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AT&T (T) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 9, 2026
AT&T (T) reported revenue of $33.5B for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +9% from the quarter before. Operating margin was 17.3%, net earnings $3.8B (11.3% of revenue).
AT&T, Q4 2025: revenue $33.5B (+4% year over year), operating margin 17.3%, net earnings $3.8B, operating cash flow $11.3B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $33.5B | +9% | +4% |
| Operating profit | $5.8B | -5% | +9% |
| Net earnings | $3.8B | -59% | -7% |
| Operating cash flow | $11.3B | +12% | -5% |
| Free cash flow | $4.5B | -14% | -10% |
What changed
Revenue was $33.5B in Q4 2025, up 4% year over year and up 9% from the previous quarter. Service was the largest line at 76% of revenue.
Operating profit was $5.8B, a 17.3% margin (up 0.8 points year over year). Of the extra revenue versus a year earlier, 40% reached operating profit, above the 16% margin then. Total costs grew 3% against revenue growth of 4%. Net earnings were $3.8B, down 7% year over year. The effective tax rate was 2.6%.
Operating cash flow was $11.3B (down 5% year over year), 272% of net income including minority interests. Non-cash charges added back $5.1B of depreciation and amortization. Working capital and other items added $2.0B. Capital expenditures of $6.8B left free cash flow of $4.5B.
Questions
What was AT&T's revenue in the fourth quarter 2025?
AT&T (T) reported revenue of $33.5B for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +9% from the quarter before.
Was AT&T profitable in the fourth quarter 2025?
Operating profit was $5.8B (17.3% of revenue) and net earnings $3.8B.
Source: AT&T 10-K on SEC EDGAR.