AT&T is a US telecommunications company. It offers mobile, fiber internet and landline services for consumers and businesses. It also operates as a mobile carrier in Mexico. As of Oct 13, 2026
As of Oct 13, 2026Fact sheet (from the annual report)Telephone and landline services · Dallas, USAfull fact sheet
AT&T offers telecommunications and technology services and reports in the segments Communications and Latin America. The Communications segment supplies mobile, landline and broadband service to consumers in the United States and to businesses worldwide. This includes mobile service with devices, fiber services for business customers as well as fiber and fixed wireless internet access for households. The group’s brands include AT&T, Cricket, AT&T Fiber and AT&T Internet Air. Devices are sold online, in its own stores, through agents and in third-party stores. The Latin America segment offers mobile service in Mexico under the AT&T and Unefon brands.
Our own calculation from the exchange’s daily candles, as of Oct 26, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
Gap with volume · Analysis method
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What does the pattern show?
What is this? After strong news, usually earnings, the price opened above the previous day’s high and closed much higher on heavy volume. Such moves often continue for a few more days.
SEC filing (10-K, 10-Q)Required reports of listed companies to the US Securities and Exchange Commission (SEC): 10-K is the annual report, 10-Q the quarterly report, 20-F the annual report of foreign companies. We show the figures of the first filing.Example: 10-K for the fiscal year ending Sep 27, 2025, filed on Oct 31, 2025.More in the Academy: Lesson revenue, profit and margin
AT&T · Sector Communication Services · amounts in USD
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Feb 9, 2026.
Quality checks
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
–no data: Gross margin above 40%not stated in the SEC filings
✓met: Operating margin above 15%19.2%
✓met: Net margin above 10%17.5%
✓met: Return on equity above 15%17.4%
✓met: Free cash flow margin above 10%15.5%
✗not met: Profit in each of the last 5 fiscal years4 of 5
✓met: Free cash flow positive in each of the last 3 fiscal years3 of 3
✓met: Equity ratio above 30%30.1%
Operating margin
19.2%Fiscal year 2025
All58medium
Rank 58 of 100: higher than 58% of 192 peers (All). medium.
Sector35medium
Rank 35 of 100: higher than 35% of 13 peers (Sector). medium.
Median Communication Services: 20.7%
Operating income divided by revenue: what the core business earns before interest and taxes.
Net margin
17.5%Fiscal year 2025
All60medium
Rank 60 of 100: higher than 60% of 237 peers (All). medium.
Sector50medium
Rank 50 of 100: higher than 50% of 13 peers (Sector). medium.
Median Communication Services: 17.5%
Profit after all costs, interest and taxes divided by revenue.
Return on equity
17.4%Fiscal year 2025
All51medium
Rank 51 of 100: higher than 51% of 218 peers (All). medium.
Sector29weak
Rank 29 of 100: higher than 29% of 12 peers (Sector). weak.
Median Communication Services: 19.6%
Net income divided by equity at fiscal year end.
Return on assets
5.2%Fiscal year 2025 (total assets at year end)
All46medium
Rank 46 of 100: higher than 46% of 238 peers (All). medium.
Sector35medium
Rank 35 of 100: higher than 35% of 13 peers (Sector). medium.
Median Communication Services: 7.3%
Net income divided by total assets at fiscal year end.
Equity ratio
30.1%Fiscal year 2025
All42medium
Rank 42 of 100: higher than 42% of 239 peers (All). medium.
Sector42medium
Rank 42 of 100: higher than 42% of 13 peers (Sector). medium.
Median Communication Services: 35.5%
Equity as a share of total assets. Usually low for banks.
Free cash flow margin
15.5%Fiscal year 2025
All54medium
Rank 54 of 100: higher than 54% of 213 peers (All). medium.
Sector38medium
Rank 38 of 100: higher than 38% of 12 peers (Sector). medium.
Median Communication Services: 17.9%
Free cash flow divided by revenue.
Free cash flow
19.4B USDFiscal year 2025
Operating cash flow minus capital expenditure on property and equipment.
