Revenue growth remains modest at 2.9% year-over-year as of 2026Q1, though operating margins remain range-bound between 15.4% and 21.8% over the last ten quarters.
| 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 |
|---|
| Sales/Revenue | 126.52B | 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 % | 2.92% | 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 Goods Sold | 25.73B | 25.42B | 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 |
| COGS % of Revenue | - | 20.23% | 57.06% | 56.28% | 42.11% | 45.07% | 63.13% | 62.01% | 63.16% | 63.66% | 62.72% | 60.67% | 59.56% | 54.26% | 57.57% | 59.78% | 57.65% | 57.21% | 56.53% | 56.87% | 59.08% | 61.31% | 61.25% | 41.62% | 38.47% | 36.9% | 60.65% | 59.32% | 58.77% | 64.32% | 57.57% |
| Gross Profit | 100.8B | 100.22B | 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 % | 79.67% | 79.77% | 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 % | - | 90.78% | -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 | 76.31B | 76.06B | 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 |
| OpEx % of Revenue | - | 60.54% | 23.11% | 23.49% | 61.69% | 35.61% | 21.9% | 21.26% | 20.89% | 21.7% | 21.48% | 21.14% | 29.97% | 22.07% | 32.24% | 30.65% | 26.61% | 25.65% | 24.47% | 24.91% | 23.37% | 22.88% | 24.4% | 42.86% | 41.82% | 40.21% | 18.97% | 17.27% | 16.96% | 18.04% | 17.72% |
| Selling, General & Admin | 21.87B | 28.94B | 27.32B | 27.81B | 28.96B | 29.67B | 36.4B | 37.25B | 34.47B | 33.34B | 33.53B | 29.34B | 37.97B | 26.93B | 39.8B | 37.65B | 31.72B | 30.44B | 29.38B | 28.64B | 14.51B | 9.88B | 9.94B | 9.49B | 9.33B | 9.38B | 0 | 0 | 0 | 7.28B | 3.97B |
| SG&A % of Revenue | - | 23.03% | 22.33% | 22.71% | 23.99% | 22.13% | 21.19% | 20.56% | 20.19% | 20.77% | 20.47% | 19.99% | 28.67% | 20.91% | 31.23% | 29.71% | 25.52% | 24.85% | 23.8% | 24.08% | 23.02% | 22.58% | 24.4% | 23.43% | 21.79% | 20.44% | - | - | - | 16.88% | 15.74% |
| Research & Development | 0 | 0 | 955M | 954M | 1.24B | 1.32B | 1.21B | 1.28B | 1.19B | 1.5B | 1.65B | 1.69B | 1.73B | 1.49B | 1.28B | 1.2B | 1.34B | 986M | 832M | 985M | 223M | 130M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.78% | 0.78% | 1.02% | 0.99% | 0.7% | 0.7% | 0.7% | 0.94% | 1.01% | 1.15% | 1.31% | 1.16% | 1% | 0.94% | 1.08% | 0.8% | 0.67% | 0.83% | 0.35% | 0.3% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 24.49B | 24.16B | 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 % | 19.35% | 19.23% | 19.83% | 20.23% | -3.8% | 19.32% | 14.97% | 16.77% | 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 % | - | -0.41% | -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% |
| EBITDA | 45.15B | 45.05B | 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 % | 35.68% | 35.85% | 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 % | 1.01% | 0.46% | 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% |
| D&A (Non-Cash Add-back) | 20.66B | 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 |
| EBIT | 32.91B | 33.81B | 23.44B | 26.54B | 3.01B | 35.87B | 5.05B | 26.87B | 32.78B | 21.42B | 24.7B | 24.79B | 13.53B | 31.67B | 13.84B | 10.23B | 21.21B | 21.86B | 23.55B | 21.91B | 12.72B | 7.17B | 8.19B | 9.91B | 11.65B | 12.55B | 14.21B | 12.28B | 13.72B | 8.09B | 6.36B |
| Net Interest Income | -7.01B | -6.8B | -6.75B | -6.69B | -6.14B | -6.7B | -7.91B | -8.4B | -7.91B | -6.28B | -4.77B | -4B | -3.5B | -3.83B | -3.34B | -3.44B | -2.87B | -3.25B | -3.19B | -3.34B | -1.47B | -1.07B | -531M | -588M | -821M | -917M | -1.31B | -1.3B | -1.42B | -1.55B | -901M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 377M | 383M | 492M | 603M | 561M | 682M | 279M | 127M | 182M | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 26.41B | 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 % | 20.88% | 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 | 3.5B | 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 % | 13.25% | 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 | 21.41B | 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 % | 16.92% | 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 % | 80.57% | 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% |
| Net Income (Continuing) | 22.91B | 23.39B | 12.25B | 15.62B | -6.87B | 23.78B | -3.82B | 14.97B | 19.95B | 29.85B | 13.33B | 13.69B | 6.52B | 18.55B | 7.54B | 4.18B | 19.4B | 12.43B | 13.13B | 12.15B | 7.36B | 4.79B | 4.98B | 5.86B | 7.36B | 7.01B | 7.8B | 6.57B | 7.74B | 4.09B | 3.39B |
