COVERAGE / T / Communication Services

AT&T INC.

Telephone Communications (No Radiotelephone)

COVERAGE STATUSACTIVE

DATA THROUGH2025-12-31

RESEARCH REPORTS1

SELECTED FILINGS1

Fundamental matrix

Latest / 2025-12-31 · Prior / 2024-12-31 · USD · Annual periods

Revenue

$125.65bn

Prior / $122.34bn

Change / +2.71%

SOURCE / 2026-02-09

Operating income

$24.16bn

Prior / $19.05bn

Change / +26.84%

SOURCE / 2026-02-09

Net income

$21.95bn

Prior / $10.95bn

Change / +100.52%

SOURCE / 2026-02-09

Diluted EPS

$3.04

Prior / $1.49

Change / +104.03%

SOURCE / 2026-02-09

Free cash flow

Not available

Prior / Not available

Change / Unavailable

SOURCE / 2026-02-09

Gross margin

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

Operating margin

19.23%

Prior / 15.57%

Change / +3.66 pp

SOURCE / 2026-02-09

Return on avg. equity

Not available

Prior / Not available

Change / Unavailable

SOURCE / 2026-02-09

Debt / equity

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

ROE uses net income divided by average opening/closing equity. FCF = operating cash flow − selected capital expenditure. Debt/equity is unavailable because a verified interest-bearing-debt series is absent; total liabilities are not substituted for debt.

Inspect source tags, dates and accession numbers

{
  "revenue": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 125648000000,
    "accn": "0000732717-26-000120",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-09",
    "frame": "CY2025",
    "tag": "us-gaap:Revenues",
    "unit": "USD"
  },
  "netIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 21953000000,
    "accn": "0000732717-26-000120",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-09",
    "frame": "CY2025",
    "tag": "us-gaap:NetIncomeLoss",
    "unit": "USD"
  },
  "operatingIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 24162000000,
    "accn": "0000732717-26-000120",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-09",
    "frame": "CY2025",
    "tag": "us-gaap:OperatingIncomeLoss",
    "unit": "USD"
  },
  "eps": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 3.04,
    "accn": "0000732717-26-000120",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-09",
    "frame": "CY2025",
    "tag": "us-gaap:EarningsPerShareDiluted",
    "unit": "USD/shares"
  },
  "operatingCashFlow": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 40284000000,
    "accn": "0000732717-26-000120",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-09",
    "frame": "CY2025",
    "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities",
    "unit": "USD"
  },
  "totalAssets": {
    "end": "2025-12-31",
    "val": 420198000000,
    "accn": "0000732717-26-000120",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-09",
    "tag": "us-gaap:Assets",
    "unit": "USD"
  },
  "currentAssets": {
    "end": "2025-12-31",
    "val": 48732000000,
    "accn": "0000732717-26-000120",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-09",
    "tag": "us-gaap:AssetsCurrent",
    "unit": "USD"
  },
  "currentLiabilities": {
    "end": "2025-12-31",
    "val": 53780000000,
    "accn": "0000732717-26-000120",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-09",
    "tag": "us-gaap:LiabilitiesCurrent",
    "unit": "USD"
  }
}

Financial trend system

Annual financial trends are summarized in the accessible table below.

Annual figures / accessible table

Period end	Revenue	Net income	Free cash flow	EPS
2025-12-31	$125.65bn	$21.95bn	Not available	$3.04
2024-12-31	$122.34bn	$10.95bn	Not available	$1.49
2023-12-31	$122.43bn	$14.4bn	Not available	$1.97
2022-12-31	$120.74bn	$-8.52bn	Not available	$-1.13

Valuation context

Historical snapshot / 2026-09-17. Annual accounting period / 2025-12-31. Not current, TTM or forward valuation.

Dated ratios / eligible same-method sector sample
Measure	Snapshot value	Historical median	Sector median	Peer count
P/E	8.35x	Unavailable	16.25x	8
P/S	Unavailable	Unavailable	1.93x	3
P/B	Unavailable	Unavailable	6.72x	2
EV / EBITDA	Unavailable	Unavailable	Unavailable	0
FCF yield	Unavailable	Unavailable	4.28%	2

Annual denominators, not TTM or forward. Capitalization-based measures use estimated market capitalization from the dated quote snapshot. ADR/share-basis uncertainty is excluded. No comparable historical-multiple series or EV/EBITDA is available. Sector samples are equal-weight medians of this publication’s eligible covered companies; fiscal periods differ. No fair value or price target is implied.

Source: Yahoo Finance completed daily-bar snapshot; not live DAILY-BAR SOURCE ↗

Retained price snapshot and capitalization estimate

{
  "currentPrice": 25.39,
  "tradingDate": "2026-09-17",
  "marketCap": null,
  "source": "Yahoo Finance completed daily-bar snapshot; not live"
}

Company & operating context

AT&T INC. is an SEC-reporting issuer listed on NYSE under T. Its SEC industry description is Telephone Communications (No Radiotelephone). This profile organizes annual financial disclosures for research; sector labels are editorial groupings, not GICS classifications.

Advertising, subscriptions and connectivity produce very different revenue and cash-flow models.

Segment-level revenue is not included in this standardized dataset. Consult the business and segment notes in the linked annual filing for the issuer’s actual reporting segments.

Filing timeline

10-KFILED / 2026-02-09PERIOD / 2025-12-31

Annual-disclosure reading guide for T: Advertising exposure, subscription economics, network investment and cash conversion. Filing metadata only; this note is not a substantive review of the full document.

ORIGINAL SEC DISCLOSURE ↗

Research archive

HR-0139TCompany Research

T: reading the FY2025 financial structure ↗

AT&T INC.

Research abstract

Annual revenue of USD 125.648 billion and net income of USD 21.953 billion for the period ended 2025-12-31.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26

Sector context & risk factors

Audience migration, content costs, competition, capital intensity and privacy regulation.

Advertising exposure, subscription economics, network investment and cash conversion.

COMMUNICATION SERVICES SYSTEM ↗

Sources & dates

SEC annual filing · 2025-12-31 ↗Source date 2026-02-09
SEC annual filing · 2024-12-31 ↗Source date 2026-02-09
SEC annual filing · 2023-12-31 ↗Source date 2026-02-09
SEC annual filing · 2022-12-31 ↗Source date 2025-02-12
SEC issuer record ↗Source date 2026-09-18