— Know what they know.
/
Not Investment Advice

T

NYSE · USD
AT&T Inc.
Communication Services · Telecommunications Services
CEO John T. Stankey Employees 133,030 R&D / revenue 0.0%
Last price
$23.43−0.30%last session
Market cap
$160.6B
P/E (TTM)
7.7x
From 52w high
−20.4%
From 52w low
+17.8%
1-year return
−10.5%
RSI 14 · vs SMA200
42.4 · −6.5%
IS score
52.5/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

T   SPY   XLC (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLC 97T 89

Score DNA

Each bar is a 0-100 score within the scored universe
65
Profitability
60
Growth
87
Value
87
Momentum
15
Risk (safety)
74
Quality
38
Balance sheet
84
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Altman distress zone
Observations
Moat model: Weak, Efficient ScalePiotroski 7 / 9Altman Z 0.9Beta 0.423 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
No open-market sales on file
No Form 144 notices in 12 months
CONGSTOCK Act · 180 days
Congressional purchases
18
Last disclosed purchase 2026-10-09
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−281
166 new holders, 410 closed
2,687 filers hold 66.8% · 1,106 added, 1,163 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+89
1,496 funds adding shares
1,407 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
30.8%
20-day avg 44.4%, 50-day avg 45.0%
Latest 13.6 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$125.6B
Revenue growth YoY+2.7%
Gross margin79.8%
Operating income$24.2B
Operating margin19.2%
Net income$21.9B
Net margin17.4%
EPS (diluted)$3.04
Cash flow
Operating cash flow$40.3B
Capital expenditure$20.8B
Free cash flow$19.4B
FCF conversion (FCF / OCF)48.3%
Stock-based compensation$0
FCF less SBC$19.4B
Buybacks$4.5B
Dividends$8.2B
Balance sheet & returns
Cash & short-term investments$18.2B
Total debt$155.0B
Net debt$136.8B
Shareholders' equity$128.5B
Goodwill & intangibles$68.7B
Debt / equity1.47
ROE (TTM)19.5%
ROIC (TTM)6.0%
Operating margin by fiscal year
18.7%FY202119.3%FY202220.2%FY202319.8%FY202419.2%FY2025
Revenue $134.0B (FY2021) to $125.6B (FY2025), a -1.6% CAGR.

Valuation

P/E (TTM)7.7x
EV / EBITDA5.7x
Price / sales1.26x
Price / FCF9.1x
FCF yield11.00%
Buyback yield2.80%
SBC / revenue0.0%
Price / book1.47x
Forward P/E FY202610.0x
Forward P/E FY20279.1x
Forward P/E FY20288.0x
Forward multiples divide today's price by Street EPS estimates. Street mean target $27.78 across 9 analysts last quarter is theirs, not ours.

T vs industry median

234 companies in Telecommunications Services
Gross margin 59.7% 44.4% Operating margin 20.4% 12.0% Net margin 16.9% 5.7% ROIC 6.0% 7.1%
T (TTM)Industry median Asset turnover 0.30 vs industry 0.46 · financial leverage 3.88

Earnings delivery

Next report 2026-10-21 · consensus EPS $0.60
83%
beat rate, 10 of 12 quarters
+1.9%
median EPS surprise
8
longest beat streak
+2-2+2+0+5+8+0+2+1+12+3+10
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-19 to 2026-07-22. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
T AT&T Inc. $160.6B7.7x19.5%16.9%+2.7% −10.5%
TMUS T-Mobile US, Inc. $170.7B16.6x18.0%14.2%+9.7% −29.4%
VZ Verizon Communications Inc. $186.1B11.7x15.6%11.2%+1.4% +11.0%
CMCSA Comcast Corporation $77.5B7.1x12.0%11.8%+0.6% −21.1%
SATS EchoStar Corporation $25.1Bn/m-33.4%—−5.2% +20.9%
ASTS AST SpaceMobile, Inc. $16.6Bn/m-44.8%—+2,256.9% —
DIS The Walt Disney Company $190.9B22.7x7.8%10.4%+4.6% —
NFLX Netflix, Inc. $293.7B21.8x49.5%27.1%+16.0% —
12-month window: SPY +15.9%, sector ETF XLC −3.4%. Past returns describe history only.

