T Financials AT&T

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 30 h ago Overview →

Growth & profitability

Revenue has declined 2.6% per year over the past 5 years.
Operating margin has expanded, at 19.2% in the latest year.
Free cash flow has declined 7.3% per year over the past 5 years.

Financial health

Total debt ($134.7B) exceeds cash ($18.2B); net debt is $116.5B.
Total debt has grown in line with revenue (-2.8% vs -2.6% per year).
Operating income covered interest expense 3.6× in the latest year.
Total debt is 3.0× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 37.3% of earnings and 42.1% of free cash flow.
The dividend has declined 11.4% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$125.6B	$22.0B	0.0%	19.2%	$19.4B	$134.7B	$18.2B
2024	$122.3B	$10.9B	0.0%	15.6%	$18.5B	$122.1B	$3.3B
2023	$122.4B	$14.4B	0.0%	19.2%	$20.5B	$135.5B	$6.7B
2022	$120.7B	-$8.5B	0.0%	-3.8%	—	$134.1B	$3.7B
2021	$134.0B	$20.1B	0.0%	19.3%	$26.4B	$174.1B	$19.2B
2020	$143.1B	-$5.2B	0.0%	5.9%	$28.4B	$155.2B	$7.9B
2019	$181.2B	$13.9B	0.0%	15.4%	$29.0B	$161.1B	$9.7B
2018	$170.8B	$19.4B	0.0%	15.3%	$22.4B	—	$5.2B
2017	$160.5B	$29.4B	0.0%	12.4%	$17.4B	—	$50.5B
2016	$163.8B	$13.0B	0.0%	14.4%	$16.9B	—	$5.8B
2015	$146.8B	$13.3B	0.0%	13.9%	—	—	$5.1B
2014	$132.4B	$6.4B	54.2%	9.2%	—	—	$8.6B
2013	$128.8B	$18.4B	60.0%	23.9%	—	—	$3.3B
2012	$127.4B	$7.3B	56.7%	10.2%	$19.7B	—	$4.9B
2011	$126.7B	$3.9B	56.7%	7.3%	$14.6B	$64.8B	$3.0B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$31.5B	$3.8B	0.0%	21.1%	$2.7B	—	$12.0B
Dec '25	$33.5B	$3.8B	0.0%	17.3%	—	$134.7B	$18.2B
Sep '25	$30.7B	$9.3B	0.0%	19.9%	—	—	$20.3B
Jun '25	$30.8B	$4.5B	0.0%	21.1%	—	—	$10.5B
Mar '25	$30.6B	$4.4B	0.0%	18.8%	$4.8B	—	$6.9B
Dec '24	$32.3B	$4.1B	0.0%	16.5%	—	$122.1B	$3.3B
Sep '24	$30.2B	-$174M	0.0%	7.0%	—	—	$2.6B
Jun '24	$29.8B	$3.6B	0.0%	19.3%	—	—	$3.1B
Mar '24	$30.0B	$3.4B	0.0%	19.5%	—	—	$3.5B
Dec '23	$32.0B	$2.2B	0.0%	16.5%	$6.8B	$135.5B	$6.7B
Sep '23	$30.4B	$3.5B	99.5%	19.1%	$5.7B	—	$7.5B
Jun '23	$29.9B	$4.5B	0.0%	21.4%	$5.7B	—	$9.5B
Mar '23	$30.1B	$4.2B	0.0%	19.9%	$2.3B	—	$2.8B
Dec '22	$31.3B	-$23.5B	0.0%	-67.3%	$6.1B	$134.1B	$3.7B
Sep '22	$30.0B	$6.0B	0.0%	20.0%	$4.2B	$133.5B	$2.4B
Jun '22	$29.6B	$4.2B	0.0%	16.7%	$2.8B	$136.0B	$4.0B
Mar '22	$29.7B	$4.8B	0.0%	18.6%	$3.1B	—	$17.1B
Dec '21	$31.1B	$5.0B	0.0%	15.7%	$4.6B	$174.1B	$19.2B
Sep '21	$31.3B	$5.9B	0.0%	19.9%	$4.8B	$179.2B	$18.5B
Jun '21	$35.7B	$1.6B	0.0%	21.2%	—	$179.8B	$11.9B

Valuation over time

How the market has priced T against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 8.5× (Jan '24) to 7.1× (Jun '26).
The price-to-sales ratio has risen from 1.1× (Mar '23) to 1.2× (Jun '26).
The dividend yield has fallen from 7.4% (Mar '23) to 5.2% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is T growing its revenue and profit?

Over the past 5 years, AT&T's revenue has declined 2.6% per year. These are computed facts, not advice.

How much debt does T have?

As of FY2025, AT&T reported $134.7B of total debt against $18.2B of cash; operating income covered interest expense 3.6×.

What is T's profit margin?

In FY2025, gross margin was —, operating margin 19.2%, and net margin 17.5%.

What is T's P/E ratio?

As of Jun '26, AT&T traded at a price-to-earnings ratio of about 7.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.