Growth 1 of 5 met · 2 without data
✗not met: Over 3 years, revenue grew by more than 5% per year+1.3%
✗not met: Over 5 years, revenue grew by more than 5% per year−6.1%
✗not met: Over 10 years, revenue grew by more than 5% per year−1.5%
–no data: Over 3 years, EPS grew by more than 5% per yearnot computable (loss in the first or last year, or figures missing)
–no data: Over 5 years, EPS grew by more than 5% per yearnot computable (loss in the first or last year, or figures missing)
✗not met: Revenue rose in at least 4 of the last 5 fiscal years2 of 5
✓met: Revenue rose in the last fiscal year+2.7%
Revenue growth 3 years
+1.3%per year
All21weak
Rank 21 of 100: higher than 21% of 230 peers (All). weak.
Sector19weak
Rank 19 of 100: higher than 19% of 13 peers (Sector). weak.
Median Communication Services: +8.8%
Average growth per year over 3 fiscal years.
Revenue growth 5 years
−6.1%per year
All2weak
Rank 2 of 100: higher than 2% of 217 peers (All). weak.
Sector4weak
Rank 4 of 100: higher than 4% of 12 peers (Sector). weak.
Median Communication Services: +14.9%
Average growth per year over 5 fiscal years.
Revenue growth 10 years
−1.5%per year
All5weak
Rank 5 of 100: higher than 5% of 157 peers (All). weak.
Sector5weak
Rank 5 of 100: higher than 5% of 10 peers (Sector). weak.
Median Communication Services: +14.5%
Average growth per year over 10 fiscal years.
EPS growth 10 years
+2.5%per year
All18weak
Rank 18 of 100: higher than 18% of 140 peers (All). weak.
Sector25weak
Rank 25 of 100: higher than 25% of 6 peers (Sector). weak.
Median Communication Services: +20.4%
Growth of earnings per share per year, adjusted for stock splits.
Dividend 5 of 7 met
✓met: Pays a dividend1.11 USD
✓met: Payout ratio at most 60% of earnings37%
✓met: Dividend paid in each of the last 5 fiscal years5 of 5
✗not met: Dividend per share never lowered in the last 5 fiscal yearsDividend per share as filed with the SEC, including special dividends; a one-off higher prior year does not count as a cut.1 times
✗not met: Dividend per share higher than 5 years ago−11.8%
✓met: Free cash flow per share covers the dividend2.4x
✓met: Dividends paid over the last 5 years covered by free cash flow49% of free cash flow
Payout ratio
37%Fiscal year 2025
Dividend per share divided by earnings per share.
Dividend growth 5 years
−11.8%per year
All1weak
Rank 1 of 100: higher than 1% of 118 peers (All). weak.
Sector: too few peers
Growth of the dividend per share per year.
Free cash flow coverage
2.4xFiscal year 2025
Free cash flow per share divided by dividend per share. From 1x the dividend is covered.
Financial strength 5 of 6 met
✓met: Piotroski F-Score at least 7 of 97 of 8 · 1 without data
✓met: Long-term debt no higher than equity1.00
✗not met: Current assets cover current liabilities0.91
✓met: Positive equity126.5B USD
✓met: In 5 years, share count up by at most 5%−0.1%
✓met: Free cash flow positive in the last fiscal year19.4B USD
Piotroski F-Score
7 of 8Fiscal year 2025
No rank: not all 9 criteria have data.
Nine yes/no tests on profit, cash flow, debt, liquidity and efficiency compared with the prior year.
Debt / equity
1.00at fiscal year end
All32weak
Rank 32 of 100: lower than 32% of 199 peers (All). weak.
Sector41medium
Rank 41 of 100: lower than 41% of 11 peers (Sector). medium.
Median Communication Services: 0.96
Long-term financial debt divided by equity.
Liquidity (current ratio)
0.91at fiscal year end
All17weak
Rank 17 of 100: higher than 17% of 215 peers (All). weak.
Sector27weak
Rank 27 of 100: higher than 27% of 13 peers (Sector). weak.
Median Communication Services: 1.19
Current assets divided by current liabilities.
Change in share count
−0.1%in 5 years
All44medium
Rank 44 of 100: lower than 44% of 199 peers (All). medium.
Sector55medium
Rank 55 of 100: lower than 55% of 10 peers (Sector). medium.
Median Communication Services: +0.1%
Change in diluted share count. Negative = share buybacks, positive = new shares.
The 9 criteria of the Piotroski F-Score
✓met: Profit in the last fiscal year (positive return on assets)
✓met: Positive operating cash flow
✓met: Return on assets higher than the prior year
✓met: Operating cash flow higher than net income
✗not met: Long-term debt relative to total assets fell
✓met: Liquidity (current assets / current liabilities) rose
✓met: No additional shares (diluted share count did not rise)
–no data: Gross margin higher than the prior year
✓met: Revenue relative to total assets higher than the prior year
Last fiscal year compared with the one before. Returns and revenue per total assets use total assets at the start of the year; leverage = long-term financial debt divided by total assets at year end; new shares via the average diluted share count.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock. Rank 0–100 against the 239 stocks we cover and against the sector (from 5 peers); the stronger side is always on the right.
In short
Light red: Revenue shrank over 5 years (−6.1% per year).
Light green: Net margin 17.5%, above the sector median (10.1%).
Light yellow: Debt higher than usual in the sector.
Light red: Profit in 8 of 10 fiscal years.
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
RevenueNet incomeNet margin (below)in USD
−50B050B100B150B200B
2016Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Revenue 163.8B USD · Net income 13.0B USD · Net margin 7.9%
2017Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Revenue 160.5B USD · Net income 29.5B USD · Net margin 18.3%
2018Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Revenue 170.8B USD · Net income 19.4B USD · Net margin 11.3%
2019Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Revenue 181.2B USD · Net income 13.9B USD · Net margin 7.7%
2020Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue 171.8B USD · Net income −5.2B USD · Net margin −3.0%
2021Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 168.9B USD · Net income 20.1B USD · Net margin 11.9%
2022Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 120.7B USD · Net income −8.5B USD · Net margin −7.1%
2023Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 122.4B USD · Net income 14.4B USD · Net margin 11.8%
2024Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 122.3B USD · Net income 10.9B USD · Net margin 8.9%
2025Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 125.6B USD · Net income 22.0B USD · Net margin 17.5%
Margin
8%18%11%8%−3%12%−7%12%9%17%
RevenueNet incomeNet margin (below)in USD
−10B010B20B30B40B
Q4/23Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Revenue 32.0B USD · Net income 2.2B USD · Net margin 6.8% · Q4 derived (year minus 9 months), may be distorted by restatements
Q1/24Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Revenue 30.0B USD · Net income 3.4B USD · Net margin 11.5%
Q2/24Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Revenue 29.8B USD · Net income 3.6B USD · Net margin 12.1%
Q3/24Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Revenue 30.2B USD · Net income −174.0M USD · Net margin −0.6%
Q4/24Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Revenue 32.3B USD · Net income 4.1B USD · Net margin 12.6% · Q4 derived (year minus 9 months), may be distorted by restatements
Q1/25Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Revenue 30.6B USD · Net income 4.4B USD · Net margin 14.2%
Q2/25Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Revenue 30.8B USD · Net income 4.5B USD · Net margin 14.6%
Q3/25Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Revenue 30.7B USD · Net income 9.3B USD · Net margin 30.3%
Q4/25Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Revenue 33.5B USD · Net income 3.8B USD · Net margin 11.3% · Q4 derived (year minus 9 months), may be distorted by restatements
Q1/26Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Revenue 31.5B USD · Net income 3.8B USD · Net margin 12.2%
Q2/26Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Revenue 31.6B USD · Net income 4.6B USD · Net margin 14.7%
Q3/26Quarter Q3/26 (Jul 1, 2026 – Sep 30, 2026): Revenue 32.3B USD · Net income 891.0M USD · Net margin 2.8%
Margin
7%11%12%−1%13%14%15%30%11%12%15%3%
Earnings per shareUSD per share
−2.0002.004.006.00
2016Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Earnings per share 2.10 USD
