Revenue Growth Driven by Core Operations
AT&T grew total revenue 2.9% YoY to $31.5B in Q1 FY2026, up from $30.6B in the prior-year period, reflecting steady demand across its wireless and broadband segments.
来源: 10-Q Income Statement Data
该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
AT&T reported Q1 FY2026 revenue of $31.5B (+2.9% YoY) with operating income surging 15.7% to $6.7B, though net income declined 12.0% to $3.8B, likely due to higher below-the-line costs, while the company aggressively ramped share buybacks to $2.5B.
营收
315.06亿美元
同比 +2.87%
每股收益（稀释）
0.54美元
同比 -11.48%
营业利润
66.58亿美元
同比 +15.71%
SEC XBRL 原值
AT&T (T) Q1 FY2026 营收 315.06亿美元，同比增长 2.9%。 营业利润率 21.1%，较去年同期的 18.8% 扩大 2.3 个百分点。 T 的财年 Q1 FY2026 对应日历 Q1 2026。
近 4 个季度：3 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 0.65 | 0.60 | 超预期 +8.4% |
| 2026年3月本次财报 | 0.57 | 0.56 | 超预期 +1.6% |
| 2025年12月 | 0.52 | 0.47 | 超预期 +10.2% |
| 2025年9月 | 0.54 | 0.55 | 不及预期 -1.0% |
2026年3月 调整后（非 GAAP） EPS 0.57美元，分析师一致预期 0.56美元，超预期 +1.6%。 分析师一致预期按市场通行的调整后（非 GAAP）口径。本季 GAAP 稀释每股收益为 0.54美元。
由 AI 基于本次 SEC 报告整理
AT&T grew total revenue 2.9% YoY to $31.5B in Q1 FY2026, up from $30.6B in the prior-year period, reflecting steady demand across its wireless and broadband segments.
来源: 10-Q Income Statement Data
Operating income jumped 15.7% YoY to $6.7B, pushing operating margin from 18.8% to 21.1%, a 230 basis point improvement, suggesting meaningful cost discipline and operating efficiency gains relative to revenue growth.
来源: 10-Q Income Statement & Key Ratios
Net income fell 12.0% YoY to $3.8B from $4.4B, and diluted EPS dropped from $0.61 to $0.54, indicating that below-the-line items such as interest expense, tax provisions, or non-operating charges weighed heavily on bottom-line results.
来源: 10-Q Income Statement Data
Cash and equivalents surged 73.8% YoY to $12.0B, and share buybacks increased dramatically by over 1,000% YoY to $2.5B from just $218M, signaling management's confidence in the balance sheet and commitment to returning capital to shareholders.
来源: 10-Q Balance Sheet & Cash Flow Data
SG&A expenses rose a modest 2.4% YoY to $7.3B, roughly in line with revenue growth, suggesting AT&T is managing its selling and administrative cost base effectively without sacrificing growth investments.
来源: 10-Q Income Statement Data
由 AI 基于本次 SEC 报告整理 · 高 1 中 3 低 1
Despite a 15.7% increase in operating income, net income declined 12.0% YoY, creating a significant gap between operating and bottom-line results. This divergence likely reflects elevated interest expense on AT&T's substantial debt load or other non-operating charges. Sustained pressure below the operating line could limit earnings growth and dividend sustainability.
来源: 10-Q Income Statement Data
AT&T's current ratio stands at approximately 0.92, meaning current liabilities of $50.4B exceed current assets of $46.3B. While this is common for large telecom operators with predictable cash flows, it leaves limited buffer against unexpected short-term obligations. Any disruption to operating cash generation could tighten near-term liquidity.
来源: 10-Q Balance Sheet Data
Return on assets (ROA) is only 0.91% on a total asset base of $421.2B, indicating that AT&T's massive asset base — largely driven by spectrum licenses, network infrastructure, and goodwill — generates relatively thin returns. This reflects the capital-intensive nature of the business and the drag from significant long-term debt obligations.
来源: 10-Q Balance Sheet & Key Ratios
Share buybacks surged over 1,000% YoY to $2.5B in Q1 FY2026, a significant acceleration at a time when net income is declining. Sustaining aggressive buybacks alongside dividend obligations and capital expenditure requirements could strain free cash flow if operating conditions deteriorate.
来源: 10-Q Cash Flow Data
Depreciation and amortization fell 4.3% YoY to $5.0B, which could reflect aging asset bases or prior-period asset disposals. If this signals underinvestment in network infrastructure relative to peers, AT&T may face competitive disadvantages in 5G and fiber buildout over the medium term.
来源: 10-Q Cash Flow Data
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 315.06 亿美元 | 306.26 亿美元 | +2.87% |
营业利润 亿美元 | 66.58 亿美元 | 57.54 亿美元 | +15.71% |
净利润 亿美元 | 38.29 亿美元 | 43.51 亿美元 | -12.00% |
每股收益（基本） 美元 | 0.54 美元 | 0.61 美元 | -11.48% |
每股收益（稀释） 美元 | 0.54 美元 | 0.61 美元 | -11.48% |
销售及管理费用 亿美元 | 73.16 亿美元 | 71.45 亿美元 | +2.39% |
答案基于本次 SEC 报告与本页数据
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