# AT&T Inc. (T)

> AT&T sells wireless phone service, home and business internet, and network services in the United States and Mexico.

- Sector: Communication Services · Industry: Telecom Services
- Headquarters: Dallas, Texas
- Founded: 1983
- Employees: approximately 133,030
- SEC CIK: 0000732717 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000732717))
- Full page: https://inspectstocks.com/stocks/t
- Data as of: price 2026-09-25; newest filing used 2026-07-22; latest fiscal period ended 2026-06-30

## Grade

**C+** on the growth-and-cash rubric, 3 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $127.2B | $121.4B |
| Revenue growing recently | passed | $127.2B | $125.6B |
| Free cash flow positive | passed | $17.6B |  |
| Free cash flow growing overall | failed | $17.6B | $18.3B |
| Free cash flow growing recently | failed | $17.6B | $19.4B |

Business quality (the + / − mark): 6 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 16.9% |  |
| Healthy profit margin | passed | 16.9% |  |
| Strong operating margin | passed | 20.1% |  |
| Good return on equity | passed | 17.0% |  |
| Debt under control | passed | 1.26 |  |
| Turns sales into cash | passed | 13.9% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $127.2B |
| Net income, trailing twelve months | $21.6B |
| Free cash flow, trailing twelve months | $17.6B |
| Net margin | 16.9% |
| Operating margin | 20.1% |
| Return on equity | 17.0% |
| Debt to equity | 1.26 |
| Diluted EPS, trailing twelve months | $3.02 |
| Share price | $25.38 |
| Market value | $173.9B |
| Price / earnings | 8.4x |
| Price / sales | 1.4x |

## What the business does

AT&T operates wireless networks and wired fiber connections, selling phone and internet service to consumers, businesses, government customers, and other carriers. Its services include fifth-generation (5G) wireless, home internet through fiber or a wireless connection, and business network services; it is also winding down older copper-based phone and internet services. In the second quarter of 2026, it added more than 1 million (Q2 2026, high confidence) subscribers across fiber, fixed wireless, and postpaid wireless phones. At quarter-end, 42.5% (Q2 2026, high confidence) of its advanced home internet customers also had an AT&T postpaid wireless account.

### How it makes money

- **Advanced Connectivity: wireless, fiber internet, and other newer network services** (90.4%) — Customers pay recurring service charges for mobile phone plans, fiber home internet, fixed wireless internet, and business connectivity. The filing's segment revenue table reports this share for Advanced Connectivity; it does not reconcile to consolidated revenue.
- **Legacy phone and data services** (5.6%) — Businesses and consumers pay for older voice and data services, including copper-based services. This revenue is declining as AT&T moves customers to newer network services.
- **Wireless service in Mexico** (3.7%) — Customers pay for prepaid or postpaid mobile voice and data plans. AT&T also sells phones and related equipment in Mexico.

### Products

- **AT&T wireless service** — Mobile phone voice and data plans for consumers, businesses, and resellers in the United States, including prepaid plans sold under AT&T PREPAID and Cricket.
- **FirstNet** — A nationwide wireless broadband network and service for public safety customers.
- **AT&T Fiber** — Home and business internet delivered over fiber-optic lines.
- **AT&T Internet Air** — Home internet delivered over AT&T's wireless network rather than a wired connection.
- **Business connectivity and managed services** — Services for businesses that include dedicated internet connections, fiber Ethernet, fixed wireless, and managed network support.
- **Legacy voice and data services** — Older copper-based telephone and data services for homes and businesses, which AT&T is working to replace with fiber and wireless services.

### Customers

- Consumers who buy postpaid or prepaid wireless plans, often with a phone purchased outright or through installment payments.
- Households that subscribe to fiber or fixed wireless home internet, sometimes alongside an AT&T wireless plan.
- Businesses, from small and mid-sized firms to multinational companies, that buy internet, wireless, voice, and managed network services.
- Government customers, including public safety agencies that use FirstNet.
- Wholesale and resale customers, including other carriers and internet service providers that use AT&T network services.

### Competitors

- Verizon Communications (VZ) — Wireless phone service and home or business internet in the United States.
- T-Mobile US (TMUS) — Wireless phone service and wireless home internet in the United States.
- Comcast (including its Xfinity business) (CMCSA) — Cable internet and phone service that compete with AT&T home internet and voice services.
- Charter Communications (including its Spectrum business) (CHTR) — Cable internet and phone service that compete with AT&T home internet and voice services.
- América Móvil (AMX) — Wireless service in Mexico; it is a separate company and the 10-K identifies it as AT&T's most significant competitor there.

### What it depends on

- Wireless service depends on government licenses to use radio spectrum; AT&T must maintain and renew those licenses and obtain enough capacity for network traffic.
- Network construction and service depend on equipment and other supplies from third-party vendors, including equipment used in wireless networks and customer devices.
- Service depends on the continued operation of extensive wireless, fiber, and legacy wired infrastructure, which can be affected by cyberattacks, extreme weather, or other physical damage.
- A significant share of employees is represented by labor unions, so contract negotiations and work stoppages can affect operating costs or service work.

### What could go wrong

- AT&T needs ongoing access to radio spectrum and substantial investment in its wireless and fiber networks to meet customer demand; spectrum availability, license terms, or higher network costs could affect service and operations.
- Wireless carriers, cable companies, fixed wireless providers, and other internet services compete for customers on price, coverage, network quality, and devices, while customers continue to move away from older copper-based services.
- Cyberattacks, extreme weather, infrastructure damage, or delays in equipment supply can disrupt AT&T's networks or its ability to serve customers.

## More on this company

- [Overview](https://inspectstocks.com/stocks/t)
- [Financial statements](https://inspectstocks.com/stocks/t/financials)
- [Competitors](https://inspectstocks.com/stocks/t/peers)
- [Earnings](https://inspectstocks.com/stocks/t/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.