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AT&T cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$5.5B in Q3 2026

Operating cash flow$10.5B
Capital spending−$5.1B
Free cash flow+$5.5B
Cash / net income8.3×

Analysis

In Q3 2026, AT&T generated $10.5B of operating cash flow and spent $5.1B on capital projects, leaving free cash flow of $5.5B. That is $193M more than in Q3 2025 ($5.3B).

Operating cash flow was $10.5B against net income of $1.3B — 8.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$5.0B, income taxes payable +$1.4B, prepaid and other assets −$1.1B.

Free cash flow

AT&T: free cash flow by quarterAT&T: free cash flow by quarter$5.1BQ4 2024$4.8BQ1 2025$4.9BQ2 2025$5.3BQ3 2025$4.5BQ4 2025$2.7BQ1 2026$5.1BQ2 2026$5.5BQ3 2026
Operating cash flow less capital spending.
AT&T: operating cash flow against capital spendingAT&T: operating cash flow against capital spendingOperating cash flowCapital spending$11.9B$6.8BQ4 2024$9.0B$4.3BQ1 2025$9.8B$4.9BQ2 2025$10.2B$4.9BQ3 2025$11.3B$6.8BQ4 2025$7.6B$4.9BQ1 2026$10.8B$5.7BQ2 2026$10.5B$5.1BQ3 2026
Latest (Q3 2026): Operating cash flow $10.5B, Capital spending $5.1B.

Capital allocation, year by year

AT&T: where the cash came from (up) and went (down), by fiscal yearAT&T: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $42.0BFY2021: Net borrowing $18.9BFY2021: Shares issued $107MFY2021: Asset sales $7.1BFY2021: Capital spending −$15.5BFY2021: Acquisitions −$25.5BFY2021: Buybacks −$202MFY2021: Dividends −$15.1B$68.1BFY2021FY2022: Operating cash flow $35.8BFY2022: Net borrowing −$42.9BFY2022: Shares issued $30.0MFY2022: Asset sales $199MFY2022: Capital spending −$19.6BFY2022: Acquisitions −$10.2BFY2022: Buybacks −$890MFY2022: Dividends −$9.9B$36.0BFY2022FY2023: Operating cash flow $38.3BFY2023: Net borrowing −$766MFY2023: Shares issued $4.0MFY2023: Asset sales $72.0MFY2023: Capital spending −$17.9BFY2023: Acquisitions −$2.9BFY2023: Buybacks −$194MFY2023: Dividends −$8.1B$38.4BFY2023FY2024: Operating cash flow $38.8BFY2024: Net borrowing −$14.3BFY2024: Shares issued $15.0MFY2024: Asset sales $75.0MFY2024: Capital spending −$20.3BFY2024: Acquisitions −$380MFY2024: Buybacks −$215MFY2024: Dividends −$8.2B$38.9BFY2024FY2025: Operating cash flow $40.3BFY2025: Net borrowing $8.5BFY2025: Shares issued $21.0MFY2025: Asset sales $3.2BFY2025: Capital spending −$20.8BFY2025: Acquisitions −$379MFY2025: Buybacks −$4.5BFY2025: Dividends −$8.2B$52.0BFY2025
Over these 5 years operating cash flow totalled $195.1B; the largest uses were capital spending ($94.1B) and net borrowing ($57.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$10.8B
Debt$134.7B
Net debt$124.0B
Due within a year$8.7B

AT&T funds itself: free cash flow was — over the last twelve months, and $10.8B of cash and investments stands against $134.7B of debt ($8.7B due within a year, 1.2× covered by cash).

AT&T: debt maturities by year (FY2025)AT&T: debt maturities by year (FY2025)$8.7BYear 1$9.0BYear 2$6.9BYear 3$6.9BYear 4$7.0BYear 5$106.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $10.8B of cash and investments now.

Where the cash came from and went

AT&T: sources (+) and uses (−) of cash, Q3 2026AT&T: sources (+) and uses (−) of cash, Q3 2026Acquisitions−$23.0BNet borrowing (+) / repaid (−)$17.1BOperating cash flow$10.5BCash drawn (+) / kept (−)$6.8BCapital spending−$5.1BBuybacks−$2.8BDividends−$1.9BOther financing−$1.2BOther investing−$385MAsset & business sales$111MNot reconciled−$78.0M

From profit to cash

AT&T: net income to operating cash flow, Q3 2026AT&T: net income to operating cash flow, Q3 2026Net income$1.3BDepreciation & amortization$5.0BGains on investments−$107MReceivables−$485MPrepaid and other assets−$1.1BIncome taxes payable$1.4BOther operating capital$727MOperating cash flow$10.5B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$10.5B−$5.1B−$23.0B−$2.8B−$1.9B$17.1B—$6.8B$5.5B
Q2 2026$10.8B−$5.7B−$51.0M−$2.2B−$2.0B$5.8B—−$5.6B$5.1B
Q1 2026$7.6B−$4.9B−$2.7B−$2.5B−$2.0B$2.9B$1.0M$6.2B$2.7B
Q4 2025$11.3B−$6.8B−$332M−$1.8B−$2.0B−$3.7B$2.0M$1.8B$4.5B
Q3 2025$10.2B−$4.9B$1.0M−$1.5B−$2.0B$7.4B$2.0M−$9.8B$5.3B
Q2 2025$9.8B−$4.9B−$28.0M−$961M−$2.0B$3.4B—−$3.6B$4.9B
Q1 2025$9.0B−$4.3B−$20.0M−$218M−$2.1B$1.4B$17.0M−$3.5B$4.8B
Q4 2024$11.9B−$6.8B−$58.0M−$13.0M−$2.0B−$3.2B$13.0M−$680M$5.1B

AT&T: income statement and cash flow

AT&T, Q3 2026: revenue $32.3B (+5% year over year), operating margin 12.7%. The chart follows the revenue to costs, profit and cash.

AT&T: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.