AT&T (T) is trading up at $23.42 (+0.95%) on NYSE/NASDAQ, as of the latest quote. It is a S&P 500 constituent in the Communication Services sector.
Current price targets from 3 firms average $26.8, median $27.5, ranging from $24 to $29 — the average is 15% above the current $23.4. Each is tracked to its date and scored the same way a member's call is.
Targets published by research firms, extracted from the news, checked against independent reporting, and linked to their source. Where a firm did not state a horizon the target is tracked as 12 months, the industry convention; the rows where the firm set its own horizon are marked. Reported here as facts about what was published — not recommendations from Dalsna Finance, and no firm listed is affiliated with this site.
| FY2016Dec 2016 | FY2017Dec 2017 | FY2018Dec 2018 | FY2019Dec 2019 | FY2020Dec 2020 | FY2021Dec 2021 | FY2022Dec 2022 | FY2023Dec 2023 | FY2024Dec 2024 | FY2025Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $163.8B | $160.5B | $170.8B | $181.2B | $143.1B | $134.0B | $120.7B | $122.4B | $122.3B | $125.6B |
| Growth (year over year) | +11.6% | −2.0% | +6.4% | +6.1% | −21.1% | −6.3% | −9.9% | +1.4% | −0.1% | +2.7% |
| Operating income | $23.5B | $20.0B | $26.1B | $28.0B | $8.37B | $25.9B | −$4.59B | $23.5B | $19.0B | $24.2B |
| Operating margin | 14.4% | 12.4% | 15.3% | 15.4% | 5.9% | 19.3% | −3.8% | 19.2% | 15.6% | 19.2% |
| Net income | $13.0B | $29.4B | $19.4B | $13.9B | −$5.18B | $20.1B | −$8.52B | $14.4B | $10.9B | $22.0B |
| Net margin | 7.9% | 18.3% | 11.3% | 7.7% | −3.6% | 15.0% | −7.1% | 11.8% | 8.9% | 17.5% |
| EPS (diluted) | $2.10 | $4.76 | $2.85 | $1.89 | −$0.75 | $2.73 | −$1.13 | $1.97 | $1.49 | $3.04 |
| Balance sheet | ||||||||||
| Cash and equivalents | $5.79B | $50.5B | $5.20B | $9.70B | $7.92B | $19.2B | $3.70B | $6.72B | $3.30B | $18.2B |
| Total assets | $403.8B | $444.1B | $531.9B | $551.7B | $525.8B | $551.6B | $402.9B | $407.1B | $394.8B | $420.2B |
| Total liabilities | $279.7B | $302.1B | $338.0B | $349.7B | $346.5B | $367.8B | $296.4B | $289.6B | $276.6B | $293.7B |
| Long-term debt | $113.7B | $126.0B | $166.3B | $151.3B | $153.8B | $151.0B | $128.4B | $127.9B | $118.4B | $127.1B |
| Shareholders' equity | $124.1B | $142.0B | $193.9B | $201.9B | $179.2B | $183.9B | $106.5B | $117.4B | $118.2B | $126.5B |
| Cash flow | ||||||||||
| Operating cash flow | $38.4B | $38.0B | $43.6B | $48.7B | $43.1B | $42.0B | $35.8B | $38.3B | $38.8B | $40.3B |
| Capital expenditure | $21.5B | $20.6B | $21.3B | $19.6B | $14.7B | $15.5B | $19.6B | $17.9B | $20.3B | $20.8B |
| Free cash flow | $16.9B | $17.4B | $22.4B | $29.0B | $28.4B | $26.4B | $16.2B | $20.5B | $18.5B | $19.4B |
| Dividends paid | $11.8B | $12.0B | $13.4B | $14.9B | $15.0B | $15.1B | $9.86B | $8.14B | $8.21B | $8.18B |
| Share buybacks | $512.0M | $463.0M | $609.0M | $2.42B | $5.50B | $202.0M | $890.0M | $194.0M | $215.0M | $4.50B |
| Q3 FY24Sep 2024 | Q4 FY24†Dec 2024 | Q1 FY25Mar 2025 | Q2 FY25Jun 2025 | Q3 FY25Sep 2025 | Q4 FY25†Dec 2025 | Q1 FY26Mar 2026 | Q2 FY26Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $30.2B | $32.3B | $30.6B | $30.8B | $30.7B | $33.5B | $31.5B | $31.6B |
| Growth (year over year) | −0.5% | +0.9% | +2.0% | +3.5% | +1.6% | +3.6% | +2.9% | +2.3% |
| Operating income | $2.12B | $5.33B | $5.75B | $6.50B | $6.12B | $5.79B | $6.66B | $7.04B |
| Operating margin | 7.0% | 16.5% | 18.8% | 21.1% | 19.9% | 17.3% | 21.1% | 22.3% |
