AT&T Inc.
- What it sells
- Communications is 96% of revenue (fiscal year to Dec 2025), the same as two years earlier.
- Growing?
- Yes: revenue up 5% on a year earlier (quarter ended Sep 2026); earnings per share down 40% over the last four quarters.
- Expensive?
- About usual: 12.0× trailing earnings; its five-year median is 8.9×. In line with the peer median of 11.9x.
- Analysts?
- 58% of 24 say buy; average 12-month target $27.59, 24% above today's price.
- Risky?
- About average for a large company: its price swung 29% over the past year (the S&P 500's 14%), and it fell as much as 37% since Nov 2021.
AT&T Inc. provides wireless and wireline communications services in the U.S., generating revenue primarily from recurring monthly subscriptions for postpaid/prepaid wireless, broadband (including fiber), and related connectivity services, plus device sales and certain usage-based charges.
More about AT&T
Market Position
AT&T is one of the three nationwide U.S. facilities-based wireless carriers and a scaled fiber broadband provider, competing primarily on network coverage/capacity, bundle value (wireless + fiber), and enterprise connectivity capabilities.
Key Segments
AT&T’s reporting is centered on Mobility (consumer/business wireless service and equipment) and Communications offerings that include Consumer Wireline (broadband/voice) and Business Wireline (connectivity, VPN, dedicated internet, and related services).
How has the stock done?
Over the past month T fell 1.4%; the communication services ETF (XLC) fell 3.5% and the S&P 500 fell 2.7%.
Over the past six months T fell 12.1%; the communication services ETF (XLC) fell 7.2% and the S&P 500 rose 2.6%.
Over the past year T fell 13.5%; the communication services ETF (XLC) fell 5.3% and the S&P 500 rose 10.8%.
Over five years T rose 17.7%; the communication services ETF (XLC) rose 32.4% and the S&P 500 rose 62.0%.
From May 26, 2022 to Jul 18, 2023, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.4% the other way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Oct 21, 2026 | ended Sep 2026 | $32.3B (+5% vs a year earlier) | $0.65 vs $0.60 (beat) | −2.9% | −11.6% |
| Jul 22, 2026 | ended Jun 2026 | $31.6B (+2% vs a year earlier) | $0.65 vs $0.59 (beat) | +3.1% | +7.5% |
| Apr 22, 2026 | ended Mar 2026 | $31.5B (+3% vs a year earlier) | $0.57 vs $0.55 (beat) | +2.8% | −0.5% |
| Jan 28, 2026 | ended Dec 2025 | $33.5B (+4% vs a year earlier) | $0.52 vs $0.47 (beat) | +9.3% | +18.3% |
| Oct 22, 2025 | ended Sep 2025 | $30.7B (+2% vs a year earlier) | — | −5.5% | −3.5% |
| Jul 23, 2025 | ended Jun 2025 | $30.8B (+4% vs a year earlier) | — | +1.8% | +0.3% |
| Apr 23, 2025 | ended Mar 2025 | $30.6B (+2% vs a year earlier) | — | +2.1% | +2.7% |
| Jan 27, 2025 | ended Dec 2024 | $32.3B (+1% vs a year earlier) | — | +7.4% | +6.7% |
| Oct 23, 2024 | ended Sep 2024 | $30.2B (0% vs a year earlier) | — | +3.3% | +2.4% |
| Jul 24, 2024 | ended Jun 2024 | $29.8B (0% vs a year earlier) | — | +5.4% | +5.7% |
| Apr 24, 2024 | ended Mar 2024 | $30.0B (0% vs a year earlier) | — | +0.5% | +2.5% |
| Jan 24, 2024 | ended Dec 2023 | $32.0B (+2% vs a year earlier) | — | −0.1% | +2.9% |
| Oct 19, 2023 | ended Sep 2023 | $30.4B (+1% vs a year earlier) | — | +7.4% | +5.6% |
| Jul 26, 2023 | ended Jun 2023 | $29.9B (+1% vs a year earlier) | — | −2.0% | −3.0% |
