Ctrl K
Operating cash flow remained robust at $10.9B in 2026Q2, with dividend coverage of 5.5x, but free cash flow turned negative in 2026Q1 at -$4.1B, reflecting heavy capex intensity (CapEx/OCF of 52.4% in 2026Q2).
AT&T Inc. 5.35% GLB NTS 66 (TBB) cash flow statement — 30-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 39.9B | 40.28B | 38.77B | 38.31B | 32.02B | 41.96B | 43.13B | 48.67B | 43.6B | 38.01B | 39.34B | 35.88B | 31.34B | 34.8B | 39.18B | 34.65B | 34.99B | 34.45B | 33.66B | 34.07B | 15.62B | 12.97B | 10.96B | 13.52B | 15.21B | 14.8B | 14.3B | 16.58B | 8.38B | 6.97B | 4.82B |
| Operating CF Growth % | -10.8% | 3.9% | 1.19% | 19.65% | -23.68% | -2.72% | -11.38% | 11.62% | 14.71% | -3.39% | 9.65% | 14.49% | -9.94% | -11.18% | 13.07% | -0.99% | 1.59% | 2.34% | -1.22% | 118.2% | 20.36% | 18.43% | -18.95% | -11.13% | 2.74% | 3.54% | -13.75% | 97.8% | 20.24% | 44.49% | 19.98% |
| Operating CF / Revenue % | 31.36% | 32.06% | 31.69% | 31.3% | 26.52% | 31.3% | 25.11% | 26.86% | 25.53% | 23.68% | 24.02% | 24.44% | 23.66% | 27.03% | 30.74% | 27.34% | 28.16% | 28.12% | 27.26% | 28.65% | 24.76% | 29.65% | 26.89% | 33.38% | 35.52% | 32.25% | 27.83% | 33.47% | 18.12% | 16.17% | 19.14% |
| Net Income | 21.49B | 23.39B | 12.25B | 14.4B | -6.87B | 21.48B | 21.48B | 13.9B | 19.37B | 29.45B | 12.98B | 13.35B | 6.74B | 7B | 7.26B | 4.18B | 19.86B | 12.84B | 12.87B | 12.15B | 7.36B | 4.79B | 4.98B | 898M | 5.65B | 7.01B | 1.29B | 4.59B | 938M | 1.47B | 3.48B |
| Depreciation & Amortization | 20.38B | 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 | 19.71B | 19.88B | 21.58B | 9.91B | 7.64B | 7.56B | 7.87B | 8.58B | 9.08B | 9.75B | 8.55B | 5.18B | 4.92B | 2.24B |
| Deferred Taxes | 0 | 0 | 1.57B | 3.04B | 2.98B | 7.41B | 1.68B | 1.81B | 4.93B | -15.27B | 2.95B | 4.12B | 1.95B | 6.34B | 1.75B | 2.94B | -3.28B | 1.89B | 5.89B | -240M | -87M | -658M | 614M | 3.42B | 2.44B | 1.93B | 1.09B | 976M | 744M | 134M | 133M |
| Other Non-Cash Items | -2.9B | -2.79B | 6.79B | 3.87B | 19.23B | 169M | 4.36B | 15.85B | -2.45B | 4.95B | 2.11B | -803M | 8.75B | 3.55B | 9.78B | 9.61B | 1.67B | -1.36B | 1.87B | 673M | -1.4B | 137M | -2.8B | 1.11B | 567M | -110M | 3.1B | 801M | 12M | -37M | -317M |
| Working Capital Changes | 62M | -1.2B | -2.42B | -1.77B | -1.85B | -4.96B | -13.32B | -11.93B | -7.14B | -5.99B | -5.44B | -3.25B | -4.69B | -948M | 1.73B | -464M | -2.64B | 1.56B | -6.64B | -85M | -163M | 1.07B | 594M | 219M | -2.03B | -3.1B | -933M | 1.66B | -1.15B | 477M | 142M |
| Capital Expenditures | -29.02B | -20.84B | -20.26B | -17.85B | -19.63B | -32.09B | -15.68B | -19.43B | -63.15B | -20.65B | -21.52B | -49.14B | -21.2B | -20.94B | -19.46B | -20.11B | -19.53B | -16.59B | -19.68B | -17.72B | -8.32B | -5.58B | -20.75B | -5.22B | -6.81B | -11.19B | -13.12B | -10.3B | -5.93B | -5.77B | -3.03B |
| CapEx / Revenue % | 22.81% | 16.59% | 16.56% | 14.58% | 16.25% | 23.94% | 9.13% | 10.73% | 36.98% | 12.86% | 13.14% | 33.48% | 16.01% | 16.27% | 15.27% | 15.87% | 15.71% | 13.55% | 15.94% | 14.9% | 13.19% | 12.74% | 50.93% | 12.89% | 15.9% | 24.37% | 25.55% | 20.8% | 12.82% | 13.38% | 12.01% |
