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Qwest vs AT&T: revenue, profit, margins and growth compared

Qwest brought in $4.7B of revenue in fiscal 2025, AT&T $125.6B in fiscal 2025. Revenue changed by -13.8% at Qwest and +2.7% at AT&T on the year before, so AT&T grew faster. Qwest kept -27.9% of its revenue as net profit, AT&T 17.5%. Free cash flow was $938M at Qwest and $19.4B at AT&T.

Side by side, latest fiscal year

CTGGT
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$4.7B$125.6B
Revenue growth-13.8%+2.7%
Net income-$1.3B$22B
Net margin-27.9%17.5%
Free cash flow$938M$19.4B
Free cash flow margin19.8%15.5%
Earnings per share (diluted)n/a$3.04
Cash$39M$18.2B
Debt$1.7B$134.7B
Price to earningsn/a8.3
Market value$0$173.9B
Dividend yieldn/a4.37%
Rank by revenue in sector#13 of 65 · Telecommunications#2 of 65 · Telecommunications

Over the years

Revenue
CTGG FY2018: $8.4BCTGG FY2019: $8.1BCTGG FY2020: $7.3BCTGG FY2021: $7BCTGG FY2022: $6.4BCTGG FY2023: $5.9BCTGG FY2024: $5.5BCTGG FY2025: $4.7BT FY2018: $170.8BT FY2019: $181.2BT FY2020: $143.1BT FY2021: $134BT FY2022: $120.7BT FY2023: $122.4BT FY2024: $122.3BT FY2025: $125.6BFY18FY19FY20FY21FY22FY23FY24FY25
CTGG $4.7BT $125.6B
Net income
CTGG FY2018: $1.7BCTGG FY2019: $1.8BCTGG FY2020: $1.7BCTGG FY2021: $2.1BCTGG FY2022: $1.9BCTGG FY2023: -$831MCTGG FY2024: $1.5BCTGG FY2025: -$1.3BT FY2018: $19.4BT FY2019: $13.9BT FY2020: -$5.2BT FY2021: $20.1BT FY2022: -$8.5BT FY2023: $14.4BT FY2024: $10.9BT FY2025: $22BFY18FY19FY20FY21FY22FY23FY24FY25
CTGG -$1.3BT $22B
Net margin
CTGG FY2018: 19.8%CTGG FY2019: 22.7%CTGG FY2020: 23.3%CTGG FY2021: 30.3%CTGG FY2022: 29.8%CTGG FY2023: -14.0%CTGG FY2024: 27.0%CTGG FY2025: -27.9%T FY2018: 11.3%T FY2019: 7.7%T FY2020: -3.6%T FY2021: 15.0%T FY2022: -7.1%T FY2023: 11.8%T FY2024: 8.9%T FY2025: 17.5%FY18FY19FY20FY21FY22FY23FY24FY25
CTGG -27.9%T 17.5%
Revenue growth
CTGG FY2019: -4.1%CTGG FY2020: -9.2%CTGG FY2021: -5.0%CTGG FY2022: -7.2%CTGG FY2023: -8.3%CTGG FY2024: -6.9%CTGG FY2025: -13.8%T FY2019: +6.1%T FY2020: -21.1%T FY2021: -6.3%T FY2022: -9.9%T FY2023: +1.4%T FY2024: -0.1%T FY2025: +2.7%FY19FY20FY21FY22FY23FY24FY25
CTGG -13.8%T +2.7%
Free cash flow
CTGG FY2018: $2.8BCTGG FY2019: $2.3BCTGG FY2020: $2BCTGG FY2021: $2.2BCTGG FY2022: $1.8BCTGG FY2023: $1.3BCTGG FY2024: $1.1BCTGG FY2025: $938MT FY2018: $22.4BT FY2019: $29BT FY2020: $28.4BT FY2021: $26.4BT FY2022: $16.2BT FY2023: $20.5BT FY2024: $18.5BT FY2025: $19.4BFY18FY19FY20FY21FY22FY23FY24FY25
CTGG $938MT $19.4B

Fiscal years as each company reports them; the two may end in different months.

Questions about Qwest and AT&T

Which is bigger by revenue, Qwest or AT&T?

AT&T is bigger by revenue: $125.6B in fiscal 2025, against $4.7B for Qwest in fiscal 2025.

Which keeps more of its revenue as profit, Qwest or AT&T?

Qwest had a net margin of -27.9% in fiscal 2025; AT&T had 17.5% in fiscal 2025.

Which grew revenue faster, Qwest or AT&T?

In their latest fiscal years revenue changed by -13.8% at Qwest and +2.7% at AT&T.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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