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How AT&T (T) makes money
AT&T (T) made $32.3B of revenue in the third quarter 2026 (Q3 2026), +5% from a year earlier. Service brought in $26.3B (81%); Advanced home internet brought in $3.0B (9%); Business fiber and advanced connectivity brought in $2.0B (6%). Of every dollar of revenue, 13¢ was left as operating profit, 3¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Service | $26.3B | 81.5% | +3% | +4% |
| ↳ Wireless service | $18.6B | 57.4% | +2% | +5% |
| ↳ Equipment | $6.0B | 18.6% | +8% | +12% |
| ↳ Other service | $1.7B | 5.4% | -6% | -23% |
| Advanced home internet | $3.0B | 9.2% | +2% | +23% |
| Business fiber and advanced connectivity | $2.0B | 6.2% | +2% | +9% |
| Business transitional and other | $1.0B | 3.2% | -2% | -15% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $32.3B | 100.0% |
| Operating profit | $4.1B | 12.7% |
| Income tax | $1.4B | 4.3% |
| Net earnings | $891M | 2.8% |
| Operating cash flow | $10.5B | 32.5% |
| Free cash flow | $5.5B | 16.9% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $32.3B | +5% |
| Q2 2026 | $31.6B | +2% |
| Q1 2026 | $31.5B | +3% |
| Q4 2025 | $33.5B | +4% |
| Q3 2025 | $30.7B | +2% |
| Q2 2025 | $30.8B | +4% |
| Q1 2025 | $30.6B | +2% |
From AT&T's 10-Q filed Oct 21, 2026 (on EDGAR).
Questions
How does AT&T make money?
AT&T (T) made $32.3B of revenue in the third quarter 2026 (Q3 2026), +5% from a year earlier. Service brought in $26.3B (81%); Advanced home internet brought in $3.0B (9%); Business fiber and advanced connectivity brought in $2.0B (6%). Of every dollar of revenue, 13¢ was left as operating profit, 3¢ was left as net earnings.
What is AT&T's biggest business?
Service: $26.3B in the third quarter 2026, 81% of revenue, +4% from a year earlier.
What is AT&T's profit margin?
Net earnings were $891M, 2.8% of revenue, in the third quarter 2026; the operating margin was 12.7%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.