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TAT&T

Communication · Telecom · NYSE

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FY2025 at a glance

Sales up 2.7%, free cash flow up to $19.4B

XBRL, from each 10-K

RevenueStatements ↓

$125.6B

from $122.3B in FY2024

FY2015FY2025

Net incomeStatements ↓

$22.0B

from $10.9B in FY2024

FY2015FY2025

Free cash flowStatements ↓

$19.4B

from $18.5B in FY2024

FY2015FY2025

EPS (diluted)Statements ↓

$3.04

from $1.49 in FY2024

FY2015FY2025

Operating marginStatements ↓

19.2%

from 15.6% in FY2024

FY2015FY2025

Total debtStatements ↓

$134.7B

from $122.1B in FY2024

FY2015FY2025

Price and key numbers

The latest figures

All key numbers (37, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	1.86	Sales (ttm)	128.9B	Net income (ttm)	13.1B	Sales growth	+2.7%	EPS growth	+104%	Sales Q/Q	+5.3%
Free cash flow	17.8B	Gross margin	-	Oper. margin	18.3%	Net margin	10.2%	FCF margin	13.8%	ROE	10.7%
ROA	2.9%	R&D / sales	-	Dividend	1.11	Debt/Eq	1.30	Curr. ratio	0.87	Cash	10.8B
Op. cash flow (ttm)	40.2B	EBITDA	45.0B	EBITDA margin	35.9%	Net debt	148.9B	Quick ratio	0.83	Interest cover	3.55
ROIC	7.4%	Payout ratio	36.5%	Tax rate	13.4%	Stock pay / sales	0.4%	Shares out.	6.7B	Shares Y/Y	-0.3%
Book / share	18.22	Cash / share	1.60	Sales / share	19.13	Asset turnover	0.29	Days sales out.	26	Sales 3Y CAGR	+1.3%
Sales 5Y CAGR	-2.6%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Operating margin widened to 19.2%15.6% → 19.2% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

T against Communication peers

Ten years, side by side → · All 19 →

TPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 19 companies, the better end on the right. Hover a dot for the company.

Sales growth

+2.7%13th of 19 · median +6.8%

Net margin

10.2%9th of 19 · median 9.2%

Return on equity

10.7%12th of 19 · median 12.7%

Free cash flow margin

13.8%5th of 16 · median 10.0%

Debt / equity (less is better)

1.3013th of 17 · median 0.94

T and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
T AT&T	$128.9B	+2.7%	-	10.2%	10.7%	13.8%	1.30
VZ Verizon	$139.4B	+2.5%	-	11.8%	15.3%	-	1.55
CMCSA Comcast	$123.0B	0.0%	-	9.2%	12.2%	16.0%	0.94
DIS Walt Disney	$98.9B	+3.4%	-	8.7%	7.8%	8.4%	0.42
TMUS T-Mobile US	$93.8B	+8.5%	-	12.0%	20.1%	19.9%	1.62
CHTR Charter Communications	$55.6B	-0.6%	-	2.5%	12.7%	7.1%	9.75

Profitability

1 of 3

✓
Net margin above the peer median10.2% vs 9.2%
!
Return on equity below 15%10.7%
!
A profit in 8 of 10 years

Net margin, FY2015 to FY2025: 7.9% → 17.5%

Balance sheet

0 of 4

!
Interest covered less than 5 timesOperating income is 3.6× interest expense
!
Debt larger than equityDebt / equity 1.30 on the latest balance sheet (peer median 0.94)
!
Current ratio below 1Current ratio 0.87
!
Net debt over 3 years of free cash flow$148.9B net debt, 8.4 years

Debt / equity at each year end, FY2015 to FY2025: 1.00 → 1.07

What the debt is made of ↓

Cash and shareholders

3 of 4

✓
Free cash flow positive in every one of 10 years$19.4B last year
✓
Share count down over 5 years−3.8%
!
Dividend per share not up over 5 years$2.08 → $1.11
✓
Cash from operations above net income$40.3B vs $22.0B

