# AT&T Inc. (T)

> Source: Nexqual · https://nexqual.com/T · data as of 2026-10-22 20:02 UTC · cite as "Nexqual, AT&T Inc. (T), nexqual.com/T" · informational, not investment advice.

**Price:** USD 22.74 (+3.79% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 21.91 · day 22.03–22.91 · 52w 19.89–29.44 · market cap $156B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $129B, net income $13.1B (10.2% margin), free cash flow $17.8B (SEC filings).
- Valuation: P/E 11.9x (avg 10.5x at the last 3 fiscal year-ends), EV/EBITDA 7.0x, net debt $149B.
- Earnings quality: non-operating income -$5.40B (gains on equity investments $70.0M) vs operating income $23.6B over the last four quarters; P/E excluding non-operating income ≈8.9x (estimate: non-operating income taxed at the company's 19% effective rate).
- 3 of 80 tracked superinvestors hold T (13F, Q2 2026): 0 new, 1 added, 1 reduced, 1 unchanged.
- Analysts: Buy (mean 2.29 on a 1–5 scale) (24 analysts), mean target USD 27.8 (range 20–34).
- Total return with dividends: 1Y -3.2% vs S&P 500 +14.9%; 5Y +57.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 0.54, revenue estimate $34.6B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $134B | $121B | $122B | $122B | $126B | $129B |
| Operating income | $25.9B | -$4.59B | $23.5B | $19.0B | $24.2B | $23.6B |
| Net income | $20.1B | -$8.52B | $14.4B | $10.9B | $22.0B | $13.1B |
| EPS (diluted) | $2.73 | -$1.13 | $1.97 | $1.49 | $3.04 | — |
| Free cash flow | $26.4B | $16.2B | $20.5B | $18.5B | $19.4B | $17.8B |
| Operating margin | 19.3% | -3.8% | 19.2% | 15.6% | 19.2% | 18.3% |
| Net margin | 15.0% | -7.1% | 11.8% | 8.9% | 17.5% | 10.2% |
| Revenue growth | -6.3% | -9.9% | +1.4% | -0.1% | +2.7% | — |
| Cash + short-term investments | $19.2B | $3.70B | $6.72B | $3.30B | $18.2B | — |
| Total debt | $192B | $141B | $143B | $127B | $144B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 11.9x · P/E ex non-operating (est.) ≈8.9x · P/S 1.2x · EV/EBITDA 7.0x · EV/Sales 2.4x · P/FCF 8.7x · P/B 1.3x · FCF yield 11.43% · Earnings yield 8.43% · Dividend yield (paid, TTM) 5.09% · Buyback yield (TTM) 5.97% · Net debt $149B · EV $305B
P/E at fiscal year-ends: Dec 2025 8.1x, Dec 2024 15.0x, Dec 2023 8.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold T. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 0.40% | $39.8M | Added +29.2% |
| Van Den Berg Management I |  | 0.05% | $236K | Reduced -0.5% |
| Mairs & Power | Mairs & Power Funds | <0.01% | $234K | Unchanged |

## Analysts
Consensus Buy (mean 2.29 on a 1–5 scale), 24 analysts; mean target USD 27.8 (low 20, high 34).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Morgan Stanley | Target lowered | Overweight | $28 → $25 |
| 2026-10-22 | Barclays | Target lowered | Equal-Weight | $24 → $21 |
| 2026-10-22 | Argus Research | Reiterated | Buy | $30 |
| 2026-10-22 | JP Morgan | Target lowered | Overweight | $33 → $31 |
| 2026-10-22 | TD Cowen | Reiterated | Hold | $33 |
| 2026-10-22 | Keybanc | Target lowered | Overweight | $36 → $33 |
| 2026-10-09 | Scotiabank | Target lowered | Sector Perform | $27.5 → $26.5 |
| 2026-10-02 | Scotiabank | Target lowered | Sector Perform | $29.25 → $27.5 |
| 2026-09-28 | Morgan Stanley | Target raised | Overweight | $27 → $28 |
| 2026-09-21 | BNP Paribas | Upgrade | Neutral → Outperform | $26 → $30 |
| 2026-07-23 | Wolfe Research | Upgrade | Peer Perform → Outperform | $29 |
| 2026-07-23 | Morgan Stanley | Target raised | Overweight | $25 → $27 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -3.2% | +57.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -3.2% | +9.5% |
| Volatility (annualized) | 27.9% | 24.6% |
| Max drawdown | -28.9% (Mar 2026→Jul 2026) | -29.1% (Jun 2022→Jul 2023) |

