AT&T INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AT&T INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	163,786	160,546	170,756	181,193	143,050	134,038	120,741	122,428	122,336	125,648
Selling, general and administrative	36,845	35,465	36,765	39,422	30,817	29,669	28,961	28,874	28,411	28,942
Operating income	23,543	19,970	26,096	27,955	8,372	25,897	-4,587	23,461	19,049	24,162
Interest expense	4,910	6,300	7,957	8,422	7,727	6,716	6,108	6,704	6,759	6,804
Interest income						119	143	303	212	403
Other non-operating income	-3,731	-4,831	-1,223	-9,487	-8,726	3,274	1,493	-3,613	-2,351	2,845
Pre-tax income	19,812	15,139	24,873	18,468	-354	29,171	-3,094	19,848	16,698	27,007
Income tax	6,479	-14,708	4,920	3,493	1,168	5,395	3,780	4,225	4,445	3,621
Income from continuing operations	12,976				-3,185	22,084	-8,546	14,192	10,746
Net income to minority interests	357	397	583	1,072	1,355	1,398	1,469	1,223	1,305	1,433
Net income	12,976	29,450	19,370	13,903	-5,176	20,081	-8,524	14,400	10,948	21,953
EBITDA	49,390	44,357	54,526	56,172	30,895	43,749	13,434	42,238	39,629	45,048
EPS, basic	2.81	4.77	2.85	1.90	-0.75	2.77	-1.13	1.97	1.49	3.04
EPS, diluted	2.81	4.76	2.85	1.89	-0.75	2.73	-1.13	1.97	1.49	3.04
Shares, basic (weighted)	4,605	6,164	6,778	7,319	7,157	7,168	7,166	7,181	7,199	7,169
Shares, diluted (weighted)	4,621	6,183	6,806	7,348	7,466	7,503	7,587	7,258	7,204	7,179
Dividend per share	2.58	1.97	2.01	2.05	2.08	2.08	1.11	1.11	1.11	1.11

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5,788	50,498	5,204	9,702	7,924	19,223	3,701	6,722	3,298	18,234
Receivables	16,794	16,522	26,472	22,636	20,215	12,313	11,466	10,289	9,638	8,843
Inventory	2,039	2,225	2,771	2,864	3,592		3,123	2,177	2,270	2,420
Other current assets	14,232	10,757	17,704	18,364	18,358	16,131	14,818	17,270	15,962	19,235
Total current assets	38,369	79,146	51,427	54,761	52,008	170,768	33,108	36,458	31,168	48,732
Property, plant and equipment	124,899	125,222	131,473	130,128	121,104	121,649	127,445	128,489	128,871	131,559
Lease right-of-use assets			0	24,039	24,714	21,824	21,814	20,905	20,909	22,642
Goodwill	105,207	105,449	146,370	146,241	92,812	92,740	67,895	67,854	63,432	63,425
Other non-current assets	16,812	18,444	24,809	22,754	23,617	19,252	19,612	19,601	17,830	19,332
Total assets	403,821	444,097	531,864	551,669	525,761	551,622	402,853	407,060	394,795	420,198
Accounts payable	22,027	24,439	27,018	29,640	31,836	29,511	31,101	27,309	27,433	29,910
Deferred revenue			5,752	5,939	6,071		3,918	3,778	4,099	4,266
Short-term debt	9,832	38,374	10,255	11,838	3,470	24,620	7,467	9,477	5,089	9,011
Total current liabilities	50,576	81,389	64,420	68,911	63,438	106,230	56,173	51,127	46,872	53,780
Long-term debt	113,681	125,972	166,250	151,309	153,775	151,011	128,423	127,854	118,443	127,089
Lease liabilities			0	21,804	22,202	18,956	18,659	17,568	17,391	18,943
Other non-current liabilities	21,748	19,747	30,233	29,421	28,358	25,243	28,849	23,696	23,900	25,104
Total liabilities	279,711	302,090	337,980	349,735	346,521	367,767	296,396	289,618	276,550	293,707
Total debt	123,509	164,344	173,440	161,109	155,209	167,476	133,207	133,402	122,116	134,718
Paid-in capital	89,604	89,563	125,525	126,279	130,175	130,112	123,610	114,519	109,108	106,533
Retained earnings	34,734	50,500	58,753	57,936	37,457	42,350	-19,415	-5,015	1,871	15,768
Treasury stock	-12,659	-12,714	-12,059	-13,085	-17,910	-17,280	-17,082	-16,128	-15,023	-18,529
Other comprehensive income	4,961	7,017	4,249	5,470	4,330	3,529	2,766	2,300	795	-860
Minority interests	975	1,146	9,795	17,713	17,567	17,523	8,957	14,145	13,873	15,958
Total equity	124,110	142,007	193,884	201,934	179,240	183,855	106,457	117,442	118,245	126,491
Total liabilities and equity	403,821	444,097	531,864	551,669	525,761	551,622	402,853	407,060	394,795	420,198

