Revenue growth remains stable at 2.9% year-over-year as of 2026Q1, though operating margins remain constrained by high fixed costs, fluctuating between 15.4% and 21.2% over the last several quarters.
AT&T Inc. (T) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 128.85B | 125.65B | 122.34B | 122.43B | 120.74B | 134.04B | 171.76B | 181.19B | 170.76B | 160.55B | 163.79B | 146.8B | 132.45B | 128.75B | 127.43B | 126.72B | 124.28B | 122.51B | 123.44B | 118.93B | 63.05B | 43.76B | 40.73B | 40.5B | 42.82B | 45.91B | 51.37B | 49.53B | 46.24B | 43.11B | 25.2B |
| Revenue Growth % | 3.51% | 2.71% | -0.08% | 1.4% | -9.92% | -21.96% | -5.21% | 6.11% | 6.36% | -1.98% | 11.57% | 10.84% | 2.87% | 1.03% | 0.56% | 1.97% | 1.44% | -0.75% | 3.8% | 88.61% | 44.08% | 7.44% | 0.58% | -5.42% | -6.72% | -10.64% | 3.72% | 7.11% | 7.27% | 71.04% | 16.07% |
| Cost of Revenue | 45.77B | 50.82B | 69.8B | 68.9B | 50.85B | 60.41B | 108.44B | 112.36B | 107.85B | 102.2B | 102.73B | 89.06B | 78.88B | 69.86B | 73.36B | 75.75B | 71.64B | 70.09B | 69.78B | 67.63B | 37.26B | 26.83B | 24.95B | 16.86B | 16.47B | 16.94B | 31.16B | 29.38B | 27.18B | 27.73B | 14.51B |
| Gross Profit | 83.08B | 74.83B | 52.53B | 53.53B | 69.89B | 73.63B | 63.32B | 68.91B | 62.96B | 58.35B | 61.05B | 57.74B | 53.56B | 58.89B | 54.08B | 50.97B | 52.64B | 52.43B | 54.25B | 51.3B | 25.8B | 17.03B | 15.84B | 23.64B | 26.35B | 28.97B | 20.22B | 20.15B | 19.06B | 15.38B | 10.69B |
| Gross Margin % | 64.47% | 59.55% | 42.94% | 43.72% | 57.89% | 54.93% | 36.87% | 38.03% | 36.87% | 36.34% | 37.28% | 39.33% | 40.44% | 45.74% | 42.43% | 40.22% | 42.35% | 42.79% | 43.95% | 43.13% | 40.92% | 38.91% | 38.89% | 58.38% | 61.53% | 63.1% | 39.35% | 40.68% | 41.23% | 35.68% | 42.43% |
| Gross Profit Growth % | - | 42.43% | -1.86% | -23.41% | -5.08% | 16.28% | -8.1% | 9.45% | 7.9% | -4.43% | 5.74% | 7.8% | -9.05% | 8.91% | 6.09% | -3.16% | 0.4% | -3.36% | 5.76% | 98.83% | 51.5% | 7.51% | -33% | -10.27% | -9.05% | 43.28% | 0.33% | 5.7% | 23.96% | 43.84% | -22.79% |
| Operating Expenses | 59.16B | 49.83B | 28.27B | 28.76B | 74.48B | 47.73B | 37.61B | 38.53B | 35.67B | 34.84B | 35.18B | 31.03B | 39.7B | 28.41B | 41.08B | 38.84B | 33.06B | 31.43B | 30.21B | 29.62B | 14.74B | 10.01B | 9.94B | 17.36B | 17.91B | 18.46B | 9.75B | 8.55B | 7.84B | 7.78B | 4.47B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 43.95B | 45.89B | 44.84B | 43.55B | 13.43B | 43.75B | 54.23B | 58.59B | 55.72B | 47.89B | 51.72B | 48.72B | 32.14B | 48.87B | 31.14B | 30.5B | 38.95B | 40.52B | 43.92B | 43.25B | 20.97B | 14.66B | 13.46B | 14.15B | 17.02B | 19.59B | 20.22B | 20.15B | 19.06B | 15.38B | 10.69B |
| EBITDA Margin % | 34.11% | 36.52% | 36.65% | 35.57% | 11.13% | 32.64% | 31.57% | 32.34% | 32.63% | 29.83% | 31.58% | 33.19% | 24.27% | 37.96% | 24.44% | 24.07% | 31.34% | 33.07% | 35.58% | 36.37% | 33.26% | 33.5% | 33.06% | 34.95% | 39.74% | 42.66% | 39.35% | 40.68% | 41.23% | 35.68% | 42.43% |
