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AT&T INC. USD

Integrated telecom—wireless and fiber broadband, business connectivity, and entertainment bundles.

At a glance: strengths & risks
✓Revenue growing (+5% y/y, Q3 2026)✗Profit falling (-90% y/y, Q3 2026)✗Margins compressing (37%→28%, Q3 2026)✗High leverage (3.1x EBITDA)

Sector: Communication services

US_T

Price chart

20.93 USDDay -7.96%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
20.93 USD · -7.96%
Market cap
150.0 bn USD

Growth

Δ revenue y/y
5.3%
Δ EBITDA y/y
-20.7%

Multiples

P/E (LTM)
11.4x
3y avg: 11.0x
P/B (FY)
1.2x
P/E (ann.)
42.1x
EV/EBITDA (LTM)
7.3x
3y avg: 7.2x
EV/EBITDA (ann.)
8.7x

Cash return

Dividend yield
5.3%
FCF yield (LTM)
12.7%

Value creation

fundamental value/yr, % of market cap
Value created / year
-89.4%
↓ details

Liquidity

Daily turnover (US listing)
2.1 bln USD

Shares: yahoo_fundamentals_timeseries/T

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-09-30Q3 2026 (3M)OK32.3
y/y 5.3%
4.1
y/y -33.1%
5.0
y/y -6.4%
9.1
y/y -20.7%
0.9
y/y -90.4%
10.5-5.1445.9
y/y 5.4%
122.8
y/y -3.2%
1.0%167.4Link
2026-06-30Q2 2026 (3M)OK31.6
y/y 2.3%
7.0
y/y 8.3%
5.0
y/y -5.4%
12.0
y/y 2.1%
4.6
y/y 2.8%
10.9-5.7428.4
y/y 5.6%
126.4
y/y 4.2%
14.7%145.3SEC EDGAR
2026-03-31Q1 2026 (3M)OK31.5
y/y 2.9%
6.7
y/y 15.7%
5.0
y/y -4.3%
11.6
y/y 6.2%
3.8
y/y -12.0%
7.6-7.6421.2
y/y 6.0%
125.6
y/y 4.8%
12.2%145.3Link
2025-12-31Q4 2025 (3M)OK33.5
y/y 3.6%
5.8
y/y 8.7%
5.1
y/y -4.6%
10.9
y/y 2.0%
3.8
y/y -7.2%
11.3-7.1420.2
y/y 6.4%
126.5
y/y 7.0%
17.3%140.4Link
2025-09-30Q3 2025 (3M)OK30.7
y/y 1.6%
6.1
y/y 189.2%
5.3
y/y 4.5%
11.4
y/y 58.8%
9.3
y/y —
10.2-4.9423.2
y/y 7.5%
126.8
y/y 9.0%
10.0%138.2Link
2025-06-30Q2 2025 (3M)OK30.8
y/y 3.5%
6.5
y/y 12.9%
5.3
y/y 3.5%
11.8
y/y 8.5%
4.5
y/y 25.1%
9.8-4.9405.5
y/y 1.9%
121.4
y/y 1.7%
14.9%139.6Link
2025-03-31Q1 2025 (3M)OK30.6
y/y 2.0%
5.8
y/y -1.6%
5.2
y/y 2.8%
10.9
y/y 0.5%
4.4
y/y 26.3%
9.0-4.3397.5
y/y -0.5%
119.9
y/y 1.0%
14.6%136.7Link
2024-12-31Q4 2024 (3M)OK32.3
y/y 0.9%
5.3
y/y 1.0%
5.4
y/y 12.8%
10.7
y/y 6.6%
4.1
y/y 86.5%
11.9-6.9394.8
y/y -3.0%
118.2
y/y 0.7%
9.3%141.2Link
2024-09-30Q3 2024 (3M)OK30.2
y/y -0.5%
2.1
y/y -63.4%
5.1
y/y 8.1%
7.2
y/y -31.3%
-0.2
y/y -105.0%
10.2-5.4393.7
y/y -3.2%
116.3
y/y -1.3%
-0.2%143.8Link
2024-06-30Q2 2024 (3M)OK29.8
y/y -0.4%
5.8
y/y -10.1%
5.1
y/y 8.5%
10.8
y/y -2.2%
3.6
y/y -19.9%
9.1-4.4398.0
y/y -2.6%
119.3
y/y 2.8%
12.1%144.7Link
2024-03-31Q1 2024 (3M)OK30.0
y/y -0.4%
5.8
y/y -2.6%
5.0
y/y 9.0%
10.9
y/y 2.5%
3.4
y/y -18.5%
7.5-4.0399.4
y/y -0.4%
118.6
y/y 9.5%
11.7%146.5Link
2023-12-31Q4 2023 (3M)OK32.0
y/y —
5.3
y/y —
4.8
y/y —
10.0
y/y —
2.2
y/y —
11.4-6.6407.1
y/y —
117.4
y/y —
12.2%151.7Link
2023-09-30Q3 2023 (3M)OK30.4
y/y —
5.8
y/y —
4.7
y/y —
10.5
y/y —
3.5
y/y —
10.3-5.1406.7
y/y —
117.9
y/y —
4.0%151.7Link
2023-06-30Q2 2023 (3M)OK29.9
y/y —
6.4
y/y —
4.7
y/y —
11.1
y/y —
4.5
y/y —
9.9-4.5408.5
y/y —
116.1
y/y —
16.0%155.6Link
2023-03-31Q1 2023 (3M)OK30.1
y/y —
6.0
y/y —
4.6
y/y —
10.6
y/y —
4.2
y/y —
6.7-4.6400.9
y/y —
108.3
y/y —
—156.6Link

