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AT&T (T) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 31, 2025
AT&T (T) reported revenue of $30.7B for the third quarter 2025 (Q3 2025), +2% from a year earlier and -0.4% from the quarter before. Operating margin was 19.9%, net earnings $9.3B (30.3% of revenue).
AT&T, Q3 2025: revenue $30.7B (+2% year over year), operating margin 19.9%, net earnings $9.3B, operating cash flow $10.2B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $30.7B | -0.4% | +2% |
| Operating profit | $6.1B | -6% | +189% |
| Net earnings | $9.3B | +107% | — |
| Operating cash flow | $10.2B | +4% | -0.8% |
| Free cash flow | $5.3B | +8% | +7% |
What changed
Revenue was $30.7B in Q3 2025, up 2% year over year and roughly flat from the previous quarter. Wireless was the largest line at 57% of revenue. Wireless added $0.44B year over year (up 3%), 88% of the total change. Legacy and other transitional declined 18%.
Operating profit was $6.1B, a 19.9% margin (up 12.9 points year over year). Of the extra revenue versus a year earlier, 807% reached operating profit, above the 7% margin then. Total costs fell 12% while revenue rose 2%. Net earnings were $9.3B. The effective tax rate was 9.2%. Non-operating items added $4.5B, 43% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $10.2B (down 1% year over year), 105% of net income including minority interests. Non-cash charges added back $5.3B of depreciation and amortization. Working capital and other items used $4.8B. Capital expenditures of $4.9B left free cash flow of $5.3B.
Questions
What was AT&T's revenue in the third quarter 2025?
AT&T (T) reported revenue of $30.7B for the third quarter 2025 (Q3 2025), +2% from a year earlier and -0.4% from the quarter before.
Was AT&T profitable in the third quarter 2025?
Operating profit was $6.1B (19.9% of revenue) and net earnings $9.3B.
Source: AT&T 10-Q on SEC EDGAR.