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AT&T (T) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 21, 2026 · AT&T (T) Q3 2026 earnings results →

Q3 2026 Revenue up 5% year over year to $32.3B · 3¢ of every $1 of revenue kept as net profit · operating margin 12.7%

AT&T made $32.3B in Q3 2026 (+5% Y/Y): Service $26.3B, Advanced home internet $3.0B, Business fiber and advanced connectivity $2.0B. Operating margin 12.7%, net earnings $891M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 21, 2026.

Revenue$32.3B
Year over year+5%
Operating margin12.7%
Net earnings$891M
Operating cash flow$10.5B

Drawing the Sankey…

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AT&T Q3 2026 revenue breakdown: Sankey diagram of revenue (Service, Advanced home internet, Business fiber and advanced connectivity, Business transitional and other), costs, profit and cash flow
AT&T Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $32.3B in Q3 2026, up 5% year over year and up 2% from the previous quarter. Wireless service was the largest line at 57% of revenue. Wireless service added $0.94B year over year (up 5%), 58% of the total change. Other service declined 23%.

Operating profit was $4.1B, a 12.7% margin (down 7.3 points year over year). Operating profit fell $2.0B even though revenue rose $1.6B versus Q3 2025, so costs grew faster than sales. Total costs grew 15% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+21%). Net earnings were $0.89B, down 90% year over year. The effective tax rate was 52.3%.

Operating cash flow was $10.5B (up 4% year over year), 829% of net income including minority interests. Non-cash charges added back $5.0B of depreciation and amortization. Working capital and other items added $4.3B. Capital expenditures of $5.1B left free cash flow of $5.5B.

Quarterly history

AT&T revenue by quarterAT&T revenue by quarter$30.6BQ1 2025$30.8BQ2 2025$30.7BQ3 2025$33.5BQ4 2025$31.5BQ1 2026$31.6BQ2 2026$32.3BQ3 2026
AT&T net earnings by quarterAT&T net earnings by quarter$4.4BQ1 2025$4.5BQ2 2025$9.3BQ3 2025$3.8BQ4 2025$3.8BQ1 2026$4.6BQ2 2026$891MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 21, 2026$32.3B+5%12.7%$891M$10.5B
Q2 202610-QJul 22, 2026$31.6B+2%22.3%$4.6B$10.8B
Q1 202610-QApr 27, 2026$31.5B+3%21.1%$3.8B$7.6B
Q4 202510-KFeb 9, 2026$33.5B+4%17.3%$3.8B$11.3B
Q3 202510-QOct 31, 2025$30.7B+2%19.9%$9.3B$10.2B
Q2 202510-QJul 24, 2025$30.8B+4%21.1%$4.5B$9.8B
Q1 202510-QApr 29, 2025$30.6B+2%18.8%$4.4B$9.0B

Charts

AT&T: revenue growth, year over year and quarter over quarterAT&T: revenue growth, year over year and quarter over quarterY/YQ/Q+2%Q1 2025+4%+1%Q2 2025+2%0%Q3 2025+4%+9%Q4 2025+3%-6%Q1 2026+2%+0%Q2 2026+5%+2%Q3 2026
Latest (Q3 2026): Y/Y +5%, Q/Q +2%.
AT&T: where the cash came from (+) and went (−), FY2025AT&T: where the cash came from (+) and went (−), FY2025Operating cash flow$40.3BCapital spending−$20.8BCash drawn (+) / kept (−)−$15.1BNet borrowing (+) / repaid (−)$8.5BDividends−$8.2BBuybacks−$4.5BOther financing−$4.4BAsset & business sales$3.2BPartners$2.2BOther investing−$774MAcquisitions−$379MShares issued$21.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
AT&T: profit against cash, quarter by quarterAT&T: profit against cash, quarter by quarterNet incomeOperating cash flow$4.4B$11.9BQ4 2024$4.7B$9.0BQ1 2025$4.9B$9.8BQ2 2025$9.7B$10.2BQ3 2025$4.2B$11.3BQ4 2025$4.2B$7.6BQ1 2026$5.0B$10.8BQ2 2026$1.3B$10.5BQ3 2026
Latest (Q3 2026): Net income $1.3B, Operating cash flow $10.5B.
AT&T: diluted shares by fiscal yearAT&T: diluted shares by fiscal year7.47BFY20207.50BFY20217.59BFY20227.26BFY20237.20BFY20247.18BFY2025
-3.8% since FY2020: buybacks shrank the count.
AT&T: long-term debt falling due (FY2025)AT&T: long-term debt falling due (FY2025)$8.7B2026$9.0B2027$6.9B2028$6.9B2029$7.0B2030$106.2BLater
Cash $18.2B, short-term investments —, long-term debt $134.7B at 2025-12-31.
AT&T in its industry: growth against margin (15 companies, SIC 4813)AT&T in its industry: growth against margin (15 companies, SIC 4813)revenue growth, year over year →↑ operating marginmedian +5%median 4%VZLUMNUNITIDTTDSATNIIQSTSHENCXDONUVRSURGNXPLGLTKATEXT (+5%, 13%)
Telephone Communications (No Radiotelephone); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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🔄Rotation against the market and its industry (RRG)interactive

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⚖️Fair value by methodinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

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About AT&T

AT&T Inc. (“AT&T,” “we” or the “Company”) is a holding company incorporated under the laws of the State of Delaware in 1983 and has its principal executive offices at 208 S. Akard St., Dallas, Texas, 75202 (telephone number 210-821-4105). We maintain an internet website at www.att.com. (This website address is for information only and is not intended to be an active link or to incorporate any website information into this document.) We file electronically with the Securities and Exchange Commission (SEC) required reports on Form 8-K, Form 10-Q and Form 10-K; proxy materials; registration statements on Forms S-3 and S-8, as necessary; and other forms or reports as required. The SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

In its own words, from its 10-K, filed Feb 9, 2026.

AT&T against its Telephone Communications (No Radiotelephone) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +5%. Operating margin: 12.7% against the peers' median 3.5%.

CompanyQuarterRevenueY/YOp. margin
T AT&TQ3 2026$32.3B+5%12.7%
VZ Verizon CommunicationsQ3 2026$34.3B+2%25.2%
LUMN Lumen TechnologiesQ3 2026$2.7B-12%-6.2%
UNIT Uniti GroupQ2 2026$910M+202%3.5%
IDT IDTQ4 FY26$339M+7%9.8%
TDS Telephone & Data SystemsQ3 2026$307M-0.6%-9.8%
ATNI ATN InternationalQ3 2026$183M0%7.1%
IQST iQSTELQ2 2026$109M+51%-1.0%
SHEN Shenandoah TelecommunicationsQ3 2026$93.9M+5%-2.1%

Source: AT&T 10-Q on SEC EDGAR · CIK 732717 · Telephone Communications (No Radiotelephone)

13F: who owns T and who is buying

Largest holders of T (13F)Largest holders of T (13F)Vanguard Group$16.5BBlackRock$11.6BVanguard Capital Management LLC$9.4BState Street$6.9BNewport Trust Company, LLC$3.7BGeode Capital Management, LLC$3.7BVanguard Portfolio Management LLC$2.8BBank of America$2.3BMorgan Stanley$2.2BBank of New York Mellon$1.6B
Funds' net buying of T by quarter (13F)Funds' net buying of T by quarter (13F)$1.1B2024-09$248M2024-12$3.0B2025-03$2.1B2025-06−$2.0B2025-09−$205M2025-12$33.1M2026-03−$1.8B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on T

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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