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)9 483
Long-term debt (incl. LT leases)168 664
− Cash & equivalents10 767
Net debt167 380

Net debt / LTM EBITDA: 3.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

010 00020 00030 00040 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-50%-25%0%25%50%75%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-20 000-10 000010 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

050 000100 000150 000200 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.38x of reported net profit; after capex, 1.37x. Loss years (2022) are left out of the ratio.
year20212022202320242025
cash flow / profit2.09x—2.66x3.54x1.83x
accruals, % of assets-4.0%-11.0%-5.9%-7.0%-4.4%
Last twelve months (to 2026-09-30): 3.07x of profit came back as operating cash flow.
net debt / EBITDA 3.1x · EBIT covers interest 3.6x · capex 1.0x of depreciation · dividends 49% of free cash flow · share count -1.1% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -89.4%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-30 vs 2025-09-30)
= (9 073 − 11 436) × 4.81
-11 360
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (150 047 + 167 380) ÷ 43 617
7.3x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (7.3 + 12) ÷ 2
9.6x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -29 159 + 1 997 + 2 475 − 0
-24 687
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-11 360 × 9.6 + -24 687) ÷ 150 047
-89.4%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +3% vs -0% the year before — a +2.8 pp move. 3-year CAGR +1%.
revenue growth by year: 2023 +1% · 2024 -0% · 2025 +3%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 7.5x · 3-year 75th pct 7.9x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Communication services. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
T-Mobile US, Inc.US179.66.6x
VERIZON COMMUNICATIONS INCUS191.07.7x
Walt Disney CoUS204.110.3x
Meta Platforms, Inc.US1641.416.0x
NETFLIX INCUS291.318.8x
Alphabet Inc.US3928.222.0x
Group median13.2x
Group average13.6x
This companyUS163.07.3x

Group median 13.2x; this company 7.3x — a 45% discount.

Group average 13.6x; against the average this company is at a 46% discount.

At the adjusted group median the market cap would be +157% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-10-090.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2026-07-100.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2026-04-100.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2026-01-120.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2025-10-100.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2025-07-100.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2025-04-100.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2025-01-100.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2024-10-100.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2024-07-100.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2024-04-090.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2024-01-090.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2023-10-060.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2023-07-070.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2023-04-060.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2023-01-090.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2022-10-060.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2022-07-080.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2022-04-130.278 USDEx-dividend: 0.278 USD per sharePaidYahoo Finance (ex-div)
2022-01-070.52 USDEx-dividend: 0.52 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of AT&T INC. — from primary filings.

Frequently asked questions

What is AT&T INC.'s P/E ratio?
AT&T INC. trades at a P/E of 11.4x (price to trailing 12-month earnings).
What is AT&T INC.'s EV/EBITDA?
AT&T INC. trades at 7.3x EV/EBITDA.
What is AT&T INC.'s P/B ratio?
AT&T INC. trades at a P/B of 1.2x.
What is AT&T INC.'s dividend yield?
AT&T INC.'s trailing 12-month dividend yield is 5.3%.
What is AT&T INC.'s return on equity (ROE)?
AT&T INC.'s ROE is 1.0%.
What is AT&T INC.'s market capitalization?
AT&T INC.'s market cap is 150.0 bn USD.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
ТбанкБ12—13.5%105.00+0.00%4K2K12.2026
ТбанкБ11—13.5%112.21+0.00%3K5K12.2026
ТБанкИС1-8—0.01%4.00+0.00%40K15K07.2027
ТБ-1ST2-01—18%————09.2033

Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; floaters have no fixed YTM. Not investment advice.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map