AT&T Inc.
Financial Performance
AT&T Revenue & Financials
Revenue
$125.6B (FY2025)
Market Cap
$174.4B
Net Income
$22B
Employees
133,030
What is AT&T's revenue?
AT&T had $125.6B in revenue for fiscal year 2025, up 2.7% from 2024. Net income was $22B.
- Latest revenue
- $125.6B (FY2025)
- Year-over-year
- +2.7%
- Growth rate (CAGR)
- -2.9% over 9 years
- Peak revenue
- $181.2B (FY2019)
- Years of data
- 10
- Employees
- 133,030
Financial Analysis
AT&T's financial story is large revenue, large debt and a slow correction. The company funded the $48.5 billion DirecTV purchase in 2015 and the $85.4 billion Time Warner purchase in 2018 largely with borrowing, and net debt passed $180 billion after Time Warner closed. It then reversed course: WarnerMedia was separated in 2022, the dividend was cut, and the remaining 70% DIRECTV stake went to TPG in July 2025 for a $5.6 billion gain. FY2025 revenue was $125.6 billion, with $23.4 billion of total net income, $46.4 billion of adjusted EBITDA and $16.6 billion of free cash flow against $117.4 billion of net debt. Roughly $22 billion a year of capital investment goes mostly into fiber and 5G. AT&T Inc. is a telecommunications giant, maintaining a massive market valuation of over $120 billion as one of the largest wireless carriers in the US.
Revenue Trend Analysis
YoY Change
+2.7%
9-Year CAGR
-2.9%
Peak Year
2019
Trend
Volatile
AT&T Inc. has 10 full fiscal year figures on this page, compounding at -2.9% annually over 9 years. The most recent year saw a 2.7% increase versus the prior year. Annual revenue peaked in fiscal year 2019 at $181.2B. Of 9 comparable year-over-year steps, 4 showed growth and 5 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $125.6B | $24.2Bfiling | $22B | +2.7% | sec.gov Revenue up 2.7%. Net income attributable to AT&T was $22.0B; total net income was $23.4B including a $5.6B gain on the DIRECTV sale. |
| FY2024 | $122.3B | $19Bfiling | $10.9B | -0.1% | sec.gov Flat at about $122B. Net income attributable to AT&T included a $4.4B non-cash goodwill impairment. |
| FY2023 | $122.4B | $23.5Bfiling | $14.4B | +1.4% | sec.gov Roughly flat as fiber and wireless growth offset legacy wireline erosion. |
| FY2022 | $120.7B | -$4.6Bfiling | -$8.5B | -9.9% | data.sec.gov Revenue dropped 10% after the WarnerMedia separation; impairment charges produced a net loss. |
| FY2021 | $134B | $25.9Bfiling | $20.1B | -6.3% | data.sec.gov Decline continued as AT&T prepared to separate WarnerMedia. |
| FY2020 | $143.1B | $8.4Bfiling | -$5.2B | -21.1% | data.sec.gov Revenue fell 21% as the pandemic hit advertising and content; impairments produced a net loss. |
| FY2019 | $181.2B | $28Bfiling | $13.9B | +6.1% | data.sec.gov Revenue peaked with a full year of WarnerMedia included. |
| FY2018 | $170.8B | $26.1Bfiling | $19.4B | +6.4% | data.sec.gov Time Warner closed on June 14, 2018 and added media revenue for part of the year. |
| FY2017 | $160.5B | $20Bfiling | $29.4B | -2.0% | data.sec.gov Net income included a large one-time benefit from the December 2017 US tax law change. |
| FY2016 | $163.8B | $23.5Bfiling | $13B | — | data.sec.gov Revenue grew with a full year of DirecTV included after the July 2015 close. |
Click any row to see year details.
AT&T Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Free cash flow | Source |
|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $40.3B | — | $420.2B | — | Form 10-K |
| FY2024ended Dec 31, 2024 | $38.8B | — | $394.8B | — | Form 10-K |
| FY2023ended Dec 31, 2023 | $38.3B | — | $407.1B | — | Form 10-K |
| FY2022ended Dec 31, 2022 | — | — | $402.9B | — | Form 10-K |
| FY2021ended Dec 31, 2021 | $42B | — | $551.6B | — | Form 10-K |
| FY2020ended Dec 31, 2020 | $43.1B | — | $525.8B | — | Form 10-K |
| FY2019ended Dec 31, 2019 | $48.7B | — | $551.7B | — | Form 10-K |
| FY2018ended Dec 31, 2018 | $43.6B | — | $531.9B | — | Form 10-K |
| FY2017ended Dec 31, 2017 | $38B | $20.6B | $444.1B | $17.4B | Form 10-K |
| FY2016ended Dec 31, 2016 | $38.4B | $21.5B | $403.8B | $16.9B | Form 10-K |
Keep researching AT&T
AT&T Revenue and Financial FAQ
What is AT&T's annual consolidated revenue scale?
AT&T Inc. reported revenue of $125.6 billion for fiscal year 2025, up 2.7% from $122.3 billion in fiscal 2024.
What is the breakdown of AT&T's revenue across its primary operating segments?
In 2025 Mobility produced $89.5 billion of revenue (about 71% of the total), Business Wireline $17.2 billion (about 14%), Consumer Wireline $14.2 billion (about 11%) and Latin America $4.4 billion (about 3%).
What is AT&T's Free Cash Flow generation capacity?
AT&T generated $16.6 billion of free cash flow in 2025, up from $15.3 billion in 2024, from $40.3 billion of cash from operating activities less $20.8 billion of capital expenditures and $1.2 billion of vendor financing payments.
What is AT&T's total debt load and balance sheet deleveraging target?
Net debt was $117.4 billion at December 31, 2025, calculated as $136.1 billion of total debt less $18.2 billion of cash and $0.5 billion of time deposits. Net debt to adjusted EBITDA was 2.68 times.
What is AT&T's dividend payout and shareholder return policy?
AT&T paid $8.2 billion of dividends on common and preferred shares in 2025, a 49.3% free cash flow payout ratio, and returned more than $12 billion in total including share repurchases.
How much capital does AT&T invest annually in Capital Expenditures (CapEx)?
AT&T invested $22.0 billion of capital in 2025, comprising $20.8 billion of capital expenditures and $1.2 billion of vendor financing payments, spent mainly on mid-band 5G capacity, Open RAN modernization and new fiber locations.
What are AT&T's credit ratings from major global rating agencies?
AT&T holds investment-grade credit ratings in the BBB range from the major agencies, supported by predictable subscription cash flows. Management targeted and reached net debt to adjusted EBITDA in the 2.5 times range before the EchoStar and Lumen purchases.
How does legacy copper retirement impact AT&T's operational cost structure?
Decommissioning legacy copper telephone networks in favor of pure fiber and 5G wireless reduces electricity consumption, eliminates legacy central office maintenance, and permanently lowers operating expenses by billions.
Why is AT&T in so much debt?
AT&T took on hundreds of billions of dollars in debt to execute catastrophic media acquisitions (DirecTV, Time Warner), forcing them to famously slash their massive dividend to restructure their balance sheet.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "AT&T Revenue & Financials." CorpDigest, https://corpdigest.com/company/at-t/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>AT&T reported $125.6B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/at-t/financials" target="_blank" rel="noopener">CorpDigest — AT&T financials</a></div>Related Financial Audits
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