Recent 8-K filings

No 8-K filings on file.

Context

Shares outstanding6,852,390,000
Free float99.8%
Institutional ownership66.8%
Beta0.42
Dividend yield4.74%
Last dividend$0.28 on 2026-10-09
50 / 200-day average$24.94 / $25.11
Large-cap Communication Services median P/E16.1x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where T sits among 34 scored companies in Telecommunications Services (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureTIndustry medianIndustry percentileSector median
P/E (TTM) 7.5x 10.1x
43rd		 16.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 1.3x 1.4x
45th		 1.6x
Price / book 1.5x 2.2x
42nd		 2.1x
Price / tangible book —
Price / free cash flow 9.1x 9.1x
50th		 10.4x
Price / operating cash flow 4.0x 4.0x
50th		 8.9x
Enterprise value $305.9B $9.1B
97th		 $3.9B
EV / sales 2.4x 2.3x
58th		 2.2x
EV / EBITDA 5.7x 5.8x
45th		 10.0x
EV / EBIT 9.2x 10.3x
42nd		 15.8x
EV / free cash flow 17.3x 17.9x
42nd		 17.3x
Earnings yield 13.4% 5.9%
70th		 2.4%
FCF yield 11.0% 8.9%
64th		 6.6%
Operating cash flow yield 24.9% 20.0%
58th		 10.7%
Graham number (per share) $33.27 $39.38
26th		 $31.22

Profitability (TTM)

MeasureTIndustry medianIndustry percentileSector median
Gross margin 59.7% 53.5%
58th		 51.5%
EBITDA margin 42.2% 29.5%
82nd		 18.1%
Operating margin 19.6% 14.7%
61st		 9.7%
EBIT margin 26.2% 14.7%
89th		 9.3%
Net margin 16.9% 6.7%
86th		 5.3%
NOPAT margin 17.3% 9.3%
82nd		 7.1%
FCF margin 13.9% 8.0%
69th		 10.5%
Operating cash flow margin 31.4% 26.2%
77th		 17.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 23.2% 25.3%
30th		 26.0%
Stock comp / revenue 0.0% 0.9%
0th		 1.7%
Effective tax rate 11.7% 21.0%
10th		 21.0%

Returns on capital

MeasureTIndustry medianIndustry percentileSector median
ROE (on average equity) 19.9% 12.0%
62nd		 7.6%
ROA 5.2% 3.9%
64th		 3.1%
ROIC 8.6% 7.7%
67th		 7.6%
ROCE 8.9% 8.7%
55th		 7.2%
Return on tangible assets 8.0% 7.8%
55th		 5.5%
Cash ROIC (OCF / invested capital) 15.6% 11.3%
62nd		 15.6%
Gross profitability (GP / assets) 26.1% 15.5%
79th		 26.4%
ROIC, 3-yr average 5.8% 5.3%
71st		 4.1%
ROIC, 5-yr average 4.4% 3.7%
59th		 3.7%
ROE, 5-yr average 10.4% 10.6%
43rd		 5.0%
Incremental ROIC 60.0% -5.5%
87th		 1.0%

Growth

MeasureTIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 2.6% 2.6%
47th		 7.2%
Revenue growth (QoQ) 0.2% 0.7%
45th		 4.0%
Revenue CAGR, 3 yr 1.6% 1.2%
60th		 5.0%
Revenue CAGR, 5 yr -5.4% 0.9%
33rd		 7.4%
Gross profit CAGR, 3 yr 28.2% 1.8%
86th		 6.4%
Operating income CAGR, 3 yr 0.9% 12.3%
29th		 13.7%
Net income growth (TTM YoY) 68.5% -11.1%
83rd		 12.6%
Net income CAGR, 3 yr —
EPS growth (TTM YoY) 75.1% -0.0%
77th		 15.5%
EPS CAGR, 3 yr —
EPS CAGR, 5 yr —
FCF growth (TTM YoY) -10.0% 9.0%
20th		 20.6%
FCF CAGR, 3 yr -1.1% 14.8%
28th		 16.7%
Operating cash flow CAGR, 3 yr 2.6% 5.1%
33rd		 13.1%
Book value CAGR, 3 yr 3.9% 3.3%
54th		 3.9%
Dividend CAGR, 3 yr 0.3% 3.3%
31st		 4.2%
Sustainable growth rate 12.5% 6.6%
74th		 7.7%