2017Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Earnings per share 4.76 USD
2018Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Earnings per share 2.85 USD
2019Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Earnings per share 1.89 USD
2020Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Earnings per share −0.75 USD
2021Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Earnings per share 2.76 USD
2022Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Earnings per share −1.13 USD
2023Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Earnings per share 1.97 USD
2024Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Earnings per share 1.49 USD
2025Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Earnings per share 3.04 USD
Earnings per shareUSD per share
−0.5000.501.001.50
Q4/23Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Earnings per share 0.30 USD
Q1/24Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Earnings per share 0.47 USD
Q2/24Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Earnings per share 0.49 USD
Dividend per sharePayout ratio (below)USD per share
01.002.003.00
2016Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Dividend per share 1.93 USD · Payout ratio 91.9%
2017Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Dividend per share 1.97 USD · Payout ratio 41.4%
2018Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Dividend per share 2.01 USD · Payout ratio 70.5%
2019Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Dividend per share 2.05 USD · Payout ratio 108.5%
2020Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Dividend per share 2.08 USD · Payout ratio not available
2021Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Dividend per share 2.08 USD · Payout ratio 75.4%
2022Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Dividend per share 1.11 USD · Payout ratio not available
2023Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Dividend per share 1.11 USD · Payout ratio 56.3%
2024Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Dividend per share 1.11 USD · Payout ratio 74.5%
2025Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Dividend per share 1.11 USD · Payout ratio 36.5%
Ratio
92%41%71%108%75%56%74%37%
Dividend per sharePayout ratio (below)USD per share
00.100.200.30
Q4/23Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Dividend per share 0.28 USD · Payout ratio 92.5% · Q4 derived (year minus 9 months), may be distorted by restatements
Q1/24Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Dividend per share 0.28 USD · Payout ratio 59.0%
Q2/24Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Dividend per share 0.28 USD · Payout ratio 56.6%
Q3/24Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Dividend per share 0.28 USD · Payout ratio not available
Q4/24Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Dividend per share 0.28 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
Q1/25Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Dividend per share 0.28 USD · Payout ratio 45.5%
Q2/25Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Dividend per share 0.28 USD · Payout ratio 44.8%
Q3/25Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Dividend per share 0.28 USD · Payout ratio 21.5%
Q4/25Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Dividend per share 0.28 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
Q1/26Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Dividend per share 0.28 USD · Payout ratio 51.4%
Q2/26Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Dividend per share 0.28 USD · Payout ratio 42.0%
Q3/26Quarter Q3/26 (Jul 1, 2026 – Sep 30, 2026): Dividend per share 0.28 USD · Payout ratio 231.3%
Ratio
93%59%57%45%45%22%51%42%231%
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 125.6B USD · Net income 22.0B USD · Net margin 17.5%
Figures over time
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Money flow in fiscal year 2025
Of 100 USD of revenue, 19.2 USD operating income and 17.5 USD net income remained.
Revenue125.6B USD · 100%Operating income24.2B USD · 19%Cost of revenue and operating expenses101.5B USD · 81%Net income22.0B USD · 17%Taxes, interest & other (net)2.2B USD · 2%
Money flow as a table
Fiscal year 2025, amounts in USD, share of revenue
Item
Amount
of revenue
Revenue
125.6B USD
100.0%
Operating income
24.2B USD
19.2%
Cost of revenue and operating expenses
101.5B USD
80.8%
Net income
22.0B USD
17.5%
Taxes, interest & other (net)
2.2B USD
1.8%
Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.
Margins
The operating margin rose in 5 years from 3.7% to 19.2%.