| Apr 20, 2023 | ended Mar 2023 | $30.1B (+1% vs a year earlier) | — | −7.5% | −10.6% |
| Jan 25, 2023 | ended Dec 2022 | $31.3B (+1% vs a year earlier) | — | +4.4% | +5.3% |
| Oct 20, 2022 | ended Sep 2022 | $30.0B (−4% vs a year earlier) | — | +10.0% | +16.0% |
| Jul 21, 2022 | ended Jun 2022 | $29.6B (−17% vs a year earlier) | — | −10.2% | −9.3% |
| Apr 21, 2022 | ended Mar 2022 | $29.7B (−17% vs a year earlier) | — | +0.5% | −0.1% |
| Jan 26, 2022 | ended Dec 2021 | $31.1B (−10% vs a year earlier) | — | −8.9% | −7.3% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $32.3B in the quarter ended Sep 2026, up 5% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Dec 2022 | $31.3B | +1% |
| Mar 2023 | $30.1B | +1% |
| Jun 2023 | $29.9B | +1% |
| Sep 2023 | $30.4B | +1% |
| Dec 2023 | $32.0B | +2% |
| Mar 2024 | $30.0B | 0% |
| Jun 2024 | $29.8B | 0% |
| Sep 2024 | $30.2B | 0% |
| Dec 2024 | $32.3B | +1% |
| Mar 2025 | $30.6B | +2% |
| Jun 2025 | $30.8B | +4% |
| Sep 2025 | $30.7B | +2% |
| Dec 2025 | $33.5B | +4% |
| Mar 2026 | $31.5B | +3% |
| Jun 2026 | $31.6B | +2% |
| Sep 2026 | $32.3B | +5% |
Revenue went from $120.7B in FY22 to $125.6B in FY25; net income from −$8.5B to $22.0B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $120.7B | −$8.5B |
| FY23 | $122.4B | $14.4B |
| FY24 | $122.3B | $10.9B |
| FY25 | $125.6B | $22.0B |
In the fiscal year to Dec 2025, Communications was 96% and Latin America was 3% of revenue.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | Communications | $118.0B | 96% |
| FY2023 | Latin America | $3.9B | 3% |
| FY2023 | Total Corporate and Other | $458M | 0.4% |
| FY2024 | Communications | $117.7B | 96% |
| FY2024 | Latin America | $4.2B | 3% |
| FY2024 | Total Corporate and Other | $452M | 0.4% |
| FY2025 | Communications | $120.9B | 96% |
| FY2025 | Latin America | $4.4B | 3% |
| FY2025 | Total Corporate and Other | $373M | 0.3% |
In the fiscal year to Dec 2025, United States was 96% and Mexico was 4% of revenue.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | United States | $117.1B | 96% |
| FY2023 | Mexico | $4.0B | 3% |
| FY2023 | Asia/Pacific Rim | $521M | 0.4% |
| FY2023 | Europe | $504M | 0.4% |
| FY2023 | Latin America | $194M | 0.2% |
| FY2023 | Other | $119M | 0.1% |
| FY2024 | United States | $116.9B | 96% |
| FY2024 | Mexico | $4.3B | 4% |
| FY2024 | Asia/Pacific Rim | $462M | 0.4% |
| FY2024 | Europe | $441M | 0.4% |
| FY2024 | Latin America | $149M | 0.1% |
| FY2024 | Other | $116M | 0.1% |
| FY2025 | United States | $120.2B | 96% |
| FY2025 | Mexico | $4.4B | 4% |
| FY2025 | Asia/Pacific Rim | $395M | 0.3% |
| FY2025 | Europe | $382M | 0.3% |
| FY2025 | Latin America | $110M | 0.1% |
| FY2025 | Other | $114M | 0.1% |
A year earlier $1.29
Diluted, from SEC filings
Quarters: AT&T Inc.'s SEC filings, named by the month they end. Fiscal years: AT&T Inc.'s annual reports to the SEC.
How it makes money
Of every $100 in revenue, $17.5 ends up as net income. Net margin rose from −7.1% to 17.5% over the past 3 years.
+1.7 pts over 3 years
+23.0 pts over 3 years
+24.5 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: AT&T Inc.'s annual reports to the SEC.
How much does it spend on building?
AT&T spent $22.4B on property and equipment in the four quarters to Sep 2026, 17.4% of its revenue, against 16.8% a year earlier. That is 56% of the cash its operations brought in.
