AT&T Inc.

Name: AT&T Inc. financial statements and ratios
Creator: Annalist

T · NYSE · Communication and media, telecommunications · United States · US GAAP · Fiscal year ends December

Latest report: Q3 FY2026, the quarter ended 30 September 2026, released 21 October 2026. Snapshot FY2026Q3_9da86bb0.

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Overview

Revenue, quarter

+5.3% year on year

Operating income, quarter

−33.1% year on year

Net income, quarter

−90.4% year on year

Diluted EPS, quarter

−90.7% year on year

Operating margin, last 4 quarters

−0.7pp year on year

Return on equity, last 4 quarters

−8.8pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 30 September 2026 was US$32.3 billion, 5.3% higher than in the same quarter a year earlier.
Strengthenedin Q3 FY2026 · stated since Q4 FY20245.3% from 2.3% in Q2 FY2026
Rule: Revenue against a year earlier · Sources 10-Q 2026-09
History of this finding, 10 records
1. Q3 FY2026 StrengthenedRevenue for the quarter ended 30 September 2026 was US$32.3 billion, 5.3% higher than in the same quarter a year earlier.Recorded from FY2026Q3_9da86bb0 · data update
2. Q2 FY2026 ConfirmedRevenue for the quarter ended 30 June 2026 was US$31.6 billion, 2.3% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q1 FY2026 ConfirmedRevenue for the quarter ended 31 March 2026 was US$31.5 billion, 2.9% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q4 FY2025 StrengthenedRevenue for the quarter ended 31 December 2025 was US$33.5 billion, 3.6% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q3 FY2025 WeakenedRevenue for the quarter ended 30 September 2025 was US$30.7 billion, 1.6% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q2 FY2025 StrengthenedRevenue for the quarter ended 30 June 2025 was US$30.8 billion, 3.5% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q1 FY2025 StrengthenedRevenue for the quarter ended 31 March 2025 was US$30.6 billion, 2.0% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q4 FY2024 NewRevenue for the quarter ended 31 December 2024 was US$32.3 billion, 0.9% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q4 FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
10. Q3 FY2024 NewRevenue for the quarter ended 30 September 2024 was US$30.2 billion, 0.5% lower than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$891 million, 90.4% lower than in the same quarter a year earlier.
Newin Q3 FY2026 · first stated
Rule: Net income against a year earlier · Sources 10-Q 2026-09
History of this finding, 14 records
1. Q3 FY2026 NewNet income attributable to the company was US$891 million, 90.4% lower than in the same quarter a year earlier.Recorded from FY2026Q3_9da86bb0 · data update
2. Q3 FY2026 RetiredThe finding changed to lower than a year earlier.Recorded from FY2026Q3_9da86bb0 · data update
3. Q2 FY2026 NewNet income attributable to the company was US$4.6 billion, 2.8% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q2 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. Q1 FY2026 StrengthenedNet income attributable to the company was US$3.8 billion, 12.0% lower than in the same quarter a year earlier.Reconstructed · data update
6. Q4 FY2025 NewNet income attributable to the company was US$3.8 billion, 7.2% lower than in the same quarter a year earlier.Reconstructed · data update
7. Q4 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
8. Q3 FY2025 NewNet income attributable to the company was US$9.3 billion, against a net loss of US$174 million in the same quarter a year earlier.Reconstructed · data update
9. Q3 FY2025 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
10. Q2 FY2025 WeakenedNet income attributable to the company was US$4.5 billion, 25.1% higher than in the same quarter a year earlier.Reconstructed · data update
11. Q1 FY2025 WeakenedNet income attributable to the company was US$4.4 billion, 26.3% higher than in the same quarter a year earlier.Reconstructed · data update
12. Q4 FY2024 NewNet income attributable to the company was US$4.1 billion, 86.5% higher than in the same quarter a year earlier.Reconstructed · data update
13. Q4 FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
14. Q3 FY2024 NewThe company reported a net loss of US$174 million, against net income of US$3.5 billion in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was 18.3%, 0.7 percentage points lower than a year earlier.
Newin Q3 FY2026 · first stated
Rule: Operating margin against a year earlier · Sources 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03 and 4 more
History of this finding, 12 records
1. Q3 FY2026 NewThe operating margin over the last 4 quarters was 18.3%, 0.7 percentage points lower than a year earlier.Recorded from FY2026Q3_9da86bb0 · data update
2. Q3 FY2026 RetiredThe finding changed to lower than a year earlier.Recorded from FY2026Q3_9da86bb0 · data update
3. Q2 FY2026 ConfirmedThe operating margin over the last 4 quarters was 20.1%, 4.2 percentage points higher than a year earlier.Reconstructed · data update
4. Q1 FY2026 StrengthenedThe operating margin over the last 4 quarters was 19.8%, 4.4 percentage points higher than a year earlier.Reconstructed · data update