Operating marginNet margin
−10%0%10%20%
2016Fiscal year 2016: Operating margin 14.9% · Net margin 7.9%
2017Fiscal year 2017: Operating margin 13.0% · Net margin 18.3%
2018Fiscal year 2018: Operating margin 15.3% · Net margin 11.3%
2019Fiscal year 2019: Operating margin 15.4% · Net margin 7.7%
2020Fiscal year 2020: Operating margin 3.7% · Net margin −3.0%
2021Fiscal year 2021: Operating margin 13.8% · Net margin 11.9%
2022Fiscal year 2022: Operating margin −3.8% · Net margin −7.1%
2023Fiscal year 2023: Operating margin 19.2% · Net margin 11.8%
2024Fiscal year 2024: Operating margin 15.6% · Net margin 8.9%
2025Fiscal year 2025: Operating margin 19.2% · Net margin 17.5%
Returns
Return on equity rose in 5 years from −2.9% to 17.4%.
Return on equityReturn on assets
−10%0%10%20%30%
2016Fiscal year 2016: Return on equity 10.5% · Return on assets 3.2%
2017Fiscal year 2017: Return on equity 20.7% · Return on assets 6.6%
2018Fiscal year 2018: Return on equity 10.0% · Return on assets 3.6%
2019Fiscal year 2019: Return on equity 6.9% · Return on assets 2.5%
2020Fiscal year 2020: Return on equity −2.9% · Return on assets −1.0%
2021Fiscal year 2021: Return on equity 10.9% · Return on assets 3.6%
2022Fiscal year 2022: Return on equity −8.0% · Return on assets −2.1%
2023Fiscal year 2023: Return on equity 12.3% · Return on assets 3.5%
2024Fiscal year 2024: Return on equity 9.3% · Return on assets 2.8%
2025Fiscal year 2025: Return on equity 17.4% · Return on assets 5.2%
Equity and long-term debt
The equity ratio fell in 5 years from 34.1% to 30.1%.
EquityLong-term debtin USDLong-term debt, depending on the filing, includes the current portion or leases.
2016Fiscal year 2016: Operating cash flow 39.3B USD · Capital expenditure 21.5B USD · Free cash flow 17.8B USD
2017Fiscal year 2017: Operating cash flow 39.2B USD · Capital expenditure 20.6B USD · Free cash flow 18.5B USD
2018Fiscal year 2018: Operating cash flow 43.6B USD · Capital expenditure 20.8B USD · Free cash flow 22.8B USD
2019Fiscal year 2019: Operating cash flow 48.7B USD · Capital expenditure 19.4B USD · Free cash flow 29.2B USD
2020Fiscal year 2020: Operating cash flow 43.1B USD · Capital expenditure 15.7B USD · Free cash flow 27.5B USD
2021Fiscal year 2021: Operating cash flow 42.0B USD · Capital expenditure 16.5B USD · Free cash flow 25.4B USD
2022Fiscal year 2022: Operating cash flow 35.8B USD · Capital expenditure 19.6B USD · Free cash flow 16.2B USD
2023Fiscal year 2023: Operating cash flow 38.3B USD · Capital expenditure 17.9B USD · Free cash flow 20.5B USD
2024Fiscal year 2024: Operating cash flow 38.8B USD · Capital expenditure 20.3B USD · Free cash flow 18.5B USD
2025Fiscal year 2025: Operating cash flow 40.3B USD · Capital expenditure 20.8B USD · Free cash flow 19.4B USD
Share count
The share count stayed roughly the same in 5 years.
Diluted share count
02B4B6B8B
2016Fiscal year 2016: Diluted share count 6.2B
2017Fiscal year 2017: Diluted share count 6.2B
2018Fiscal year 2018: Diluted share count 6.8B
2019Fiscal year 2019: Diluted share count 7.3B
2020Fiscal year 2020: Diluted share count 7.2B
2021Fiscal year 2021: Diluted share count 7.2B
2022Fiscal year 2022: Diluted share count 7.6B
2023Fiscal year 2023: Diluted share count 7.3B
2024Fiscal year 2024: Diluted share count 7.2B
2025Fiscal year 2025: Diluted share count 7.2B
From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
Dividends and share repurchases
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
Dividend per share
1.11USD · Fiscal year 2025
Dividend growth per year
3 y0.0%5 y−11.8%10 y−5.2%
Years without a cut
3in a row up to now
Payout ratio
of earnings37%of free cash flow42%
To shareholders (5 years)
55.5B USD11% through repurchases
Share count over 5 years
−0.1%roughly unchanged
Dividend per share
The dividend per share fell in 5 years from 2.08 USD to 1.11 USD.