Up 7.2% on the four quarters before
16.8% a year earlier
$40.2B over the same four quarters
Show the data
| Quarter ended | Capital spending | Revenue | Cash from operations | Share of revenue, four quarters |
|---|---|---|---|---|
| Dec 2023 | $4.6B | $32.0B | $11.4B | 14.6% |
| Mar 2024 | $3.8B | $30.0B | $7.5B | 14.1% |
| Jun 2024 | $4.4B | $29.8B | $9.1B | 14.2% |
| Sep 2024 | $5.3B | $30.2B | $10.2B | 14.8% |
| Dec 2024 | $6.8B | $32.3B | $11.9B | 16.6% |
| Mar 2025 | $4.3B | $30.6B | $9.0B | 16.9% |
| Jun 2025 | $4.9B | $30.8B | $9.8B | 17.2% |
| Sep 2025 | $4.9B | $30.7B | $10.2B | 16.8% |
| Dec 2025 | $6.8B | $33.5B | $11.3B | 16.6% |
| Mar 2026 | $4.9B | $31.5B | $7.6B | 16.9% |
| Jun 2026 | $5.7B | $31.6B | $10.8B | 17.5% |
| Sep 2026 | $5.1B | $32.3B | $10.5B | 17.4% |
From AT&T Inc.'s SEC filings: payments for property and equipment by quarter (networks, data centers, buildings; software built for its own use where the company counts it in), the fourth quarter being the year minus nine months; the share is the four quarters' spending over their revenue.
Customers and suppliers
Its 1 largest tenants named in the 10-K.
Their suppliers
Suppliers
TAT&TCustomers
Their customers
Partners
Changes since the previous annual report (10-K filed Feb 12, 2025)
EchoStar SATSNamed for the first time, as a supplier
Frontier CommunicationsNamed for the first time, as a supplierAbout $900 million in advance payments during 2025
BlackRock BLKNo longer named (was a partner)Named in other companies’ filings
AST SpaceMobile ASTSco-develops with it · Tests satellite voice and video connectivityShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Frontier Communications | supplier | “Partially offsetting this increase and lowering cash from operations during 2025 were voluntarily pension contributions of approximately $1,150 and advanced cash payments of about $900 to Frontier Communications, a subsidiary of Verizon Communications Inc.” |
| DriveNets | partner · AT&T invested in it | “During 2025, investing activities also included $148 of FirstNet sustainability receipts net of investment and $620 for our investment in a new strategic partner, DriveNets, related to wireline network transformation accounted for under the equity method of accounting.” |
| EchoStar | supplier | “On August 25, 2025, we agreed to purchase FCC licenses in the 600 MHz and 3.45 GHz bands from EchoStar for approximately $23,000, subject to certain adjustments....We signed a short-term spectrum manager lease on the 3.45 GHz spectrum, which was deployed in cell sites covering nearly two-thirds of the U.S. population.” |
| Gigapower | partner · joint venture with it | “Gigapower We hold a 50% interest in our joint venture Gigapower, LLC (Gigapower), which provides a fiber network in select areas to internet service providers and other businesses across the United States.” |
| Crown Castle | tenant | “In December 2013, we closed our transaction with Crown Castle International Corp. (Crown Castle) in which Crown Castle gained the exclusive rights to lease and operate 9,048 wireless towers and purchased 627 of our wireless towers for $4,827 in cash. The leases have various terms with an average length of approximately 28 years.” |
| Crown Castle | supplier | “We are subleasing space on the towers from Crown Castle over an estimated original term of 20 years, at current market rates, subject to further optional renewals in the future.” |
| AST SpaceMobile (10-K filed Mar 2, 2026) | calls it a customer | “We have entered into a space-based wireless connectivity agreement with AT&T to provide SpaceMobile Service to AT&T’s end users for use within the continental United States (excluding Alaska) and Hawaii.” |
| AST SpaceMobile (10-K filed Mar 2, 2026) | co-develops with it | “In February 2025, we completed the voice and video call tests on standard unmodified smartphones with AT&T and Verizon in the United States and also completed the tests for non-communication applications for the U.S. government.” |
| AST SpaceMobile (10-K filed Mar 2, 2026) | calls it a supplier | “We have executed lease agreements with Verizon and AT&T, and a similar agreement with FirstNet, and have filed notices of those agreements with the FCC.” |
| Ciena (10-K filed Dec 12, 2025) | calls it a customer | “Sales to AT&T were $500.7 million, or 10.5% of total revenue, in fiscal 2025, and $475.3 million, or 11.8% of total revenue, in fiscal 2024.” |
| EchoStar (10-K filed Mar 2, 2026) | calls it a customer | “Pursuant to the terms and subject to the conditions set forth in the AT&T License Purchase Agreement, we have agreed to sell all our 3.45–3.55 GHz and 600 MHz spectrum licenses, including licenses exchanged as part of the Omega License Purchase Agreement, as defined and detailed in Note 15 in the Notes to our Consolidated Financial Statements in this Annual Report on Form 10-K, (collectively, the “3.45 GHz and 600 MHz Licenses”), and to a 99-year extension of existing leases for AT&T’s exclusive use of certain wireless spectrum licenses in Hawaii for an aggregate purchase price of $22.650 billion in cash, subject to certain potential adjustments (the “Closing Purchase Price”).” |
| EchoStar (10-K filed Mar 2, 2026) | calls it a supplier | “As a Hybrid MNO, we currently depend on T-Mobile and AT&T to provide us with network services pursuant to the MNSA and the NSA, respectively.” |
Only the companies AT&T names in its 10-K filed Feb 9, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names AT&T. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
P/E of 12x, in line with the peer median of 11.9x, with earnings still growing.
