T
AT&T Inc
T—
AT&T Inc AI Insights
Informational only. Not investment advice.Snapshot
- Tangible book value is -85.7B due to 196.5B in goodwill/intangibles (46% of assets) - equity value depends entirely on intangible asset valuations[Tangible Book Value]
- Net debt of 119.2B at 1.43x D/E with 6.7B TTM interest expense consuming 27% of operating income - deleveraging is existential priority[Net Debt]
- FCF of 20.0B TTM (16% margin) on 124.5B revenue funds debt paydown despite 20.9B capex - cash machine despite capital intensity[Free Cash Flow TTM]
Watch Triggers
- Interest Expense TTM: Rises above 7.5B or exceeds 30% of operating income — Signals refinancing at worse rates or debt reduction stalling
- Free Cash Flow TTM: Falls below 15B — Threatens deleveraging timeline and dividend sustainability
- Goodwill: Any impairment charge announced — Would directly reduce already-negative tangible equity
Bull Case
20B FCF on 21B capex = near 1:1 ratio means infrastructure investment is self-funding; 5x industry median FCF generation
Free Cash Flow TTMCapital Expenditure TTM
Operating margin 19.5% vs industry median 8.9% - 2.2x advantage from scale in capital-intensive telecom
Operating Margin TTMEBITDA TTM
Bear Case
158.5B debt with -85.7B tangible book means equity is a levered bet on intangibles; goodwill impairment would devastate equity
Total DebtTangible Book ValueGoodwill
ROIC of 8.6% barely covers cost of capital given debt load - value creation questionable at current leverage
ROIC TTMDebt to Equity
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
40%
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Forward Thesis
Deleveraging trajectory will unlock equity value as interest burden declines from 27% of operating income
1-3ymed
- 20B annual FCF available for debt reduction
- Cash doubled to 20.3B YoY signals liquidity buffer
- 7.4B net debt issuance suggests refinancing at better terms
FCF TTM 20.0B vs 158.5B total debtCash position grew 9.8B YoYInterest expense 6.7B on 24.2B operating income
Valuation Context
Caveats
Public Strategies Rankings
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T Fundamentals
Information → Wired and Wireless Telecommunications Carriers
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$188.54B | — | ||
$326.77B | — | ||
8.4 | — | ||
$124.48B | +2.0% | — | |
$3.13 | +73.8% | — | |
19.5% | -0.7% | — | |
17.9% | +10.5% | — | |
$19.96B | -1.4% | — | |
0.21 | +12.1% | — | |
Beta 5Y (Monthly) | unknown | — |
T Dividend History
105 dividends
2026
$0.277501/12/26$0.2775
2025
$1.110010/10/25$0.2775
07/10/25$0.2775
04/10/25$0.2775
01/10/25$0.2775
2024
$1.110010/10/24$0.2775
07/10/24$0.2775
04/09/24$0.2775
01/09/24$0.2775
2023
$1.110010/06/23$0.2775
07/07/23$0.2775
04/06/23$0.2775
01/09/23$0.2775
2022
$1.352510/06/22$0.2775
07/08/22$0.2775
04/13/22$0.2775
01/07/22$0.5200
2021
$2.080010/07/21$0.5200
07/08/21$0.5200
04/08/21$0.5200
01/08/21$0.5200
2020
$2.080010/08/20$0.5200
07/09/20$0.5200
04/08/20$0.5200
01/09/20$0.5200
2019
$2.040010/09/19$0.5100
07/09/19$0.5100
04/09/19$0.5100
01/09/19$0.5100
2018
$2.000010/09/18$0.5000
07/09/18$0.5000
04/09/18$0.5000
01/09/18$0.5000
2017
$1.960010/06/17$0.4900
07/06/17$0.4900
04/06/17$0.4900
01/06/17$0.4900
2016
$1.920010/05/16$0.4800
07/06/16$0.4800
04/06/16$0.4800
01/06/16$0.4800
2015
$1.880010/07/15$0.4700
07/08/15$0.4700
04/08/15$0.4700
01/07/15$0.4700
2014
$1.840010/08/14$0.4600
07/08/14$0.4600
04/08/14$0.4600
01/08/14$0.4600
2013
$1.800010/08/13$0.4500
07/08/13$0.4500
04/08/13$0.4500
01/08/13$0.4500
2012
$1.760010/05/12$0.4400
07/06/12$0.4400
04/05/12$0.4400
01/06/12$0.4400
2011
$1.720010/05/11$0.4300
07/06/11$0.4300
04/06/11$0.4300
01/06/11$0.4300
2010
$1.680010/06/10$0.4200
07/07/10$0.4200
04/07/10$0.4200
01/06/10$0.4200
2009
$1.640010/07/09$0.4100
07/08/09$0.4100
04/07/09$0.4100
01/07/09$0.4100
2008
$1.600010/08/08$0.4000
07/08/08$0.4000
04/08/08$0.4000
01/08/08$0.4000
