AT&T (T) stock
Communication Services · Integrated Telecommunication Services
AT&T (T) is an Integrated Telecommunication Services company in the Communication Services sector, headquartered in Dallas, Texas. As of October 23, 2026, T closed at $20.93, a market capitalization of $140.99 billion, the 86th largest company in the S&P 500. Over the last twelve months it generated $128.85 billion in revenue (+5% year over year) and $17.65 billion in free cash flow. The stock trades at 11.2x trailing earnings and 8.1x forward earnings.
- 1-year total return: -10.9% (dividends reinvested)
- 5-year return: +7.7% a year
- 52-week range: $19.89 – $29.44
- Gross margin 59.7%, operating margin 24.7%
- Dividend yield: 5.30%
- FI Handbook report card: B- across 10 metrics
- 8th largest of 22 Communication Services stocks in the S&P 500
T price chart
1Y price change: -15.0% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| T | -16.3% | -11.7% | -10.9% | +17.6% | +7.7% | +4.0% | +10.9% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1983.
T key statistics
- Market cap
- $141.0B
- #86 in S&P 500
- P/E (TTM)
- 11.2x
- Forward P/E
- 8.1x
- EPS (TTM)
- $1.87
- Revenue (TTM)
- $128.9B
- +5%
- Free cash flow
- $17.7B
- Gross margin
- 59.7%
- Operating margin
- 24.7%
- Return on equity
- 11.6%
- Dividend yield
- 5.30%
- 52-week range
- $19.89 – $29.44
- Beta
- 0.44
- Price / sales
- 1.1x
- EV / EBITDA
- 7.2x
- Debt / equity
- 1.45x
- Employees
- 133,030
T report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth5.3%C
- Gross margin59.7%B
- Operating margin24.7%B
- FCF margin13.7%C
- Return on equity11.6%C
- Net debt / EBITDA3.7xF
- Forward P/E8.1xA
- PEG ratio1.6xC
- Shareholder yield8.5%A
- Share count change / yr-0.8%B
AT&T financials
Revenue went from $163.8B in fiscal 2016 to $125.6B in fiscal 2025, shrinking 2.9% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $163.8B | $160.5B | $170.8B | $181.2B | $143.1B | $134.0B | $120.7B | $122.4B | $122.3B | $125.6B |
| Operating income | $23.5B | $20.0B | $26.1B | $28.0B | $8.4B | $25.9B | -$4.6B | $23.5B | $19.0B | $24.2B |
| Net income | $13.0B | $29.4B | $19.4B | $13.9B | -$5.2B | $20.1B | -$8.5B | $14.4B | $10.9B | $22.0B |
| EPS (diluted) | $1.59 | $3.60 | $2.15 | $1.43 | $-0.75 | $2.73 | $-1.13 | $1.97 | $1.49 | $3.04 |
| Free cash flow | $16.9B | $17.4B | $22.4B | $29.0B | $28.4B | $26.4B | — | $20.5B | $18.5B | $19.4B |
| Buybacks | $512.0M | $463.0M | $609.0M | $2.4B | $5.5B | $202.0M | $890.0M | $194.0M | $215.0M | $4.5B |
| Dividends paid | $11.8B | $12.0B | $13.4B | $14.9B | $15.0B | $15.1B | $9.9B | $8.1B | $8.2B | $8.2B |
| Diluted shares | 8.2B | 8.2B | 9.0B | 9.7B | 7.5B | 7.5B | 7.6B | 7.3B | 7.2B | 7.2B |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into T?
A reverse DCF asks what growth the current price requires. With an enterprise value of $310.8B and $17.7B of trailing free cash flow, AT&T needs to grow free cash flow about 7.4% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew -7.7% a year over the last five years.
P/E ratio history
Current 6.9x vs. median 14.3x (10th–90th percentile 6.9x–28.2x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
T dividend
- Dividend yield
- 5.30%
- Annual dividend
- $1.11
- Years of increases
- —
- 5-yr dividend growth
- -11.8%
- per year
- Payout ratio
- 59%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
T earnings
Next report: January 27, 2027. AT&T has beaten EPS estimates 6 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 21, 2026 | $0.60 | $0.65 | +7.8% |
| Jul 22, 2026 | $0.59 | $0.65 | +10.5% |
| Apr 22, 2026 | $0.55 | $0.57 | +3.4% |
| Jan 28, 2026 | $0.47 | $0.52 | +11.6% |
| Oct 22, 2025 | $0.54 | $0.54 | +0.5% |
| Jul 23, 2025 | $0.53 | $0.54 | +1.9% |
| Apr 23, 2025 | $0.51 | $0.51 | -0.9% |
| Jan 27, 2025 | $0.51 | $0.54 | +6.8% |
Stocks like T
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 VZ Verizon Communications | -1.19% | +24% | $185.6B | 11.6x | Compare |
 GOOGL Alphabet | -1.24% | +27% | $3.9T | 16.1x | Compare |
 GOOG Alphabet | -1.08% | +25% | $3.9T | 15.9x | Compare |
 META Meta Platforms | -0.96% | -12% | $1.6T | 21.9x | Compare |
 NFLX Netflix | -1.79% | -41% | $274.2B | 19.0x | Compare |
 DIS Walt Disney | -0.54% | +1% | $194.3B | 23.2x | Compare |
 TMUS T-Mobile US | -7.71% | -32% | $157.2B | 15.3x | Compare |
 APP Applovin | -1.52% | -56% | $87.4B | 20.0x | Compare |
T news
- AT&T accelerates the end of a network that’s losing customers · Oct 25, 2026
- ‘Real consequences’: AT&T, Verizon and T-Mobile warn FCC as Elon Musk plots a SpaceX phone network for the US by 2028 · Oct 25, 2026
- SpaceX's Starlink growth creates a new problem for AT&T · Oct 24, 2026
- Why AT&T Stock Plunged on Friday · Oct 24, 2026
- Stock Market Today, Oct. 23: AT&T Slides on SpaceX Cell-Site Talks · Oct 23, 2026
T stock FAQ
What is T's market cap?
AT&T's market capitalization is $140.99 billion as of October 23, 2026, ranking 86th in the S&P 500.
What is T's P/E ratio?
T trades at a trailing price-to-earnings ratio of 11.2x and a forward P/E of 8.1x. Its median P/E over the period we track is 14.3x.
Does T pay a dividend?
Yes. AT&T pays $1.11 per share a year, a 5.30% yield. Dividends fell 11.8% a year over the last five years.
How much has T stock returned?
Including reinvested dividends, T returned -10.9% over one year, +7.7% a year over five years, +4.0% a year over ten years through October 23, 2026.
Is T stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies AT&T must grow free cash flow about 7% a year for the next decade. Its free cash flow fell 8% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does T report earnings?
AT&T is expected to report earnings on January 27, 2027. It has beaten EPS estimates 6 quarters in a row.
How many employees does AT&T have?
AT&T has about 133,030 full-time employees, or $968,594 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology