derives from its extensive spectrum portfolio (covering over 441 million people with 4G LTE and over 322 million with 5G in North America), substantial fiber footprint (16.0 million broadband connections), and integrated network infrastructure that enables bundled service offerings and operational efficiencies. The Latin America segment provides wireless service and equipment in Mexico, while the company is actively decommissioning legacy copper network operations and reinvesting savings into fiber expansion and 5G deployment.
【Network transformation and fiber expansion】 Management is prioritizing acceleration of fiber expansion both organically and through the pending acquisition of substantially all of Lumen's Mass Markets fiber business, while continuing to deploy low- and mid-band spectrum to improve speed and capacity, including spectrum to be acquired from pending transactions with EchoStar Corporation. The company is focused on aggregating traffic on its largest, lowest marginal cost converged network through efficient spectrum deployment and construction of high-capacity broadband solutions in the United States, while working with regulators and customers to decommission high-cost legacy copper technologies over the coming years. Management expects continued growth in wireless data usage driven by streaming, augmented reality, smart technologies, and artificial intelligence applications, with future wireless growth dependent on the ability to offer innovative services, plans, and devices that bundle product offerings and add converged customer relationships. The company intends to continue significant capital investment in expanding network capacity and obtaining additional spectrum as needed and available to meet long-term requirements.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2021 Earnings Call, Q1 FY2021 Earnings Call, Q4 FY2020 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Service | $146.39B | $97.83B | $99.65B | $100.14B | $101.16B | 32% |
Wireless Service | $59.50B | $62.67B | $65.74B | $68.04B | $70.10B | 22% |
Operating Segments | $57.59B | $60.50B | $63.17B | $65.37B | $67.38B | 21% |
Other Capitalized Property Plant and Equipment | $22.47B | $22.91B | $22.78B | $22.20B | $24.49B | 8% |
Equipment | $22.47B | $22.91B | $22.78B | $22.20B | $24.49B | 8% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 126.5B | 125.6B | 122.3B | 122.4B | 120.7B | 134.0B |
| Net Income | 21.3B | 21.9B | 10.7B | 14.2B | -8.7B | 19.9B |
| EPS | $2.79 | $3.04 | $1.49 | $1.97 | $-1.13 | $2.73 |
| Free Cash Flow | 17.4B | 19.4B | 18.5B | 20.5B | 16.2B | 26.4B |
| ROIC | 8.6% | 8.3% | 5.5% | 7.3% | -3.1% | 6.1% |
| Gross Margin | - | 64.3% | 61.1% | 63.6% | 40.2% | 59.8% |
| Debt/Equity | 1.10 | 1.25 | 1.22 | 1.35 | 1.49 | 1.11 |
| Dividends/Share | $1.06 | $1.11 | $1.11 | $1.11 | $1.11 | $2.08 |
| Operating Income | 25.1B | 24.2B | 19.0B | 23.5B | -4.6B | 25.9B |
