AT&TT

AT&TT

Revenue: is the business selling more than it used to?

$125.6B+3% YoYFY 2025

→Revenue reached $125.6B in 2025, compounding +1% a year since 2022 though the path has been bumpy.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

Net income: how much of that revenue becomes profit?

$22.0B+101% YoYFY 2025

→Net income was $22.0B in 2025, against $10.9B the year before. Earnings per share moved +69% over the last twelve months.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

How fast is it growing, year by year?

+2.7%revenue growth, FY 2025

→Revenue grew +3% in 2025 against a five-year average of -2%. Earnings grew faster (+101%), so each new dollar of sales is arriving more profitably.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

Revenue per share: is your slice growing as fast as the company?

$17.50revenue per share, FY 2025

→Revenue per share reached $17.50 in 2025, compounding +3% a year against +1% for T as a whole. Buybacks added roughly 1.9 points to your per-share result. Free cash flow per share stands at $2.71.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

Free cash flow: what is left in real cash after everything?

$19.4B+5% YoYFY 2025

→Free cash flow was $19.4B in 2025, compounding +6% a year since 2022. The trailing twelve months stand at $17.6B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

How much of every sales dollar ends up as free cash?

→15 cents of every sales dollar became free cash in 2025, up 2 points since 2022.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is capital spending, at 17% of revenue (stock compensation 0%).

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in only 2 of the last 5 years. Costs are growing roughly in step with the business, so scale isn't yet paying for itself.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin widened 23 points to 19% since 2022. After everything, 17 cents of each sales dollar reaches net profit. T doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

What does it earn on the money it uses?

→ROE of 17% sits well above ROCE of 7%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

What has the market paid for T over time?

8.6xP/E today

→At 8.6x earnings, the market is paying +22% more than T's own 9-year median of 7.0x. Expectations are elevated, so more has to go right to justify the price.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

What cash return does the business throw off per dollar of market value?

10.0%FCF yield today

→Every dollar of market value currently buys 10.0% of annual free cash flow, less than its 11-year median of 20.0% - you are paying up for the same cash.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

Could it handle its debt if things went wrong?

→Debt of $144.0B sits against $17.6B of cash, or 1.1x shareholders' equity. Earnings cover interest 3.6 times - adequate, with less room than it looks in a downturn.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

Is the company's own capital growing?

→The company's own capital grew from $117.4B in 2023 to $126.4B (+8%). The business is building book value rather than consuming it.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

How much goes back, and how much leaks out as stock comp?

→Shareholders received $4.5B in buybacks and $8.2B in dividends in 2025. Stock compensation issued $536M of new shares in the same year, offsetting 4% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

How fast is your ownership being diluted - or concentrated?

→The share count shrank 0.3% in 2025, averaging 1.8% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

Is the dividend cheque growing?

→The dividend per share reached $1.14 in 2025, compounding -11% a year since 2020.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

Can it afford the dividend?

→The dividend consumed 37% of profit and 42% of free cash flow in 2025. That leaves room to keep paying through a weak year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

Does T earn more on its capital than that capital costs?

→T earns 6.6% on the capital it employs, below the 10% most investors treat as the cost of capital.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AT&TT

T has issued or retired shares - did shareholders end up better off?

→T issued +21% more shares from 2011 to 2025 and revenue per share still fell -18%. On this measure the new shares have not paid for themselves.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30