Margin history & stability

MeasureTIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 58.1% 53.7%
57th		 52.4%
Operating margin, 3-yr average 19.9% 17.4%
57th		 7.5%
Net margin, 3-yr average 12.5% 9.3%
61st		 4.7%
FCF margin, 3-yr average 15.6% 10.6%
76th		 9.7%
Revenue stability (0-1) 0.56 0.60
40th		 0.83
Earnings stability (0-1) 0.27 0.28
43rd		 0.30
Margin stability (0-1) 0.60 0.88
10th		 0.88

Liquidity (latest quarter)

MeasureTIndustry medianIndustry percentileSector median
Cash & short-term investments $17.6B $503.0M
97th		 $479.5M
Net cash (− = net debt) −$145.3B −$2.0B
3rd		 −$532.8M
Working capital −$1.5B $59.1M
18th		 $125.0M
Current ratio 0.97 1.08
45th		 1.28
Quick ratio 0.93 1.07
27th		 1.28
Cash ratio (cash + ST investments / current liabilities) 0.33 0.86
30th		 0.70
Defensive interval (days) 110 days 244 days
4th		 395 days

Leverage & solvency (latest quarter)

MeasureTIndustry medianIndustry percentileSector median
Total debt $162.9B $2.8B
94th		 $1.2B
Debt / equity 1.47 1.00
68th		 0.67
Net debt / equity 1.32 0.72
71st		 0.37
Debt / assets 38.0% 37.4%
52nd		 30.9%
Debt / capital 59.6% 49.9%
68th		 40.7%
Debt / EBITDA 3.03 3.03
48th		 3.03
Net debt / EBITDA 2.70 2.50
55th		 1.41
Interest coverage (EBIT / interest) 4.6x 3.3x
68th		 3.2x
Cash interest coverage 5.5x 3.1x
71st		 5.5x
Debt payback (years of OCF) 4.1 yrs 4.9 yrs
39th		 2.8 yrs
Liabilities / assets 70.5% 62.3%
64th		 56.1%
IS credit model rating BB- — —
Implied credit spread (bps) 550 400
58th		 400

Efficiency

MeasureTIndustry medianIndustry percentileSector median
Asset turnover 0.31 0.35
42nd		 0.52
Fixed asset turnover 0.95 0.94
52nd		 3.99
Inventory turnover 6.5 11.0
26th		 23.8
Receivables turnover 14.7 9.0
82nd		 8.1
Days sales outstanding 25 days 41 days
15th		 44 days
Days inventory outstanding 56 days 34 days
68th		 15 days
Days payables outstanding 845 days 86 days
97th		 57 days
Cash conversion cycle (days) −764 days −29 days
0th		 1 days
Capex / revenue 17.5% 13.3%
64th		 3.5%
Capex / depreciation 1.09 1.08
54th		 0.60
Operating expense ratio 39.5% 52.5%
26th		 45.3%

Cash flow & earnings quality

MeasureTIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.86 2.13
43rd		 2.40
FCF / net income 0.82 0.82
48th		 1.69
FCF / operating cash flow 44.2% 44.2%
48th		 72.9%
Capex / operating cash flow 55.8% 55.8%
48th		 27.1%
Accruals ratio -4.4% -8.0%
67th		 -8.0%
Sloan accruals ratio -3.0% -5.3%
70th		 -5.6%
Earnings quality score (0-1) 1.00 0.75
91st		 0.75