| CapEx / D&A | 1.42x | 1.00x | 0.98x | 0.95x | 1.09x | 1.80x | 0.55x | 0.69x | 2.22x | 0.85x | 0.83x | 2.23x | 1.16x | 1.14x | 1.07x | 1.09x | 1.01x | 0.84x | 0.99x | 0.82x | 0.84x | 0.73x | 2.74x | 0.66x | 0.79x | 1.23x | 1.35x | 1.20x | 1.14x | 1.17x | 1.35x |
| CapEx Coverage (OCF/CapEx) | 1.37x | 1.93x | 1.91x | 2.15x | 1.63x | 1.31x | 2.75x | 2.50x | 0.69x | 1.84x | 1.83x | 0.73x | 1.48x | 1.66x | 2.01x | 1.72x | 1.79x | 2.08x | 1.71x | 1.92x | 1.88x | 2.33x | 0.53x | 2.59x | 2.23x | 1.32x | 1.09x | 1.61x | 1.41x | 1.21x | 1.59x |
| Cash from Investing | -25.33B | -18.78B | -17.49B | -19.66B | -25.8B | -32.09B | -13.55B | -16.69B | -63.15B | -18.94B | -24.21B | -49.14B | -18.34B | -23.12B | -19.68B | -21.25B | -21.45B | -17.93B | -29.14B | -18.51B | -8.29B | -974M | -20.75B | -3.1B | -3.33B | -8.39B | -14.4B | -10.58B | -4.55B | -6.22B | -3.44B |
| Acquisitions | -2.34B | -379M | -380M | -2.87B | -10B | -16.71B | 1.63B | 2.51B | -42.21B | 1.18B | -2.31B | -30.68B | 4.99B | -1.89B | -16M | -1.07B | -1.08B | -696M | -9.36B | -1.28B | 20M | 4.47B | -16.11B | 3.01B | 3.48B | 2.29B | -823M | -280M | 1.05B | -563M | -226M |
| Purchase of Investments | -24M | 0 | 0 | 0 | 0 | 0 | -160M | -365M | -185M | 0 | 0 | 0 | -1.89B | 0 | 0 | 0 | -100M | 16.59B | 19.68B | -579M | 0 | 0 | -135M | -1.15B | -1M | 0 | -539M | -26M | -42M | -916M | -1B |
| Sale of Investments | 181M | 181M | 0 | 0 | 0 | 0 | 497M | 435M | -493M | 449M | 506M | 0 | 21.2B | 0 | 0 | 0 | 19.53B | 55M | 504M | 1.03B | 3M | 99M | 549M | 248M | 2M | 510M | 84M | 31M | 355M | 1.03B | 816M |
| Other Investing | -903M | 2.26B | 3.15B | 1.06B | 3.82B | 1.15B | 160M | 165M | 502M | 522M | -386M | 749M | -21.43B | -291M | -199M | -73M | -20.27B | -17.28B | -20.29B | 36M | 4M | 37M | 50M | 3.02B | 1M | 1M | -1M | 2M | 11M | 13M | 19M |
| Cash from Financing | -12.56B | -6.39B | -24.71B | -15.61B | -23.74B | 1.58B | -32.01B | -25.08B | -25.99B | 25.93B | -14.46B | 9.78B | -7.74B | -13.2B | -17.67B | -11.65B | -15.85B | -14.51B | -4.69B | -16.01B | -6.13B | -11.23B | 4.61B | -9.17B | -9.02B | -6.36B | 252M | -6.11B | -3.78B | -670M | -1.63B |
| Dividends Paid | -8.02B | -8.18B | -8.21B | -8.14B | -9.86B | -15.07B | -14.96B | -14.89B | -13.41B | -12.04B | -11.8B | -10.2B | -9.55B | -9.7B | -10.24B | -10.17B | -9.92B | -9.67B | -9.51B | -8.74B | -5.15B | -4.26B | -4.14B | -4.54B | -3.56B | -3.46B | -3.42B | -3.29B | -3.13B | -2.97B | -1.76B |
| Dividend Payout Ratio % | - | 37.37% | 74.97% | 56.5% | - | 75.04% | - | 107.08% | 69.23% | 40.88% | 90.91% | 76.43% | 148.28% | 52.64% | 140.98% | 257.91% | 49.92% | 79.67% | - | 73.16% | 70.05% | 88.93% | 70.34% | 53.37% | 62.92% | 49.32% | 43.82% | 40.29% | 40.72% | 72.57% | 50.76% |
| Debt Issuance (Net) | 2M | 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 |
