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AT&T vs Telephone & Data Systems: revenue, profit, margins and growth compared

AT&T brought in $125.6B of revenue in fiscal 2025, Telephone & Data Systems $1.2B in fiscal 2025. Revenue changed by +2.7% at AT&T and -5.3% at Telephone & Data Systems on the year before, so AT&T grew faster. AT&T kept 17.5% of its revenue as net profit, Telephone & Data Systems -0.5%. Free cash flow was $19.4B at AT&T and $199.4M at Telephone & Data Systems.

Side by side, latest fiscal year

TTDS
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$125.6B$1.2B
Revenue growth+2.7%-5.3%
Net income$22B-$6.2M
Net margin17.5%-0.5%
Free cash flow$19.4B$199.4M
Free cash flow margin15.5%16.2%
Earnings per share (diluted)$3.04-$0.65
Cash$18.2B$766M
Debt$134.7B$828.6M
Price to earnings8.3n/a
Market value$173.9B$4.1B
Dividend yield4.37%0.45%
Rank by revenue in sector#2 of 51 · Telecommunications#24 of 51 · Telecommunications

Over the years

Revenue
T FY2018: $170.8BT FY2019: $181.2BT FY2020: $143.1BT FY2021: $134BT FY2022: $120.7BT FY2023: $122.4BT FY2024: $122.3BT FY2025: $125.6BTDS FY2018: $5.1BTDS FY2019: $5.2BTDS FY2020: $5.2BTDS FY2021: $5.3BTDS FY2022: $5.4BTDS FY2023: $1.4BTDS FY2024: $1.3BTDS FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
T $125.6BTDS $1.2B
Net income
T FY2018: $19.4BT FY2019: $13.9BT FY2020: -$5.2BT FY2021: $20.1BT FY2022: -$8.5BT FY2023: $14.4BT FY2024: $10.9BT FY2025: $22BTDS FY2018: $135MTDS FY2019: $121MTDS FY2020: $226MTDS FY2021: $156MTDS FY2022: $62MTDS FY2023: -$500MTDS FY2024: -$27.7MTDS FY2025: -$6.2MFY18FY19FY20FY21FY22FY23FY24FY25
T $22BTDS -$6.2M
Net margin
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%TDS FY2018: 2.6%TDS FY2019: 2.3%TDS FY2020: 4.3%TDS FY2021: 2.9%TDS FY2022: 1.1%TDS FY2023: -36.9%TDS FY2024: -2.1%TDS FY2025: -0.5%FY18FY19FY20FY21FY22FY23FY24FY25
T 17.5%TDS -0.5%
Revenue growth
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%TDS FY2019: +1.3%TDS FY2020: +0.9%TDS FY2021: +2.0%TDS FY2022: +1.6%TDS FY2023: -75.0%TDS FY2024: -4.3%TDS FY2025: -5.3%FY19FY20FY21FY22FY23FY24FY25
T +2.7%TDS -5.3%
Free cash flow
T FY2018: $22.4BT FY2019: $29BT FY2020: $28.4BT FY2021: $26.4BT FY2022: $16.2BT FY2023: $20.5BT FY2024: $18.5BT FY2025: $19.4BTDS FY2018: $241MTDS FY2019: $59MTDS FY2020: $194MTDS FY2021: -$28MTDS FY2022: -$6MTDS FY2023: $498.1MTDS FY2024: $780.4MTDS FY2025: $199.4MFY18FY19FY20FY21FY22FY23FY24FY25
T $19.4BTDS $199.4M

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

Questions about AT&T and Telephone & Data Systems

Which is bigger by revenue, AT&T or Telephone & Data Systems?

AT&T is bigger by revenue: $125.6B in fiscal 2025, against $1.2B for Telephone & Data Systems in fiscal 2025.

Which keeps more of its revenue as profit, AT&T or Telephone & Data Systems?

AT&T had a net margin of 17.5% in fiscal 2025; Telephone & Data Systems had -0.5% in fiscal 2025.

Which grew revenue faster, AT&T or Telephone & Data Systems?

In their latest fiscal years revenue changed by +2.7% at AT&T and -5.3% at Telephone & Data Systems.

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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