AT&T sells wireless service, devices, fiber broadband and business connectivity, principally in the United States. It also operates a Mexican wireless business that was under a signed sale agreement as of October 24, 2026. Its strategy combines wireless and fiber expansion with the retirement of legacy copper services.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000732717-24-000009 | Feb 23, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000732717-25-000013 | Feb 12, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000732717-26-000120 | Feb 9, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
AT&T’s connectivity business is growing, but headline earnings are heavily influenced by portfolio changes and accounting effects. In 2025, revenue rose 2.7% to $125.648 billion; the much larger profit increase also reflected the DIRECTV disposal, lower taxes and the absence of a prior-year goodwill impairment. Through September 2026, advanced connectivity continued expanding while legacy services contracted. Mexico impairment charges and the loss of prior-year DIRECTV gains depressed reported earnings. Continuing operating cash flow remained nearly flat, supported by lower cash taxes and payment timing. Meanwhile, spectrum and fiber acquisitions increased investment demands and debt. The central economic question is whether customer growth and modernization savings can outweigh legacy erosion, promotional costs and financing expense. Mexico and the proposed fiber partnership remained pending transactions, not completed sources of cash.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30
AT&T earns recurring connectivity revenue alongside device sales, using shared wireless and wireline networks. Communications supplied approximately 97% of segment revenue in 2025. Beginning in 2026, reporting changed to Advanced Connectivity, Legacy and Latin America, with prior-year interim comparisons presented on the new basis. Advanced Connectivity includes domestic wireless, fiber and other advanced services; Legacy contains copper-based voice and data. Shared-network costs and depreciation—including copper assets before retirement—remain in Advanced Connectivity. Legacy’s reported margin therefore is not a fully allocated standalone margin or a measure of costs that will disappear when copper shuts down.
Sources: 10-K · 2025-12-31 · 8-K · 2026-04-22 · 10-Q · 2026-09-30
The 2025 annual report, filed February 9, 2026, reported revenue of $125.648 billion and consolidated net income of $23.386 billion. Revenue increased 2.7%, but the 90.9% profit increase included approximately $5.6 billion of DIRECTV disposal gain, a lower effective tax rate and the absence of 2024’s $4.422 billion Business Wireline goodwill impairment. Mobility and consumer broadband grew, while Business Wireline’s operating loss widened. The diluted earnings-per-share denominator declined modestly, from 7.204 billion weighted-average shares in 2024 to 7.179 billion in 2025; this does not establish how much of that change was caused by share repurchases.
After that annual filing, third-quarter revenue increased 5.3% to $32.322 billion, yet operating income fell to $4.095 billion. Mexico held-for-sale impairment and employee-separation costs weighed on 2026, while the comparison included the prior-year DIRECTV gain. Advanced Connectivity’s nine-month operating income grew 18.0%, faster than its 7.0% non-GAAP EBITDA growth, partly because legacy assets became fully depreciated. Acquired Lumen customers contributed to fiber growth; reported growth is not an acquisition-excluded measure. Legacy revenue fell 25.3% over nine months.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30
Operating cash flow reached $40.284 billion in 2025. Lower cash taxes and operating growth helped, while voluntary pension contributions and approximately $900 million advanced to Frontier absorbed cash. Receivables-sale programs swung from a net outflow to a $1.334 billion inflow; that improvement exceeded the total operating-cash-flow increase. In the first nine months of 2026, continuing operating cash flow was nearly unchanged at $28.915 billion despite losing prior-year DIRECTV receipts. Lower cash taxes and payment timing supported the comparison. These flows are neither profit nor cash remaining after investment.
Capital investment includes cash capital expenditures plus financing-classified vendor payments. It was $22.023 billion in 2025 and $16.786 billion in the first nine months of 2026; those totals must not be added to their component capex figures. The 2026 continuing-only measures also exclude substantial Forged Fiber acquisition and investment outflows classified in discontinued operations.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30
At September 30, 2026, cash and equivalents were $10.767 billion and debt was $159.627 billion, compared with $18.234 billion and $136.100 billion at year-end. EchoStar spectrum acquisition financing was a major driver. The $12 billion revolver remained undrawn: it is borrowing capacity, not cash. AT&T reported covenant compliance but did not disclose its actual contractual leverage ratio or numerical headroom. Nine-month authorized-program repurchases were $7.235 billion, and common and preferred cash dividends were $5.923 billion. Repurchase authorization is permission, not a commitment or cash resource.
Sources: 10-Q · 2026-09-30
Lumen’s fiber acquisition closed February 2, 2026; it was already disclosed as a subsequent event in the annual filing. EchoStar spectrum closed July 28 for $22.650 billion, replacing earlier pending descriptions. Neither completion establishes full deployment or integration. The October 13 Mexico sale agreement contemplated approximately $2 billion cash, subject to adjustments and approvals, with closing expected in first-quarter 2027. The October 6 Composite Fiber agreement was expected to close in first-half 2027. Neither pending disposal establishes proceeds received or completed deconsolidation.
Sources: 10-K · 2025-12-31 · 8-K · 2026-07-28 · 10-Q · 2026-09-30
Competition, promotional discounts, bad debt, network spending and higher financing costs can absorb connectivity growth. Copper retirement requires customer migration and regulatory permission. Cybersecurity and lead-cable litigation remain exposures without a quantified ultimate loss range in the supplied evidence. Management’s control and materiality assessments are not guarantees against future losses. Fiber growth, satellite coverage objectives and transformation savings remain conditional on deployment, customer uptake, funding and execution; interim results are not a full-year forecast.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 10-Q · 2026-09-30 · 8-K · 2024-05-06
USD 125.648 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 125.648 bn | 2.7% |
| 2024 | USD 122.336 bn | -0.1% |
| 2023 | USD 122.428 bn | — |
Service and equipment operating revenue, net of applicable taxes and regulatory fees.
Sources: 10-K · 2025-12-31
USD 23.386 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 23.386 bn | 90.9% |
| 2024 | USD 12.253 bn | -21.6% |
| 2023 | USD 15.623 bn | — |
Net income after income taxes, before allocation to noncontrolling interests and preferred-stock adjustments.
Sources: 10-K · 2025-12-31
USD 40.284 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 40.284 bn | 3.9% |
| 2024 | USD 38.771 bn | 1.2% |
| 2023 | USD 38.314 bn | — |
GAAP operating cash flow, including classified receivables-sale proceeds and DIRECTV operating distributions; not profit or free cash flow.
Sources: 10-K · 2025-12-31
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