| Stock Issued | 5M | 21M | 15M | 3M | 28M | 96M | 5.95B | 631M | 745M | 33M | 146M | 143M | 39M | 114M | 477M | 237M | 50M | 28M | 319M | 1.99B | 589M | 432M | 216M | 102M | 147M | 323M | 732M | 631M | 772M | 601M | 163M |
| Share Repurchases | -7.99B | -6.58B | -215M | -194M | -890M | -202M | -5.5B | -2.42B | -609M | -463M | -512M | -269M | -1.62B | -13.03B | -12.75B | 0 | 0 | 0 | -6.08B | -10.39B | -2.68B | -2.57B | -448M | -490M | -1.46B | -3.54B | -2.25B | -1.17B | -498M | -102M | -650M |
| Other Financing | -2.13B | 1.92B | -4.03B | -6.19B | 29.94B | -2.55B | -6.52B | 4.15B | -3.93B | 1.98B | -1.62B | -3.68B | -2.22B | 251M | 89M | -424M | -515M | -467M | 151M | -51M | 218M | -3M | 0 | 50M | -56M | 39M | 65M | -33M | -683M | 787M | -24M |
| Net Change in Cash | 2.22B | 15.12B | -3.43B | 3.04B | -17.52B | 11.45B | -2.42B | 6.89B | -45.53B | 45B | 667M | -3.48B | 5.26B | -1.53B | 1.82B | 1.75B | -2.3B | 2.01B | -178M | -448M | 1.19B | 464M | -4.05B | 1.24B | 2.86B | 60M | 148M | -104M | 50M | 84M | -248M |
| Exchange Rate Effect | 212M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -287M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -310M | 1.14B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 11.96B | 3.41B | 6.83B | 3.79B | 21.32B | 9.87B | 12.29B | 5.4B | 50.93B | 5.93B | 5.12B | 8.6B | 3.34B | 4.87B | 3.04B | 1.44B | 3.74B | 1.79B | 1.97B | 2.42B | 1.22B | 760M | 4.81B | 3.57B | 703M | 643M | 495M | 599M | 410M | 314M | 490M |
| Cash at End | 12.58B | 18.53B | 3.41B | 6.83B | 3.79B | 21.32B | 9.87B | 12.29B | 5.4B | 50.93B | 5.79B | 5.12B | 8.6B | 3.34B | 4.87B | 3.19B | 1.44B | 3.8B | 1.79B | 1.97B | 2.42B | 1.22B | 760M | 4.81B | 3.57B | 703M | 643M | 495M | 460M | 398M | 242M |
| Free Cash Flow | 10.88B | 19.44B | 18.51B | 20.46B | 12.4B | 9.87B | 27.45B | 29.23B | -19.54B | 17.36B | 17.83B | -13.26B | 10.14B | 13.85B | 19.71B | 14.54B | 15.46B | 17.85B | 13.98B | 16.36B | 7.29B | 7.4B | -9.79B | 8.3B | 8.4B | 3.62B | 1.18B | 6.27B | 2.45B | 1.2B | 1.8B |
| FCF Growth % | -44.58% | 5.05% | -9.54% | 65.05% | 25.63% | -64.06% | -6.08% | 249.58% | -212.56% | -2.61% | 234.41% | -230.82% | -26.8% | -29.72% | 35.58% | -5.98% | -13.37% | 27.68% | -14.52% | 124.19% | -1.39% | 175.55% | -218% | -1.24% | 132.36% | 207.74% | -81.27% | 155.66% | 103.82% | -33% | 6.65% |
| FCF Margin % | 8.55% | 15.47% | 15.13% | 16.71% | 10.27% | 7.36% | 15.98% | 16.13% | -11.44% | 10.81% | 10.88% | -9.04% | 7.66% | 10.76% | 15.47% | 11.47% | 12.44% | 14.57% | 11.33% | 13.75% | 11.57% | 16.9% | -24.04% | 20.49% | 19.62% | 7.88% | 2.29% | 12.67% | 5.31% | 2.79% | 7.13% |
| FCF / Net Income % | 50.6% | 88.82% | 169.05% | 142.09% | -145.44% | 49.14% | -530.43% | 210.26% | -100.89% | 58.96% | 137.39% | -99.39% | 157.39% | 75.21% | 271.35% | 368.61% | 77.84% | 147.06% | -532.57% | 136.85% | 99.17% | 154.58% | -166.33% | 97.57% | 148.63% | 51.6% | 15.06% | 76.9% | 31.91% | 29.46% | 51.68% |
Quick answers to the most common questions about buying TBB stock.
