AT&T Inc.
- Open
- 25.91
- Day high
- 26.24
- Day low
- 25.86
- Prev close
- 26.00
- Volume
- 36.9M
- Mkt cap
- $177.3B
- P/E (TTM)
- 8.5
- EPS (TTM)
- $3.03
- P/B
- 1.6
- P/S
- 1.4
- Yield
- 2.15%
- Per share
- $0.56
AT&T Inc. (T) is a Communication Services company listed on NYSE. The stock is down 10% over the past year. Drillr has 1 published research article covering T.
AT&T Inc. (T) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
T earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 22, 2026 | $0.59 | $0.65 | +10.4% | $31.6B | -0.7% |
| Apr 22, 2026 | $0.55 | $0.57 | +3.3% | $31.5B | +0.8% |
| Jan 28, 2026 | $0.46 | $0.52 | +12.4% | $33.5B | +1.8% |
| Oct 22, 2025 | $0.54 | $0.54 | +0.6% | $30.7B | -0.5% |
| Jul 23, 2025 | $0.53 | $0.54 | +1.9% | $30.8B | +1.3% |
| Apr 23, 2025 | $0.51 | $0.51 | +0.2% | $30.6B | +0.9% |
| Jan 27, 2025 | $0.50 | $0.54 | +8.4% | $32.3B | +0.9% |
| Oct 23, 2024 | $0.57 | $0.60 | +5.4% | $30.2B | -0.8% |
| Jul 24, 2024 | $0.57 | $0.57 | +0.0% | $29.8B | -0.6% |
| Jan 24, 2024 | $0.55 | $0.54 | -1.8% | $32.0B | +2.1% |
| Oct 19, 2023 | $0.63 | $0.64 | +1.7% | $30.4B | +0.9% |
| Jul 26, 2023 | $0.60 | $0.63 | +5.4% | $29.9B | +10.8% |
T insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 4, 2026 | Sabrina Sanders Sofficer: SVP-ChiefActngOfcr&Controller | Grant | 168 | $23.25 |
| Aug 4, 2026 | MCCALLISTER MICHAEL Bdirector | Grant | 1,974 | — |
| Aug 4, 2026 | MOONEY BETH Edirector | Grant | 2,340 | — |
| Aug 4, 2026 | STANKEY JOHN Tdirector, officer: CEO & President | Grant | 928 | $23.25 |
| Aug 4, 2026 | Ubinas Luis Adirector | Grant | 869 | — |
| Aug 4, 2026 | LUCZO STEPHEN Jdirector | Grant | 1,716 | — |
| Aug 4, 2026 | TAYLOR CINDY Bdirector | Grant | 2,667 | — |
| Aug 4, 2026 | MAYER MARISSA Adirector | Grant | 543 | — |
| Aug 4, 2026 | McElfresh Jeffery S.officer: Chief Operating Officer | Grant | 2,690 | $23.25 |
| Aug 4, 2026 | Desroches Pascalofficer: Sr. Exec VP and CFO | Grant | 3,487 | $23.25 |
| Aug 4, 2026 | Kennard William Edirector | Grant | 1,728 | — |
| Aug 4, 2026 | Grier Kelly Jdirector | Grant | 178 | — |
| Aug 4, 2026 | Lee Lori Mofficer: Global Mktg Ofr & SEVP Intl | Grant | 500 | $23.25 |
| Aug 4, 2026 | ROSE MATTHEW Kdirector | Grant | 4,238 | — |
| Jul 2, 2026 | ROSE MATTHEW Kdirector | Grant | 7,971 | — |
Source: T SEC Form 4 filings, latest Aug 4, 2026. For informational purposes only — not investment advice.
See the full T insider & 13F page →AT&T Inc. company profile
Overview
AT&T Inc. (NYSE:T) is one of America's largest telecommunications companies, tracing its roots back to the original Bell Telephone Company founded by Alexander Graham Bell in 1877. The modern AT&T was incorporated in 1983 as SBC Communications and adopted the AT&T name in 2005 following its acquisition of the original AT&T Corp. Headquartered in Dallas, Texas, AT&T has evolved from a traditional telephone company into a comprehensive telecommunications and media conglomerate. Today, the company operates as a leading provider of wireless communications, broadband internet, and business connectivity services across the United States and select international markets, serving millions of consumers, businesses, and government customers.