2007
$1.420010/05/07$0.3550
07/06/07$0.3550
04/05/07$0.3550
01/08/07$0.3550
2006
$1.330010/05/06$0.3325
07/06/06$0.3325
04/06/06$0.3325
01/06/06$0.3325
2005
$1.290010/05/05$0.3225
07/06/05$0.3225
04/06/05$0.3225
01/06/05$0.3225
2004
$1.250010/06/04$0.3125
07/07/04$0.3125
04/06/04$0.3125
01/07/04$0.3125
2003
$1.367510/08/03$0.3825
07/08/03$0.3825
04/08/03$0.3325
01/08/03$0.2700
2002
$1.066310/08/02$0.2700
07/08/02$0.2700
04/08/02$0.2700
01/08/02$0.2563
2001
$1.022710/05/01$0.2563
07/06/01$0.2563
04/06/01$0.2563
01/08/01$0.2538
2000
$1.005110/05/00$0.2537
07/06/00$0.2538
04/06/00$0.2538
01/06/00$0.2438
T Stock Splits
No stock splits
T SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/31/25 | 09/30/25 | 10-Q | |
07/24/25 | 06/30/25 | 10-Q | |
04/29/25 | 03/31/25 | 10-Q | |
02/12/25 | 12/31/24 | 10-K | |
10/29/24 | 09/30/24 | 10-Q | |
07/25/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/23/24 | 12/31/23 | 10-K | |
10/31/23 | 09/30/23 | 10-Q | |
07/27/23 | 06/30/23 | 10-Q | |
05/01/23 | 03/31/23 | 10-Q | |
02/13/23 | 12/31/22 | 10-K | |
11/03/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
05/03/22 | 03/31/22 | 10-Q | |
02/16/22 | 12/31/21 | 10-K | |
11/04/21 | 09/30/21 | 10-Q | |
08/05/21 | 06/30/21 | 10-Q | |
05/06/21 | 03/31/21 | 10-Q | |
02/25/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
08/05/20 | 06/30/20 | 10-Q | |
05/06/20 | 03/31/20 | 10-Q | |
02/20/20 | 12/31/19 | 10-K | |
11/05/19 | 09/30/19 | 10-Q | |
08/05/19 | 06/30/19 | 10-Q | |
05/06/19 | 03/31/19 | 10-Q | |
02/20/19 | 12/31/18 | 10-K | |
11/02/18 | 09/30/18 | 10-Q | |
08/02/18 | 06/30/18 | 10-Q | |
05/07/19 | 03/31/18 | 10-Q/A | |
05/03/18 | 03/31/18 | 10-Q | |
02/20/18 | 12/31/17 | 10-K | |
11/03/17 | 09/30/17 | 10-Q | |
08/03/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
02/17/17 | 12/31/16 | 10-K | |
11/03/16 | 09/30/16 | 10-Q | |
08/04/16 | 06/30/16 | 10-Q | |
05/05/16 | 03/31/16 | 10-Q | |
02/18/16 | 12/31/15 | 10-K | |
11/06/15 | 09/30/15 | 10-Q | |
08/07/15 | 06/30/15 | 10-Q | |
05/05/15 | 03/31/15 | 10-Q | |
02/20/15 | 12/31/14 | 10-K | |
11/10/14 | 09/30/14 | 10-Q | |
08/01/14 | 06/30/14 | 10-Q | |
05/02/14 | 03/31/14 | 10-Q | |
02/21/14 | 12/31/13 | 10-K | |
11/01/13 | 09/30/13 | 10-Q | |
08/02/13 | 06/30/13 | 10-Q | |
05/03/13 | 03/31/13 | 10-Q | |
02/22/13 | 12/31/12 | 10-K | |
11/02/12 | 09/30/12 | 10-Q | |
08/03/12 | 06/30/12 | 10-Q | |
05/04/12 | 03/31/12 | 10-Q | |
02/24/12 | 12/31/11 | 10-K | |
11/03/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-Q | |
05/06/11 | 03/31/11 | 10-Q | |
03/01/11 | 12/31/10 | 10-K | |
11/05/10 | 09/30/10 | 10-Q | |
08/06/10 | 06/30/10 | 10-Q | |
05/06/10 | 03/31/10 | 10-Q | |
02/25/10 | 12/31/09 | 10-K | |
11/05/09 | 09/30/09 | 10-Q | |
08/05/09 | 06/30/09 | 10-Q | |
05/07/09 | 03/31/09 | 10-Q | |
02/25/09 | 12/31/08 | 10-K | |
11/05/08 | 09/30/08 | 10-Q | |
08/06/08 | 06/30/08 | 10-Q | |
05/07/08 | 03/31/08 | 10-Q | |
02/27/08 | 12/31/07 | 10-K | |
11/06/07 | 09/30/07 | 10-Q | |
08/03/07 | 06/30/07 | 10-Q | |
05/04/07 | 03/31/07 | 10-Q | |
02/26/07 | 12/31/06 | 10-K | |
11/02/06 | 09/30/06 | 10-Q | |
08/04/06 | 06/30/06 | 10-Q | |
05/05/06 | 03/31/06 | 10-Q | |
03/01/06 | 12/31/05 | 10-K | |
11/04/05 | 09/30/05 | 10-Q | |
08/05/05 | 06/30/05 | 10-Q | |
05/06/05 | 03/31/05 | 10-Q | |
03/11/05 | 12/31/04 | 10-K | |
11/05/04 | 09/30/04 | 10-Q | |
08/05/04 | 06/30/04 | 10-Q | |
05/06/04 | 03/31/04 | 10-Q | |
03/11/04 | 12/31/03 | 10-K | |
11/12/03 | 09/30/03 | 10-Q | |
08/12/03 | 06/30/03 | 10-Q | |
05/12/03 | 03/31/03 | 10-Q | |
03/14/03 | 12/31/02 | 10-K | |
11/13/02 | 09/30/02 | 10-Q | |
08/12/02 | 06/30/02 | 10-Q | |
05/03/02 | 03/31/02 | 10-Q | |
02/28/02 | 12/31/01 | 10-K | |
11/08/01 | 09/30/01 | 10-Q | |
08/08/01 | 06/30/01 | 10-Q | |
05/11/01 | 03/31/01 | 10-Q | |
03/12/01 | 12/31/00 | 10-K | |
11/13/00 | 09/30/00 | 10-Q | |
08/10/00 | 06/30/00 | 10-Q | |
05/10/00 | 03/31/00 | 10-Q |