T

MKT CAP:$182B

AT&T Inc.

Market Cap

$182B

Communication Services·Telecommunications Services·🇺🇸 United States·NYSE

Communication·Telecommunications·🇺🇸·NYSE

Stock Price

$26.15+$1.59 (+6.47%)

Apr 24, 2026

Company Details

AT&T Inc. provides telecommunications, media, and technology services worldwide. Its Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, and car...

CEO

John T. Stankey

IPO Date

Nov 21, 1983

Website

www.att.com

Key Metrics TTM

Revenue

$124.6B

-0.7% YoY

Net Income

$19.2B

EPS (Diluted)

$2.67

Free Cash Flow

$23.4B

Revenue / Share

$17.73

Gross Margin

37.9%

Operating Margin

20.2%

Net Margin

15.4%

FCF Margin

18.8%

P/S

1.5x

P/E

9.5x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$31.5BEPS $0.60

Q3 2025

Oct 31, 2025

$30.7BEPS $1.29

FY 2023

Feb 23, 2024

$122.4BEPS $1.97

Q4 2023

Feb 23, 2024

$32.0BEPS $0.30

Q3 2023

Oct 31, 2023

$30.4BEPS $0.48

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 19	$44.8B	$16.9B	$7.3B
Q2 19	$45.0B	$17.3B	$7.8B
Q3 19	$44.6B	$17.5B	$8.1B
Q4 19	$46.8B	$17.2B	$7.1B
Q1 20	$42.8B	$16.3B	$7.7B
Q2 20	$41.0B	$15.7B	$6.1B
Q3 20	$42.3B	$15.5B	$6.2B
Q1 21	$43.9B	$17.0B	$7.7B
Q2 21	$35.7B	$15.2B	$7.5B
Q2 22	$29.6B	$12.9B	$5.8B
Q1 23	$30.1B	$13.2B	$6.0B
Q2 23	$29.9B	$13.4B	$6.4B
Q3 23	$30.4B	$13.6B	$6.5B
Q4 23	$32.0B	$13.3B	$5.9B
Q3 25	$30.7B	$13.6B	$6.1B
Q1 26	$31.5B	$6.7B	$6.7B

Valuation

Quarter	P/S	P/E
Q1 19	1.0x	9.4x
Q2 19	1.0x	10.4x
Q3 19	1.1x	12.8x
Q4 19	1.2x	15.5x
Q1 20	0.9x	11.4x
Q2 20	0.9x	13.5x
Q3 20	0.9x	13.8x
Q1 21	1.0x	10.2x
Q2 21	1.0x	11.8x
Q2 22	1.0x	9.3x
Q1 23	1.0x	8.0x
Q2 23	0.9x	8.0x
Q3 23	0.9x	6.4x
Q4 23	1.0x	8.7x
Q3 25	1.6x	10.3x
Q1 26	1.7x	10.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	$12.1B	$8.0B
Q1 19	$11.1B	$5.9B
Q2 19	$14.3B	$8.9B
Q3 19	$11.4B	$6.2B
Q4 19	$11.9B	$8.2B
Q1 20	$8.9B	$3.9B
Q2 20	$12.1B	$7.6B
Q3 20	$12.1B	$8.2B
Q1 21	$9.9B	$5.9B
Q2 21	$10.9B	$7.0B
Q2 22	$5.9B	$999M
Q1 23	$6.7B	$2.3B
Q2 23	$9.9B	$5.7B
Q3 23	$10.3B	$5.7B
Q4 23	$11.4B	$6.8B
Q3 25	$10.2B	$5.3B

Capital Expenditures

Quarter	CapEx
Q4 18	$4.1B
Q1 19	$5.1B
Q2 19	$5.4B
Q3 19	$5.1B
Q4 19	$3.8B
Q1 20	$4.9B
Q2 20	$4.4B
Q3 20	$3.9B
Q1 21	$4.0B
Q2 21	$4.0B
Q2 22	$4.9B
Q1 23	$4.3B
Q2 23	$4.3B
Q3 23	$4.6B
Q4 23	$4.6B
Q3 25	$4.9B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 19	+7.6%	+0.4%
Q2 19	+18.2%	+16.8%
Q3 19	+14.4%	+13.1%
Q4 19	-2.4%	-3.9%
Q1 20	-4.6%	-6.3%
Q2 20	-8.9%	-6.0%
Q3 20	-5.0%	-1.1%
Q1 21	-6.2%	-8.6%
Q2 21	-16.5%	-19.7%
Q2 22	-27.6%	-31.5%
Q1 23	-28.8%	-33.1%
Q2 23	-31.9%	-35.2%
Q3 23	-15.1%	-15.3%
Q4 23	+8.0%	+9.4%
Q3 25	+1.9%	+1.9%
Q1 26	+5.3%	+5.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	$463M	1.0%
Q1 19	$0	0.0%
Q2 19	$0	0.0%
Q3 19	$0	0.0%
Q4 19	$819M	1.7%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q2 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$4.3B	13.5%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 19	—	$9.6B
Q2 19	—	$9.5B
Q3 19	—	$9.4B
Q4 19	—	$10.1B
Q1 20	—	$8.6B
Q2 20	—	$9.6B
Q3 20	—	$9.2B
Q1 21	—	$9.4B
Q2 21	—	$7.6B
Q2 22	—	$7.1B
Q1 23	—	$7.2B
Q2 23	—	$7.0B
Q3 23	—	$7.1B
Q4 23	$954M	$7.5B
Q3 25	—	$7.5B

