AT&T Financials
This page shows AT&T (TBB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
AT&T has an operating margin of 19.2%, meaning the company retains $19 of operating profit per $100 of revenue. This strong profitability earns a score of 96/100, reflecting efficient cost management and pricing power. This is up from 15.6% the prior year.
AT&T's revenue grew a modest 2.7% year-over-year to $125.6B. This slow but positive growth earns a score of 36/100.
AT&T carries a low D/E ratio of 1.06, meaning only $1.06 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 72/100, indicating a strong balance sheet with room for future borrowing.
AT&T's current ratio of 0.91 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 16/100, which could limit financial flexibility.
AT&T converts 15.5% of revenue into free cash flow ($19.4B). This strong cash generation earns a score of 77/100.
AT&T earns a strong 17.4% return on equity (ROE), meaning it generates $17 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 69/100. This is up from 9.3% the prior year.
AT&T scores 0.80, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
AT&T passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, AT&T generates $1.84 in operating cash flow ($40.3B OCF vs $22.0B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
AT&T earns $3.6 in operating income for every $1 of interest expense ($24.2B vs $6.8B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
AT&T generated $125.6B in revenue in fiscal year 2025. This represents an increase of 2.7% from the prior year.
AT&T's EBITDA was $45.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.7% from the prior year.
AT&T generated $19.4B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 5.0% from the prior year.
AT&T reported $22.0B in net income in fiscal year 2025. This represents an increase of 100.5% from the prior year.
AT&T earned $3.04 per diluted share (EPS) in fiscal year 2025. This represents an increase of 104.0% from the prior year.
AT&T held $18.2B in cash against $134.7B in long-term debt as of fiscal year 2025.
AT&T paid $1.11 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.
AT&T had 7.00B shares outstanding in fiscal year 2025. This represents a decrease of 2.5% from the prior year.
AT&T's operating margin was 19.2% in fiscal year 2025, reflecting core business profitability. This is up 3.7 percentage points from the prior year.
AT&T's net profit margin was 17.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 8.5 percentage points from the prior year.
AT&T's ROE was 17.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 8.1 percentage points from the prior year.
AT&T spent $4.5B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 1993.0% from the prior year.
AT&T invested $20.8B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 2.9% from the prior year.
TBB Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $33.5B+9.0% | $30.7B-0.4% | $30.8B+0.7% | $30.6B-5.2% | $32.3B+6.9% | $30.2B+1.4% | $29.8B-0.8% | $30.0B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $7.4B-0.8% | $7.5B+7.3% | $6.9B-2.8% | $7.1B-3.3% | $7.4B+6.2% | $7.0B-1.2% | $7.0B+0.3% | $7.0B |
| Operating Income | $5.8B-5.4% | $6.1B-5.9% | $6.5B+13.0% | $5.8B+8.0% | $5.3B+151.7% | $2.1B-63.3% | $5.8B-1.5% | $5.8B |
| Interest Expense | $1.8B+5.4% | $1.7B+2.7% | $1.7B-0.2% | $1.7B-0.2% | $1.7B-0.8% | $1.7B-1.4% | $1.7B-1.5% | $1.7B |