Free cash flow, FY2015 to FY2025: 16.9B → 19.4B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$144.7B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2015 to FY2025

Revenue 125.6B Net income 22.0B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $125.6B of revenue came from

by segment, year to Dec 31, 2025

Communications $120.9B · 96%
Latin America Business $4.4B · 3%
Total Corporate and Other $373.0M · 0%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

T's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue125.6B

Net income22.0B

Free cash flow19.4B

EPS (diluted)3.04

Dividend per share1.11

Diluted shares7.2B

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Communications	120.9B	96.2%	+2.8%
Latin America Business	4.4B	3.5%	+3.5%
Total Corporate and Other	373.0M	0.3%	-17.5%

10-K 0000732717-26-000120, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Wireless Service	70.1B	55.8%	+3.0%
Other Capitalized Property Plant and Equipment	24.5B	19.5%	+10.3%
Business Service	16.0B	12.7%	+11.3%
Legacy Voice and Data	10.4B	8.2%	-17.8%
IP Broadband	3.5B	2.8%	-7.3%
Other Service	1.2B	0.9%	-9.5%

10-K 0000732717-26-000120, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
Domestic equities	120.2B	95.7%	+2.9%
Mexico	4.4B	3.5%	+3.3%
Asia/Pacific Rim	395.0M	0.3%	-14.5%
Europe	382.0M	0.3%	-13.4%
Other	114.0M	0.1%	-1.7%
Latin America	110.0M	0.1%	-26.2%

10-K 0000732717-26-000120, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2015	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	163.8B	160.5B	170.8B	181.2B	143.1B	134.0B	120.7B	122.4B	122.3B	125.6B
SG&A	36.8B	35.5B	36.8B	39.4B	30.8B	29.7B	29.0B	28.9B	28.4B	28.9B
Operating income	23.5B	20.0B	26.1B	28.0B	8.4B	25.9B	-4.6B	23.5B	19.0B	24.2B
Interest expense	4.9B	6.3B	8.0B	8.4B	7.7B	6.7B	6.1B	6.7B	6.8B	6.8B
Pretax income	19.8B	15.1B	24.9B	18.5B	-354.0M	29.2B	-3.1B	19.8B	16.7B	27.0B
Income tax	6.5B	-14.7B	4.9B	3.5B	1.2B	5.4B	3.8B	4.2B	4.4B	3.6B
Net income	13.0B	29.4B	19.4B	13.9B	-5.2B	20.1B	-8.5B	14.4B	10.9B	22.0B
EPS (diluted)	2.10	4.76	2.85	1.89	-0.75	2.73	-1.13	1.97	1.49	3.04
Diluted shares	6.2B	6.2B	6.8B	7.3B	7.5B	7.5B	7.6B	7.3B	7.2B	7.2B
Depreciation & amortization	25.8B	24.4B	28.4B	28.2B	22.5B	17.9B	18.0B	18.8B	20.6B	20.9B
EBITDA	49.4B	44.4B	54.5B	56.2B	30.9B	43.7B	13.4B	42.2B	39.6B	45.0B
Operating margin	14.4%	12.4%	15.3%	15.4%	5.9%	19.3%	-3.8%	19.2%	15.6%	19.2%
Net margin	7.9%	18.3%	11.3%	7.7%	-3.6%	15.0%	-7.1%	11.8%	8.9%	17.5%
Revenue growth	-	-2.0%	+6.4%	+6.1%	-21.1%	-6.3%	-9.9%	+1.4%	-0.1%	+2.7%
EPS growth	-	+127%	-40.1%	-33.7%	-140%	-	-141%	-	-24.4%	+104%

