AT&T Inc. (T) Cash Flow Statement
Where T’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $40.28B +3.9% vs 2024
- Capital expenditures
- $20.84B 16.6% of revenue
- Free cash flow
- $19.44B 15.5% margin
- Returned to shareholders
- $14.76B 76% of free cash flow
- Change in cash
- $15.12B cash at year-end $18.53B
Drawn to scale: where the cash came from and how it was used. Hover for values.
T operating cash flow, capex and free cash flow
T cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $39.34B2016 | $40.28B2025 | +0.3%/yr | |
| Capital expenditures | $21.52B2016 | $20.84B2025 | −0.4%/yr | |
| Free cash flow | $17.83B2016 | $19.44B2025 | +1.0%/yr | |
| Free cash flow margin | 10.9%2016 | 15.5%2025 | +4.6 pts | |
| Operating cash flow / net income | 3.032016 | 1.722025 | −1.31 | |
| Stock-based compensation | $653.0M2016 | $479.0M2023 | −4.3%/yr | |
| Dividends paid | $11.80B2016 | $8.18B2025 | −4.0%/yr | |
| Share buybacks (net) | $512.0M2016 | $6.58B2025 | +32.8%/yr | |
| Capex / revenue | 13.1%2016 | 16.6%2025 | +3.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
T cash flow by activity
T net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
T cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $23.39B | $12.25B | $14.40B | −$6.87B | $21.48B | −$3.82B | $14.97B | $19.37B | $29.45B | $12.98B |
| Depreciation & amortization | $20.89B | $20.58B | $18.78B | $18.02B | $22.86B | $28.52B | $28.22B | $28.43B | $24.39B | $25.85B |
| Stock-based compensation | — | — | $479.0M | $518.0M | −$2.59B | $21.32B | $6.28B | $463.0M | $480.0M | $653.0M |
| Change in working capital | −$1.20B | −$2.42B | −$1.77B | −$1.85B | −$15.68B | −$13.32B | −$11.93B | −$7.14B | −$5.99B | −$5.44B |
| Other non-cash items | −$2.79B | $8.36B | $6.43B | $22.21B | $15.89B | $10.43B | $11.12B | $2.48B | −$10.32B | $5.30B |
| Cash from operating activities | $40.28B | $38.77B | $38.31B | $32.02B | $41.96B | $43.13B | $48.67B | $43.60B | $38.01B | $39.34B |
| Investing activities | ||||||||||
| Capital expenditures | −$20.84B | −$20.26B | −$17.85B | −$19.63B | −$16.53B | −$15.68B | −$19.43B | −$20.76B | −$20.65B | −$21.52B |
| Investments (net) | $181.0M | −$17.49B | −$19.66B | −$25.80B | $1.32B | $497.0M | $235.0M | −$178.0M | −$907.0M | −$386.0M |
| Acquisitions & other investing | $1.88B | $20.26B | $17.85B | $19.63B | −$16.89B | $1.63B | $2.51B | −$42.21B | $2.61B | −$2.31B |
| Cash from investing activities | −$18.78B | −$17.49B | −$19.66B | −$25.80B | −$32.09B | −$13.55B | −$16.69B | −$63.15B | −$18.94B | −$24.21B |
| Financing activities | ||||||||||
| Dividends paid | −$8.18B | −$8.21B | −$8.14B | −$9.86B | −$15.07B | −$14.96B | −$14.89B | −$13.41B | −$12.04B | −$11.80B |
| Share repurchases & issuance (net) | −$6.58B | −$215.0M | −$194.0M | −$3.56B | −$202.0M | −$5.50B | −$2.42B | −$609.0M | −$463.0M | −$512.0M |
| Net borrowing (repayment) | $8.50B | −$12.27B | −$1.09B | −$38.26B | $19.20B | −$8.02B | −$13.72B | −$8.79B | $36.45B | −$683.0M |
| Shares issued | $21.0M | $15.0M | $3.0M | $28.0M | $96.0M | $5.95B | $9.67B | $745.0M | $0 | $0 |
| Other financing | −$151.0M | −$4.03B | −$6.19B | $27.90B | −$2.44B | −$9.49B | −$3.73B | −$3.93B | $1.98B | −$1.47B |
| Cash from financing activities | −$6.39B | −$24.71B | −$15.61B | −$23.74B | $1.58B | −$32.01B | −$25.08B | −$25.99B | $25.93B | −$14.46B |
| Summary | ||||||||||
| Net change in cash | $15.12B | −$3.43B | $3.04B | −$17.52B | $11.45B | −$2.42B | $6.89B | −$45.53B | $45.00B | $667.0M |
| Cash at end of period | $18.53B | $3.41B | $6.83B | $3.79B | $21.32B | $9.87B | $12.29B | $5.40B | $50.93B | $5.79B |
| Free cash flow | $19.44B | $18.51B | $20.46B | $12.40B | $25.43B | $27.45B | $29.23B | $22.84B | $17.36B | $17.83B |
| Free cash flow margin | 15.5% | 15.1% | 16.7% | 10.3% | 19.0% | 16.0% | 16.1% | 13.4% | 10.8% | 10.9% |
| Capex / revenue | 16.6% | 16.6% | 14.6% | 16.3% | 12.3% | 9.1% | 10.7% | 12.2% | 12.9% | 13.1% |
| Operating cash flow / net income | 1.72 | 3.16 | 2.66 | — | 1.95 | — | 3.25 | 2.25 | 1.29 | 3.03 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $4.66B | $3.87B | $4.52B | $9.31B | $4.86B | $4.69B | $4.41B | $145.0M | $3.95B | $3.75B | $2.19B | $3.83B |