| Income Tax | $109.0M-88.8% | $976.0M-21.1% | $1.2B-4.8% | $1.3B+44.3% | $900.0M-30.0% | $1.3B+12.5% | $1.1B+2.1% | $1.1B |
| Net Income | $3.8B-59.3% | $9.3B+107.0% | $4.5B+3.4% | $4.4B+6.6% | $4.1B+2444.8% | -$174.0M-104.8% | $3.6B+4.4% | $3.4B |
| EPS (Diluted) | N/A | $1.29+108.1% | $0.62+1.6% | $0.61 | N/A | $-0.03-106.1% | $0.49+4.3% | $0.47 |
TBB Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $420.2B-0.7% | $423.2B+4.4% | $405.5B+2.0% | $397.5B+0.7% | $394.8B+0.3% | $393.7B-1.1% | $398.0B-0.4% | $399.4B |
| Current Assets | $48.7B-10.7% | $54.6B+38.9% | $39.3B+16.4% | $33.8B+8.4% | $31.2B+4.6% | $29.8B-0.2% | $29.9B-1.9% | $30.4B |
| Cash & Equivalents | $18.2B-10.1% | $20.3B+93.1% | $10.5B+52.5% | $6.9B+108.8% | $3.3B+27.5% | $2.6B-16.4% | $3.1B-12.1% | $3.5B |
| Inventory | N/A | $2.9B+22.4% | $2.4B-9.1% | $2.6B+14.2% | $2.3B-10.2% | $2.5B+39.3% | $1.8B-14.6% | $2.1B |
| Accounts Receivable | $8.8B-1.0% | $8.9B+1.0% | $8.8B-4.2% | $9.2B-4.3% | $9.6B+6.3% | $9.1B-6.4% | $9.7B+1.1% | $9.6B |
| Goodwill | $63.4B0.0% | $63.4B0.0% | $63.4B0.0% | $63.4B0.0% | $63.4B0.0% | $63.4B-6.5% | $67.9B0.0% | $67.9B |
| Total Liabilities | $293.7B-0.9% | $296.5B+4.4% | $284.1B+2.3% | $277.6B+0.4% | $276.6B-0.3% | $277.4B-0.4% | $278.7B-0.8% | $280.8B |
| Current Liabilities | $53.8B-0.2% | $53.9B+10.9% | $48.6B+1.2% | $48.0B+2.4% | $46.9B+15.3% | $40.7B-4.2% | $42.4B-5.4% | $44.8B |
| Long-Term Debt | $134.7B+5.2% | $128.1B+4.1% | $123.1B+4.9% | $117.3B-4.0% | $122.1B-3.4% | $126.4B+0.8% | $125.4B-0.3% | $125.7B |
| Total Equity | $126.5B-0.2% | $126.8B+4.4% | $121.4B+1.3% | $119.9B+1.4% | $118.2B+1.7% | $116.3B-2.6% | $119.3B+0.6% | $118.6B |
| Retained Earnings | $15.8B+12.8% | $14.0B+109.2% | $6.7B+58.5% | $4.2B+125.3% | $1.9B+1111.4% | -$185.0M-9350.0% | $2.0M+100.1% | -$1.6B |
TBB Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $11.3B+11.5% | $10.2B+4.0% | $9.8B+7.9% | $9.0B-23.9% | $11.9B+16.2% | $10.2B+12.6% | $9.1B+20.5% | $7.5B |
| Capital Expenditures | $6.8B+38.8% | $4.9B-0.2% | $4.9B+14.5% | $4.3B-37.5% | $6.8B+29.1% | $5.3B+21.6% | $4.4B+16.0% | $3.8B |
| Free Cash Flow | $4.5B-13.8% | $5.3B+8.2% | $4.9B+2.0% | $4.8B-5.6% | $5.1B+2.4% | $4.9B+4.2% | $4.7B+24.9% | $3.8B |
| Investing Cash Flow | -$4.3B-28.2% | -$3.4B+44.3% | -$6.1B-22.8% | -$5.0B+7.6% | -$5.4B-4.1% | -$5.2B-28.2% | -$4.0B-35.6% | -$3.0B |
| Financing Cash Flow | -$8.8B-393.6% | $3.0B+6742.2% | -$45.0M+91.9% | -$553.0M+90.6% | -$5.9B-5.2% | -$5.6B-1.5% | -$5.5B+29.9% | -$7.8B |
| Dividends Paid | $2.0B-1.0% | $2.0B-0.5% | $2.0B-2.2% | $2.1B+2.7% | $2.0B0.0% | $2.0B-2.9% | $2.1B+3.2% | $2.0B |
| Share Buybacks | $1.8B+22.9% | $1.5B+55.0% | $961.0M+340.8% | $218.0M+1576.9% | $13.0M-69.8% | $43.0M+2050.0% | $2.0M-98.7% | $157.0M |
TBB Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 17.3%-2.6pp | 19.9%-1.1pp | 21.1%+2.3pp | 18.8%+2.3pp | 16.5%+9.5pp | 7.0%-12.3pp | 19.3%-0.1pp | 19.5% |
| Net Margin | 11.3%-19.0pp | 30.3%+15.7pp | 14.6%+0.4pp | 14.2%+1.6pp | 12.6%+13.2pp | -0.6%-12.7pp | 12.1%+0.6pp | 11.5% |
| Return on Equity | 3.0%-4.4pp | 7.3%+3.6pp | 3.7%+0.1pp | 3.6%+0.2pp | 3.5%+3.6pp | -0.1%-3.2pp | 3.0%+0.1pp | 2.9% |
| Return on Assets | 0.9%-1.3pp | 2.2%+1.1pp | 1.1%+0.0pp | 1.1%+0.1pp | 1.0%+1.1pp | -0.0%-0.9pp | 0.9%+0.0pp | 0.9% |