| Operating Margin | 19.8% | 19.2% | 15.6% | 19.2% | -3.8% | 19.3% |
| ROE | 16.9% | 17.9% | 9.1% | 12.7% | -6.0% | 10.9% |
| Shares Outstanding | 7,621M | 7,200M | 7,212M | 7,204M | 7,723M | 7,280M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 132.4B | 146.8B | 163.8B | 160.5B | 170.8B | 181.2B | 143.1B | 134.0B | 120.7B | 122.4B | 122.3B | 125.6B | 126.5B |
| Gross Margin | 55.7% | 57.1% | 55.6% | 53.6% | 58.1% | 57.4% | 48.5% | 59.8% | 40.2% | 63.6% | 61.1% | 64.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 39.7B | 32.9B | 36.8B | 35.5B | 36.8B | 39.4B | 30.8B | 29.7B | 29.0B | 28.9B | 28.4B | 28.9B | 29.1B |
| EBIT | 12.2B | 24.8B | 23.5B | 20.0B | 26.1B | 28.0B | 8.4B | 25.9B | -4.6B | 23.5B | 19.0B | 24.2B | 25.1B |
| Op. Margin | 9.2% | 16.9% | 14.4% | 12.4% | 15.3% | 15.4% | 5.9% | 19.3% | -3.8% | 19.2% | 15.6% | 19.2% | 19.8% |
| Net Income | 6.4B | 13.3B | 13.0B | 29.4B | 19.4B | 13.9B | -5.4B | 19.9B | -8.7B | 14.2B | 10.7B | 21.9B | 21.3B |
| Net Margin | 4.9% | 9.1% | 7.9% | 18.3% | 11.3% | 7.7% | -3.8% | 14.8% | -7.2% | 11.6% | 8.8% | 17.4% | 16.8% |
| Non-Recurring | 1.5B | 91M | 169M | 282M | 739M | 1.2B | 10.5B | 369M | 24.8B | 441M | 80M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 4.8% | 8.1% | 6.5% | 8.0% | 7.2% | 6.2% | 2.4% | 6.1% | -3.1% | 7.3% | 5.5% | 8.3% | 8.6% |
| ROE | 7.0% | 12.5% | 10.5% | 22.1% | 11.5% | 7.0% | -2.8% | 10.9% | -6.0% | 12.7% | 9.1% | 17.9% | 16.9% |
| ROA | 2.2% | 3.8% | 3.2% | 6.9% | 4.0% | 2.6% | -1.0% | 3.7% | -1.8% | 3.5% | 2.7% | 5.4% | 5.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 31.3B | 35.9B | 38.4B | 38.0B | 43.6B | 48.7B | 43.1B | 42.0B | 35.8B | 38.3B | 38.8B | 40.3B | 38.8B |
| Free Cash Flow | 10.1B | 16.7B | 16.9B | 17.4B | 22.4B | 29.0B | 28.4B | 26.4B | 16.2B | 20.5B | 18.5B | 19.4B | 17.4B |
| Owner Earnings | 12.7B | 13.4B | 11.9B | 13.1B | 14.7B | 19.6B | 20.2B | 23.7B | 17.3B | 19.1B | 17.7B | 18.9B | 17.6B |
| CapEx | 21.2B | 19.2B | 21.5B | 20.6B | 21.3B | 19.6B | 14.7B | 15.5B | 19.6B | 17.9B | 20.3B | 20.8B | 21.4B |
| Maint. CapEx | 18.3B | 22.0B | 25.8B | 24.4B | 28.4B | 28.2B | 22.5B | 17.9B | 18.0B | 18.8B | 20.6B | 20.9B | 20.7B |
| Growth CapEx | 2.9B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.6B | 0 | 0 | 0 | 780M |
| D&A | 18.3B | 22.0B | 25.8B | 24.4B | 28.4B | 28.2B | 22.5B | 17.9B | 18.0B | 18.8B | 20.6B | 20.9B | 20.7B |
| CapEx/OCF | 67.6% | 53.6% | 54.7% | 54.3% | 47.6% | 40.3% | 36.3% | 41.8% | 54.8% | 46.6% | 52.3% | 51.7% | 55.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 9.6B | 10.2B | 11.8B | 12.0B | 13.4B | 14.9B | 15.0B | 15.1B | 9.9B | 8.1B | 8.2B | 8.2B | 8.1B |
| Dividend Yield | 16.1% | 15.1% | 12.8% | 12.4% | 13.6% | 12.6% | 13.1% | 13.1% | 8.4% | 7.8% | 6.4% | 4.4% | 4.4% |
| Share Buybacks | 1.6B | 269M | 512M | 463M | 609M | 2.4B | 5.5B | 202M | 890M | 194M | 215M | 4.5B | 6.8B |
| Buyback Yield | 2.0% | 0.3% | 0.4% | 0.3% | 0.5% | 1.3% | 3.8% | 0.2% | 0.8% | 0.2% | 0.1% | 2.6% | 3.7% |