Dividend per shareUSD per sharePer share as filed with the SEC, including special dividends; obvious filing errors are hidden.
01.002.003.00
2016Fiscal year 2016: Dividend per share 1.93 USD
2017Fiscal year 2017: Dividend per share 1.97 USD
2018Fiscal year 2018: Dividend per share 2.01 USD
2019Fiscal year 2019: Dividend per share 2.05 USD
2020Fiscal year 2020: Dividend per share 2.08 USD
2021Fiscal year 2021: Dividend per share 2.08 USD
2022Fiscal year 2022: Dividend per share 1.11 USD
2023Fiscal year 2023: Dividend per share 1.11 USD
2024Fiscal year 2024: Dividend per share 1.11 USD
2025Fiscal year 2025: Dividend per share 1.11 USD
Payout ratios
The payout ratio fell in 4 years from 75.4% to 36.5%.
Payout ratio (earnings)Payout ratio (free cash flow)
0%50%100%150%
2016Fiscal year 2016: Payout ratio (earnings) 91.9% · Payout ratio (free cash flow) 66.2%
2017Fiscal year 2017: Payout ratio (earnings) 41.4% · Payout ratio (free cash flow) 65.1%
2018Fiscal year 2018: Payout ratio (earnings) 70.5% · Payout ratio (free cash flow) 58.7%
2019Fiscal year 2019: Payout ratio (earnings) 108.5% · Payout ratio (free cash flow) 50.9%
2020Fiscal year 2020: Payout ratio (earnings) not available · Payout ratio (free cash flow) 54.5%
2021Fiscal year 2021: Payout ratio (earnings) 75.4% · Payout ratio (free cash flow) 59.3%
2022Fiscal year 2022: Payout ratio (earnings) not available · Payout ratio (free cash flow) 60.9%
2023Fiscal year 2023: Payout ratio (earnings) 56.3% · Payout ratio (free cash flow) 39.8%
2024Fiscal year 2024: Payout ratio (earnings) 74.5% · Payout ratio (free cash flow) 44.3%
2025Fiscal year 2025: Payout ratio (earnings) 36.5% · Payout ratio (free cash flow) 42.1%
What goes back to shareholders
Over 5 years, 55.5B USD went back to shareholders, 11% of it through share repurchases. That is 55% of the free cash flow of those years.
2016Fiscal year 2016: Dividends paid 11.8B USD · Share repurchases 512.0M USD · New shares issued (including employee plans) not available · Free cash flow 17.8B USD
2017Fiscal year 2017: Dividends paid 12.0B USD · Share repurchases 463.0M USD · New shares issued (including employee plans) not available · Free cash flow 18.5B USD
2018Fiscal year 2018: Dividends paid 13.4B USD · Share repurchases 609.0M USD · New shares issued (including employee plans) not available · Free cash flow 22.8B USD
2019Fiscal year 2019: Dividends paid 14.9B USD · Share repurchases 2.4B USD · New shares issued (including employee plans) not available · Free cash flow 29.2B USD
2020Fiscal year 2020: Dividends paid 15.0B USD · Share repurchases 5.5B USD · New shares issued (including employee plans) not available · Free cash flow 27.5B USD
2021Fiscal year 2021: Dividends paid 15.1B USD · Share repurchases 202.0M USD · New shares issued (including employee plans) not available · Free cash flow 25.4B USD
2022Fiscal year 2022: Dividends paid 9.9B USD · Share repurchases 890.0M USD · New shares issued (including employee plans) not available · Free cash flow 16.2B USD
2023Fiscal year 2023: Dividends paid 8.1B USD · Share repurchases 194.0M USD · New shares issued (including employee plans) not available · Free cash flow 20.5B USD
2024Fiscal year 2024: Dividends paid 8.2B USD · Share repurchases 215.0M USD · New shares issued (including employee plans) not available · Free cash flow 18.5B USD
2025Fiscal year 2025: Dividends paid 8.2B USD · Share repurchases 4.5B USD · New shares issued (including employee plans) not available · Free cash flow 19.4B USD
Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
Valuation over time
Price-based valuation (P/E, P/S, price/free cash flow and dividend yield per fiscal year, compared with its own average) for signed-in users.Log in
Sector comparison
AT&T next to 8 stocks of the sector Communication Services we cover that are closest in revenue. Click a column header to sort the table.