| Current Ratio | 0.91-0.1 | 1.01+0.2 | 0.81+0.1 | 0.70+0.0 | 0.67-0.1 | 0.73+0.0 | 0.70+0.0 | 0.68 |
| Debt-to-Equity | 1.06+0.1 | 1.010.0 | 1.01+0.0 | 0.98-0.1 | 1.03-0.1 | 1.09+0.0 | 1.050.0 | 1.06 |
| FCF Margin | 13.6%-3.6pp | 17.1%+1.4pp | 15.8%+0.2pp | 15.6%-0.1pp | 15.6%-0.7pp | 16.3%+0.5pp | 15.9%+3.3pp | 12.6% |
Note: The current ratio is below 1.0 (0.91), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Frequently Asked Questions
What is AT&T's annual revenue?
AT&T (TBB) reported $125.6B in total revenue for fiscal year 2025. This represents a 2.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is AT&T's revenue growing?
AT&T (TBB) revenue grew by 2.7% year-over-year, from $122.3B to $125.6B in fiscal year 2025.
Is AT&T profitable?
Yes, AT&T (TBB) reported a net income of $22.0B in fiscal year 2025, with a net profit margin of 17.5%.
What is AT&T's earnings per share (EPS)?
AT&T (TBB) reported diluted earnings per share of $3.04 for fiscal year 2025. This represents a 104.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is AT&T's EBITDA?
AT&T (TBB) had EBITDA of $45.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does AT&T have?
As of fiscal year 2025, AT&T (TBB) had $18.2B in cash and equivalents against $134.7B in long-term debt.
What is AT&T's operating margin?
AT&T (TBB) had an operating margin of 19.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is AT&T's net profit margin?
AT&T (TBB) had a net profit margin of 17.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does AT&T pay dividends?
Yes, AT&T (TBB) paid $1.11 per share in dividends during fiscal year 2025.
What is AT&T's return on equity (ROE)?
AT&T (TBB) has a return on equity of 17.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is AT&T's free cash flow?
AT&T (TBB) generated $19.4B in free cash flow during fiscal year 2025. This represents a 5.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is AT&T's operating cash flow?
AT&T (TBB) generated $40.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are AT&T's total assets?
AT&T (TBB) had $420.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are AT&T's capital expenditures?
AT&T (TBB) invested $20.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Does AT&T buy back shares?
Yes, AT&T (TBB) spent $4.5B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does AT&T have outstanding?
AT&T (TBB) had 7.00B shares outstanding as of fiscal year 2025.
What is AT&T's current ratio?
AT&T (TBB) had a current ratio of 0.91 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is AT&T's debt-to-equity ratio?
AT&T (TBB) had a debt-to-equity ratio of 1.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is AT&T's return on assets (ROA)?
AT&T (TBB) had a return on assets of 5.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is AT&T's Altman Z-Score?
AT&T (TBB) has an Altman Z-Score of 0.80, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is AT&T's Piotroski F-Score?
AT&T (TBB) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are AT&T's earnings high quality?
AT&T (TBB) has an earnings quality ratio of 1.84x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can AT&T cover its interest payments?
AT&T (TBB) has an interest coverage ratio of 3.6x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is AT&T?
AT&T (TBB) scores 61 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.