In line with the peer median of 11.9x.
Show the data
| Company | P/E (trailing) |
|---|---|
| TMUS · T-Mobile US, Inc. | 16.5× |
| CHTR · Charter Communications, Inc. | 12.5× |
| T · AT&T Inc. | 12× |
| VZ · Verizon Communications Inc. | 11.9× |
| CMCSA · Comcast Corporation | 7.9× |
| SATS · EchoStar Corporation | 3.6× |
At 12.0× trailing earnings T is inside the middle of its five-year range; the five-year median is 8.9×.
Show the data
| Date | Trailing P/E |
|---|---|
| Nov 8, 2021 | 249× |
| Feb 8, 2022 | 8.8× |
| May 10, 2022 | 8.2× |
| Aug 10, 2022 | 6.7× |
| Nov 8, 2022 | 6.9× |
| Feb 8, 2024 | 8.6× |
| May 9, 2024 | 9.2× |
| Aug 9, 2024 | 11.2× |
| Nov 7, 2024 | 17.9× |
| Feb 11, 2025 | 16.9× |
| May 13, 2025 | 16.2× |
| Aug 13, 2025 | 16.1× |
| Nov 11, 2025 | 8.2× |
| Feb 12, 2026 | 9.4× |
| May 14, 2026 | 8.3× |
| Aug 14, 2026 | 8.2× |
| Nov 12, 2026 | 12.0× |
Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.
What analysts expect
The average analyst price target is $27.59, 24% above the current price; 58% of 24 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.
Buy or Strong Buy: 14 analysts (58%). Sell or Strong Sell: 1.
Over the past year the average of the analysts' latest price targets went from $31.00 to $27.73 (−11%), while T went from $25.75 to $22.18 (−14%). In the past three months targets were raised twice and cut 7 times. 2 upgrades and 2 downgrades over the year; the latest: BNP Paribas moved it to Outperform from Neutral on Sep 21, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Nov 2, 2026 | Evercore ISI Group | Target cut | In-Line | $25.00, was $28.00 |
| Oct 22, 2026 | Morgan Stanley | Target cut | Overweight | $25.00, was $28.00 |
| Oct 22, 2026 | Barclays | Target cut | Equal-Weight | $21.00, was $24.00 |
| Oct 22, 2026 | Argus Research | Target kept | Buy | $30.00 |
| Oct 22, 2026 | JP Morgan | Target cut | Overweight | $31.00, was $33.00 |
| Oct 22, 2026 | TD Cowen | Target kept | Hold | $33.00 |
| Oct 22, 2026 | Keybanc | Target cut | Overweight | $33.00, was $36.00 |
| Oct 9, 2026 | Scotiabank | Target cut | Sector Perform | $26.50, was $27.50 |
| Oct 2, 2026 | Scotiabank | Target cut | Sector Perform | $27.50, was $29.25 |
| Sep 28, 2026 | Morgan Stanley | Target raised | Overweight | $28.00, was $27.00 |
| Sep 21, 2026 | BNP Paribas | Upgrade | Outperform, was Neutral | $30.00, was $26.00 |
| Jul 23, 2026 | Wolfe Research | Upgrade | Outperform, was Peer Perform | $29.00 |
| Jul 23, 2026 | Morgan Stanley | Target raised | Overweight | $27.00, was $25.00 |
| Jul 23, 2026 | TD Cowen | Target raised | Hold | $33.00, was $32.00 |
| Jul 23, 2026 | RBC Capital | Target kept | Outperform | $27.00 |
| Jul 23, 2026 | Argus Research | Target cut | Buy | $30.00, was $33.00 |
| Jul 23, 2026 | Wells Fargo | Target raised | Underweight | $20.00, was $18.00 |
| Jul 20, 2026 | RBC Capital | Target cut | Outperform | $27.00, was $31.00 |
| Jul 15, 2026 | Scotiabank | Target cut | Sector Perform | $29.25, was $31.00 |
| Jul 8, 2026 | Barclays | Target cut | Equal-Weight | $24.00, was $26.00 |
| Jul 8, 2026 | Wells Fargo | Began coverage | Underweight | $18.00 |
| Jul 7, 2026 | Morgan Stanley | Target cut | Overweight | $25.00, was $30.00 |