Sector comparison T, sector Communication Services; last row: sector median
Growth 5 yrs = revenue growth per year over 5 fiscal years · Op. margin = operating margin · ROE = return on equity · FCF = free cash flow · Piotroski = F-Score (only with all 9 criteria).
Figures of the last fiscal year from SEC annual reports (peers as of Oct 28, 2026). Median across all companies of the sector we cover (from 5 stocks; several share classes of one company count once). Signed-in users also see P/E, P/S and dividend yield in the comparison. Describes the reported figures – not investment advice.
Key figures with traffic lights
Each light follows a simple, disclosed rule. The comparison is with the sector median Sector medianThe middle value of all companies in a sector: half are above it, half below. Unlike the average, single outliers hardly distort it.Example: Margins 4%, 8%, 10%, 12%, 60% → median 10%, average 18.8%.More in the Academy: Lesson putting the P/E in context of all 24 symbols in the Communication Services sector on our list (current members of the S&P 500 and other lists).
Revenue growth
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth
Light red: shrinking
−6.1%per year, last 5 years
Sector Communication Services: median +6.7% (22 symbols)
What does this mean? Revenue: over 5 years it fell by 6.1% per year on average. The median company in the sector reached +6.7% per year.
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net income (total)
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth
Light gray: not computable
–per year, last 5 years
Sector Communication Services: median +12.7% (12 symbols)
per share: not computable (loss in the first or last year)
What does this mean? There was a loss in the first or last year. An annual growth rate cannot be calculated meaningfully then.
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Sector Communication Services: median 10.1% (24 symbols)
What does this mean? Of every 100 USD in revenue, 17.47 USD remained as profit – at least as much as the median company in the sector (10.1%). Five years ago the margin was −3.0%.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
Debt / equity
Debt-to-equity ratioFinancial debt (loans, bonds) divided by equity. A high value amplifies good and bad years alike. The key figures bar in the chart only uses long-term financial debt.Example: Financial debt €300m, equity €500m → 0.6.More in the Academy: Lesson debt, dividends and growth
Light yellow: higher than sector
1.22latest balance sheet
Sector Communication Services: median 0.84 (22 symbols)
What does this mean? For every 1 USD of equity there is 1.22 USD of financial debt – more than the median company in the sector (0.84). More debt amplifies good and bad years alike.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
Payout ratio
Payout ratioThe share of profit that a company pays out as a dividend. Above 100% it pays out more than it earns.Example: Dividend €1, earnings per share €2.50 → payout ratio 40%.More in the Academy: Lesson debt, dividends and growth
Light green: covered
37%Dividend / earnings per share
Sector Communication Services: median 24% (7 symbols)
What does this mean? Of every 1 USD of earnings per share, 0.37 USD went to shareholders as a dividend. The rest stays in the company. Median company in the sector: 24%.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
Profitable years
Profitable yearsHow many of the last fiscal years ended with a profit rather than a loss on the bottom line. The figure shows how consistently a company earns.Example: Profit in 9 of 10 years → one loss year.More in the Academy: Lesson revenue, profit and margin
Light red: 2 loss years
8 of 10fiscal years with a profit
What does this mean? In 8 of the last 10 fiscal years the bottom line showed a profit. 2 years ended with a loss.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
Last fiscal year and 13F
Information, not a trading signal · Source: SEC EDGAR
Revenue (FY)
125.6B USD
Revenue vs. prior year
+2.7%
Net income (FY)
22.0B USD
Net income vs. prior year
+100.5%
EPS (FY)
3.04 USD
13F funds with a position
1 of 9
Funds vs. prior quarter
−1
Shares held vs. prior quarter
+88.2%
Fiscal year to Dec 31, 2025 · 10-K filed Feb 9, 2026 · Balance sheet Sep 30, 2026 (filed Oct 21, 2026) · Price-based figures (P/E, P/S, dividend yield, market cap) only when logged in. · Values as first reported; debt = reported financial debt (US GAAP: long-term).13F: reporting date Jun 30, 2026, 9 tracked funds have filed (latest Aug 14, 2026), filed with up to 45 days of delay. Stock positions only; comparison with Mar 31, 2026 only across funds that filed for both quarters.