Dividends & buybacks

MeasureTIndustry medianIndustry percentileSector median
Dividend yield 4.7% 0.7%
67th		 0.0%
Dividend per share (TTM) $1.11 $0.10
61st		 $0.00
Payout ratio (dividends / net income) 37.3% 34.9%
52nd		 5.7%
Dividends / FCF 45.4% 0.0%
83rd		 0.0%
Dividend growth (YoY) 1.5% 1.5%
43rd		 3.2%
Buyback yield 5.0% 1.2%
82nd		 1.7%
Shareholder yield (dividends + buybacks) 10.0% 3.5%
83rd		 3.5%
Share count change (YoY) -3.8% -1.5%
30th		 -0.8%
Buybacks, last 5 years $29.4B $293.2M
88th		 $152.3M

Scores & forensic checks

MeasureTIndustry medianIndustry percentileSector median
IS score 52 37
85th		 44
IS profitability 65 54
67th		 36
IS growth 60 52
60th		 56
IS value 87 54
85th		 44
IS momentum 87 61
90th		 66
IS risk (safety) 15 15
3rd		 30
IS quality 74 54
85th		 58
IS balance sheet 38 42
33rd		 48
IS earnings quality 84 58
94th		 58
IS cash flow 50 47
55th		 56
Piotroski F-score (0-9) 7 5
85th		 5
Altman Z-score 0.9 1.1
33rd		 1.7
Beneish M-score −2.83 −2.92
57th		 −2.74
Ohlson O-score −8.38 −7.21
12th		 −7.27
IS credit score 38 47
39th		 49

Per share

MeasureTIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $3.09 $3.09
48th		 $0.86
Book value per share $15.90 $15.29
55th		 $14.63
Tangible book per share −$10.47 −$0.79
27th		 $1.25
Revenue per share $18.32 $18.32
48th		 $17.81
FCF per share $2.54 $1.93
64th		 $1.98
Operating cash flow per share $5.74 $4.13
67th		 $2.77
Cash per share $2.53 $4.51
27th		 $3.75

Size (TTM)

MeasureTIndustry medianIndustry percentileSector median
Market cap $160.6B $2.9B
94th		 $2.7B
Revenue $127.2B $1.3B
94th		 $1.8B
EBITDA $53.7B $888.2M
97th		 $326.9M
Net income $21.5B $89.9M
97th		 $65.3M
Free cash flow $17.7B $178.1M
88th		 $211.5M
Total assets $428.4B $7.1B
97th		 $3.6B
Shareholders' equity $110.4B $1.4B
97th		 $1.1B
Employees 133,030 5,284
94th		 3,872

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-06Cakaric Darcie M.
SEVP and Chief HR Officer
 Option exercise 38,655——47,385
2026-10-06Cakaric Darcie M.
SEVP and Chief HR Officer
 Tax withholding 15,211$24.24$368,71532,174
2026-10-06Cakaric Darcie M.
SEVP and Chief HR Officer
 Option exercise 38,655——38,655
2026-09-30Sabrina Sanders S
SVP-ChiefActngOfcr&Controller
 Award / grant 145$24.40$3,5272,693
2026-09-30Merchant Fazal F
Director
 Award / grant 10,708——10,708
2026-09-30Mcelfresh Jeffery S.
Chief Operating Officer
 Award / grant 512$24.40$12,500184,023
2026-09-30Lee Lori M
Global Mktg Ofr & SEVP Intl
 Award / grant 369$24.40$9,00010,643
2026-09-30Desroches Pascal
Sr. Exec VP and CFO
 Award / grant 1,836$24.40$44,792137,835
2026-09-01Sabrina Sanders S
SVP-ChiefActngOfcr&Controller
 Tax withholding 9,248$25.89$239,431162,913
2026-08-31Sabrina Sanders S
SVP-ChiefActngOfcr&Controller
 Award / grant 127$25.89$3,2762,548
2026-08-31Mcelfresh Jeffery S.
Chief Operating Officer
 Award / grant 483$25.89$12,500183,511
2026-08-31Lee Lori M
Global Mktg Ofr & SEVP Intl
 Award / grant 348$25.89$9,00010,275