| EBITDA Growth % | -2.02% | 2.33% | 2.98% | 224.14% | -69.29% | -19.33% | -7.44% | 5.16% | 16.34% | -7.4% | 6.16% | 51.6% | -34.24% | 56.95% | 2.08% | -21.69% | -3.86% | -7.76% | 1.55% | 106.27% | 43.04% | 8.87% | -4.87% | -16.82% | -13.12% | -3.13% | 0.33% | 5.7% | 23.96% | 43.84% | 16.8% |
| Depreciation & Amortization | 20.04B | 20.89B | 20.58B | 18.78B | 18.02B | 17.85B | 28.52B | 28.22B | 28.43B | 24.39B | 25.85B | 22.02B | 18.27B | 18.39B | 18.14B | 18.38B | 19.38B | 19.52B | 19.88B | 21.58B | 9.91B | 7.64B | 7.56B | 7.87B | 8.58B | 9.08B | 9.75B | 8.55B | 7.84B | 7.78B | 4.47B |
| D&A / Revenue % | 15.55% | 16.62% | 16.82% | 15.34% | 14.93% | 13.32% | 16.6% | 15.57% | 16.65% | 15.19% | 15.78% | 15% | 13.8% | 14.29% | 14.24% | 14.5% | 15.59% | 15.93% | 16.11% | 18.14% | 15.71% | 17.46% | 18.57% | 19.43% | 20.03% | 19.77% | 18.97% | 17.27% | 16.96% | 18.04% | 17.72% |
| Operating Income (EBIT) | 23.91B | 25B | 24.26B | 24.77B | -4.59B | 25.9B | 25.72B | 30.38B | 27.29B | 23.51B | 25.87B | 26.71B | 13.87B | 30.48B | 13B | 12.13B | 19.57B | 21B | 24.04B | 21.68B | 11.06B | 7.02B | 5.9B | 6.28B | 8.44B | 10.51B | 10.47B | 11.6B | 11.22B | 7.6B | 6.23B |
| Operating Margin % | 18.56% | 19.9% | 19.83% | 20.23% | -3.8% | 19.32% | 14.97% | 16.76% | 15.98% | 14.64% | 15.8% | 18.19% | 10.47% | 23.67% | 10.2% | 9.57% | 15.75% | 17.14% | 19.48% | 18.23% | 17.54% | 16.03% | 14.49% | 15.52% | 19.71% | 22.89% | 20.38% | 23.42% | 24.27% | 17.64% | 24.7% |
| Operating Income Growth % | - | 3.05% | -2.05% | 639.96% | -117.71% | 0.7% | -15.34% | 11.32% | 16.09% | -9.15% | -3.12% | 92.6% | -54.51% | 134.51% | 7.17% | -38.04% | -6.8% | -12.65% | 10.91% | 95.95% | 57.65% | 18.91% | -6.09% | -25.53% | -19.7% | 0.36% | -9.73% | 3.34% | 47.63% | 22.1% | 21.6% |
| Interest Expense | 2M | 6.8B | 6.75B | 6.69B | 6.14B | 6.7B | 7.91B | 8.4B | 7.91B | 6.28B | 4.89B | 4.1B | 3.57B | 3.89B | 3.4B | 3.51B | 2.98B | 3.35B | 3.39B | 3.51B | 1.84B | 1.46B | 1.02B | 1.19B | 1.38B | 1.6B | 1.59B | 1.43B | 1.6B | 1.55B | 901M |
| Interest Coverage | - | 4.97x | 3.48x | 3.97x | 0.49x | 5.36x | 0.64x | 3.20x | 4.14x | 3.41x | 5.05x | 6.05x | 3.79x | 8.13x | 4.07x | 2.91x | 7.13x | 6.54x | 6.95x | 6.25x | 6.90x | 4.93x | 8.00x | 8.32x | 8.43x | 7.85x | 8.92x | 8.59x | 8.55x | 5.22x | 7.06x |
| Interest / Revenue % | 0% | 5.42% | 5.51% | 5.47% | 5.08% | 5% | 4.61% | 4.64% | 4.63% | 3.91% | 2.98% | 2.79% | 2.69% | 3.02% | 2.67% | 2.77% | 2.39% | 2.73% | 2.75% | 2.95% | 2.92% | 3.33% | 2.51% | 2.94% | 3.23% | 3.48% | 3.1% | 2.89% | 3.47% | 3.6% | 3.58% |
| Non-Operating Income | -4M | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K |
| Pretax Income | 18.18B | 27.01B | 16.7B | 19.85B | -3.09B | 29.17B | -2.86B | 18.47B | 24.87B | 15.14B | 19.81B | 20.69B | 9.96B | 27.78B | 10.44B | 6.72B | 18.24B | 18.52B | 20.16B | 18.4B | 10.88B | 5.72B | 7.17B | 8.72B | 10.27B | 10.95B | 12.62B | 10.85B | 12.12B | 6.54B | 5.46B |
