AT&T
T · NYSETelephone Communications (No Radiotelephone) · Fiscal year ends Dec 31
AT&T reported revenue of $126B in the fiscal year ended Dec 2025, up 2.7% from the year before. Operating income was $24.2B, an operating margin of 19.2%, and net income was $22B. Operating cash flow of $40.3B less capital expenditure of $20.8B left free cash flow of $19.4B. Net debt was $125B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $134B | $121B | $122B | $122B | $126B |
| Selling, general & admin | $29.7B | $29B | $28.9B | $28.4B | $28.9B |
| Operating income | $25.9B | −$4.6B | $23.5B | $19B | $24.2B |
| Interest expense | $6.7B | $6.1B | $6.7B | $6.8B | $6.8B |
| Pre-tax income | $29.2B | −$3.1B | $19.8B | $16.7B | $27B |
| Income tax | $5.4B | $3.8B | $4.2B | $4.4B | $3.6B |
| Net income | $20.1B | −$8.5B | $14.4B | $10.9B | $22B |
| Diluted EPS | 2.73 | −1.13 | 1.97 | 1.49 | 3.04 |
| Diluted shares | 7,503M | 7,587M | 7,258M | 7,204M | 7,179M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $19.2B | $3.7B | $6.7B | $3.3B | $18.2B |
| Receivables | $12.3B | $11.5B | $10.3B | $9.6B | $8.8B |
| Inventory | – | $3.1B | $2.2B | $2.3B | $2.4B |
| Current assets | $171B | $33.1B | $36.5B | $31.2B | $48.7B |
| Goodwill | $92.7B | $67.9B | $67.9B | $63.4B | $63.4B |
| Total assets | $552B | $403B | $407B | $395B | $420B |
| Payables | $29.5B | $31.1B | $27.3B | $27.4B | $29.9B |
| Deferred revenue | $4.1B | $3.9B | $3.8B | $4.1B | $4.3B |
| Current liabilities | $106B | $56.2B | $51.1B | $46.9B | $53.8B |
| Short-term debt | $24.6B | $7.5B | $9.5B | $5.1B | $9B |
| Long-term debt | $167B | $133B | $133B | $122B | $135B |
| Shareholders' equity | $184B | $106B | $117B | $118B | $126B |
| Backlog (remaining obligations) | $42.7B | $35.8B | $38.6B | $40.9B | $44B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $42B | $35.8B | $38.3B | $38.8B | $40.3B |
| Capital expenditure | $15.5B | $19.6B | $17.9B | $20.3B | $20.8B |
| Free cash flow | $26.4B | $16.2B | $20.5B | $18.5B | $19.4B |
| Depreciation & amortisation | $17.9B | $18B | $18.8B | $20.6B | $20.9B |
| Stock-based compensation | $447M | $518M | $479M | $505M | $536M |
| Acquisitions | $25.5B | $10.2B | $2.9B | $380M | $379M |
| Share buybacks | $202M | $890M | $194M | $215M | $4.5B |
| Dividends paid | $15.1B | $9.9B | $8.1B | $8.2B | $8.2B |
| Dividend per share | 2.08 | 1.11 | 1.11 | 1.11 | 1.11 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −9.9% | 1.4% | −0.1% | 2.7% |
| Operating income growth (YoY) | – | −117.7% | – | −18.8% | 26.8% |
| EPS growth (YoY) | – | −141.4% | – | −24.4% | 104.0% |
| Operating margin | 19.3% | −3.8% | 19.2% | 15.6% | 19.2% |
| Net margin | 15.0% | −7.1% | 11.8% | 8.9% | 17.5% |
| Return on equityBlank when equity is negative | 10.9% | −8.0% | 12.3% | 9.3% | 17.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.8% | −1.3% | 6.6% | 5.5% | 6.6% |
| Free cash flow margin | 19.7% | 13.4% | 16.7% | 15.1% | 15.5% |
| Cash conversion (CFO ÷ net income) | 2.09x | −4.20x | 2.66x | 3.54x | 1.84x |
| Receivable days | 34 | 35 | 31 | 29 | 26 |
| Interest cover | 3.86x | −0.75x | 3.50x | 2.82x | 3.55x |
| Debt ÷ equity | 1.04x | 1.32x | 1.22x | 1.08x | 1.14x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $173B | $137B | $136B | $124B | $125B |
| Current ratio | 1.61x | 0.59x | 0.71x | 0.66x | 0.91x |
Recent filings
More in Telephone Communications (No Radiotelephone)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.