AT&T Inc. (T) Income Statement
T 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsT revenue and net income
Where T's revenue goes
2025Each bar shows an amount and its share of revenue. T kept 17.4% of revenue as net income.
T profit margins
T growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.7% | +1.3% | −6.1% | −1.5% |
| Gross profit | +42.4% | +2.3% | +3.4% | +2.6% |
| Operating income | +3.0% | — | −0.6% | −0.7% |
| Net income | +99.9% | — | — | +5.1% |
| EPS (diluted) | −6.6% | −8.0% | −7.9% | −2.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
T quarterly EPS vs estimates
AT&T beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 21, 2026 (estimate $0.61).
T income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $125.65B | $122.34B | $122.43B | $120.74B | $134.04B | $171.76B | $181.19B | $170.76B | $160.55B | $163.79B |
| Cost of revenue | $50.82B | $69.80B | $68.90B | $50.85B | $60.41B | $108.44B | $112.36B | $107.85B | $102.20B | $102.73B |
| Gross profit | $74.83B | $52.53B | $53.53B | $69.89B | $73.63B | $63.32B | $68.91B | $62.96B | $58.35B | $61.05B |
| Research & development | — | $955.0M | $954.0M | $1.24B | $1.32B | $1.21B | $1.28B | $1.19B | $1.50B | $1.65B |
| Sales, general & admin | $28.94B | $28.41B | $28.87B | $28.96B | $37.94B | $38.04B | $33.30B | $36.77B | $34.92B | $36.35B |
| Total operating expenses | $49.83B | $28.27B | $28.76B | $74.48B | $47.73B | $37.61B | $38.53B | $35.67B | $34.84B | $35.18B |
| Operating income | $25.00B | $24.26B | $24.77B | −$4.59B | $25.90B | $25.72B | $30.38B | $27.29B | $23.51B | $25.87B |
| Interest income | $4.91B | $4.51B | $4.86B | $4.32B | $6.25B | $7.83B | $8.21B | $8.19B | $6.41B | $4.69B |
| Interest expense | $6.80B | $6.75B | $6.69B | $6.14B | $6.70B | $7.91B | $8.40B | $7.91B | $6.28B | $4.89B |
| Income before taxes | $27.01B | $16.70B | $19.85B | −$3.09B | $29.17B | −$2.86B | $18.47B | $24.87B | $15.14B | $19.81B |
| Income taxes | $3.62B | $4.45B | $4.22B | $3.78B | $5.39B | $965.0M | $3.49B | $4.92B | −$14.71B | $6.48B |
| Net income | $21.89B | $10.95B | $14.40B | −$8.52B | $20.08B | −$5.18B | $13.90B | $19.37B | $29.45B | $12.98B |
| EBITDA | $54.70B | $44.02B | $45.32B | $21.07B | $53.72B | $33.57B | $55.09B | $61.22B | $45.80B | $50.55B |
| EPS (diluted) | $2.11 | $2.26 | $2.41 | $2.71 | $3.40 | $3.18 | $3.58 | $3.52 | $3.05 | $2.84 |
| Gross margin | 59.6% | 42.9% | 43.7% | 57.9% | 54.9% | 36.9% | 38.0% | 36.9% | 36.3% | 37.3% |
| Operating margin | 19.9% | 19.8% | 20.2% | −3.8% | 19.3% | 15.0% | 16.8% | 16.0% | 14.6% | 15.8% |
| Net margin | 17.4% | 8.9% | 11.8% | −7.1% | 15.0% | −3.0% | 7.7% | 11.3% | 18.3% | 7.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $31.56B | $31.51B | $33.47B | $30.71B | $30.85B | $30.63B | $32.30B | $30.21B | $29.80B | $30.03B | $32.02B | $30.35B |
| Cost of revenue | $12.05B | $12.57B | $20.28B | $11.82B | $12.15B | $12.03B | $19.57B | $16.72B | $16.51B | $17.00B | $18.68B | $16.76B |
| Gross profit | $19.51B | $18.94B | $13.19B | $18.89B | $18.70B | $18.59B | $12.73B | $13.50B | $13.28B | $13.03B | $13.35B | $13.59B |
| Research & development | — | — | — | — | — | — | $955.0M | — | — | — | $954.0M | — |