## Peers (Telecom Services)
TMUS (T-Mobile US, Inc.) USD 158.79 +3.28% · VZ (Verizon Communications Inc.) USD 45.2 +3.76% · CMCSA (Comcast Corporation) USD 22.84 +3.44% · AMX (America Movil, S.A.B. de C.V.) USD 24.98 +2.84% · CHT (Chunghwa Telecom Co., Ltd.) USD 48.72 +2.57% · VOD (Vodafone Group Plc) USD 16.12 +1.70%

## More
Full page: https://nexqual.com/T · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in T's own 10-K filed 2026-02-09 (https://www.sec.gov/Archives/edgar/data/732717/000073271726000120/t-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Gigapower | "Gigapower We hold a 50% interest in our joint venture Gigapower, LLC (Gigapower), which provides a fiber network in select areas to internet service providers and other businesses across the United States." |
| Partner | Athene Holding Ltd. (ATH-PA) | "In 2023, AT&T and State Street Global Advisors Trust Company, as independent fiduciary of the AT&T Pension Benefit Plan (Plan), entered into a commitment agreement with subsidiaries of Athene Holding Ltd. (Athene) under …" |

Other companies that name T in their own reports (relationship from T's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | COMTECH TELECOMMUNICATIONS CORP /DE/ (CMTL) | 10-K 2026-10-14 | "•Leading telecommunications companies, including AT&T Inc., Bell Mobility, Inc., Comcast Corp., Nokia Corp., Rogers Communications Canada Inc., TELUS Communications Inc., Verizon Communications Inc. a…" |
| supplier | IDT CORP (IDT) | 10-K 2026-09-29 | "Many of these companies, including AT&T, Verizon, and T-Mobile, are substantially larger and have greater financial, technical, engineering, personnel, and marketing resources, longer operating histor…" |
| customer | SCANSOURCE, INC. (SCSC) | 10-K 2026-08-20 | "We provide products and services from approximately 500 suppliers, including key suppliers AT&T, Avaya, Axis, Cisco, Comcast Business, Dell, Elo, Extreme, Five9, Fortinet, Hanwha, Honeywell, HP Poly, …" |
| supplier | VIAVI SOLUTIONS INC. (VIAV) | 10-K 2026-08-13 | "Examples of our customers include Advanced Micro Devices, Inc., América Móvil, AT&T Inc., British Telecom Openreach, Ciena, Cisco Systems, Inc., Deutsche Telekom AG, Ericsson, Lumen Technologies, Inc.…" |
| competitor | Anterix Inc. (ATEX) | 10-K 2026-06-25 | "Our competitors include spectrum holders, retail wireless network providers, such as Verizon, AT&T, and T-Mobile, private radio operators and other public and private companies, including potential ne…" |
| supplier | BIO KEY INTERNATIONAL INC (BKYI) | 10-K 2026-06-12 | "During his twenty years with the Company, Mr. Sullivan has directly worked with dozens of the Company's customers, including AT&T, Israel Defense Forces, LexisNexis, NCR and Omnicell, as well as large…" |
| competitor | Digital Turbine, Inc. (APPS) | 10-K 2026-05-26 | "•We compete with other DSP providers, some of which are smaller, privately held companies, while others are large, well-established companies such as the Trade Desk, or divisions of large companies, s…" |
| partner | GRUPO TELEVISA, S.A.B. (TV) | 20-F 2026-04-30 | "On April 3, 2024, we announced that we had reached an agreement with AT&T to acquire its interest in Sky and become the owner of 100% of Sky's capital stock." |
| competitor | AMERICA MOVIL SAB DE CV/ (AMX) | 20-F 2026-04-28 | "We compete against other providers of wireless, broadband and Pay TV that operate on a multi-national level, such as AT&T Inc.," |
| competitor | QVC Group, Inc. (QVCG) | 10-K 2026-04-15 | "We believe our long-term relationships with major U.S. television distributors, including cable operators (e.g., Comcast, Charter Communications and Cox), satellite television providers (e.g., DIRECTV…" |
| competitor | OOMA INC (OOMA) | 10-K 2026-04-03 | "We face competition from a range of companies, such as Verizon Communications Inc., Granite Telecommunications LLC, MetTel Inc., AT&T Inc. and Napco Security Technologies, Inc., as well as other servi…" |
| competitor | Elauwit Connection, Inc. (ELWT) | 10-K 2026-03-31 | "Our competitors, many of whom are also our partners, include a variety of telecom operators, network operators, and tower companies, including AT&T, Spectrum, Comcast, Pavlov Media, Single Digits, Whi…" |
| customer | RADCOM LTD (RDCM) | 20-F 2026-03-31 | "the global technology direction for AT&T, including network planning, innovation road map and led AT&T Labs, AT&T Foundry," |
| competitor | BOSTON OMAHA Corp (BOC) | 10-K 2026-03-30 | "In the future, leading cable operators, such as Comcast, Charter Communications and Optimum, and other competitors, as well as other corporations providing competitive services, such as AT&T, T-Mobile…" |
| customer | SOUNDTHINKING, INC. (SSTI) | 10-K 2026-03-30 | "We rely on wireless carriers, mainly AT&T and Verizon, to provide access to wireless networks for machine-to-machine data transmissions, which are an integral part of our services." |

