AT&T (T) financial statements
AT&T reported revenue of $125.6B in fiscal 2025, down 2.9% a year over 9 years.
Net income was $22.0B and the operating margin 19.2%, against 14.4% in 2016.
Free cash flow was $19.4B, and the company returned $8.2B in dividends and $4.5B in net buybacks.
The diluted share count rose 16% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from AT&T's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $163.8B | $160.5B | $170.8B | $181.2B | $143.1B | $134.0B | $120.7B | $122.4B | $122.3B | $125.6B |
| Selling, general and admin | $36.8B | $35.5B | $36.8B | $39.4B | $30.8B | $29.7B | $29.0B | $28.9B | $28.4B | $28.9B |
| Operating income | $23.5B | $20.0B | $26.1B | $28.0B | $8.4B | $25.9B | -$4.6B | $23.5B | $19.0B | $24.2B |
| Interest expense | $4.9B | $6.3B | $8.0B | $8.4B | $7.7B | $6.7B | $6.1B | $6.7B | $6.8B | $6.8B |
| Pre-tax income | $19.8B | $15.1B | $24.9B | $18.5B | -$354M | $29.2B | -$3.1B | $19.8B | $16.7B | $27.0B |
| Income tax | $6.5B | -$14.7B | $4.9B | $3.5B | $1.2B | $5.4B | $3.8B | $4.2B | $4.4B | $3.6B |
| Net income | $13.0B | $29.4B | $19.4B | $13.9B | -$5.2B | $20.1B | -$8.5B | $14.4B | $10.9B | $22.0B |
| EPS (diluted) | $2.10 | $4.76 | $2.85 | $1.89 | -$0.75 | $2.73 | -$1.13 | $1.97 | $1.49 | $3.04 |
| Diluted shares | 6.19B | 6.18B | 6.81B | 7.35B | 7.47B | 7.50B | 7.59B | 7.26B | 7.20B | 7.18B |
| Operating margin | 14.4% | 12.4% | 15.3% | 15.4% | 5.9% | 19.3% | -3.8% | 19.2% | 15.6% | 19.2% |
| Net margin | 7.9% | 18.3% | 11.3% | 7.7% | -3.6% | 15.0% | -7.1% | 11.8% | 8.9% | 17.5% |
Balance sheet
Fiscal years, from AT&T's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $5.8B | $50.5B | $5.2B | $9.7B | $7.9B | $19.2B | $3.7B | $6.7B | $3.3B | $18.2B |
| Receivables | $16.8B | $16.5B | $26.5B | $22.6B | $20.2B | $12.3B | $11.5B | $10.3B | $9.6B | $8.8B |
| Inventory | $2.0B | $2.2B | $2.8B | $2.9B | $3.6B | — | $3.1B | $2.2B | $2.3B | $2.4B |
| Total current assets | $38.4B | $79.1B | $51.4B | $54.8B | $52.0B | $170.8B | $33.1B | $36.5B | $31.2B | $48.7B |
| Property, plant and equipment | $124.9B | $125.2B | $131.5B | $130.1B | $121.1B | $121.6B | $127.4B | $128.5B | $128.9B | $131.6B |
| Goodwill | $105.2B | $105.4B | $146.4B | $146.2B | $92.8B | $92.7B | $67.9B | $67.9B | $63.4B | $63.4B |
| Total assets | $403.8B | $444.1B | $531.9B | $551.7B | $525.8B | $551.6B | $402.9B | $407.1B | $394.8B | $420.2B |
| Total current liabilities | $50.6B | $81.4B | $64.4B | $68.9B | $63.4B | $106.2B | $56.2B | $51.1B | $46.9B | $53.8B |
| Long-term debt | $113.7B | $126.0B | $166.2B | $151.3B | $153.8B | $151.0B | $128.4B | $127.9B | $118.4B | $127.1B |
| Total liabilities | $279.7B | $302.1B | $338.0B | $349.7B | $346.5B | $367.8B | $296.4B | $289.6B | $276.6B | $293.7B |
| Shareholders' equity | $124.1B | $142.0B | $193.9B | $201.9B | $179.2B | $183.9B | $106.5B | $117.4B | $118.2B | $126.5B |
| Net debt | $117.7B | $113.8B | $171.3B | $153.4B | $149.3B | $156.4B | $132.2B | $130.6B | $120.2B | $117.9B |
Cash flow
Fiscal years, from AT&T's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $38.4B | $38.0B | $43.6B | $48.7B | $43.1B | $42.0B | $35.8B | $38.3B | $38.8B | $40.3B |
| Capital spending | $21.5B | $20.6B | $21.3B | $19.6B | $14.7B | $15.5B | $19.6B | $17.9B | $20.3B | $20.8B |
| Free cash flow | $16.9B | $17.4B | $22.4B | $29.0B | $28.4B | $26.4B | $16.2B | $20.5B | $18.5B | $19.4B |
| Stock-based compensation | $653M | $480M | $463M | $819M | $422M | $447M | $518M | $479M | $505M | $536M |
| Dividends paid | $11.8B | $12.0B | $13.4B | $14.9B | $15.0B | $15.1B | $9.9B | $8.1B | $8.2B | $8.2B |
| Share buybacks (net) | -$512M | -$463M | -$609M | -$2.4B | -$5.5B | -$202M | -$890M | -$194M | -$215M | -$4.5B |
| Net borrowing | -$683M | $36.5B | -$10.8B | -$10.6B | -$7.1B | $13.5B | -$27.9B | -$963M | -$12.3B | $8.5B |
| Free cash flow margin | 10.3% | 10.8% | 13.1% | 16.0% | 19.9% | 19.7% | 13.4% | 16.7% | 15.1% | 15.5% |
| Dividends per share | $1.91 | $1.95 | $1.97 | $2.03 | $2.00 | $2.01 | $1.30 | $1.12 | $1.14 | $1.14 |
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Open T in InvestinglyQuestions
What was AT&T's revenue in 2025?
$125.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does AT&T generate?
$19.4B in fiscal 2025 (operating cash flow minus capital spending).
From AT&T's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.