| Jun 12, 2026 | Freedom Broker | Began coverage | Buy | $30.00 |
| Jun 3, 2026 | Oppenheimer | Downgrade | Perform, was Outperform | — |
| May 20, 2026 | RBC Capital | Target kept | Outperform | $31.00 |
| Apr 23, 2026 | BNP Paribas | Target cut | Neutral | $26.00, was $28.00 |
| Apr 23, 2026 | Scotiabank | Target cut | Sector Perform | $31.00, was $31.50 |
| Apr 1, 2026 | Scotiabank | Target raised | Sector Perform | $31.50, was $31.00 |
| Mar 25, 2026 | Keybanc | Target raised | Overweight | $36.00, was $30.00 |
| Mar 23, 2026 | Citigroup | Target raised | Buy | $31.50, was $29.00 |
| Mar 9, 2026 | Scotiabank | Target raised | Sector Perform | $31.00, was $29.50 |
| Jan 26, 2026 | Wells Fargo | Target cut | Overweight | $27.00, was $29.00 |
| Jan 16, 2026 | Bernstein | Target cut | Outperform | $30.00, was $31.00 |
| Jan 13, 2026 | Barclays | Target cut | Equal-Weight | $26.00, was $28.00 |
| Dec 22, 2025 | Citigroup | Target cut | Buy | $29.00, was $32.00 |
| Dec 19, 2025 | Goldman Sachs | Target cut | Buy | $29.00, was $33.00 |
| Dec 15, 2025 | Wolfe Research | Downgrade | Peer Perform, was Outperform | — |
| Dec 10, 2025 | Morgan Stanley | Target cut | Overweight | $30.00, was $32.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $0.47 | $0.52 | +10.6% |
| Mar ’26 | $0.55 | $0.57 | +3.6% |
| Jun ’26 | $0.59 | $0.65 | +10.2% |
| Sep ’26 | $0.60 | $0.65 | +8.3% |
The day after each of these reports the stock moved +9.3% (Dec 2025, beat); +2.8% (Mar 2026, beat); +3.1% (Jun 2026, beat); −2.9% (Sep 2026, beat).
For the quarter ending Dec 2026 (AT&T reports on Jan 27, 2027), analysts expect adjusted earnings of $0.54 a share, 4% more than the $0.52 of a year earlier, and revenue of $34.7B, up 4% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $130.0B, up 0.01% on the year before's estimate.
Adjusted. Dec 2025: $0.52; range $0.51 to $0.60; 18 analysts
Dec 2025: $33.5B; range $34.1B to $35.4B; 17 analysts
The year to Dec 2026: $129.9B expected; range $127.1B to $135.8B; 22 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026, results Jan 27, 2027 | EPS (adjusted) | $0.54 | $0.51 to $0.60 | 18 | $0.52 (Dec 2025) | +4% |
| Quarter ending Dec 2026, results Jan 27, 2027 | Revenue | $34.7B | $34.1B to $35.4B | 17 | $33.5B (Dec 2025) | +4% |
| Quarter ending Mar 2027 | EPS (adjusted) | $0.61 | $0.53 to $0.67 | 12 | $0.57 (Mar 2026) | +8% |
| Quarter ending Mar 2027 | Revenue | $31.6B | $29.9B to $33.2B | 9 | $31.5B (Mar 2026) | 0% |
| Year ending Dec 2026 | EPS (adjusted) | $2.40 | $2.30 to $2.42 | 23 | — | — |
| Year ending Dec 2026 | Revenue | $129.9B | $128.2B to $130.7B | 22 | $125.6B (year to Dec 2025) | +3% |
| Year ending Dec 2027 | Revenue | $130.0B | $127.1B to $135.8B | 22 | $129.9B (expected, year to Dec 2026) | 0% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $17.8B in free cash flow over the year, of which $17.2B went back to shareholders (dividends plus buybacks), leaving $600M in the company.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $40.2B |
| Capex | −$22.4B |
| Free cash flow | $17.8B |
| Dividends | −$7.9B |
| Buybacks | −$9.3B |
| Cash retained | $600M |
For every $100 of market cap, the company generates about $11.9 in free cash flow a year.