| Pretax Margin % | 14.11% | 21.49% | 13.65% | 16.21% | -2.56% | 21.76% | -1.66% | 10.19% | 14.57% | 9.43% | 12.1% | 14.1% | 7.52% | 21.57% | 8.19% | 5.3% | 14.67% | 15.12% | 16.33% | 15.47% | 17.26% | 13.07% | 17.59% | 21.52% | 23.99% | 23.85% | 24.56% | 21.91% | 26.2% | 15.17% | 21.65% |
| Income Tax | 3.46B | 3.62B | 4.45B | 4.22B | 3.78B | 5.39B | 965M | 3.49B | 4.92B | -14.71B | 6.48B | 7B | 3.44B | 9.22B | 2.9B | 2.53B | -1.16B | 6.09B | 7.04B | 6.25B | 3.52B | 932M | 2.19B | 2.86B | 2.91B | 3.94B | 4.82B | 4.28B | 4.38B | 2.45B | 2.07B |
| Effective Tax Rate % | 19.04% | 13.41% | 26.62% | 21.29% | -122.17% | 18.49% | -33.79% | 18.91% | 19.78% | -97.15% | 32.7% | 33.85% | 34.56% | 33.21% | 27.78% | 37.7% | -6.37% | 32.89% | 34.89% | 33.98% | 32.4% | 16.3% | 30.51% | 32.78% | 28.33% | 36% | 38.17% | 39.44% | 36.15% | 37.49% | 37.93% |
| Net Income | 13.04B | 21.89B | 10.95B | 14.4B | -8.52B | 20.08B | -5.18B | 13.9B | 19.37B | 29.45B | 12.98B | 13.35B | 6.44B | 18.42B | 7.26B | 3.94B | 19.86B | 12.14B | -2.63B | 11.95B | 7.36B | 4.79B | 5.89B | 8.51B | 5.65B | 7.01B | 7.8B | 8.16B | 7.69B | 4.09B | 3.48B |
| Net Margin % | 10.12% | 17.42% | 8.95% | 11.76% | -7.06% | 14.98% | -3.01% | 7.67% | 11.34% | 18.34% | 7.92% | 9.09% | 4.86% | 14.31% | 5.7% | 3.11% | 15.98% | 9.91% | -2.13% | 10.05% | 11.67% | 10.94% | 14.45% | 21% | 13.2% | 15.27% | 15.18% | 16.47% | 16.63% | 9.48% | 13.8% |
| Net Income Growth % | -41.4% | 99.94% | -23.97% | 268.93% | -142.45% | 487.96% | -137.23% | -28.22% | -34.23% | 126.96% | -2.77% | 107.16% | -65.02% | 153.55% | 84.18% | -80.14% | 63.65% | 562.4% | -121.96% | 62.47% | 53.7% | -18.7% | -30.78% | 50.45% | -19.34% | -10.15% | -4.4% | 6.1% | 88.16% | 17.54% | 213.48% |
| EPS (Diluted) | 1.90 | 3.04 | 1.49 | 1.97 | -1.13 | 2.73 | -0.75 | 1.89 | 2.85 | 4.76 | 2.10 | 2.37 | 1.24 | 3.42 | 1.25 | 0.66 | 3.35 | 2.05 | -0.44 | 1.94 | 1.89 | 1.42 | 1.77 | 2.56 | 1.69 | 2.07 | 2.27 | 2.36 | 2.23 | 2.22 | 1.77 |
| EPS Growth % | -40.26% | 104.03% | -24.37% | 274.34% | -141.39% | 464% | -139.68% | -33.68% | -40.13% | 126.67% | -11.39% | 91.13% | -63.74% | 173.6% | 89.39% | -80.3% | 63.41% | 565.91% | -122.68% | 2.65% | 33.1% | -19.77% | -30.86% | 51.48% | -18.36% | -8.81% | -3.81% | 5.83% | 0.45% | 25.42% | 206.63% |
| EPS (Basic) | - | 3.04 | 1.49 | 1.97 | -1.22 | 2.77 | -0.75 | 1.90 | 2.86 | 4.77 | 2.10 | 2.37 | 1.24 | 3.42 | 1.25 | 0.66 | 3.36 | 2.06 | -0.44 | 1.95 | 1.89 | 1.42 | 1.78 | 2.56 | 1.70 | 2.08 | 2.30 | 2.39 | 2.26 | 2.23 | 1.78 |
| Diluted Shares Outstanding | 6.84B | 7.18B | 7.2B | 7.26B | 7.59B | 7.5B | 7.18B | 7.35B | 6.81B | 6.18B | 6.19B | 5.65B | 5.22B | 5.38B | 5.82B | 5.95B | 5.94B | 5.92B | 5.96B | 6.17B | 3.9B | 3.38B | 3.32B | 3.33B | 3.35B | 3.4B | 3.43B | 3.46B | 3.45B | 1.84B | 1.97B |
Quick answers to the most common questions about buying T stock.