| Stock-Based Comp | 318M | 451M | 653M | 480M | 463M | 819M | 422M | 447M | 518M | 479M | 505M | 536M | 536M |
| Debt Repayment | 10.4B | 10.0B | 10.8B | 12.3B | 52.6B | 27.6B | 39.1B | 3.0B | 25.1B | 12.0B | 10.3B | 5.5B | 5.5B |
| Balance Sheet | |||||||||||||
| Net Debt | 71.3B | 121.0B | 117.7B | 113.8B | 173.5B | 177.3B | 173.6B | 184.0B | 153.3B | 150.5B | 140.5B | 139.8B | 125.9B |
| Cash & Equiv. | 8.6B | 5.1B | 5.8B | 50.5B | 5.2B | 9.7B | 7.9B | 19.2B | 3.7B | 6.7B | 3.3B | 18.2B | 12.5B |
| Long-Term Debt | 75.8B | 118.5B | 113.7B | 126.0B | 166.3B | 151.3B | 153.8B | 151.0B | 128.4B | 127.9B | 118.4B | 127.1B | 131.6B |
| Debt/Equity | 0.91 | 1.02 | 1.00 | 1.16 | 0.93 | 0.93 | 1.02 | 1.11 | 1.49 | 1.35 | 1.22 | 1.25 | 1.10 |
| Interest Coverage | 3.4 | 6.0 | 4.8 | 3.2 | 3.3 | 3.3 | 1.1 | 3.9 | -0.8 | 3.5 | 2.8 | 3.6 | 84.4 |
| Equity | 90.3B | 123.6B | 124.1B | 142.0B | 193.9B | 201.9B | 179.2B | 183.9B | 106.5B | 117.4B | 118.2B | 126.5B | 125.6B |
| Total Assets | 296.8B | 402.7B | 403.8B | 444.1B | 531.9B | 551.7B | 525.8B | 551.6B | 402.9B | 407.1B | 394.8B | 420.2B | 421.2B |
| Total Liabilities | 206.6B | 279.0B | 278.7B | 300.9B | 328.2B | 332.0B | 329.0B | 350.2B | 56.9B | 58.6B | 58.9B | 58.2B | -2.8B |
| Intangibles | 66.1B | 99.5B | 100.7B | 102.6B | 102.4B | 101.4B | 91.0B | 116.7B | 127.0B | 130.0B | 130.3B | 130.7B | 6.1B |
| Retained Earnings | 31.1B | 33.7B | 34.7B | 50.5B | 58.8B | 57.9B | 37.5B | 42.4B | -19.4B | -5.0B | 1.9B | 15.8B | 17.6B |
| Working Capital | -3.7B | -11.8B | -12.2B | -2.2B | -13.0B | -14.2B | -11.4B | 64.5B | -23.1B | -14.7B | -15.7B | -5.0B | -4.1B |
| Current Assets | 33.6B | 36.0B | 38.4B | 79.1B | 51.4B | 54.8B | 52.0B | 170.8B | 33.1B | 36.5B | 31.2B | 48.7B | 46.3B |
| Current Liabilities | 37.3B | 47.8B | 50.6B | 81.4B | 64.4B | 68.9B | 63.4B | 106.2B | 56.2B | 51.1B | 46.9B | 53.8B | 50.4B |
| Per Share Data | |||||||||||||
| EPS | 1.24 | 2.37 | 2.10 | 4.76 | 2.85 | 1.89 | -0.75 | 2.73 | -1.13 | 1.97 | 1.49 | 3.04 | 2.79 |
| Owner EPS | 2.45 | 2.38 | 1.93 | 2.12 | 2.16 | 2.67 | 2.82 | 3.25 | 2.24 | 2.65 | 2.45 | 2.62 | 2.31 |
| Book Value | 17.38 | 21.96 | 20.09 | 22.95 | 28.53 | 27.46 | 25.04 | 25.26 | 13.78 | 16.30 | 16.40 | 17.57 | 16.48 |
| Cash Flow/Share | 6.03 | 6.37 | 6.22 | 6.14 | 6.42 | 6.62 | 6.02 | 5.76 | 4.64 | 5.32 | 5.38 | 5.59 | 5.50 |
| Dividends/Share | 1.81 | 1.89 | 1.93 | 1.97 | 2.01 | 2.05 | 2.08 | 2.08 | 1.11 | 1.11 | 1.11 | 1.11 | 1.06 |
| Shares Out. | 5.2B | 5.6B | 6.2B | 6.2B | 6.8B | 7.4B | 7.2B | 7.3B | 7.7B | 7.2B | 7.2B | 7.2B | 7.6B |
| Valuation | |||||||||||||
| P/E Ratio | 12.4 | 7.1 | 10.5 | 4.5 | 6.0 | 13.4 | N/A | 5.3 | N/A | 7.6 | 14.5 | 8.0 | 8.6 |
| P/FCF | 6.0 | 4.3 | 6.1 | 5.8 | 3.9 | 4.9 | 3.8 | 4.0 | 7.3 | 5.3 | 8.4 | 9.0 | 10.6 |
| EV/EBIT | 12.3 | 8.8 | 10.6 | 11.8 | 11.2 | 12.1 | 44.6 | 10.3 | N/A | 10.3 | 14.6 | 11.8 | 12.4 |
| Price/Book | 0.9 | 0.8 | 1.1 | 0.9 | 0.6 | 0.9 | 0.8 | 0.6 | 1.1 | 0.9 | 1.3 | 1.4 | 1.5 |