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired56171,736$601,734
Option exerciseDisposed138,655—
Option exerciseAcquired138,655—
Tax withholdingDisposed224,459$608,145
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

FiledFilerShares proposedEst. proceeds
None on file.
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 55 trades (26 purchases) · Senate 4 (2 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-10-09David TaylorHousePurchase$1,001 - $15,0002026-10-16
2026-09-04Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-08-14Tim MooreHouseSale$50,001 - $100,0002026-08-21
2026-08-14Tim MooreHouseSale (Full)$50,001 - $100,0002026-08-21
2026-06-29Gary PetersSenatePurchase$1,001 - $15,0002026-07-02
2026-06-29Gary C. PetersSenatePurchase$1,001 - $15,0002026-07-02
2026-03-27John FettermanSenateSale$1,001 - $15,0002026-04-03
2026-03-27John Karl FettermanSenateSale$1,001 - $15,0002026-04-03
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.559,396,053$11.6B8.16%
VANGUARD CAPITAL MANAGEMENT LLC453,562,905$9.4B6.62%
STATE STREET CORP334,273,613$6.9B4.88%
Newport Trust Company, LLC178,729,595$3.7B2.61%
GEODE CAPITAL MANAGEMENT, LLC177,038,673$3.7B2.58%
VANGUARD PORTFOLIO MANAGEMENT LLC134,321,307$2.8B1.96%
BANK OF AMERICA CORP /DE/111,637,584$2.3B1.63%
MORGAN STANLEY96,376,311$2.0B1.41%
JPMORGAN CHASE & CO83,344,546$1.8B1.22%
NORGES BANK79,271,870$1.6B1.16%
Bank of New York Mellon Corp74,685,312$1.5B1.09%
GQG Partners LLC59,099,713$1.2B0.86%
Capital World Investors59,003,661$1.2B0.86%
NORTHERN TRUST CORP55,312,730$1.1B0.81%
DIMENSIONAL FUND ADVISORS LP55,307,086$1.1B0.81%

Institutional ownership by quarter

2023-092026-0666.8%
% of shares held by 13F filers
2023-092026-062,687
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,68766.8%1661,1061,163410
2026-03-312,96866.5%3151,2601,118138
2025-12-312,84166.9%3081,0351,258239
2025-09-302,84466.0%1721,2061,168150
2025-06-302,86970.0%2181,2881,083147
2025-03-312,84266.9%3431,0881,162114
2024-12-312,65965.0%3951,0251,002111
2024-09-302,42463.1%2009201,084130
2024-06-302,38361.6%1609351,051149
2024-03-312,40760.0%1669821,027154
2023-12-312,43258.8%3097821,174118
2023-09-302,27657.2%1308141,157195

Schedule 13D / 13G filers

FiledFormFiler% of classShares
None on file.
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.23%$5.3B
VTSAX0.23%$5.3B
VTI0.23%$5.3B
VSMPX0.23%$5.3B
VOO0.25%$4.4B
VFIAX0.25%$4.4B

Share structure

Shares outstanding6,852,390,000
Float6,837,721,545
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$134.0B$120.7B$122.4B$122.3B$125.6B
Cost of revenue$60.4B$50.8B$68.9B$69.8B$25.4B
Gross profit$73.6B$69.9B$53.5B$52.5B$100.2B
R&D$0$0$954.0M$955.0M$0
SG&A$29.7B$29.0B$27.8B$27.3B$28.9B
Operating income$25.9B−$4.6B$24.8B$24.3B$24.2B
EBITDA$53.7B$21.1B$45.3B$44.0B$54.7B
Pretax income$29.2B−$3.1B$19.8B$16.7B$27.0B
Income tax$5.4B$3.8B$4.2B$4.4B$3.6B
Net income$20.1B−$8.5B$14.4B$10.9B$21.9B
EPS, diluted$2.73$-1.13$1.97$1.49$3.04
Diluted shares7.5B7.6B7.3B7.2B7.2B