Revenue Segments

Quarter	Advanced Data	Advertising	Legacy Voice and Data	Media Content Service Revenue	Other Service	Product	Subscription Arrangement Service Revenue	Wireless Service	Business Solutions	Content Service	IP Broadband	Subscription Service	Video Service
Q1 19	$5.3B	$1.8B	$3.1B	$2.7B	$1.6B	$4.1B	$12.2B	$14.2B	—	—	—	—	—
Q2 19	$5.3B	$1.8B	$3.0B	$2.4B	$1.9B	$3.9B	$12.2B	$14.4B	—	—	—	—	—
Q3 19	$5.4B	$1.5B	$2.9B	$2.3B	$1.7B	$4.3B	$12.1B	$14.4B	—	—	—	—	—
Q1 20	$5.4B	$1.5B	$2.8B	$1.9B	$1.4B	$3.9B	$11.3B	$14.5B	—	—	—	—	—
Q2 20	$5.4B	$1.2B	$2.8B	$1.4B	$1.3B	$3.9B	$10.8B	$14.1B	—	—	—	—	—
Q3 20	$5.5B	$1.7B	$2.7B	$2.1B	$1.3B	$4.6B	$10.1B	$14.4B	—	—	—	—	—
Q1 21	—	$1.8B	$642M	—	$643M	$5.4B	—	$14.4B	$5.9B	$2.8B	$2.2B	$3.0B	$7.0B
Q2 22	—	$83M	$511M	—	$390M	$5.4B	—	$15.5B	$5.4B	—	$2.4B	—	—
Q1 23	—	—	$479M	—	$337M	$5.5B	—	$16.1B	$5.2B	—	$2.5B	—	—
Q2 23	—	—	$463M	—	$332M	$5.1B	—	$16.4B	$5.1B	—	$2.6B	—	—
Q3 23	—	—	$437M	—	$341M	$5.2B	—	$16.6B	$5.1B	—	$2.7B	—	—
Q4 23	—	—	$423M	—	$364M	$7.0B	—	$16.7B	$4.9B	—	$2.7B	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$4.0B	$0	$4.0B
Q3 22	$2.4B	$0	$2.4B
Q4 22	$3.7B	$0	$3.7B
Q1 23	$2.8B	$0	$2.8B
Q2 23	$9.5B	$0	$9.5B
Q3 23	$7.5B	$0	$7.5B
Q4 23	$6.7B	$0	$6.7B
Q1 24	$3.5B	$0	$3.5B
Q2 24	$3.1B	$0	$3.1B
Q3 24	$2.6B	$0	$2.6B
Q4 24	$3.3B	$0	$3.3B
Q1 25	$6.9B	$0	$6.9B
Q2 25	$10.5B	$0	$10.5B
Q3 25	$20.3B	$0	$20.3B
Q4 25	$18.2B	$0	$18.2B
Q1 26	$12.0B	$0	$12.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 19	7.34B	+0.2%	+18.8%
Q2 19	7.35B	+0.1%	+19.0%
Q3 19	7.36B	+0.0%	+15.4%
Q4 19	7.34B	-0.2%	+0.2%
Q1 20	7.21B	-1.7%	-1.7%
Q2 20	7.17B	-0.6%	-2.5%
Q3 20	7.17B	+0.0%	-2.5%
Q1 21	7.48B	+4.3%	+1.9%
Q2 21	7.48B	+0.0%	+3.7%
Q2 22	7.61B	+1.7%	+6.2%
Q1 23	7.47B	-1.8%	+4.2%
Q2 23	7.18B	-3.9%	-4.0%
Q3 23	7.18B	+0.1%	-4.0%
Q4 23	7.19B	+0.1%	-5.5%
Q3 25	7.17B	-0.3%	-4.1%
Q1 26	7.03B	-2.0%	-2.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 19	$167.3K	268K
Q2 19	$167.8K	268K
Q3 19	$166.4K	268K
Q4 19	$190.3K	246K
Q1 20	$173.9K	246K
Q2 20	$166.5K	246K
Q3 20	$172.1K	246K
Q1 21	$191.0K	230K
Q2 21	$155.4K	230K
Q2 22	$146.0K	203K
Q1 23	$187.5K	161K
Q2 23	$186.2K	161K
Q3 23	$188.9K	161K
Q4 23	$213.6K	150K
Q3 25	$217.8K	141K
Q1 26	$236.8K	133K

Revenue / Employee