| Sales, general & admin | $7.22B | $7.32B | $7.40B | $7.45B | $6.95B | $7.14B | $7.39B | $6.96B | $7.04B | $7.02B | $7.49B | $7.21B |
| Total operating expenses | $12.47B | $12.28B | $27.67B | $12.77B | $12.20B | $12.84B | $7.38B | $6.92B | $6.99B | $6.99B | $7.46B | $7.12B |
| Operating income | $7.04B | $6.66B | $5.16B | $6.12B | $6.50B | $5.75B | $5.35B | $6.58B | $6.29B | $6.04B | $5.89B | $6.47B |
| Interest income | — | — | $1.80B | $1.68B | $1.12B | $245.0M | $540.0M | $1.32B | — | — | — | $1.24B |
| Interest expense | $1.88B | $1.81B | $1.83B | $1.70B | $1.67B | $1.61B | $1.66B | $1.66B | $1.69B | $1.68B | $1.73B | $1.66B |
| Income before taxes | $5.82B | $5.40B | $4.26B | $10.65B | $6.10B | $5.99B | $5.31B | $1.43B | $5.09B | $4.87B | $2.94B | $4.98B |
| Income taxes | $784.0M | $1.18B | $109.0M | $976.0M | $1.24B | $1.30B | $900.0M | $1.28B | $1.14B | $1.12B | $354.0M | $1.15B |
| Net income | $4.63B | $3.83B | $3.72B | $9.31B | $4.50B | $4.35B | $4.08B | −$174.0M | $3.60B | $3.44B | $2.19B | $3.50B |
| EBITDA | $12.67B | $12.18B | $11.22B | $17.67B | $13.02B | $12.79B | $12.34B | $8.18B | $11.85B | $11.59B | $9.43B | $11.34B |
| EPS (diluted) | $0.65 | $0.57 | $0.52 | $0.54 | $0.54 | $0.51 | $0.54 | $0.60 | $0.57 | $0.55 | $0.54 | $0.64 |
| Gross margin | 61.8% | 60.1% | 39.4% | 61.5% | 60.6% | 60.7% | 39.4% | 44.7% | 44.6% | 43.4% | 41.7% | 44.8% |
| Operating margin | 22.3% | 21.1% | 15.4% | 19.9% | 21.1% | 18.8% | 16.6% | 21.8% | 21.1% | 20.1% | 18.4% | 21.3% |
| Net margin | 14.7% | 12.2% | 11.1% | 30.3% | 14.6% | 14.2% | 12.6% | −0.6% | 12.1% | 11.5% | 6.8% | 11.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in T's financial statements (latest annual report filed February 9, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
T financial results
In fiscal year 2025 (ended December 31, 2025), AT&T reported revenue of $125.6 billion, up 2.7% from the year before. It had net income of $21.9 billion (up 99.9%), a net profit margin of 17.4%. Diluted earnings per share came to $2.11. Over five years revenue grew at an average rate of −6.1% a year.
See the T stock overview for the latest quote and news, or the T chart for price history and technical indicators.
T income statement FAQ
What is AT&T's annual revenue?
AT&T reported total revenue of $125.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 2.7% from $122.3 billion the previous year.
Is AT&T profitable?
Yes. AT&T reported net income of $21.9 billion in fiscal 2025, a net profit margin of 17.4%; its operating margin was 19.9%.
What is AT&T's gross margin?
AT&T's gross margin was 59.6% in fiscal 2025: for every $100 of revenue, AT&T kept $60 after the direct cost of its products and services.
How fast is AT&T growing?
Revenue grew −6.1% a year on average over the last five fiscal years, from $171.8 billion to $125.6 billion.
What are AT&T's earnings per share?
AT&T earned $2.11 per diluted share in fiscal 2025, compared with $2.26 a year earlier.
When will AT&T report its next earnings?
AT&T is expected to report results for the quarter ending September 30, 2026 on October 21, 2026 before the market opens.
When does AT&T's fiscal year end?
AT&T's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 9, 2026.