At a glance
AT&T Inc is worth $144.43B, about 7 times its fiscal 2025 earnings. Revenue grew 2.7% to $125.65B in fiscal 2025, with 17.5% kept as profit; over 5 years it has grown 2.6% a year. It pays a 8.07% dividend yield, and returned $55.45B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −6.6% over the past year with dividends reinvested and +8.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.7% in the 2020 crash (S&P 500: 33.7%) and 29.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 54 months and 3 months after the lows.
The business in plain English
AT&T sells wireless service, home internet and network services to consumers in the United States and businesses around the world. Most revenue comes from recurring service fees; the rest comes from selling phones and other equipment. Of $125.6 billion in fiscal 2025 revenue, wireless service brought in $70.1 billion (55.8%), equipment 19.5%, business services 12.7% and older voice and data services 8.2%. Brands include AT&T, AT&T Business, Cricket, AT&T PREPAID, AT&T Fiber and AT&T Internet Air.
AT&T reports two segments. Communications is made up of Mobility, Business Wireline and Consumer Wireline. It provided about 97% of 2025 segment operating revenue and substantially all segment operating income. Latin America, which sells wireless service in Mexico, makes up the rest. At December 31, 2025, Mobility had 120 million subscribers: 91 million postpaid (billed after use), 18 million prepaid (paid in advance) and 11 million through resellers.
AT&T's strategy centers on fiber and 5G. At December 31, 2025, it had 10.4 million consumer fiber broadband customers, up 1.1 million during the year. It also had 1.5 million Internet Air connections, which deliver home internet over its 5G network. It is moving customers off its older, less reliable copper network. Its 10-K described pending deals for substantially all of Lumen's Mass Markets fiber business and for EchoStar spectrum, the airwaves wireless signals use.
Price history
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T -6.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Wireless Service | $70.10B | 55.8% |
| Equipment | $24.49B | 19.5% |
| Business Service | $15.98B | 12.7% |
| Legacy Voice and Data | $10.36B | 8.2% |
| IP Broadband | $3.54B | 2.8% |
| Other Service | $1.18B | 0.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $32.32B, up 5.3% from a year earlier, and net income was $891.0M (-90.4%).
- For fiscal 2025, revenue was $125.65B (+2.7% year over year; -2.6% a year from FY2020 to FY2025) with a 17.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -2.6% weak |
|---|---|
| Operating margin | 19.2% good |
| Free cash flow margin | 15.5% good |
| Return on equity (FY2025) | 17.4% good |
| Return on assets (FY2025) | 5.2% watch |
| Net cash (cash minus debt) | $-148.86B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $143.05B | $-5.18B | $28.44B |
| FY2021 | $134.04B | $20.08B | $26.41B |
| FY2022 | $120.74B | $-8.52B | $16.19B |
| FY2023 | $122.43B | $14.40B | $20.46B |
| FY2024 | $122.34B | $10.95B | $18.51B |
| FY2025 | $125.65B | $21.95B | $19.44B |
Valuation snapshot
| Market value | $144.43B |
|---|---|
| P/E ratio | 7.1 |
| Dividend yield | 8.07% |
Rank among 1514 US companies
Market value at each year end
AT&T’s market value went from $197.86B at the end of 2016 to $144.43B on Nov 2, 2026, down 27%; since the end of 2025 it is down 18%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $144.43B | -18.0% |
| 2025 | $176.10B | +7.8% |
| 2024 | $163.38B | +36.2% |
| 2023 | $119.98B | -8.6% |
| 2022 | $131.21B | -1.4% |
| 2021 | $133.08B | -14.3% |
| 2020 | $155.26B | -28.2% |
| 2019 | $216.27B | +37.4% |
| 2018 | $157.36B | -13.0% |
| 2017 | $180.82B | -8.6% |
| 2016 | $197.86B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| T price data to Nov 2, 2026 | -6.9% | -6.6% | +17.7% | +8.9% | +3.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -6.9% |
| 2025 | +14.0% |
| 2024 | +44.2% |
| 2023 | -2.7% |
| 2022 | +5.5% |
| 2021 | -8.1% |
| 2020 | -21.4% |
| 2019 | +45.6% |
| 2018 | -22.2% |
| 2017 | -3.9% |
| 2016 | +29.9% |
| 2015 | +8.3% |
| 2014 | +0.7% |
| 2013 | +9.8% |
| 2012 | +17.5% |
| 2011 | +9.0% |
| 2010 | +11.6% |
| 2009 | +4.8% |
| 2008 | -28.0% |
| 2007 | +20.6% |
| 2006 | +53.2% |
| 2005 | +0.3% |
| 2004 | +3.8% |
| 2003 | +1.8% |
| 2002 | -28.3% |
| 2001 | -16.1% |
| 2000 | +0.1% |
| 1999 | -7.4% |
| 1998 | +49.7% |
| 1997 | +45.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 44.9% over that stretch · deepest drop along the way 45.5%, back to its old high 37.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.4% over that stretch · deepest drop along the way 30.7%, back to its old high 53.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.9% over that stretch · deepest drop along the way 29.2%, back to its old high 3.4 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.53% | Mar 31, 2026 |
ETFs with the most weight in T
| IYZ iShares U.S. Telecommunications ETF | 15.32% |
| WBIY WBI Power Factor High Dividend ETF | 6.85% |
| VLUE iShares MSCI USA Value Factor ETF | 5.91% |
| NXTV Simplify Next Intangible Value Index ETF | 5.84% |
| FCOM Fidelity MSCI Communication Services Index ETF | 5.4% |
| SIXA ETC 6 Meridian Mega Cap Equity ETF | 5.16% |
| SIXH ETC 6 Meridian Hedged Equity Index Option ETF | 5.15% |
| IXP iShares Global Comm Services ETF | 4.95% |
What could go wrong
- Heavy spending on networks and spectrum. Wireless and fiber growth requires heavy capital spending and spectrum, the airwaves wireless signals use. Deals for Lumen fiber assets and EchoStar spectrum, pending when its 10-K was filed, may not deliver expected benefits.
