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Major US telecom operator providing wireless service and fiber/broadband internet, having exited satellite TV and media businesses.
Major US telecom operator providing wireless service and fiber/broadband internet, having exited satellite TV and media businesses.
Collects monthly fees for wireless and home broadband, so revenue recurs. It sold or spun off its satellite TV (DirecTV) and WarnerMedia businesses, the latter into Warner Bros. Discovery in 2022, and now concentrates on wireless and fiber.
Moat: wide (scale, regulatory licence, installed base). Nationwide spectrum and fiber network assets are extremely capital-intensive for new entrants to replicate.
Headquarters: Dallas, Texas, USA · Founded: 1983 · Employees: 133,030
Size AT&T (T) is a United States Communication Services company (Wireless Telecommunications) with a market value of $146B, the 83rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $21.63 on 6 Nov 2026.
Performance Over six months the shares fell 14.0%, against -3.8% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 10 in its peer set.
Growth Revenue grew 3.5% over the last twelve months (peer median +6.0%); the operating margin is 21.7% (peer median 19.9%).
Valuation It trades at 8.5× forward earnings against a peer median of 13.5× (cheapest of 10).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is -6%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.4 points above its cost of capital (5.8% WACC).
Backlog Backlog (remaining performance obligations) was $42.9B at 30 Sep 2026, up 2% on a year earlier — 0.3 years of trailing revenue. Backlog detail →
Credit AT&T has 77 bonds outstanding ($108B), rated BBB by the agencies and trading like BBB- at a weighted spread of 132 bp.
Short interest Short interest is 1.8% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $129B | $126B | $122B | $122B | $121B |
| Revenue growth | — | +3% | 0% | +1% | — |
| Gross profit | $56.9B | $53.9B | $52.5B | $53.5B | $51.9B |
| EBITDA | $48.0B | $46.5B | $44.8B | $43.5B | $41.4B |
| Net income | $13.1B | $22.0B | $10.9B | $14.4B | -$8.52B |
| Free cash flow | $18.0B | $19.4B | $18.5B | $20.5B | $12.4B |
| Capital expenditure | $22.4B | $20.8B | $20.3B | $17.9B | $19.6B |
| Total debt | $178B | $159B | $144B | $158B | $158B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| AT&T T | $146B | -14% | +4% | 22% | 8.5× | -4.8% |
| Verizon VZ | $189B | -3% | +1% | 24% | 8.8× | -7.2% |
| T-Mobile US TMUS | $172B | -16% | +9% | 22% | 12.0× | -3.0% |
| Comcast CMCSA | $86.6B | -3% | 0% | 15% | 7.2× | -6.4% |
| Charter Communications CHTR | $20.8B | -24% | -2% | 24% | 3.1× | -8.5% |
| Lumen Technologies LUMN | $4.12B | -59% | -8% | -3% | n/a | 5.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.0% | +1.3% | lowest of 10 |
| 6-month return | -14.0% | -3.8% | 4th lowest of 10 |
| Distance from 52-week high | -25.8% | -9.6% | 2nd lowest of 10 |
| Revenue growth (TTM) | +3.5% | +6.0% | 5th lowest of 11 |
| Operating margin | 21.7% | 19.9% | 6th highest of 11 |
| Forward P/E | 8.5× | 13.5× | cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | -4.8% | 1.0% | 4th least demanding of 11 |
| Growth delivered (Del g) | -6.1% | +4.9% | lowest of 11 |
| Hurdle (Req g minus delivered) | +1.3 pp | -3.5 pp | 5th most demanding of 11 |
| ROIC minus cost of capital | +1.4 pp | +1.8 pp | 5th lowest of 11 |
| EV / EBITDA | 6.9× | 8.6× | 3rd cheapest of 10 |
| Net debt / EBITDA | 3.5× | 2.5× | 3rd most indebted of 10 |
| Bond spread | 132 bp | 104 bp | 2nd widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| AT&T T | United States | $146B | -14% | +4% | 22% | 8.5× | -4.8% | -6.1% |
| Bharti Airtel BHARTIARTL.NS | India | $139B | +15% | +20% | 32% | 33.3× | 20.4% | +16.0% |
| Jio Platforms JPL.NS | India | $137B | n/a | +15% | 32% | n/a | 28.0% | +14.6% |
| T-Mobile US TMUS | United States | $172B | -16% | +9% | 22% | 12.0× | -3.0% | +5.2% |
| Verizon VZ | United States | $189B | -3% | +1% | 24% | 8.8× | -7.2% | +1.5% |
| China Telecom 0728.HK | Hong Kong | $89.4B | -14% | +1% | 6% | 12.3× | -17.0% | +5.1% |
| America Movil SAB de CV Sponsored ADR AMX | United States | $78.5B | -5% | +16% | 22% | 13.5× | -7.3% | +4.7% |
| Softbank 9434.T | Japan | $71.3B | +6% | +8% | 14% | 18.5× | 3.4% | +6.2% |
| Kddi 9433.T | Japan | $66.4B | +10% | +4% | 18% | 14.2× | -1.4% | +2.7% |
| Orange ORA.PA | France | $45.0B | -19% | +3% | 12% | 9.9× | 4.9% | -0.9% |
| Telstra TLS.AX | Australia | $39.0B | -4% | -1% | 16% | 24.2× | 5.6% | +1.2% |
AT&T has 77 bonds outstanding with $108B face value. The agencies rate it BBB; its bonds trade like BBB-. Weighted yield 6.28%, a spread of 132 bp over government bonds.
AT&T reported $42.9B of remaining performance obligations at 30 Sep 2026, up 2% from a year earlier and down 4% from the previous quarter. That is 0.3 years of trailing revenue already under contract. Book-to-bill last quarter: 0.95.