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Advanced Connectivity | $29.48B | 91.2% | +7.2% | $7.63B | 25.9% |
| Legacy | $1.52B | 4.7% | -24.5% | $498.0M | 32.8% |
| Latin America | $1.24B | 3.8% | +13.2% | $45.0M | 3.6% |
| Corporate & Other | $82.0M | 0.3% | -16.3% | -$4.08B | -4970.7% |
| Total revenue | $32.32B | 100% | — | $4.09B | 12.7% |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service | $26.30B | 81.4% | +3.8% |
| Wireless service | $17.76B | 55.0% | +5.0% |
| Equipment | $6.02B | 18.6% | +12.1% |
| Advanced home internet | $2.98B | 9.2% | +23.4% |
| Business fiber and advanced connectivity | $1.99B | 6.2% | +8.7% |
| Business transitional and other | $1.02B | 3.2% | -14.6% |
| Other service | $148.0M | 0.5% | -8.6% |
| Total revenue | $32.32B | 100% | — |
The lines above cover 173.9% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Domestic equities | $120.22B | 95.7% | +2.9% |
| Mexico | $4.43B | 3.5% | +3.3% |
| Asia Pacific | $395.0M | 0.3% | -14.5% |
| Europe | $382.0M | 0.3% | -13.4% |
| All Other Geographical Areas | $114.0M | 0.1% | -1.7% |
| Region Of Latin America & Caribbean | $110.0M | 0.1% | -26.2% |
| Total revenue | $125.65B | 100% | — |

## Company outlook (8-K filed 2026-10-21)

- "Financial Outlook and Capital Allocation Plan AT&T is increasing its outlook for 2026 adjusted EPS* and lowering its long-term outlook for capital investment."
- "AT&T maintains its long-term outlook for improved growth in adjusted EBITDA* and adjusted EPS* and higher free cash flow* through 2028, its plans to return $45 billion+ to shareholders during 2026-2028 through dividends and share repurchases, and an expectation that its net debt-to-adjusted EBITDA ratio* will return to a level consistent with its target in the 2.5x range during 2029."
- "AT&T's long-term outlook is presented on a continuing operations basis and, for 2027-2028, excludes AT&T Mexico, which it has agreed to sell to Grupo Televisa and Fintech Holdings."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.54 | $0.53 | +2.9% | $34.64B | 14 |
| Next quarter (ends 2027-03-31) | $0.61 | $0.60 | +1.7% | $31.80B | 12 |
| Current fiscal year (ends 2026-12-31) | $2.39 | $2.34 | +2.5% | $129.96B | 19 |
| Next fiscal year (ends 2027-12-31) | $2.59 | $2.57 | +1.0% | $130.46B | 22 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 30.3% | ±4.7% |
| 2026-11-06 | 14 | 30.8% | ±5.9% |
| 2026-11-13 | 21 | 27.6% | ±6.3% |
| 2026-11-20 | 28 | 26.0% | ±6.7% |
| 2026-11-27 | 35 | 29.6% | ±8.2% |
| 2026-12-04 | 42 | 56.7% | ±14.2% |
| 2026-12-18 | 56 | 26.4% | ±9.1% |
| 2027-01-15 | 84 | 25.6% | ±10.9% |