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Company file · T

AT&T

AT&T's revenue rose slightly in 2025, and net income roughly doubled on gains described in the 10-K

Revenue rose 2.7% to $125.6B. Net income rose 100.5% to $22.0B, including gains on investments.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 9, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026) · Data pulled Oct 25, 2026

Key facts

AT&T (NYSE: T) reported total operating revenues of $125.6B for fiscal 2025, the year ended Dec 31, 2025, up 2.7% from fiscal 2024. Net income to AT&T was $22.0B, up 100.5%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $32.3B, up 5.3% from the same quarter a year earlier, and net income was $891M. The largest piece by segment was Communications, at 97% of fiscal 2025 total operating revenues. Sources: 10-K for fiscal 2025 (filed Feb 9, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026).

Revenue$125.6BFY2025 · +2.7% vs FY2024
Net income to AT&T$22.0BFY2025 · +100.5% vs FY2024
Operating cash flow$40.3BFY2025 · +3.9% vs FY2024
Cash & equivalents$10.8Bat Sep 30, 2026 · −41.0% vs FY2025 end
Total debt$159.6Bat Sep 30, 2026 · +17.3% vs FY2025 end
Diluted shares7.18BFY2025 avg · −0.3% vs FY2024
Total operating revenues and net income to AT&T, three fiscal yearsBy fiscal year, $bn
Total operating revenuesNet income to AT&T
Total operating revenues and net income to AT&T by fiscal yearTotal operating revenues FY2023: $122.4B122.4Net income to AT&T FY2023: $14.4B14.4FY2023Total operating revenues FY2024: $122.3B122.3Net income to AT&T FY2024: $10.9B10.9FY2024Total operating revenues FY2025: $125.6B125.6Net income to AT&T FY2025: $22.0B22.0FY2025

Source: 10-K FY2025, filed Feb 9, 2026

Quarterly total operating revenues: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly total operating revenues, fiscal 2026 vs 2025FY2025 Q1: $30.6B30.6FY2026 Q1: $31.5B31.5Q1FY2025 Q2: $30.8B30.8FY2026 Q2: $31.6B31.6Q2FY2025 Q3: $30.7B30.7FY2026 Q3: $32.3B32.3Q3

Source: 10-Q filed Apr 27, 2026 · 10-Q filed Jul 22, 2026 · 10-Q filed Oct 21, 2026

How it makes money

FY2025 total by categoryCommunications: $120.9B (97%)Latin America: $4.4B (3%)$125.3BFY2025 total

By segment, FY2025

  • LineAmountSharevs FY2024
  • Communications$120.9B97%+2.8%
  • Latin America$4.4B3%+3.5%

Source: 10-K FY2025, XBRL breakdown

Communications was 97% of 2025 segment revenue and Latin America 3%.

By segment: three-year mixShare of the total each fiscal year
CommunicationsLatin America

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue
$32.3B Q3 2026
$30.7B Q3 2025
5.3% increase
Net income
$891M Q3 2026
$9.3B Q3 2025
90.4% decrease

Source: AT&T 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026

The bull case and the bear case

The bull case

The bear case

  • Net income in 2025 included gains on investments, which the 10-K describes, so it overstates the profit from ongoing operations. 10-K, FY2025
  • Net income in the quarter ended Sep 30, 2026 fell 90.4% to $891M; the 10-Q explains the change. 10-Q, quarter ended Sep 30, 2026
  • Total debt was $159.6B at Sep 30, 2026, up 17.3% from the end of 2025. 10-Q, quarter ended Sep 30, 2026
  • The 10-K lists competition, network investment, its debt, pension obligations and regulation among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

AT&T is one of the three big US wireless carriers and a large provider of fiber home internet, with a smaller wireless business in Mexico.

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.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in AT&T's latest 10-K. Read the original for the full list.