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$19.2B$3.7B$6.7B$3.3B$18.2B
Receivables$12.3B$11.5B$10.3B$9.6B$8.8B
Inventory$3.3B$3.1B$2.2B$2.3B$2.4B
Total current assets$170.8B$33.1B$36.5B$31.2B$48.7B
PP&E, net$143.5B$149.3B$149.4B$149.8B$154.2B
Goodwill & intangibles$212.0B$197.3B$200.4B$195.7B$68.7B
Total assets$551.6B$402.9B$407.1B$394.8B$420.2B
Accounts payable$29.5B$31.1B$27.3B$27.4B$38.5B
Total current liabilities$106.2B$56.2B$51.1B$46.9B$53.8B
Long-term debt$151.0B$128.4B$127.9B$118.4B$146.0B
Total liabilities$367.8B$296.4B$287.6B$274.6B$291.7B
Shareholders' equity$183.9B$106.5B$119.4B$120.2B$128.5B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$21.5B−$6.9B$14.4B$12.3B$23.4B
Depreciation & amortization$17.9B$18.0B$18.8B$20.6B$20.9B
Stock-based compensation$0$518.0M$0$0$0
Change in working capital−$5.0B−$1.8B−$1.8B−$2.4B−$1.2B
Operating cash flow$42.0B$32.0B$38.3B$38.8B$40.3B
Capital expenditure−$16.5B−$19.6B−$17.9B−$20.3B−$20.8B
Free cash flow$25.4B$12.4B$20.5B$18.5B$19.4B
Investing cash flow−$32.1B−$25.8B−$19.7B−$17.5B−$18.8B
Net debt issued / repaid$19.3B−$43.0B−$1.1B−$12.3B$8.5B
Buybacks−$202.0M−$890.0M−$194.0M−$215.0M−$4.5B
Dividends paid−$15.1B−$9.9B−$8.1B−$8.2B−$8.2B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin40.8%43.0%43.7%42.9%79.8%
Operating margin18.7%19.3%20.2%19.8%19.2%
Net margin14.1%-7.1%11.8%8.9%17.4%
FCF margin17.9%10.1%16.7%15.1%15.5%
ROE12.2%-6.5%14.3%10.5%20.4%
ROIC6.3%7.4%7.8%7.4%7.9%
ROA3.7%-1.8%3.6%2.7%5.4%
Debt / equity1.181.591.501.351.57
Interest coverage5.5x0.5x4.0x3.5x5.0x
Current ratio1.610.590.710.660.91
Revenue growth−17.3%−15.0%+1.4%−0.1%+2.7%
EPS growth+486.5%−140.6%+277.0%−24.1%+100.7%
P/E at year end5.2xn/m7.6x14.3x8.1x
EV / EBITDA at year end5.1x12.7x5.7x6.7x6.1x
FCF yield at year end24.19%10.44%18.82%11.79%11.03%
Dividend payout75.0%—56.5%75.0%37.4%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Wireless Service$59.2B$62.7B$65.7B$68.0B$70.1B
Other Capitalized Property Plant and Equipment—$22.9B$22.8B$22.2B$24.5B
Business Solutions$23.3B————
Product$22.5B————
Business Service—$21.9B$20.3B$18.1B$16.0B
Video Service$17.1B————
Subscription Service$13.1B————
Content Service$12.6B————
IP Broadband$9.1B$9.7B$10.5B$11.2B$3.5B
Legacy Voice and Data$2.4B$2.1B$1.8B$1.5B$10.4B
Advertising$6.9B————
Other Service$2.7B$1.5B$1.4B$1.3B$1.2B

Revenue by region · FY2025

United States$120.2B · 96%
Mexico$4.4B · 4%
Asia Pacific$395.0M · 0%
Europe$382.0M · 0%
International$114.0M · 0%
Region of Latin America and Caribbean excluding Brazil$110.0M · 0%