Business
AT&T operates in the telecommunications services industry, providing essential connectivity infrastructure and services that enable voice, data, and video communications. The telecommunications industry serves as the backbone of modern digital communication, connecting people, businesses, and devices through various network technologies including cellular towers, fiber-optic cables, and wireless spectrum. The company's operations are organized into three primary business segments: Communications Segment (Primary Revenue Driver): This segment generates the majority of AT&T's revenue and includes both wireless and wireline services. The wireless portion provides voice and data services through AT&T's nationwide cellular network, selling smartphones, tablets, and other connected devices through company-owned stores, authorized dealers, and online channels. The wireline portion delivers internet, voice, and data services to homes and businesses through fiber-optic and legacy copper networks. Key brands include AT&T Wireless, Cricket Wireless (prepaid), AT&T Fiber (high-speed internet), and FirstNet (dedicated network for first responders). Business Solutions: AT&T provides comprehensive connectivity and technology solutions to enterprise customers, including multinational corporations, small and medium businesses, and government agencies. Services include cloud solutions, cybersecurity, managed network services, and professional consulting. This segment focuses on helping businesses modernize their communications infrastructure and digital operations. Latin America Operations: The company operates wireless services in Mexico and provides video services across Latin America under the AT&T and Unefon brand names, though this represents a smaller portion of overall revenue. The telecommunications industry is capital-intensive, requiring massive investments in network infrastructure including cell towers, fiber-optic cables, spectrum licenses, and equipment upgrades to support evolving technologies like 5G wireless and high-speed broadband internet.
Revenue model
AT&T generates revenue through multiple complementary business models centered around connectivity services and infrastructure access. Subscription-Based Revenue: The largest revenue stream comes from monthly recurring subscriptions for wireless phone plans, home internet service, and business connectivity solutions. Customers pay monthly fees for access to AT&T's networks, with pricing tiers based on data allowances, speed levels, and service features. Wireless postpaid customers typically generate higher average revenue per user (ARPU) of around $56 compared to prepaid customers. Equipment Sales: AT&T sells smartphones, tablets, and other connected devices, often through installment payment plans that spread device costs over 24-36 months. While equipment sales generate lower margins than services, they help acquire and retain customers while driving higher-value service plan adoption. Business Services Revenue: Enterprise customers pay for customized connectivity solutions, cloud services, cybersecurity, and managed network services. This segment commands premium pricing due to the specialized nature of business requirements and higher service levels. Several factors significantly impact AT&T's profitability margins. Positive margin drivers include the company's extensive fiber network buildout, which generates higher ARPU and lower maintenance costs compared to legacy copper networks. The transition from older 3G/4G to 5G technology enables more efficient spectrum utilization and supports premium service offerings. AT&T's scale advantages in network infrastructure and spectrum holdings provide cost efficiencies and competitive positioning. Margin pressures come from intense industry competition that limits pricing power, particularly in wireless services where competitors frequently engage in promotional pricing. The capital-intensive nature of telecommunications requires continuous network investments to maintain competitiveness, with AT&T spending approximately $22 billion annually on infrastructure. Legacy business services face secular decline as customers migrate to newer technologies, pressuring traditional revenue streams. Additionally, regulatory requirements and spectrum auction costs represent ongoing expense burdens that can impact profitability.