  1. CompetitionWireless and home internet are crowded markets with heavy promotions.
  2. Network investmentIt must keep spending on fiber, spectrum and 5G to compete.
  3. DebtIt carries a large amount of debt.
  4. PensionsIt has large pension and retiree obligations.
  5. Legacy servicesOlder copper-based services are shrinking.
  6. RegulationTelecom, spectrum and privacy rules can raise costs.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Total operating revenues$122.4B$122.3B$125.6B
Net income to AT&T$14.4B$10.9B$22.0B
Operating cash flow$38.3B$38.8B$40.3B
Cash & equivalents (year end)$6.7B$3.3B$18.2B
Total debt (year end)$137.3B$123.5B$136.1B
Diluted shares7.26B7.20B7.18B
  • Total operating revenues: Wireless service and phones, fiber and other home internet, business connectivity, and wireless service in Mexico.
  • Net income to AT&T: Net income attributable to AT&T, after the share belonging to minority owners and before preferred dividends.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Debt maturing within one year plus long-term debt, including finance leases, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment revenue excludes Corporate and other items, so the two segments don't add up exactly to total revenue.
  • Net income is attributable to AT&T, before preferred dividends.

Recent filings

FormFiledPeriod
10-QOct 21, 2026Sep 30, 2026
10-QJul 22, 2026Jun 30, 2026
10-QApr 27, 2026Mar 31, 2026
DEF 14AMar 23, 2026May 14, 2026
10-KFeb 9, 2026Dec 31, 2025

Latest filings

  1. Oct 216:32 AM ET

    8-K

    AT&T files an 8-K on quarterly results

    AT&T filed a Form 8-K on Oct 21, 2026 at 6:32 AM ET under Item 2.02 (Results of Operations and Financial Condition).

  2. Oct 164:04 PM ET

    8-K

    AT&T files an 8-K on director or officer changes

    AT&T filed a Form 8-K on Oct 16, 2026 at 4:04 PM ET under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers).

  3. Oct 74:08 PM ET

    Form 4

    AT&T Chief HR Officer Darcie M. Cakaric reports exercising or converting 38,655 shares

    The filing reports 38,655 shares in an exercise or conversion of a derivative security (code M); and 15,211 shares withheld to pay the exercise price or tax (code F).

  4. Oct 24:05 PM ET

    Form 4

    AT&T SVP-ChiefActngOfcr&Controller Sanders S. Sabrina reports an award of about 145 shares

    The filing reports about 145 shares in a grant or award (code A); and 9,248 shares withheld to pay the exercise price or tax (code F).

  5. Oct 24:05 PM ET

    Form 4

    AT&T director Fazal F. Merchant reports an award of about 10,708 deferred stock units

    The filing reports about 10,708 deferred stock units in a grant or award (code A).

All AT&T filings notes →

Common questions about AT&T

How does AT&T make money?

AT&T's total operating revenues were $125.6B in fiscal 2025. Communications was 97% of 2025 segment revenue and Latin America 3%. Source: 10-K for fiscal 2025, filed Feb 9, 2026.

What was AT&T's revenue in fiscal 2025?

$125.6B of total operating revenues for the fiscal year ended Dec 31, 2025, up 2.7% from $122.3B in fiscal 2024. Fiscal 2023 was $122.4B. Source: 10-K for fiscal 2025, filed Feb 9, 2026.

Is AT&T profitable?

AT&T reported net income to AT&T of $22.0B for fiscal 2025, up 100.5% from $10.9B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $891M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 9, 2026.

What did AT&T report in its latest quarterly filing?

Revenue was $32.3B in the quarter ended Sep 30, 2026, up 5.3% from $30.7B a year earlier. Net income was $891M, down 90.4% from $9.3B. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026.

How much cash and debt does AT&T have?

AT&T had $10.8B in cash and cash equivalents and $159.6B of total debt on Sep 30, 2026. Total debt here is debt maturing within one year plus long-term debt, including finance leases, at carrying value. Source: 10-Q filed Oct 21, 2026.

What are the main risks AT&T lists?

AT&T's 10-K for fiscal 2025, filed Feb 9, 2026, lists its risk factors in Item 1A. We group them into 6 areas: Competition; network investment; debt; pensions; legacy services; regulation. The first: Wireless and home internet are crowded markets with heavy promotions. Source: 10-K, Item 1A Risk Factors.

Where do these AT&T numbers come from?

From AT&T's own SEC filings: the 10-K for fiscal 2025 (filed Feb 9, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in T
The editor holds no position in AT&T (T). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell T from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold T, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
AT&TTFY2025$125.6B+2.7%$22.0B
VerizonVZFY2025$138.2B+2.5%$17.2B
T-MobileTMUSFY2025$88.3B+8.5%$11.0B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.