All figures as a table
Fiscal years (amounts in USD, per share in USD)
Year
End
Revenue
Net income
Margin
Earnings per share
Dividend per share
Payout
2025
Dec 31, 2025
125.6B
22.0B
17.5%
3.04
1.11
37%
2024
Dec 31, 2024
122.3B
10.9B
8.9%
1.49
1.11
74%
2023
Dec 31, 2023
122.4B
14.4B
11.8%
1.97
1.11
56%
2022
Dec 31, 2022
120.7B
−8.5B
−7.1%
−1.13
1.11
–
2021
Dec 31, 2021
168.9B
20.1B
11.9%
2.76
2.08
75%
2020
Dec 31, 2020
171.8B
−5.2B
−3.0%
−0.75
2.08
–
2019
Dec 31, 2019
181.2B
13.9B
7.7%
1.89
2.05
108%
2018
Dec 31, 2018
170.8B
19.4B
11.3%
2.85
2.01
71%
2017
Dec 31, 2017
160.5B
29.5B
18.3%
4.76
1.97
41%
2016
Dec 31, 2016
163.8B
13.0B
7.9%
2.10
1.93
92%
Quarters (amounts in USD, per share in USD)
Quarter
End
Revenue
Net income
Margin
Earnings per share
Dividend per share
Payout
Q3/26
Sep 30, 2026
32.3B
891.0M
2.8%
0.12
0.28
231%
Q2/26
Jun 30, 2026
31.6B
4.6B
14.7%
0.66
0.28
42%
Q1/26
Mar 31, 2026
31.5B
3.8B
12.2%
0.54
0.28
51%
Q4/25*
Dec 31, 2025
33.5B
3.8B
11.3%
–
0.28
–
Q3/25
Sep 30, 2025
30.7B
9.3B
30.3%
1.29
0.28
22%
Q2/25
Jun 30, 2025
30.8B
4.5B
14.6%
0.62
0.28
45%
Q1/25
Mar 31, 2025
30.6B
4.4B
14.2%
0.61
0.28
45%
Q4/24*
Dec 31, 2024
32.3B
4.1B
12.6%
–
0.28
–
Q3/24
Sep 30, 2024
30.2B
−174.0M
−0.6%
−0.03
0.28
–
Q2/24
Jun 30, 2024
29.8B
3.6B
12.1%
0.49
0.28
57%
Q1/24
Mar 31, 2024
30.0B
3.4B
11.5%
0.47
0.28
59%
Q4/23*
Dec 31, 2023
32.0B
2.2B
6.8%
0.30
0.28
93%
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
Insiders
Insider transactionsExecutives, directors and major shareholders (over 10%) of US companies report their own transactions in their company’s stock to the SEC within two business days (Form 4). Purchases in the market count as more meaningful than sales (often taxes, estate planning).Example: Three executives acquire stock worth a total of 2 million USD within two weeks → “purchases by several insiders”.More in the Academy: Glossary
In the last 12 months, insiders of this stock have not acquired or disposed of shares on the market (SEC Form 4).
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
Trend score -90
Price vs. EMA 50-15
Price vs. EMA 200-15
EMA 50 vs. EMA 200-20
ADX (trend strength)-15
Highs and lows-10
Relative strength-15
Volatility and trend strength
ADX 14 (trend strength)27.8
Rel. strength 60 d−12.5%
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.