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AT&T Inc. provides telecommunications and technology services worldwide. It operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores. It also provides AT&T Dedicated Internet, fiber ethernet and broadband, fixed wireless, and hosted and managed professional services; and copper-based voice and data, Virtual Private Networks (VPN), wholesale, outsourcing, and IP, as well as customer premises equipment for multinational corporations, small and mid-sized businesses, governmental, and wholesale customers. In addition, this segment offers broadband services, including fiber connections, legacy telephony voice communication services, and other VoIP services and equipment to residential customers. This segment markets its communications services and products under the AT&T, AT&T Business, Cricket, AT&T PREPAID, AT&T Fiber, and AT&T Internet Air brand names. Its Latin America segment provides postpaid and prepaid wireless services in Mexico under the AT&T and Unefon brand names, as well as sells smartphones through its stores, agents and third-party retail stores. The company was formerly known as SBC Communications Inc. and changed its name to AT&T Inc. in 2005. AT&T Inc. was incorporated in 1983 and is based in Dallas, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $125.6B | $54.7B | $22.0B | $19.4B | 19.9% | 2.7% | 100.5% |
| 2024 | $122.3B | $44.0B | $10.9B | $18.5B | 10.5% | -0.1% | -24.0% |
| 2023 | $122.4B | $45.3B | $14.4B | $20.5B | 13.9% | 1.4% | -268.9% |
| 2022 | $120.7B | $21.0B | $-8.5B | $12.4B | -8.7% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 120,741 | 122,428 | 122,336 | 125,648 |
| Operating Revenue | - | 120,741 | 122,428 | 122,336 | 125,648 |
| Cost Of Revenue | - | 50,848 | 50,123 | 49,221 | 50,820 |
| Gross Profit | - | 69,893 | 72,305 | 73,115 | 74,828 |
| Operating Expense | - | 46,982 | 47,651 | 48,991 | 49,828 |
| Selling General And Administration | - | 28,961 | 28,874 | 28,411 | 28,942 |
| Total Expenses | - | 97,830 | 97,774 | 98,212 | 100,648 |
| Operating Income | - | 22,911 | 24,654 | 24,124 | 25,000 |
| Total Operating Income As Reported | - | -4,587 | 23,461 | 19,049 | 24,162 |
| EBITDA | - | 21,035 | 45,329 | 44,037 | 54,697 |
| Normalized EBITDA | - | 48,533 | 46,522 | 49,112 | 55,535 |
| EBIT | - | 3,014 | 26,552 | 23,457 | 33,811 |
| Interest Expense | - | 6,108 | 6,704 | 6,759 | 6,804 |
| Net Interest Income | - | -6,108 | -6,704 | -6,759 | -6,804 |
| Other Non Operating Income Expenses | - | 5,810 | 1,416 | 2,419 | 7,754 |
| Other Income Expense | - | -19,897 | 1,898 | -667 | 8,811 |
| Interest Expense Non Operating | - | 6,108 | 6,704 | 6,759 | 6,804 |
| Net Non Operating Interest Income Expense | - | -6,108 | -6,704 | -6,759 | -6,804 |
| Pretax Income | - | -3,094 | 19,848 | 16,698 | 27,007 |
| Tax Provision | - | 3,780 | 4,225 | 4,445 | 3,621 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -5,774.58 | -254.11 | -1,349.95 | -112.29 |
| Net Income Continuous Operations | - | -6,874 | 15,623 | 12,253 | 23,386 |
| Net Income From Continuing And Discontinued Operation | - | -8,524 | 14,400 | 10,948 | 21,953 |
| Net Income From Continuing Operation Net Minority Interest | - | -8,343 | 14,400 | 10,948 | 21,953 |
| Net Income | - | -8,524 | 14,400 | 10,948 | 21,953 |
| Net Income Common Stockholders | - | -8,064 | 14,192 | 10,746 | 21,889 |
| Net Income Including Noncontrolling Interests | - | -7,055 | 15,623 | 12,253 | 23,386 |
| Normalized Income | - | 13,380.42 | 15,338.89 | 14,673.05 | 22,678.71 |
| Diluted NI Availto Com Stockholders | - | -7,521 | 14,277 | 10,746 | 21,901 |
| Basic Average Shares | - | 7,166 | 7,181 | 7,199 | 7,169 |
| Diluted Average Shares | - | 7,587 | 7,258 | 7,204 | 7,179 |
| Reconciled Depreciation | - | 18,021 | 18,777 | 20,580 | 20,886 |
| Reconciled Cost Of Revenue | - | 50,848 | 50,123 | 49,221 | 50,820 |
| Total Unusual Items | - | -27,498 | -1,193 | -5,075 | -838 |
| Total Unusual Items Excluding Goodwill | - | -27,498 | -1,193 | -5,075 | -838 |
| Preferred Stock Dividends | - | 203 | 208 | 202 | 64 |
| Minority Interests | - | -1,469 | -1,223 | -1,305 | -1,433 |
| Net Income Discontinuous Operations | -2,297 | -181 | 0 | 0 | - |
| Special Income Charges | - | -27,498 | -1,193 | -5,075 | -838 |
| Write Off | - | 27,498 | 1,193 | 5,075 | 838 |
| Impairment Of Capital Assets | 213 | 24,812 | - | - | - |
| Restructuring And Mergern Acquisition | - | 1,273 | - | - | - |
| Depreciation Amortization Depletion Income Statement | - | 18,021 | 18,777 | 20,580 | 20,886 |
| Depreciation And Amortization In Income Statement | - | 18,021 | 18,777 | 20,580 | 20,886 |
| Gain On Sale Of Ppe | - | -1,413 | - | - | - |
| Otherunder Preferred Stock Dividend | 0 | -663 | 0 | 0 | - |
| Earnings From Equity Interest | - | 1,791 | 1,675 | 1,989 | 1,895 |
| Average Dilution Earnings | - | 543 | 85 | 0 | 12 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| AT&T Inc.this co. | T | $158.2B | 7.21↓ discount | 1.43 | 19.9% | 5.39 |
| T-Mobile US, Inc. | TMUS | $191.6B | 17.43 | 3.24 | 18.6% | 9.77 |
| AppLovin Corporation | APP | $187.7B | 56.32 | 87.95 | 156.2% | 43.36 |
| Verizon Communications Inc. | VZ | $187.4B | 10.91 | 1.79 | 16.4% | 7.33 |
| The Walt Disney Company | DIS | $172.5B | 13.91 |
| - |
| - |
| - |
| - |
| 1.57 |
| 11.3% |
| 11.06 |
| Comcast Corporation | CMCSA | $83.3B | 4.17 | 0.86 | 20.6% | 3.73 |
| Warner Bros. Discovery, Inc. | WBD | $67.7B | 93.11 | 1.88 | 2.0% | 4.50 |
| Electronic Arts Inc. | EA | $51.0B | 57.50 | 7.54 | 13.1% | 31.86 |
| Take-Two Interactive Software, Inc. | TTWO | $40.2B | -134.89 | 11.46 | -8.5% | 33.54 |
| Peer Median | - | 15.67 | 2.56 | 14.8% | 10.41 | |