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TBB

AT&T Inc. 5.35% GLB NTS 66

TBB

AT&T Inc. 5.35% GLB NTS 66 • NYSE
$22.45 ▼ -0.75% (-0.17)
Market Cap $137.84 B
52w High $24.55
52w Low $21.55
Dividend Yield 1.34%
P/E 4.38
Volume 62.05K
Outstanding Shares 6.14B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $30.709B ▼ $7.454B ▲ $9.314B ▲ 30.33% ▲ $1.3 ▲ $17.67B ▲
Q2-2025 $30.847B ▲ $6.896B ▼ $4.5B ▲ 14.588% ▲ $0.62 ▲ $13.015B ▲
Q1-2025 $30.626B ▼ $7.07B ▼ $4.351B ▲ 14.207% ▲ $0.61 ▲ $12.791B ▲
Q4-2024 $32.298B ▲ $7.38B ▲ $4.08B ▲ 12.632% ▲ $0.56 ▲ $12.34B ▲
Q3-2024 $30.213B $6.919B $-174M -0.576% $-0.031 $8.177B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $20.272B ▲ $423.213B ▲ $294.474B ▲ $110.708B ▲
Q2-2025 $10.499B ▲ $405.491B ▲ $282.114B ▲ $105.272B ▲
Q1-2025 $6.885B ▲ $397.467B ▲ $275.628B ▲ $103.744B ▼
Q4-2024 $3.298B ▲ $394.795B ▲ $274.57B ▼ $104.372B ▲
Q3-2024 $2.586B $393.719B $275.459B $102.351B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $9.314B ▲ $10.152B ▲ $-3.389B ▲ $2.989B ▲ $9.772B ▲ $5.265B ▲
Q2-2025 $4.861B ▲ $9.763B ▲ $-6.086B ▼ $-45M ▲ $3.632B ▲ $4.866B ▲
Q1-2025 $4.692B ▲ $9.049B ▼ $-4.958B ▲ $-553M ▲ $3.538B ▲ $4.772B ▼
Q4-2024 $4.408B ▲ $11.896B ▲ $-5.363B ▼ $-5.853B ▼ $680M ▲ $5.053B ▲
Q3-2024 $145M $10.235B $-5.15B $-5.562B $-477M $4.933B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
IP Broadband
IP Broadband
 $2.91Bn ▲$920.00M ▼$890.00M ▼$870.00M ▼
Legacy Voice and Data
Legacy Voice and Data
 $360.00M ▲$2.81Bn ▲$2.66Bn ▼$2.50Bn ▼
Other Service
Other Service
 $310.00M ▲$300.00M ▼$300.00M ▲$290.00M ▼
Wireless Service
Wireless Service
 $17.20Bn ▲$17.27Bn ▲$17.52Bn ▲$17.62Bn ▲

Five-Year Company Overview

Income Statement

Income Statement AT&T’s earnings picture over the last several years shows a business with large, fairly steady revenue but some bumps in profitability. Sales have drifted down from earlier pandemic-era peaks but have been relatively stable more recently. Profit margins tightened when AT&T was reshaping its portfolio and taking charges, which shows up as a loss in one year, but operating profit has since returned to more normal, healthy levels. Net income has swung between solidly positive and meaningfully negative depending on one‑time items and restructuring, which means reported earnings can look volatile even though the underlying telecom business is more stable than the headline figures suggest.

Balance Sheet

Balance Sheet The balance sheet reflects a very large, capital‑intensive company that has been simplifying and de‑leveraging. Total assets have come down after divestitures and restructuring, which is expected when a company narrows its focus. Debt remains high in absolute terms but has been trending lower as AT&T pays it down and refinances. Equity has held relatively steady after a drop from earlier years, suggesting the capital base is now on a more stable footing. Cash on hand is modest relative to the size of the business, so the company relies heavily on consistent cash generation and access to credit markets, both of which are typical for a major telecom operator.

Cash Flow

Cash Flow Cash generation is one of AT&T’s clear strengths. Operating cash flow has been consistently strong, comfortably covering interest, dividends, and investments. Free cash flow has remained positive each year, even while the company has been spending heavily on its network, spectrum, and fiber build‑out. Capital spending has been elevated, which reflects the push into 5G and fiber rather than distress. Overall, the cash flow profile looks more stable and predictable than the income statement, which is important support for long‑dated obligations like the TBB notes.

Competitive Edge

Competitive Edge AT&T holds a durable position as one of the core telecom providers in the United States. Its competitive strength is built on a massive wireless and fiber network, long‑standing brand recognition, and the ability to sell bundles of mobile, broadband, and TV services. This scale makes it hard for new players to challenge AT&T in its main markets and gives it leverage with suppliers and partners. At the same time, competition from other national carriers remains intense, which can pressure pricing and customer churn. Overall, AT&T’s moat comes from its network depth, customer base, and breadth of services, rather than from high growth or niche specialization.

Innovation and R&D

Innovation and R&D AT&T continues to invest heavily in next‑generation network technology rather than in traditional lab‑style research. Its innovation efforts are focused on 5G, fiber, software‑defined networking, and large‑scale use of artificial intelligence. The company has been an important contributor to 5G standards, is shifting more of its network to software‑based cores, and is experimenting with new services like advanced mobile gaming, private networks, and industrial IoT. Internally, it is rolling out generative AI tools to improve operations and customer service. These initiatives aim to make the network more flexible, lower operating costs, and create new revenue opportunities, though the pace and scale of monetization are still evolving.

Summary

Taken together, AT&T looks like a mature, essential infrastructure provider with steadier cash flows than its sometimes choppy earnings might imply. The company has been cleaning up its balance sheet, paring back non‑core assets, and reducing debt, while continuing to invest heavily in 5G and fiber. Its competitive position is anchored in scale, network reach, and bundled offerings, not in rapid growth. For a long‑dated instrument such as the TBB notes, the key considerations are AT&T’s ability to maintain strong cash generation, manage its sizeable debt load, and keep its network and services competitive as technology and customer needs evolve. The main risks are industry price pressure, execution on network investments and innovation, and the ongoing need to balance shareholder returns with balance‑sheet discipline.