AT&T Inc.T
NYSE•Communication Services•Telecom Services
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.
AT&T Inc. (T) reported trailing twelve months revenue of $126.53B as of March 2026, a 2.9% increase year-over-year. Quarterly revenue reached $31.51B, reflecting continued top-line momentum.
AT&T Inc. generated $21.43B in TTM net income, with quarterly EBITDA of $11.62B. The operating margin expanded from 18.8% to 21.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (21.1%) and net margin (12.2%) indicates moderate non-operating costs. Net margin has narrowed from 14.2% a year ago, reflecting increased costs or interest expense.
T trades at a P/E of 9.4x (below the broader market average) and a P/S of 1.6x. The price-to-book ratio of 1.6x reflects a moderate premium to book value.
The company generated $2.72B in free cash flow over the trailing twelve months, a 43.0% decrease year-over-year, indicating cash generation ability. The balance sheet shows $421.19B in total assets with $131.59B in long-term debt against $125.62B in stockholders equity for a debt-to-equity ratio of 1.0. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~17.6%, suggesting durable pricing power and cost discipline.
ROE is positive at ~12.5% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 6 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~19.9% — no sign of cost or pricing stress.
FCF covers net income by -2.6x on average — earnings are well-supported by cash generation.
D/E ratio is 1.0 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 2.5% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation