Compare · T and VZ
AT&T vs. Verizon
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
Both sell wireless plans and home internet, and most of their revenue is monthly service. AT&T also sells wireless service in Mexico; Verizon sells Fios fiber and fixed wireless home internet. Below are the figures each one reported in its latest annual report (Form 10-K), side by side, with links to the filing behind every number. Both fiscal years end in December, so the periods line up. Why fiscal years differ.
Comparing AT&T fiscal 2025 (ended Dec 31, 2025) with Verizon fiscal 2025 (ended Dec 31, 2025)
AT&TVerizon
Each pair of bars shows both companies on one scale.
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| AT&T (FY2024 to FY2025) | $122.3B | $125.6B | +2.7% |
| Verizon (FY2024 to FY2025) | $134.8B | $138.2B | +2.5% |
AT&T reports total operating revenues: wireless service and phones, fiber and other home internet, business connectivity, and wireless service in Mexico. Verizon reports operating revenues: wireless service, phone and device sales, home internet (Fios and fixed wireless) and business network services.
Margins
| Company | Revenue | Operating income | Operating margin | Net income | Net margin |
|---|---|---|---|---|---|
| AT&T FY2025 | $125.6B | $24.2B | 19.2% | $22.0B | 17.5% |
| Verizon FY2025 | $138.2B | $29.3B | 21.2% | $17.2B | 12.4% |
Margin is the profit line divided by revenue, worked out by Ticker Sage from the linked figures. What profit margins measure.
Cash flow and cash returned
| Company | Cash from operations | Buybacks | Dividends paid |
|---|---|---|---|
| AT&T FY2025 | $40.3B | $4.5B | $8.2B |
| Verizon FY2025 | $37.1B | – | $11.5B |
Free cash flow needs a capital spending line for both companies, and one of them doesn't tag it in a form Ticker Sage reads, so the page leaves it out. A dash means the figure isn't in the filing data. How buybacks work · How dividends work.
How each one makes money
AT&T
The Communications segment sells wireless plans and phones, fiber and other home internet, and connectivity services to businesses. Latin America sells wireless service in Mexico.
Most revenue comes from monthly service. Its fiscal year is the calendar year.
Verizon
The Consumer segment sells wireless phone plans and devices to individuals, plus Fios fiber and fixed wireless home internet. The Business segment sells wireless, networking and communications services to companies and government agencies.
Most revenue comes from monthly service plans. Its fiscal year is the calendar year.
Main risks each one lists
AT&T
- Wireless and home internet are crowded markets with heavy promotions.
- It must keep spending on fiber, spectrum and 5G to compete.
- It carries a large amount of debt.
- It has large pension and retiree obligations.
- Older copper-based services are shrinking.
Verizon
- Wireless and broadband are crowded markets, with heavy promotions and price competition.
- It must keep spending on spectrum and network upgrades to stay competitive.
- It carries a large debt load, so interest rates and credit conditions matter.
- Telecom rules, spectrum policy and privacy laws affect its business.
- Network outages or data breaches can hurt customers and its reputation.
How they differ
- Size. Verizon reported $138.2B of revenue for fiscal 2025, and AT&T $125.6B for fiscal 2025.
- Growth. AT&T's revenue grew 2.7% in its latest year and Verizon's 2.5%.
- Margins. Verizon kept 12.4% of revenue as net income and AT&T 17.5%.
- Segments. AT&T reports Communications and Latin America. Verizon reports Consumer and Business.
- Home internet. AT&T sells fiber and other home internet. Verizon sells Fios fiber and fixed wireless access.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- AT&T Form 10-K for fiscal 2025, filed Feb 9, 2026
- Verizon Form 10-K for fiscal 2025, filed Feb 17, 2026
AT&T company file → · Verizon company file →
Common questions
Which is bigger by revenue, Verizon or AT&T?
Verizon reported $138.2B of revenue for fiscal 2025 and AT&T $125.6B for fiscal 2025.
Where does most of their revenue come from?
From monthly service, according to both companies' 10-Ks.
How do their profit margins compare?
In the latest fiscal year Verizon's net margin was 12.4% and AT&T's was 17.5%, worked out from the net income and revenue in each 10-K.
Where do these numbers come from?
From each company's latest Form 10-K filed with the SEC. Every figure on this page links to the filing it came from.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Oct 25, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Oct 26, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn · Methodology & Disclosures explains where every number comes from.