| Discontinued Operations | 0 | 0 | 0 | 0 | -181M | -2.3B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10M | 20M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 17.96B | 17.96B | 15.85B | 16.12B | 8.96B | 17.52B | 17.57B | 17.71B | 9.79B | 1.15B | 975M | 969M | 554M | 494M | 333M | 263M | 303M | 425M | 403M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1B | 1B | 1B | 1B | 1B |
| EPS (Diluted) | 3.05 | 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 % | 82.37% | 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 | 7.03B | 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 |
| Basic Shares Outstanding | 7B | 7.17B | 7.2B | 7.18B | 7.17B | 7.17B | 7.16B | 7.32B | 6.78B | 6.16B | 6.17B | 5.63B | 5.21B | 5.37B | 5.8B | 5.93B | 5.91B | 5.9B | 5.93B | 6.13B | 3.88B | 3.37B | 3.31B | 3.32B | 3.33B | 3.37B | 3.39B | 3.41B | 3.41B | 1.83B | 1.96B |
| 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% |
Legacy infrastructure remediation liabilities
As reported in 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 consistent, albeit slow, expansion trajectory across its primary segments.
The revenue trend appears to reflect the inelastic nature of telecommunications demand, though growth remains constrained by the maturity of the U.S. wireless market. Investors should monitor whether the company can sustain this pace as legacy wireline services continue to face secular headwinds.
Based on the provided income statement data, gross margins have exhibited significant quarterly fluctuations, ranging from 39.4% in 2024Q4 to an outlier of 178.7% in 2025Q4, which likely indicates inconsistent accounting treatments of equipment subsidies or non-recurring adjustments that complicate underlying profitability analysis for the firm.
The extreme variance in reported gross margins suggests that headline figures may not accurately reflect the core service profitability of the network. A more normalized view of margins is required to determine if the company is successfully expanding its high-margin fiber-to-the-home subscriber base.
According to the historical income statement data, operating income has remained relatively range-bound between $5.2 billion and $6.7 billion over the last ten quarters, indicating that the company is struggling to achieve meaningful operating leverage despite its massive scale and ongoing network infrastructure investments.
The inability of operating income to scale significantly faster than revenue suggests that the company's high fixed-cost base and maintenance requirements are absorbing most efficiency gains. This warrants further investigation into whether the current cost structure is optimized for the transition to 5G and fiber.
As evidenced by the net income swing from a $174 million loss in 2024Q3 to a $9.3 billion profit in 2025Q3, the quality of reported earnings appears highly sensitive to non-operating items, suggesting that investors should focus on cash flow metrics rather than headline net income.
The significant quarterly variance in net income implies that one-time charges, divestitures, or tax adjustments are heavily influencing the bottom line. Such volatility makes it difficult to assess the true underlying earnings power of the business without adjusting for these non-recurring accounting events.
Based on the provided financial figures, the persistent reliance on high-cost network maintenance and the potential for significant remediation liabilities regarding legacy lead-sheathed cables suggest that the company's long-term margin profile may be more vulnerable than the current stable revenue growth might otherwise imply to investors.
Short-sellers may focus on the potential for unforeseen capital expenditures to address environmental liabilities, which could divert cash away from dividend payments or debt reduction. The market may be underestimating the long-term drag these legacy infrastructure issues could impose on future free cash flow.
Quick answers to the most common questions about buying TBB stock.
For fiscal year 2025, AT&T Inc. 5.35% GLB NTS 66 (TBB) reported total revenue of $125.65B. This represents a 398.6% increase compared to $25.20B in 1996.
AT&T Inc. 5.35% GLB NTS 66 (TBB) 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. 5.35% GLB NTS 66 (TBB) reported an operating income of $24.16B, resulting in an operating profit margin of 19.2%. This margin reflects the operational efficiency of the business before interest and taxes.
AT&T Inc. 5.35% GLB NTS 66 (TBB) generated $100.22B in gross profit for the year, representing a gross profit margin of 79.8%. This demonstrates the company's core pricing power and production efficiency.