Street estimates by fiscal year

Next report 2026-10-21 · consensus EPS $0.60 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$129.2B$128.5B – $129.8B$2.34$2.30 – $2.371210.0x
2027$132.2B$130.0B – $135.3B$2.57$2.46 – $2.67129.1x
2028$134.9B$132.0B – $137.5B$2.92$2.83 – $3.0958.0x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-22$0.59$0.65+10.2%$31.8B$31.6B−0.7%
2026-04-22$0.55$0.57+3.3%$31.2B$31.5B+0.8%
2026-01-28$0.46$0.52+12.4%$32.9B$33.5B+1.8%
2025-10-22$0.54$0.54+0.6%$30.9B$30.7B−0.5%
2025-07-23$0.53$0.54+1.9%$30.5B$30.8B+1.3%
2025-04-23$0.51$0.51+0.2%$30.4B$30.6B+0.9%
2025-01-27$0.50$0.54+8.4%$32.0B$32.3B+0.9%
2024-10-23$0.57$0.60+5.4%$30.4B$30.2B−0.8%
2024-07-24$0.57$0.570.0%$30.0B$29.8B−0.6%
2024-04-24$0.54$0.55+1.9%$30.5B$30.0B−1.7%
2024-01-24$0.55$0.54−1.8%$31.5B$32.0B+1.7%
2023-10-19$0.63$0.64+1.6%$30.2B$30.4B+0.5%
2023-07-26$0.60$0.63+5.0%$27.1B$29.9B+10.6%
2023-04-20$0.59$0.60+1.7%$30.3B$30.1B−0.5%
2023-01-25$0.59$0.61+3.4%$31.4B$31.3B−0.2%
2022-10-20$0.61$0.68+11.5%$29.8B$30.0B+0.7%
2022-07-21$0.61$0.65+6.6%$29.5B$29.6B+0.4%
2022-04-21$0.75$0.77+2.7%$38.2B$29.7B−22.3%
2022-01-26$0.76$0.78+2.6%$38.3B$41.0B+7.0%
2021-10-21$0.78$0.87+11.5%$42.6B$31.3B−26.5%
2021-07-22$0.78$0.89+14.1%$43.2B$35.7B−17.2%
2021-04-22$0.78$0.86+10.3%$39.4B$43.9B+11.4%
2021-01-27$0.73$0.75+2.7%$44.4B$45.7B+2.8%
2020-10-22$0.77$0.76−1.3%$42.3B$42.3B0.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.806-151.206-221.506-291.207-060.907-131.807-201.607-271.308-030.908-100.808-170.608-240.808-31
Week ofNotionalSharesTrades
2026-08-31$804.4M30,852,735192,386
2026-08-24$626.2M24,346,339167,402
2026-08-17$753.3M30,017,992177,921
2026-08-10$927.5M38,188,662205,584
2026-08-03$1.3B57,746,196286,619
2026-07-27$1.6B66,549,515321,686

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1530.8%
DateShort shareShort volumeTotal volume
2026-10-1530.8%6,302,45620,472,733
2026-10-1432.3%7,020,88021,719,396
2026-10-1332.8%7,029,82821,451,750
2026-10-1226.4%5,569,20021,089,116
2026-10-0957.1%37,147,26265,076,918
2026-10-0843.8%6,195,37714,143,428
2026-10-0755.1%6,400,21111,606,524
2026-10-0646.4%6,231,89013,423,688
2026-10-0543.2%5,736,91813,275,086
2026-10-0257.8%6,291,20710,883,534
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.4Jan-0.8Feb+2.1Mar+1.3Apr-0.3May+1.1Jun+0.4Jul-0.5Aug+1.0Sep+0.3Oct+1.3Nov+2.1Dec
MonthAvg returnUp yearsYears
Jan+0.4%45%20
Feb−0.8%40%20
Mar+2.1%71%21
Apr+1.3%55%20
May−0.3%45%20
Jun+1.1%60%20
Jul+0.4%60%20
Aug−0.5%45%20
Sep+1.0%70%20
Oct+0.3%50%20
Nov+1.3%70%20
Dec+2.1%70%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1442.4
MFI54.5
ADX25.8
Stochastic %K / %D45.3 / 35.3
Williams %R-47.0
CCI-50
TSI / signal-23.2 / -17.0
Chaikin money flow-0.24
ATR$0.63
Bollinger width15.2%
Volume vs 20-day avg1.15x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$24.08 (−2.7%)
SMA 50$24.87 (−5.8%)
SMA 200$25.05 (−6.5%)
EMA 21$23.97 (−2.3%)
EMA 50$24.32 (−3.7%)
EMA 200$24.76 (−5.4%)
Bollinger upper$25.91 (−9.6%)
Bollinger lower$22.25 (+5.3%)
Parabolic SAR$24.43 (−4.1%)
Open the live chart, 110+ indicators