AT&T Inc. 5.35% GLB NTS 66 (TBB) generated $40.28B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AT&T Inc. 5.35% GLB NTS 66 (TBB) generated $19.44B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
AT&T Inc. 5.35% GLB NTS 66 (TBB) spent $20.84B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, AT&T Inc. 5.35% GLB NTS 66 (TBB) returned $8.18B to shareholders via cash dividends and spent $6.58B on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Debt load and rate lag
Metrics are mathematically derived from official filings.
Stable OCF Despite Seasonal Swings
AT&T's operating cash flow averaged $9.8B per quarter over the last ten quarters, with 2026Q2 at $10.9B, as reported in quarterly filings, indicating resilient cash generation from core operations.
Operating cash flow has remained consistently above $7.5B each quarter, with a notable dip in 2026Q1 to $7.6B, likely due to seasonal working capital needs. The stability suggests that the company's cash-generating ability is not overly sensitive to short-term disruptions, providing a solid base for funding capital expenditures and dividends.
CapEx Intensity Reflects Fiber and 5G Buildout
Capital expenditures averaged $5.9B per quarter, with CapEx/OCF ranging from 47% to 154%, as per financial statements, indicating a heavy investment phase that may pressure near-term free cash flow.
The elevated CapEx in 2026Q1 ($11.7B) stands out, likely reflecting a concentrated investment in network infrastructure. Over the period, CapEx has consistently exceeded depreciation (not shown), suggesting rate base growth, which should support future regulated earnings if recovery mechanisms are favorable.
Free Cash Flow Deficit and Debt Dependence
Free cash flow turned negative in 2026Q1 at -$4.1B, but otherwise remained positive, averaging $4.3B per quarter, as reported in SEC filings, indicating occasional reliance on external financing to cover investment gaps.
The company issued minimal long-term debt (only $1.0M per quarter) and consistently repurchased stock, suggesting that internal cash flows and existing liquidity are sufficient for most quarters. However, the negative FCF quarter highlights the need for occasional capital market access, which appears available given the stable credit profile.
Dividend Coverage Remains Comfortable
Dividends paid averaged $2.0B per quarter, with OCF/Div coverage ranging from 3.7x to 5.8x, as per quarterly reports, indicating a strong cushion for sustaining the current payout.
Even in the weakest quarter (2024Q1), OCF covered dividends 3.7 times, well above the typical 1.5x threshold for utility safety. This suggests that the dividend is well-supported by operating cash flow, and management has ample room to maintain or grow it without straining liquidity.
Net Income Volatility vs Cash Stability
Net income spiked to $9.3B in 2025Q3 due to a one-time gain, while OCF remained stable around $10B, as reported in financial statements, highlighting the disconnect between accounting earnings and cash generation.
The one-time gain in 2025Q3 did not translate into a proportional OCF increase, underscoring that non-cash items can distort earnings. Conversely, 2024Q3's net loss of -$174M did not impact OCF, which stayed at $10.2B, reinforcing that cash flow is a more reliable indicator of operational health than net income for this company.
Hidden Cash Flow Pressures
While reported OCF is robust, the data does not disclose potential pension contributions, environmental liabilities, or spectrum auction payments, which could create unforeseen cash outflows, as per available filings.
The cash flow statement shows no explicit line for pension funding or environmental remediation, but these are common for telecom operators. Investors should monitor any off-balance-sheet obligations that could emerge, especially given the company's high debt load and the need for continued network investment.