AT&T Inc. TBB

Communication ServicesTelecommunications ServicesUnited States of America

Last close 17.75 USD on Nov 1, 2026, −15.0% year to date

Quant rating

Quant rating B Rank 37 of 135 in Communication Services

Growth C 77 of 135
Valuation A 5 of 135
Quality C 54 of 135
Revisions B 23 of 135
Momentum D 96 of 135

Wall Street consensus Buy (2.27)Average target 27.42 USD +54.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 144.2B
Enterprise value: 311.1B
52-week range: 17.53 – 22.92
3-year range: 17.53 – 24.82
Dividend yield: 7.54%
Beta (5 years): 0.29
Shares outstanding: 6,736M
Next earnings: Jan 26, 2027

About the company

AT&T Inc. is a provider of telecommunications and technology services. The Company's segments include Advanced Connectivity, Legacy and Latin America. The Advanced Connectivity segment provides domestic fifth generation (5G) and fiber-based wireless, internet and other advanced connectivity services to consumer and business customers. The Legacy segment provides domestic legacy voice and data services to consumer and business customers over our copper-based network. The Latin America segment provides wireless service and equipment in Mexico. Its plans and services include AT&T Fiber, AT&T Points Plus Card, AT&T Wireless and AT&T Fiber. Its phone plans include Elite 2.0, Premium 2.0, Extra 2.0, and Value 2.0. Its home internet solutions include AT&T Fiber and AT&T Internet Air. It offers phones, tablets, and smartwatches. The Company also offers accessories such as cases, chargers, screen protectors, and headphones.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	125,648	122,336	122,428	120,741	134,038	–
Revenue growth	2.7%	−0.1%	1.4%	−9.9%	−6.3%	−2.6%
EPS (basic, normalized)	2.12	2.26	2.41	2.57	3.40	–
EPS growth	−6.2%	−6.2%	−6.2%	−24.4%	–	–
Gross margin	59.6%	59.8%	59.1%	57.9%	54.9%	58.2%
Net margin	17.4%	8.8%	11.6%	−7.1%	16.5%	9.5%
ROE	20.4%	10.5%	14.3%	−6.3%	13.6%	10.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	10,767
Current ratio	0.87x
Long-term debt (mil)	150,144
Net debt (mil)	166,845
Total equity (mil)	106,775
Net debt / equity	1.56x
Net debt / EBITDA	3.60x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	125,648	+2.7%	2.5x	46,361	+4.3%	6.7x	2.12	−6.2%	8.4x
2026	130,056	+3.5%	2.4x	48,249	+4.1%	6.4x	2.40	+13.1%	7.4x
2027	129,918	−0.1%	2.4x	49,649	+2.9%	6.3x	2.60	+8.3%	6.8x
2028	132,314	+1.8%	2.4x	52,032	+4.8%	6.0x	2.95	+13.5%	6.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	130,056	+0.6%	+0.6%	+0.3%	2.40	+2.4%	+2.5%	+3.5%
2027	129,918	−1.7%	−1.5%	−2.1%	2.60	+0.9%	+1.2%	+1.9%
2028	132,314	−2.0%	−1.8%	−2.0%	2.95	+0.9%	+1.4%	+2.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	30,028	29,797	30,213	32,298	30,626	30,847	30,709	33,466	31,506	31,558
Sales mean (mil)	30,529	29,921	30,444	32,039	30,353	30,498	30,870	32,867	31,247	31,804
Surprise	−1.6%	−0.4%	−0.8%	+0.8%	+0.9%	+1.1%	−0.5%	+1.8%	+0.8%	−0.8%
EPS reported	0.55	0.57	0.60	0.54	0.51	0.54	0.54	0.52	0.57	0.65
EPS mean	0.54	0.57	0.57	0.50	0.49	0.51	0.53	0.46	0.55	0.59
Surprise	+2.4%	−0.3%	+5.6%	+8.2%	+4.8%	+4.9%	+1.0%	+12.4%	+3.7%	+10.6%

Peer comparison Telecommunications Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TBB AT&T Inc.	144.2B	3.60x	17.4%	1.36x	7.4x	6.8x	6.4x	6.3x
VZ Verizon Communications Inc	185.4B	3.26x	12.4%	1.75x	8.8x	8.4x	6.5x	6.3x
TMUS T-Mobile US Inc	165.7B	2.47x	12.4%	2.95x	14.0x	11.1x	6.7x	6.2x
SFTBY Softbank Group Corp	162.3B	–	–	–	–	–	–	–
T AT&T Inc.	144.2B	3.60x	17.4%	1.36x	8.9x	8.2x	6.4x	6.3x
DTEGY Deutsche Telekom AG	141.2B	3.74x	8.1%	2.06x	11.3x	9.7x	5.5x	5.2x
Mean		3.33x	13.6%	1.90x	10.1x	8.9x	6.3x	6.0x
Median		3.60x	12.4%	1.75x	8.9x	8.4x	6.4x	6.3x

