AI Takeaway
AT&T delivered a strong FY2025, with net income doubling to $21.95B and operating income surging 26.8% to $24.16B on modest 2.7% revenue growth of $125.65B, driven by improved margins and disciplined cost management.
Revenue
$125.65B
++2.71% YoY
EPS (Basic)
$3.04
++104.03% YoY
Operating Income
$24.16B
++26.84% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
AT&T grew total revenue 2.7% year-over-year to $125.65B in FY2025, up from $122.34B in the prior year, reflecting continued momentum in its core connectivity businesses despite a competitive telecom environment.
Source: Source: 10-K Income Statement
Operating margin improved significantly from 15.57% to 19.23%, as operating income jumped 26.8% to $24.16B, suggesting meaningful operating leverage and cost discipline even as SG&A grew only modestly by 1.9% to $28.94B.
Source: Source: 10-K Income Statement & Key Ratios
Net income surged 100.5% to $21.95B from $10.95B in the prior year, with diluted EPS doubling to $3.04 from $1.49, representing a transformational improvement in bottom-line profitability.
Source: Source: 10-K Income Statement
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Upgrade to unlockAT&T carries $134.72B in long-term debt as of FY2025, up 10.3% year-over-year. This elevated debt load increases interest expense, constrains financial flexibility, and makes the company vulnerable to rising interest rates or any deterioration in operating cash flows.
Source: Source: 10-K Balance Sheet
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $0.52 versus the $0.47 analyst consensus — a +10.2% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $125.65B | $122.34B | +2.71% |
Operating Income | $24.16B | $19.05B | +26.84% |
Net Income | $21.95B | $10.95B | +100.52% |
EPS (Basic) | $3.04 | $1.49 | +104.03% |
EPS (Diluted) | $3.04 | $1.49 | +104.03% |
SG&A Expense | $28.94B | $28.41B | +1.87% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $420.2B | $394.8B | +6.43% |
Current Assets | $48.73B | $31.17B | +56.35% |
Current Liabilities | $53.78B | $46.87B | +14.74% |
Cash & Equivalents | $18.23B | $3.3B | +452.88% |
Long-Term Debt | $134.72B | $122.12B | +10.32% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $40.28B | $38.77B | +3.90% |
Investing Cash Flow | $-18.78B | $-17.49B | -7.36% |
Financing Cash Flow | $-6.39B | $-24.71B | +74.15% |
Share Buybacks | $4.5B | $215M | +1993.02% |
D&A | $20.89B | $20.58B | +1.49% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 19.2% | 15.6% | +3.66% |
Net Margin | 17.5% | — | — |
ROA | 5.2% | — | — |
Current Ratio | $0.906 | — | — |
Other companies in Integrated Telecommunication Services
AT&T had a strong FY2025, with revenue growing 2.7% to $125.65B and net income doubling 100.5% to $21.95B. Diluted EPS reached $3.04, up from $1.49 in the prior year, and operating cash flow grew to $40.28B.
AT&T's net income surged 100.5% to $21.95B in FY2025, driven by a 26.8% jump in operating income to $24.16B and significant operating margin expansion from 15.6% to 19.2%. The exact drivers — whether operational improvements, asset sales, or one-time items — should be confirmed in the full MD&A section of the 10-K filing.
AT&T carries $134.72B in long-term debt as of FY2025, up 10.3% from the prior year, making debt management a key concern for investors. However, the company's strong operating cash flow of $40.28B and a significantly improved cash balance of $18.23B (up 452.9%) provide meaningful liquidity to service obligations.
Yes, AT&T dramatically increased share buybacks to $4.5B in FY2025, compared to just $215M in the prior year — a nearly 2,000% increase. This signals growing management confidence in the company's financial position and a more aggressive capital return strategy.
The most significant risk for AT&T remains its $134.72B long-term debt load, which limits financial flexibility and increases sensitivity to interest rate changes. Additionally, the company's current ratio of 0.91 (below 1.0) and heavy capital expenditure requirements of $18.78B in investing outflows highlight ongoing liquidity and capital intensity pressures.