# AT&T Inc. (T) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/T/thesis · /stocks/T/memo

## Financial Snapshot

---
ticker: T
step: 04
generated: 2026-05-12
source: quick-research
---

### AT&T Inc. (T) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY (FY25) |
|--------|--------|--------|--------|------------|
| Revenue | $122.4B | $122.3B | $125.6B | +2.7% |
| Mobility Service Revenue | $63.7B | $68.0B | $70.1B | +3.0% |
| Consumer Wireline Revenue | $13.0B | $13.5B | $13.7B | +1.5% |
| Fiber Revenue (within CW) | $6.0B | $7.4B | $8.6B | +17% |
| Business Wireline Revenue | $21.6B | $18.1B | $16.0B | -11.6% (legacy decline) |
| Adjusted EPS | $2.41 | $2.26 | $2.02 (midpoint of $1.97–2.07 guide range) | -11% |
| GAAP EPS | $2.32 | $1.49 | ~$1.85 | recovery |

#### Cash Flow & Capital Allocation (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$38B |
| Capital Expenditures | $22–22.5B |
| Free Cash Flow | ~$16.5B (low-to-mid $16B range) |
| Dividend (Quarterly) | $0.2775 |
| Annual Dividend Yield | ~4.2% |
| Total Debt | ~$130B (net debt ~$118B) |
| Net Debt / Adjusted EBITDA | ~2.8x |

#### Subscriber Metrics (Q1 2026)

| Metric | Q1 2026 |
|--------|---------|
| Postpaid Phone Net Adds | 294K |
| Postpaid Phone Churn | 0.89% (up from 0.83%) |
| Fiber Net Adds | 1M+ for 8th consecutive year |
| Fiber Locations Passed | 32M (YE 2025) |
| Internet Air Net Adds | 875K (FY25) |
| Converged Customer % (BB + Wireless) | 42% (45% ex-Lumen acquired) |

#### FY2026 Guidance

| Metric | 2026 Guide |
|--------|-----------|
| Adjusted EPS | $2.25–2.35 (+12–17% YoY) |
| Adjusted EBITDA Growth | +3–4% (improving to 5%+ by 2028) |
| Free Cash Flow | $18B+ |
| Capital Expenditures | $23–24B |
| Fiber Locations Target (YE 2026) | 40M |
| 3-Year EPS CAGR Through 2028 | Double-digit |

#### Multi-Year Shareholder Return Plan (2026-2028)

| Item | Amount |
|------|--------|
| Total Capital Return | $45B+ |
| Dividends | ~$28B (current cadence) |
| Share Repurchases | $20B+ |

#### Key Ratios (approximate)
- P/E: ~13x (FY26 adjusted EPS midpoint) | EV/EBITDA: ~7x | FCF Yield: ~7%
- Revenue Growth (FY25): +2.7% | Adjusted EBITDA Growth: ~3%
- Operating Margin: ~21%
- Dividend Yield: ~4.2% | Buyback Yield: ~3–4% (when active)
- Net Debt / EBITDA: ~2.8x targeting 2.5x

#### Growth Profile
FY25 marked operational consistency: revenue +2.7%, fiber +17%, mobility +3%, all guidance achieved. The strategic story is **convergence + fiber scaling**:
- Fiber 32M → 40M passed in 2026 (incl. Lumen-acquired 4M); targeting 60M by 2030.
- AT&T OneConnect (first US hard-bundle of mobile + home internet).
- Converged customers churn ~50% lower than single-product customers.
- Postpaid wireless decelerating but stable (294K net adds Q1 2026).

The FY26 guide accelerates: Adjusted EPS +12–17%, FCF $18B+, EBITDA +3–4%. Multi-year plan envisions $45B+ shareholder returns through 2028, supported by double-digit EPS CAGR.

#### Forward Estimates
FY2026 Guide:
- Revenue: ~$129B (+3%)
- Adjusted EPS: $2.25–2.35
- FCF: $18B+

Bull case: Fiber scales to 40M locations + share gains compound; OneConnect drives convergence churn benefit; cost-out exceeds plan; EBITDA reaches +5%+ growth in 2027–28 setting up multi-year EPS double-digit growth; multiple re-rates from ~13x to 15–16x. Bear case: Wireless competition from T-Mobile intensifies; fiber capex stays elevated as Lumen integration drags; postpaid churn rises further; multiple stays compressed. Consensus targets $31–35 vs. trading ~$28–30 (~10–20% upside).

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/T/fundamental

## Navigation

- Overview: /stocks/T
- Financials (this page): /stocks/T/financials
- Thesis: /stocks/T/thesis
- Investment Memo: /stocks/T/memo
- Coverage universe: /stocks