Balance sheet

From EDGAR

	FY2015	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	5.8B	50.5B	5.2B	9.7B	7.9B	19.2B	3.7B	6.7B	3.3B	18.2B
Receivables	16.8B	16.5B	26.5B	22.6B	20.2B	12.3B	11.5B	10.3B	9.6B	8.8B
Inventory	2.0B	2.2B	2.8B	2.9B	3.6B	-	3.1B	2.2B	2.3B	2.4B
Current assets	38.4B	79.1B	51.4B	54.8B	52.0B	170.8B	33.1B	36.5B	31.2B	48.7B
Property & equipment	124.9B	125.2B	131.5B	130.1B	-	-	-	-	-	-
Goodwill	105.2B	105.4B	146.4B	146.2B	92.8B	92.7B	67.9B	67.9B	63.4B	63.4B
Total assets	403.8B	444.1B	531.9B	551.7B	525.8B	551.6B	402.9B	407.1B	394.8B	420.2B
Accounts payable	22.0B	24.4B	27.0B	29.6B	31.8B	29.5B	31.1B	27.3B	27.4B	29.9B
Current liabilities	50.6B	81.4B	64.4B	68.9B	63.4B	106.2B	56.2B	51.1B	46.9B	53.8B
Total debt	123.5B	164.3B	176.5B	161.1B	155.2B	174.1B	134.1B	135.5B	122.1B	134.7B
Shareholders' equity	124.1B	142.0B	193.9B	201.9B	179.2B	183.9B	106.5B	117.4B	118.2B	126.5B
Retained earnings	34.7B	50.5B	58.8B	57.9B	37.5B	42.4B	-19.4B	-5.0B	1.9B	15.8B

Cash flow

From EDGAR

	FY2015	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	38.4B	38.0B	43.6B	48.7B	43.1B	42.0B	35.8B	38.3B	38.8B	40.3B
Capital spending	21.5B	20.6B	21.3B	19.6B	14.7B	15.5B	19.6B	17.9B	20.3B	20.8B
Free cash flow	16.9B	17.4B	22.4B	29.0B	28.4B	26.4B	16.2B	20.5B	18.5B	19.4B
Stock-based pay (added back)	653.0M	480.0M	463.0M	819.0M	422.0M	447.0M	518.0M	479.0M	505.0M	536.0M
Dividends paid	11.8B	12.0B	13.4B	14.9B	15.0B	15.1B	9.9B	8.1B	8.2B	8.2B
Buybacks	512.0M	463.0M	609.0M	2.4B	5.5B	202.0M	890.0M	194.0M	215.0M	4.5B
Acquisitions	3.0B	-1.1B	43.3B	1.8B	1.6B	25.5B	10.2B	2.9B	380.0M	379.0M
Debt raised	10.1B	48.8B	41.9B	17.0B	32.0B	9.9B	3.0B	10.0B	19.0M	14.0B
Debt repaid	10.8B	12.3B	52.6B	27.6B	39.1B	3.0B	25.1B	12.0B	10.3B	5.5B
Investing cash flow	-23.3B	-18.9B	-63.1B	-16.7B	-13.5B	-32.1B	-26.9B	-19.7B	-17.5B	-18.8B
Financing cash flow	-14.5B	25.9B	-26.0B	-25.1B	-32.0B	1.6B	-59.6B	-15.6B	-24.7B	-6.4B
Dividend per share	1.93	1.97	2.01	2.05	2.08	2.08	1.11	1.11	1.11	1.11

Stock-based pay and leases

From EDGAR

	FY2015	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	653.0M	480.0M	463.0M	819.0M	422.0M	447.0M	518.0M	479.0M	505.0M	536.0M
Stock-based pay / revenue	0.4%	0.3%	0.3%	0.5%	0.3%	0.3%	0.4%	0.4%	0.4%	0.4%
Operating lease cost	-	-	-	5.7B	5.3B	5.4B	5.4B	5.6B	5.8B	5.9B
Operating lease cash paid	-	-	-	4.6B	4.5B	4.6B	4.7B	4.6B	4.8B	4.8B
Right-of-use assets	-	-	0	24.0B	24.7B	21.8B	21.8B	20.9B	20.9B	22.6B
Operating lease liabilities	-	-	-	25.3B	25.7B	22.3B	22.2B	21.1B	20.9B	22.5B
Finance lease liabilities	-	-	1.9B	2.0B	2.0B	1.6B	1.8B	1.8B	1.4B	1.4B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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