| Net income | −$174.0M | $4.08B | $4.35B | $4.50B | $9.31B | $3.79B | $3.83B | $4.63B |
| Net margin | −0.6% | 12.6% | 14.2% | 14.6% | 30.3% | 11.3% | 12.2% | 14.7% |
| EPS (diluted) | −$0.03 | $0.56 | $0.61 | $0.62 | $1.29 | $0.52 | $0.54 | $0.66 |
| Balance sheet | ||||||||
| Cash and equivalents | $2.59B | $3.30B | $6.88B | $10.5B | $20.3B | $18.2B | $12.0B | $17.6B |
| Total assets | $393.7B | $394.8B | $397.5B | $405.5B | $423.2B | $420.2B | $421.2B | $428.4B |
| Total liabilities | $277.4B | $276.6B | $277.6B | $284.1B | $296.5B | $293.7B | $295.6B | $301.9B |
| Long-term debt | $126.4B | $118.4B | $117.3B | $123.1B | $128.1B | $127.1B | $131.6B | $134.6B |
| Shareholders' equity | $116.3B | $118.2B | $119.9B | $121.4B | $126.8B | $126.5B | $125.6B | $126.4B |
| Cash flow | ||||||||
| Operating cash flow | $10.2B | $11.9B | $9.05B | $9.76B | $10.2B | $11.3B | $7.59B | $10.8B |
| Capital expenditure | $5.30B | $6.84B | $4.28B | $4.90B | $4.89B | $6.78B | $4.88B | $5.70B |
| Free cash flow | $4.93B | $5.05B | $4.77B | $4.87B | $5.26B | $4.54B | $2.72B | $5.10B |
| Dividends paid | $2.04B | $2.04B | $2.09B | $2.04B | $2.03B | $2.01B | $2.00B | $1.98B |
| Share buybacks | $43.0M | $13.0M | $218.0M | $961.0M | $1.49B | $1.83B | $2.48B | $2.19B |
From AT&T's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →
AT&T's latest reported figures next to the median of the other 20 S&P 500 Communication Services companies and of the other 502 S&P 500 companies; each median is taken over the companies with a comparable figure (counts in the footnote). A median is the middle value, not an average, so one very large company does not move it.
| Measure | AT&T | Communication Services (20 other S&P 500 companies) | S&P 500 (502 other companies) |
|---|---|---|---|
| Revenue growth, latest fiscal year | +2.7% | +6.8% | +7.0% |
| Net margin, latest fiscal year | 17.5% | 9.8% | 12.9% |
| Share price change, 1 year | −10.3% | +3.7% | +7.5% |
AT&T: fiscal year ended December 2025, from its 10-K and 10-Q filings with the SEC. Medians computed October 20, 2026 from each company's latest annual filing (fiscal years ending between July 2025 and September 2026) and our price archive. Prices for every company, AT&T included, are the last regular-session prices of October 20, 2026; the 1-year change compares that price with each company's last close on or before October 20, 2025. Net margin and price change are our calculations from reported figures. Each median counts only the companies with a comparable figure (sector / S&P 500): revenue growth 19/496, net margin 19/496, 1-year price change 19/488; the reasons below can overlap. 14 are left out of the price figure because our archive holds no comparable close for them. The S&P 500 price figure is the middle company's change, not the index's return.
AT&T Inc., an abbreviation of its predecessor's original name, the American Telephone and Telegraph Company, is an American multinational telecommunications company headquartered at the Whitacre Tower in Downtown Dallas, Texas. AT&T is the world's third-largest telecommunications company by revenue, the third-largest wireless carrier in the United States behind T-Mobile and Verizon, and the nation's largest fiber internet provider. On the New York Stock Exchange, AT&T trades under the ticker symbol "T", and has a market capitalization of $186.83 billion. On the Fortune 500 (2025) AT&T ranked 37th among the largest American businesses and reported revenues of $125.6 billion last year.