- A large debt load. Total debt was about $159.6 billion as of September 30, 2026, against $10.8 billion in cash and investments. AT&T warns more borrowing for spectrum could raise future borrowing costs and limit flexibility.
- Regulators and the copper shutdown. Federal, state or foreign rule changes and regulatory rulings could raise costs. AT&T is also working with regulators to retire its copper network. Older voice and data services still made up 8.2% of 2025 revenue.
- Tough competition in a mature market. Nearly everyone in the U.S. already owns a smartphone, so AT&T says growth depends on new services, plans and bundles. Rising competition could hurt results, and price increases can push customers to rivals.
- Pension and retiree health costs. AT&T books yearly changes in the gap between its benefit plans' assets and promised benefits straight into earnings. Weak markets, rate shifts or rising medical costs can cut reported profit and raise funding needs.
- Rising costs for devices, gear and labor. Costs for devices, network gear and labor have risen, and AI spending by cloud giants is starting to strain chip supplies. Many workers are unionized, so contract talks could add costs or cause strikes.
Recent events
- Quarterly results released
- Executive or board change
- Executive or board change
- Other company announcement
- Other company announcement
- New debt or financial obligation; Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results
- Other company announcement
For income and retirement investors
AT&T pays a dividend, but it has not been a dividend grower. Dividends per share fell from $2.08 in fiscal 2021 to $1.11 in fiscal 2022 and stayed at $1.11 through fiscal 2025, so there is no streak of increases. In fiscal 2025, dividends took 42.1% of free cash flow (cash left after operating costs and capital spending). They took 37.3% of earnings, which roughly doubled from fiscal 2024. Buybacks jumped to $4.5 billion in fiscal 2025 from $215 million a year earlier, and the share count fell 5.7% from October 2021 to October 2026.
The stock has fallen hard in downturns. It dropped 45.5% in the 2008 financial crisis and took until April 2012 to recover. In the 2020 COVID crash it fell 30.7% and did not recover until September 2024. In the 2022 bear market it fell 29.2% but recovered in about 3.4 months. As a single stock, AT&T carries more risk than a diversified fund.
Questions investors ask
How does AT&T make money?
Mostly by selling wireless service. In fiscal 2025, wireless service brought in $70.1 billion of AT&T's $125.6 billion in revenue, or 55.8%. Selling phones and other equipment added 19.5%, business services 12.7% and older voice and data services 8.2%. The Communications segment covers wireless, business and home internet services. It produced about 97% of 2025 segment operating revenue. The rest came from wireless service in Mexico.
Does AT&T raise its dividend every year?
No. AT&T cut its dividend per share from $2.08 in fiscal 2021 to $1.11 in fiscal 2022. It paid $1.11 in each year through fiscal 2025, so it has no streak of increases. From fiscal 2020 to fiscal 2025, regular dividends per share shrank by 11.8% a year on average. In fiscal 2025, dividends used 42.1% of free cash flow and 37.3% of earnings.
How much debt does AT&T have?
About $159.6 billion in total debt as of September 30, 2026, against $10.8 billion of cash and investments. That leaves net debt (debt minus cash) of about $148.9 billion. Shareholders' equity was $122.8 billion on the same date. In its 10-K, AT&T warns that borrowing more to buy spectrum could make future debt more expensive. It could also limit the company's ability to respond to competition and economic downturns.
What is AT&T's P/E ratio?
AT&T's price-to-earnings (P/E) ratio was 6.9 as of October 27, 2026. That means its share price was 6.9 times fiscal 2025 earnings per share of $3.04. That earnings figure was roughly double fiscal 2024's $1.49. In the quarter ended September 30, 2026, net income fell 90.4% from a year earlier to $891 million. A P/E based on one strong year can make a stock look cheaper than its usual earnings would suggest.
Does AT&T still own DIRECTV?
No. AT&T sold its remaining interest in DIRECTV to TPG in July 2025. AT&T bought DIRECTV in 2015. In July 2021, it formed a new company with TPG Capital, DIRECTV Entertainment Holdings, and moved its U.S. video business into it. AT&T kept a stake in the new company. DIRECTV's Latin American business, Vrio, was sold in November 2021. AT&T's 10-K describes its focus as connectivity through 5G and fiber.