For fiscal year 2025, AT&T Inc. (T) reported total revenue of $125.65B. This represents a 398.6% increase compared to $25.20B in 1996.
AT&T Inc. (T) is profitable, generating $21.89B in net income for the fiscal year ending 2025 with a net profit margin of 17.4%.
AT&T Inc. (T) reported an operating income of $25.00B, resulting in an operating profit margin of 19.9%. This margin reflects the operational efficiency of the business before interest and taxes.
AT&T Inc. (T) generated $74.83B in gross profit for the year, representing a gross profit margin of 59.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High debt refinancing costs
Metrics are mathematically derived from official filings.
Revenue Growth Remains Modestly Positive
According to recent quarterly filings, AT&T's revenue growth has stabilized in the low single digits, with the 2026Q1 figure of $31.5 billion representing a 2.9% year-over-year increase, suggesting that the company's core connectivity services are maintaining a defensive posture despite broader macroeconomic headwinds and legacy wireline declines.
The revenue trajectory appears to be supported by the ongoing migration of customers to fiber-based broadband, which helps offset the structural erosion of the legacy business wireline segment. Investors should monitor whether this low-growth profile can be sustained as the company faces increasing competitive pressure from wireless-only and cable-based incumbents.
Structural Margin Volatility Masks Performance
Based on reported financial statements, AT&T's gross margin has exhibited significant quarterly fluctuations, ranging from 39.4% to 178.7% in recent periods, which suggests that accounting adjustments and non-recurring items are heavily distorting the underlying profitability of the company's core telecommunications infrastructure and service delivery operations.
The extreme variance in reported gross margins indicates that standard industry comparisons are difficult without normalizing for depreciation and equipment installment plan accounting. A more stable operating margin, consistently hovering near 20%, suggests that management is maintaining disciplined control over core network costs despite the inherent complexity of the business model.
Operating Leverage Constrained by Scale
As reported in recent income statements, AT&T's operating income has remained relatively range-bound between $5.2 billion and $6.7 billion, indicating that the company is struggling to achieve significant operating leverage as the high fixed-cost nature of its nationwide network infrastructure continues to absorb incremental revenue gains.
The lack of meaningful expansion in operating margins suggests that the company's massive capital expenditure requirements for 5G and fiber deployment are effectively capping profitability improvements. Analysts should investigate whether future network efficiencies can eventually decouple operating expenses from top-line growth to improve overall margin performance.
Earnings Quality Impacted by Volatility
Based on the provided income statement data, AT&T's net income has experienced extreme volatility, including a net loss in 2024Q3 and a significant spike in 2025Q3, which implies that non-operating items and one-time charges are frequently obscuring the true recurring earnings power of the core business.
The wide swings in EPS, such as the shift from a $0.03 loss to a $1.29 gain within a year, suggest that investors should prioritize cash flow metrics over reported net income when evaluating dividend sustainability. The absence of stock-based compensation in recent quarters is a positive signal for earnings quality, though it warrants further investigation into the company's long-term incentive structures.
Structural Risks to Margin Sustainability
As indicated by the company's financial history, the persistent decline of the business wireline segment and the potential for un-forecasted remediation costs related to legacy lead-sheathed cables represent significant risks that could lead to future margin compression and unexpected balance sheet impairment charges for the firm.
Short-sellers may focus on the company's high debt load and the potential for rising interest rates to increase the cost of refinancing, which could further pressure net income. The reliance on capital-intensive infrastructure upgrades creates a perpetual need for funding that may limit the company's flexibility in a more aggressive competitive environment.