Competitive moat
AT&T possesses a moderate economic moat built primarily on network infrastructure advantages and spectrum assets, though this moat faces ongoing competitive pressures in the telecommunications industry. The company's strongest moat element is its extensive physical infrastructure, including nationwide fiber-optic networks, cellular tower sites, and spectrum licenses that represent billions of dollars in sunk costs and decades of development. AT&T's fiber network passes over 28 million locations and targets 30 million by 2025, creating geographic advantages in served markets. The company holds valuable wireless spectrum licenses across multiple frequency bands, including mid-band 5G spectrum that provides superior coverage and capacity characteristics. These infrastructure assets create significant barriers to entry, as competitors would need massive capital investments and years of construction to replicate similar coverage. Scale advantages provide additional moat strength through operational efficiencies and purchasing power. AT&T's large customer base enables better cost absorption for network investments and creates switching costs for customers who rely on bundled services or have device financing commitments. The FirstNet contract with the U.S. government provides a stable revenue stream and reinforces AT&T's position in the public safety market. However, AT&T's moat faces meaningful competitive threats. Verizon and T-Mobile possess similar infrastructure assets and spectrum holdings, creating an oligopolistic market structure where no single player has decisive advantages. Cable companies like Comcast and Charter have expanded into wireless services through mobile virtual network operator (MVNO) arrangements, leveraging their own fiber and broadband infrastructure to compete in converged services. Emerging technologies like satellite internet (Starlink) and fixed wireless access could potentially bypass traditional telecommunications infrastructure in certain markets. The telecommunications industry's heavy regulation and commodity-like nature of basic connectivity services limit pricing power and differentiation opportunities. While AT&T's infrastructure creates defensive advantages, the company operates in a mature, competitive market where sustainable competitive advantages are increasingly difficult to maintain without continuous innovation and investment.
Risks & safety
AT&T presents a moderate margin of safety with manageable debt levels but limited financial flexibility due to capital intensity and competitive pressures. • Debt and Solvency: Net debt-to-EBITDA ratio of approximately 2.5x as of Q1 2025, down from higher levels in recent years. Total debt of ~$130 billion against annual EBITDA of ~$44 billion provides adequate coverage. Strong free cash flow generation of $18+ billion annually supports debt service and dividend payments. • Cash Position: Cash and short-term investments of $6.9 billion as of Q1 2025, though current ratio of 0.70 indicates working capital pressures. Operating cash flow of $38+ billion annually provides substantial liquidity for operations and investments. • Valuation Metrics: Trading at P/E ratio of ~12x and EV/EBITDA of ~6.7x, representing reasonable valuations for a mature telecommunications utility. Price-to-book ratio of ~2.0x reflects asset-heavy business model. • Dividend Coverage: Dividend yield of ~6%+ is well-covered by free cash flow, though high payout ratio limits financial flexibility. Company has maintained dividend payments through various economic cycles. • Other Considerations: Capital expenditure requirements of $22+ billion annually limit excess cash generation. Regulatory oversight and spectrum auction obligations create ongoing financial commitments. Business model provides defensive characteristics during economic downturns due to essential nature of communications services.
Recent development
Over the past several years, AT&T has undergone significant strategic transformation focused on network modernization and portfolio simplification. The company has divested non-core media assets, including the sale of its remaining 70% stake in DIRECTV to TPG, allowing management to concentrate resources on core telecommunications infrastructure. Fiber Network Expansion represents AT&T's primary growth initiative, with the company investing heavily to pass 30 million locations by mid-2025 and targeting 50+ million locations by 2029. This fiber buildout generates higher ARPU customers, reduces maintenance costs compared to legacy copper networks, and positions AT&T for long-term competitive advantages. The company has added over 1 million fiber customers annually for multiple consecutive years, demonstrating strong market demand for high-speed broadband services. 5G Network Deployment has accelerated significantly, with AT&T reaching 150 million mid-band 5G population coverage points and continuing to expand coverage. The company is leveraging its extensive spectrum holdings to deliver enhanced wireless services and support emerging applications requiring low latency and high bandwidth. Operational Efficiency Programs have delivered substantial cost savings, with AT&T achieving over $6 billion in run-rate cost reductions and targeting an additional $3 billion+ in savings through 2027. These initiatives include network automation, artificial intelligence implementation for customer service and operations, and legacy system modernization. Convergence Strategy focuses on customers who use both wireless and fiber services, as these converged relationships demonstrate higher retention rates, lower churn, and improved lifetime value. AT&T has launched the "AT&T Guarantee" program to differentiate its service quality and reliability commitments. The company has also strengthened its balance sheet by reducing net debt-to-EBITDA ratios and plans to resume share repurchases in 2025 while maintaining dividend payments, signaling improved financial flexibility after years of deleveraging efforts.
T company profile · for informational purposes only — not investment advice.
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