For every $100 of market cap, you receive about $5.0 in dividends a year.
Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $11.5 went back to shareholders.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Dec 2023 | $6.8B | $2.0B | $4.0M |
| Mar 2024 | $3.8B | $2.0B | $157M |
| Jun 2024 | $4.7B | $2.1B | $2.0M |
| Sep 2024 | $4.9B | $2.0B | $43M |
| Dec 2024 | $5.1B | $2.0B | $13M |
| Mar 2025 | $4.8B | $2.1B | $218M |
| Jun 2025 | $4.9B | $2.0B | $961M |
| Sep 2025 | $5.3B | $2.0B | $1.5B |
| Dec 2025 | $4.5B | $2.0B | $1.8B |
| Mar 2026 | $2.7B | $2.0B | $2.5B |
| Jun 2026 | $5.1B | $2.0B | $2.2B |
| Sep 2026 | $5.5B | $1.9B | $2.8B |
AT&T had 6.84B diluted shares in the quarter ended Sep 2026, 4.5% fewer than a year earlier, and 2.5% fewer each year on average since Jun 2022. It spent $9.3B on buybacks over the last four quarters.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Jun 2022 | 7.61B |
| Sep 2022 | 7.65B |
| Mar 2023 | 7.47B |
| Jun 2023 | 7.18B |
| Sep 2023 | 7.18B |
| Mar 2024 | 7.19B |
| Jun 2024 | 7.20B |
| Sep 2024 | 7.21B |
| Mar 2025 | 7.22B |
| Jun 2025 | 7.22B |
| Sep 2025 | 7.17B |
| Mar 2026 | 7.03B |
| Jun 2026 | 6.95B |
| Sep 2026 | 6.84B |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Current ratio 0.9, short-term debt coverage is tight; debt-to-equity 1.1, debt is moderate.
Assets that can be turned into cash soon are 0.9x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $1.1 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $18.2B against debt of $136.1B. Lease obligations of $18.9B are not counted: they are rent owed, not money borrowed. It also holds $1.1B of long-term investments, which can be stakes in other companies rather than cash.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 6 members of Congress and 6 funds whose copy leaves T out (not traded on the exchange): Laurel Lee, James Comer, Swiss National Bank, Rob Bresnahan, Nancy Pelosi, Norges Bank and 6 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 10 held T at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 6 cut and 1 sold all. The largest of them is Norges Bank, 79.27M shares worth $1.6B at Jun 30, 2026, 9.8% fewer than at Dec 31, 2025.
Over their latest quarter
1 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Norges Bank | Q2 2026 vs Q4 2025 | 79.27M | $1.6B | −8.57M | −9.8% | Aug 12, 2026 |
| Swiss National Bank | Q3 2026 | 19.00M | $464M | −688,100 | −3.5% | Nov 12, 2026 |
| National Pension Service | Q3 2026 | 17.92M | $437M | +75,007 | +0.4% | Nov 12, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 6.29M | $130M | −8.87M | −59% | Aug 14, 2026 |
| Korea Investment | Q2 2026 | 4.06M | $84.0M | −240,211 | −5.6% | Aug 12, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 1.73M | $42.1M | +198,672 | +13% | Nov 3, 2026 |
| Nomura Holdings | Q2 2026 | 1.62M | $33.6M | +1.41M | +656% | Aug 14, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 0 | — | −1.16M | Sold all | Aug 14, 2026 |
| Renaissance Technologies | Q3 2026 | 670,200 | $16.4M | −520,546 | −44% | Nov 12, 2026 |
| Fisher Asset Management | Q3 2026 | 164,591 | $4.0M | −5,680 | −3.3% | Nov 6, 2026 |
| Bridgewater Associates | Q2 2026 | 180,894 | $3.7M | +20,531 | +13% | Aug 14, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of T at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.