Technical analysis

1M−5.5%
3M−9.8%
1Y−18.4%
3Y+2.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, AT&T Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	125,648	122,336	122,428	120,741	134,038	143,050
Cost of revenue	50,820	49,221	50,123	50,848	60,407	65,651
Gross profit	74,828	73,115	72,305	69,893	73,631	77,399
Selling, general & administrative expenses	28,954	28,397	28,858	28,940	29,759	31,753
Research & development	–	–	–	–	–	–
Depreciation/amortization	20,886	20,580	18,777	18,021	17,852	22,523
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	826	5,089	1,209	27,519	123	14,751
Other operating expenses	0	0	0	0	0	0
Operating income	24,162	19,049	23,461	−4,587	25,897	8,372
Net interest income (expense)	−4,825	−4,509	−4,861	−4,546	−5,815	−7,442
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	7,670	2,158	1,248	6,039	9,089	−1,284
Net income before taxes	27,007	16,698	19,848	−3,094	29,171	−354
Provision for taxes	3,621	4,445	4,225	3,780	5,395	1,168
Minority interest	−1,433	−1,305	−1,223	−1,469	−1,398	−1,355
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	21,953	10,948	14,400	−8,343	22,378	−2,877
Extraordinary items	–	0	0	−181	−2,297	−2,299
Net income	21,953	10,948	14,400	−8,524	20,081	−5,176
EBIT, normalized	25,463	24,194	24,639	23,465	25,933	24,027
EBITDA, normalized	46,349	44,774	43,416	41,486	43,785	46,550
Basic EPS, normalized	2.12	2.26	2.41	2.57	3.40	–

Balance sheet in millions of USD, fiscal years

Balance sheet, AT&T Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	18,234	3,298	6,722	3,701	19,223	9,740
Receivables	12,974	16,772	16,472	18,153	19,061	23,745
Total inventory	2,420	2,270	2,177	3,123	3,325	3,592
Prepaid expenses	9,535	1,411	3,775	1,325	3,585	1,822
Other current assets	5,569	7,417	7,312	6,806	125,574	13,109
Total current assets	48,732	31,168	36,458	33,108	170,768	52,008
Property, plant & equipment	154,201	149,780	149,394	149,259	143,473	152,029
Goodwill	63,425	63,432	67,854	67,895	92,740	135,259
Intangibles	133,402	132,290	132,502	129,446	119,221	146,316
Long-term investments	1,106	295	1,251	3,533	6,168	1,780
Note receivable	–	–	–	–	–	–
Other long-term assets	19,332	17,830	19,601	19,612	19,252	38,369
Total assets	420,198	394,795	407,060	402,853	551,622	525,761
Liabilities
Accounts payable	–	–	–	–	–	31,836
Payable/accrued	34,933	32,124	32,328	39,097	35,702	–
Accrued expenses	3,581	3,533	3,524	3,547	3,393	17,035
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	9,011	5,089	9,477	7,597	25,865	3,470
Other current liabilities	6,255	6,126	5,798	5,932	41,270	11,097
Total current liabilities	53,780	46,872	51,127	56,173	106,230	63,438
Long-term debt	127,089	118,443	127,854	128,423	151,011	153,775
Minority interest	17,959	15,853	16,118	8,957	17,523	17,567
Other liabilities	110,837	109,255	108,664	111,800	110,526	129,308
Total liabilities	309,665	290,423	303,763	305,353	385,290	364,088
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	7,621	7,621	7,621	7,621	7,621	7,621
Additional paid-in capital	106,533	109,108	114,519	123,610	130,112	130,175
Retained earnings (accumulated deficit)	15,768	1,871	−5,015	−19,415	42,350	37,457
Treasury stock	−18,529	−15,023	−16,128	−17,082	−17,280	−17,910
Other equity	−860	795	2,300	2,766	3,529	4,330
Total equity	110,533	104,372	103,297	97,500	166,332	161,673
Total liabilities & shareholders' equity	420,198	394,795	407,060	402,853	551,622	525,761

Cash flow statement in millions of USD, fiscal years

Cash flow statement, AT&T Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	23,386	12,253	15,623	−6,874	23,776	−1,522
Depreciation, depletion & amortization	20,886	20,580	18,777	18,021	17,852	22,523
Deferred taxes	–	1,570	3,037	2,975	7,412	2,145
Non-cash items	−3,849	5,297	2,645	20,719	−2,127	23,337
Changes in working capital	−139	−929	−1,768	−2,818	−4,955	−3,354
Cash from operations	40,284	38,771	38,314	32,023	41,958	43,129
Investing activities
Capital expenditures	−20,842	−20,263	−17,853	−19,626	−15,545	−14,690
Other investing cash flows	2,065	2,773	−1,807	−6,179	−16,545	1,141
Cash from investing	−18,777	−17,490	−19,660	−25,805	−32,090	−13,549
Financing activities
Financing cash flow items	−2,307	−4,026	−8,012	27,904	−7,143	−8,436
Cash dividends paid	−8,180	−8,208	−8,136	−9,859	−15,068	−14,956
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	4,101	−12,474	534	−41,786	23,789	−8,613
Cash from financing	−6,386	−24,708	−15,614	−23,741	1,578	−32,005
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	15,121	−3,427	3,040	−17,523	11,446	−2,425
Free cash flow	19,442	18,508	20,461	12,397	26,413	28,439

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.