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	13,333	29,847	19,953	14,975	-3,821	21,479	-7,055	15,623	12,253	23,386
Depreciation and amortization	25,847	24,387	28,430	28,217	22,523	17,852	18,021	18,777	20,580	20,886
Stock-based compensation	653	480	463	819	422	447	518	479	505	536
Deferred income tax	2,947	-15,265	4,931	1,806	2,145	7,412	2,975	3,037	1,570
Change in receivables	-1,003	-986	-1,580	2,812	1,079	-1,125	727	82	123	-1,526
Cash from operations	38,442	38,010	43,602	48,668	43,130	41,957	35,812	38,314	38,771	40,284
Capital expenditures	-21,516	-20,647	-21,251	-19,635	-14,690	-15,545	-19,626	-17,853	-20,263	-20,842
Acquisitions	-2,959	1,123	-43,309	-1,809	-1,625	-25,453	-10,200	-2,942	-380	-379
Cash from investing	-23,318	-18,943	-63,145	-16,690	-13,548	-32,089	-26,899	-19,660	-17,490	-18,777
Debt issued	10,140	48,793	41,875	17,039	31,988	9,931	2,979	10,004	19	14,027
Debt repaid	-10,823	-12,339	-52,643	-27,592	-39,062	-3,039	-25,118	-12,044	-10,297	-5,528
Stock issued	179	33	361	446	21	11	2	1
Share buybacks	-512	-463	-609	-2,417	-5,498	-202	-890	-194	-215	-4,500
Dividends paid	-11,797	-12,038	-13,410	-14,888	-14,956	-15,068	-9,859	-8,136	-8,208	-8,180
Cash from financing	-14,462	25,930	-25,989	-25,083	-32,007	1,578	-59,564	-15,614	-24,708	-6,386
Net change in cash	662	44,997	-45,532	6,895	-2,425	11,446	-17,523	3,040	-3,427	15,121
Free cash flow	16,926	17,363	22,351	29,033	28,440	26,412	16,186	20,461	18,508	19,442
Interest paid	5,696	6,622	8,818	8,693	8,010	7,485	7,772	7,370	7,132	6,625
Income taxes paid	3,721	2,006	-354	1,421	577	252	592	1,599	2,456	1,353

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $25.38 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	20.1%	Operating income / revenue.
EBITDA margin	36.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	20.5%	Pre-tax income / revenue.
Net margin	16.9%	Net income / revenue.
FCF margin	13.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.3%	Cash from operations / revenue.
Effective tax rate	11.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	5.0%	Net income / average total assets.
SG&A / revenue	23.1%	Selling, general and administrative expense / revenue.
Capex / revenue	17.5%	Capital expenditures / revenue.
D&A / revenue	16.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	26.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	23.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	13.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	49.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	100.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	104.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	3.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	5.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	6.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-7.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-11.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-4.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.97x	Current assets / current liabilities.
Quick ratio	0.49x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.33x	(Cash + short-term investments) / current liabilities.
Debt / assets	31.4%	Total debt / total assets.
Liabilities / assets	70.5%	Total liabilities / total assets.
Net debt	$117.06B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.55x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.56x	Operating income / interest expense.
Working capital	-$1.55B	Current assets - current liabilities.
Goodwill and intangibles / assets	14.9%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.30x	Revenue / average total assets.
Fixed asset turnover	0.95x	Revenue / average property, plant and equipment.
Receivables turnover	14.9x	Revenue / average receivables.
Days sales outstanding	24 days	365 x average receivables / revenue.
FCF conversion	81.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	55.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.10	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$18.32	Revenue / diluted weighted shares.
FCF per share	$2.54	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.74	Cash from operations / diluted weighted shares.
Cash per share	$2.53	(Cash + short-term investments) / shares outstanding.
Payout ratio	37.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	45.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	45.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$173.91B	Share price x shares outstanding.
Enterprise value	$290.97B	Market cap + total debt - cash - short-term investments.
P/E	8.07x	Market cap / net income. Only when net income is positive.
P/S	1.37x	Market cap / revenue.
P/FCF	9.87x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.36x	Market cap / cash from operations, when positive.
EV/Sales	2.29x	Enterprise value / revenue.
EV/EBIT	11.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.33x	Enterprise value / EBITDA, when both are positive.
EV/FCF	16.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.1%	Free cash flow / market cap.
Earnings yield	12.4%	Net income / market cap (the inverse of P/E).
Dividend yield	4.6%	Dividends paid over the period / market cap.
Shareholder yield	9.2%	(Dividends paid + share buybacks) / market cap.

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

AT&T INC. reported revenue of $125.65B for fiscal 2025, 2.7% higher than the year before.

Was AT&T INC. profitable in fiscal 2025?

Yes. Net income was $21.95B, a net margin of 17.5%.

How much free cash flow did AT&T INC. generate in fiscal 2025?

Cash from operations of $40.28B minus capital expenditures of $20.84B left free cash flow of $19.44B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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