| Depreciation & amortization | $4.97B | $4.97B | $5.13B | $5.32B | $5.25B | $5.19B | $5.37B | $5.09B | $5.07B | $5.05B | $4.77B | $4.71B |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $4.34B | $883.0M |
| Change in working capital | $515.0M | −$1.78B | $638.0M | $691.0M | −$932.0M | −$1.59B | $1.77B | −$613.0M | −$570.0M | −$2.23B | −$1.09B | −$252.0M |
| Other non-cash items | $734.0M | $506.0M | $1.03B | −$5.17B | $583.0M | $760.0M | $342.0M | $5.62B | $642.0M | $978.0M | $1.18B | $1.17B |
| Cash from operating activities | $10.87B | $7.56B | $11.32B | $10.15B | $9.76B | $9.05B | $11.90B | $10.23B | $9.09B | $7.55B | $11.38B | $10.34B |
| Investing activities | ||||||||||||
| Capital expenditures | −$5.70B | −$4.88B | −$6.78B | −$4.89B | −$4.90B | −$4.28B | −$6.84B | −$5.30B | −$4.36B | −$3.76B | −$4.60B | −$4.65B |
| Investments (net) | −$10.0M | −$14.0M | $156.0M | −$3.39B | −$6.09B | −$4.96B | −$5.36B | −$5.15B | −$4.02B | −$2.96B | −$5.87B | −$4.54B |
| Acquisitions & other investing | −$231.0M | −$6.76B | $2.28B | $4.89B | $4.90B | $4.28B | $6.84B | $5.30B | $4.36B | $3.76B | $4.60B | −$4.59B |
| Cash from investing activities | −$5.94B | −$11.65B | −$4.34B | −$3.39B | −$6.09B | −$4.96B | −$5.36B | −$5.15B | −$4.02B | −$2.96B | −$5.87B | −$13.79B |
| Financing activities | ||||||||||||
| Dividends paid | −$1.98B | −$2.00B | −$2.01B | −$2.03B | −$2.04B | −$2.09B | −$2.04B | −$2.04B | −$2.10B | −$2.03B | −$2.02B | −$2.02B |
| Share repurchases & issuance (net) | −$2.19B | −$2.48B | −$1.83B | −$1.49B | −$961.0M | −$2.29B | −$13.0M | −$43.0M | −$2.0M | −$157.0M | −$4.0M | −$1.0M |
| Net borrowing (repayment) | $5.79B | $2.85B | −$3.68B | $7.37B | $3.38B | $1.43B | −$3.17B | −$2.89B | — | — | — | −$5.37B |
| Shares issued | $0 | $1.0M | $2.0M | $2.0M | $0 | $17.0M | $13.0M | $2.0M | $0 | $0 | $0 | $0 |
| Other financing | −$938.0M | −$477.0M | −$1.26B | −$859.0M | −$419.0M | $2.38B | −$647.0M | −$596.0M | −$3.38B | −$5.62B | −$4.31B | −$362.0M |
| Cash from financing activities | $680.0M | −$2.10B | −$8.78B | $2.99B | −$45.0M | −$553.0M | −$5.85B | −$5.56B | −$5.48B | −$7.82B | −$6.33B | −$7.75B |
| Summary | ||||||||||||
| Net change in cash | $5.61B | −$6.43B | −$1.75B | $9.77B | $3.63B | $3.54B | $680.0M | −$477.0M | −$427.0M | −$3.23B | −$826.0M | −$1.96B |
| Cash at end of period | $17.94B | $11.96B | $18.53B | $20.27B | $10.58B | $6.94B | $3.41B | $2.73B | $3.09B | $3.60B | $6.83B | $7.66B |
| Free cash flow | $5.17B | $2.68B | $4.54B | $5.26B | $4.87B | $4.77B | $5.05B | $4.93B | $4.73B | $3.79B | $6.78B | $5.69B |
| Free cash flow margin | 16.4% | 8.5% | 13.6% | 17.1% | 15.8% | 15.6% | 15.6% | 16.3% | 15.9% | 12.6% | 21.2% | 18.7% |
| Capex / revenue | 18.1% | 15.5% | 20.3% | 15.9% | 15.9% | 14.0% | 21.2% | 17.5% | 14.6% | 12.5% | 14.4% | 15.3% |
| Operating cash flow / net income | 2.34 | 1.95 | 2.50 | 1.09 | 2.01 | 1.93 | 2.70 | 70.59 | 2.30 | 2.01 | 5.20 | 2.70 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
T cash generation
In fiscal 2025 (ended December 31, 2025), AT&T generated $40.3 billion of cash from operations (up 3.9%) and spent $20.8 billion on capital expenditures, leaving free cash flow of $19.4 billion, 15.5% of revenue. It returned $14.8 billion to shareholders through dividends ($8.2 billion) and net share buybacks ($6.6 billion). Cash and equivalents rose by $15.1 billion over the year.
Related: T income statement, T balance sheet, T dividend history. See the T stock overview for the latest quote and news.
T cash flow FAQ
What is AT&T's free cash flow?
AT&T's free cash flow was $19.4 billion in fiscal 2025: $40.3 billion of operating cash flow minus $20.8 billion of capital expenditures It was $18.5 billion a year earlier..
How much cash does AT&T generate from operations?
AT&T generated $40.3 billion of cash from operating activities in fiscal 2025, 1.72 times its net income of $23.4 billion.
How much does AT&T spend on capital expenditures?
AT&T spent $20.8 billion on capital expenditures in fiscal 2025, 16.6% of revenue, compared with $20.3 billion the year before.
How much stock does AT&T buy back?
AT&T spent $6.6 billion on net share repurchases in fiscal 2025.
How much does AT&T pay in dividends?
AT&T paid $8.2 billion in dividends in fiscal 2025, 42.1% of free cash flow.