| Price/Sales | 0.6 | 0.6 | 0.7 | 0.8 | 0.8 | 0.9 | 0.9 | 0.9 | 1.0 | 0.8 | 1.0 | 1.5 | 1.5 |
| FCF Yield | 12.7% | 17.6% | 12.4% | 13.0% | 19.4% | 15.6% | 19.7% | 24.9% | 13.8% | 19.0% | 11.9% | 11.1% | 9.5% |
| Market Cap | 80.0B | 94.9B | 136.1B | 134.0B | 115.4B | 186.7B | 144.3B | 106.0B | 117.5B | 107.4B | 156.0B | 175.4B | 183.9B |
| Avg. Price | 11.46 | 12.03 | 14.97 | 15.70 | 14.55 | 16.07 | 15.98 | 15.78 | 15.16 | 14.41 | 17.80 | 25.87 | 24.13 |
| Year-End Price | 11.62 | 12.73 | 16.64 | 16.35 | 12.82 | 19.17 | 15.23 | 14.56 | 15.21 | 14.91 | 21.63 | 24.36 | 24.13 |
AT&T INC. passes 3 of 9 quality checks, indicating weak fundamentals.
AT&T INC. trades at 7.9x trailing earnings, compared to its 15-year median P/E of 7.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 8.7x vs a median of 5.5x. The company's 5-year average ROIC is 4.8% with a gross margin of 57.8%. Total shareholder yield (dividends + buybacks) is 8.1%. At current prices, the estimated annualized return to fair value is -0.2%.
AT&T INC. (T) has a net profit margin of 17.4%. This is a healthy margin.
AT&T INC. (T) generated $19.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
AT&T INC. (T) has a debt-to-equity ratio of 1.25. This indicates moderate leverage.
AT&T INC. (T) reported earnings per share (EPS) of $3.04 in its most recent fiscal year.
AT&T INC. (T) has a return on equity (ROE) of 17.9%. This indicates the company generates strong returns for shareholders.
AT&T INC. (T) has a 5-year average gross margin of 57.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for AT&T INC. (T), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AT&T INC. (T) has a book value per share of $17.57, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is prioritizing acceleration of fiber expansion both organically and through the pending acquisition of substantially all of Lumen's Mass Markets fiber business, while continuing to deploy low- and mid-band spectrum to improve speed and capacity, including spectrum to be acquired from pending transactions with EchoStar Corporation. The company is focused on aggregating traffic on its largest, lowest marginal cost converged network through efficient spectrum deployment and construction of high-capacity broadband solutions in the United States, while working with regulators and customers to decommission high-cost legacy copper technologies over the coming years. Management expects continued growth in wireless data usage driven by streaming, augmented reality, smart technologies, and artificial intelligence applications, with future wireless growth dependent on the ability to offer innovative services, plans, and devices that bundle product offerings and add converged customer relationships. The company intends to continue significant capital investment in expanding network capacity and obtaining additional spectrum as needed and available to meet long-term requirements.