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AT&T (T) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 24, 2025
AT&T (T) reported revenue of $30.8B for the second quarter 2025 (Q2 2025), +4% from a year earlier and +0.7% from the quarter before. Operating margin was 21.1%, net earnings $4.5B (14.6% of revenue).
AT&T, Q2 2025: revenue $30.8B (+4% year over year), operating margin 21.1%, net earnings $4.5B, operating cash flow $9.8B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $30.8B | +0.7% | +4% |
| Operating profit | $6.5B | +13% | +13% |
| Net earnings | $4.5B | +3% | +25% |
| Operating cash flow | $9.8B | +8% | +7% |
| Free cash flow | $4.9B | +2% | +3% |
What changed
Revenue was $30.8B in Q2 2025, up 4% year over year and up 1% from the previous quarter. Wireless was the largest line at 57% of revenue. Equipment added $0.76B year over year (up 16%), 73% of the total change. Legacy and other transitional declined 18%.
Operating profit was $6.5B, a 21.1% margin (up 1.7 points year over year). Of the extra revenue versus a year earlier, 71% reached operating profit, above the 19% margin then. Total costs grew 1% against revenue growth of 4%. Net earnings were $4.5B, up 25% year over year. The effective tax rate was 20.3%.
Operating cash flow was $9.8B (up 7% year over year), 201% of net income including minority interests. Non-cash charges added back $5.3B of depreciation and amortization. Capital expenditures of $4.9B left free cash flow of $4.9B.
Questions
What was AT&T's revenue in the second quarter 2025?
AT&T (T) reported revenue of $30.8B for the second quarter 2025 (Q2 2025), +4% from a year earlier and +0.7% from the quarter before.
Was AT&T profitable in the second quarter 2025?
Operating profit was $6.5B (21.1% of revenue) and net earnings $4.5B.
Source: AT&T 10-Q on SEC EDGAR.