About AT&T Inc.

Globally, AT&T Inc. delivers an array of telecommunication, media, and technology offerings. Within its Communications division, the company supplies wireless voice and data communication services. It also markets mobile devices, such as smartphones, wireless data access cards, and portable computing gadgets, alongside accessories like protective cases and hands-free equipment. These products are distributed through AT&T's proprietary outlets, authorized agents, and external retail partners. Furthermore, this segment caters to a broad clientele including multinational corporations, small-to-medium-sized enterprises, government entities, and wholesale clients. For these customers, it delivers an extensive suite of services encompassing data, voice connectivity, cybersecurity, cloud-based solutions, outsourcing, and both managed and professional services, in addition to client-side equipment. Residential consumers also benefit from this division's provision of high-speed fiber optic internet and traditional landline telephone services. Its communication-related offerings and merchandise are promoted under well-known brand names such as AT&T, Cricket, AT&T PREPAID, and AT&T Fiber. The Latin America segment is responsible for delivering wireless communication services within Mexico, as well as video entertainment services across the wider Latin American region. These services and products are branded as AT&T and Unefon. Established in 1983 and headquartered in Dallas, Texas, the corporation was previously known as SBC Communications Inc. and officially adopted the name AT&T Inc. in 2005.

https://www.att.com

Key executives

NameTitlePayBorn
John T. StankeyChief Executive Officer, President & Chairman$8.9M1963
Pascal DesrochesSenior EVP & CFO$5.1M1964
David R. McAteeSenior EVP & General Counsel$4.9M1969
Jeffery Scott McElfreshChief Operating Officer$4.6M1970
Lori LeeGlobal Marketing Officer and Senior EVP of International$2.8M1966
Darcie CakaricSenior EVP & Chief Human Resources Officer—1972
Kellyn Smith KennyChief Marketing & Growth Officer—1978
Larry SolomonChief Communications Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
R. Stephenson Chairman, CEO & President2009$1.4M$12.0M$5.8M$29.2M
R. de la Vega President & CEO, AT&T Mobility & Consumer Mkts.2009$800,000$7.4M$1.5M$13.6M
J. Stankey President & CEO, AT&T Operations2009$830,000$8.3M$1.5M$13.0M
R. Lindner Sr. Exec. Vice President & CFO2009$800,000$6.9M$1.5M$10.9M
J. Cicconi Sr. Exec. Vice Pres. External & Legislative Affairs2009$800,000$6.2M$1.4M$9.3M

Employees

268k2018246k2019230k2020203k2021161k2022150k2023141k2024133k2025

Dividends

Ex-dateAmountPaid
2026-10-09$0.27752026-11-02
2026-07-10$0.27752026-08-03
2026-04-10$0.27752026-05-01
2026-01-12$0.27752026-02-02
2025-10-10$0.27752025-11-03
2025-07-10$0.27752025-08-01
2025-04-10$0.27752025-05-01
2025-01-10$0.27752025-02-03

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage42
Intangibles61
Switching costs53
Network effect47
Efficient scale63
Our component scores (0-100) and overall 53.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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