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AT&T (T) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 29, 2025
AT&T (T) reported revenue of $30.6B for the first quarter 2025 (Q1 2025), +2% from a year earlier and -5% from the quarter before. Operating margin was 18.8%, net earnings $4.4B (14.2% of revenue).
AT&T, Q1 2025: revenue $30.6B (+2% year over year), operating margin 18.8%, net earnings $4.4B, operating cash flow $9.0B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $30.6B | -5% | +2% |
| Operating profit | $5.8B | +8% | -2% |
| Net earnings | $4.4B | +7% | +26% |
| Operating cash flow | $9.0B | -24% | +20% |
| Free cash flow | $4.8B | -6% | +26% |
What changed
Revenue was $30.6B in Q1 2025, up 2% year over year and down 5% from the previous quarter. Wireless was the largest line at 56% of revenue. Wireless added $0.58B year over year (up 3%), 97% of the total change. Legacy and other transitional declined 17%.
Operating profit was $5.8B, a 18.8% margin (down 0.7 points year over year). Operating profit fell $0.09B even though revenue rose $0.60B versus a year earlier, so costs grew faster than sales. Total costs grew 3% against revenue growth of 2%. Net earnings were $4.4B, up 26% year over year. The effective tax rate was 21.7%.
Operating cash flow was $9.0B (up 20% year over year), 193% of net income including minority interests. Non-cash charges added back $5.2B of depreciation and amortization. Working capital and other items used $0.83B. Capital expenditures of $4.3B left free cash flow of $4.8B.
Questions
What was AT&T's revenue in the first quarter 2025?
AT&T (T) reported revenue of $30.6B for the first quarter 2025 (Q1 2025), +2% from a year earlier and -5% from the quarter before.
Was AT&T profitable in the first quarter 2025?
Operating profit was $5.8B (18.8% of revenue) and net earnings $4.4B.
Source: AT&T 10-Q on SEC EDGAR.