5. Q4 FY2025 ConfirmedThe operating margin over the last 4 quarters was 19.2%, 3.7 percentage points higher than a year earlier.Reconstructed · data update
6. Q3 FY2025 NewThe operating margin over the last 4 quarters was 19.0%, 3.5 percentage points higher than a year earlier.Reconstructed · data update
7. Q3 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
8. Q2 FY2025 WeakenedThe operating margin over the last 4 quarters was 15.9%, 2.7 percentage points lower than a year earlier.Reconstructed · data update
9. Q1 FY2025 ConfirmedThe operating margin over the last 4 quarters was 15.4%, 3.6 percentage points lower than a year earlier.Reconstructed · data update
10. Q4 FY2024 NewThe operating margin over the last 4 quarters was 15.6%, 3.6 percentage points lower than a year earlier.Reconstructed · data update
11. Q4 FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
12. Q3 FY2024 NewThe operating margin over the last 4 quarters was 15.6%, 17.9 percentage points higher than a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 12.1%, against 20.9% a year earlier.
Newin Q3 FY2026 · first stated
Rule: Return on equity against a year earlier · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 4 more
History of this finding, 12 records
1. Q3 FY2026 NewReturn on equity over the last 4 quarters was 12.1%, against 20.9% a year earlier.Recorded from FY2026Q3_9da86bb0 · data update
2. Q3 FY2026 RetiredThe finding changed to lower than a year earlier.Recorded from FY2026Q3_9da86bb0 · data update
3. Q2 FY2026 WeakenedReturn on equity over the last 4 quarters was 20.0%, against 12.1% a year earlier.Reconstructed · data update
4. Q1 FY2026 WeakenedReturn on equity over the last 4 quarters was 20.1%, against 11.4% a year earlier.Reconstructed · data update
5. Q4 FY2025 WeakenedReturn on equity over the last 4 quarters was 20.4%, against 10.5% a year earlier.Reconstructed · data update
6. Q3 FY2025 NewReturn on equity over the last 4 quarters was 20.9%, against 8.8% a year earlier.Reconstructed · data update
7. Q3 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
8. Q2 FY2025 WeakenedReturn on equity over the last 4 quarters was 12.1%, against 12.3% a year earlier.Reconstructed · data update
9. Q1 FY2025 WeakenedReturn on equity over the last 4 quarters was 11.4%, against 13.4% a year earlier.Reconstructed · data update
10. Q4 FY2024 NewReturn on equity over the last 4 quarters was 10.5%, against 14.3% a year earlier.Reconstructed · data update
11. Q4 FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
12. Q3 FY2024 NewReturn on equity over the last 4 quarters was 8.8%, against -10.0% a year earlier.Reconstructed · initial
Net debt was US$148.9 billion at 30 September 2026, 3.4 times EBITDA over the last 4 quarters.
Strengthenedin Q3 FY2026 · stated since Q3 FY2024
Rule: Net debt or net cash · Sources 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09 and 2 more
History of this finding, 9 records
1. Q3 FY2026 StrengthenedNet debt was US$148.9 billion at 30 September 2026, 3.4 times EBITDA over the last 4 quarters.Recorded from FY2026Q3_9da86bb0 · data update
2. Q2 FY2026 ConfirmedNet debt was US$126.4 billion at 30 June 2026, 2.7 times EBITDA over the last 4 quarters.Reconstructed · data update
3. Q1 FY2026 StrengthenedNet debt was US$126.4 billion at 31 March 2026, 2.8 times EBITDA over the last 4 quarters.Reconstructed · data update
4. Q4 FY2025 ConfirmedNet debt was US$117.9 billion at 31 December 2025, 2.6 times EBITDA over the last 4 quarters.Reconstructed · data update
5. Q3 FY2025 ConfirmedNet debt was US$119.2 billion at 30 September 2025, 2.7 times EBITDA over the last 4 quarters.Reconstructed · data update
6. Q2 FY2025 ConfirmedNet debt was US$121.8 billion at 30 June 2025, 3.0 times EBITDA over the last 4 quarters.Reconstructed · data update
7. Q1 FY2025 ConfirmedNet debt was US$119.3 billion at 31 March 2025, 3.0 times EBITDA over the last 4 quarters.Reconstructed · data update
8. Q4 FY2024 ConfirmedNet debt was US$120.2 billion at 31 December 2024, 3.0 times EBITDA over the last 4 quarters.Reconstructed · data update
9. Q3 FY2024 NewNet debt was US$126.4 billion at 30 September 2024, 3.2 times EBITDA over the last 4 quarters.Reconstructed · initial

Records before Q3 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents28 documents, latest Form 10-Q, period ended 30 September 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026Q3_9da86bb0

Corporate Events

recast23 February 2024
Presented revenue for fiscal 2021 again as US$134.0 billion, from US$168.9 billion, after the discontinued operations reported at the year end of 31 December 2021.
Source 10-K 2023-12
recast13 February 2023
Presented revenue for fiscal 2020 again as US$143.1 billion, from US$171.8 billion, after the discontinued operations reported at the year end of 31 December 2020.
Source 10-K 2022-12
Acquisition8 April 2022
Completed an acquisition.
Source 8-K 2022-04
Discontinued operations31 December 2021
Reported discontinued operations for fiscal 2021, with a net loss of US$2.2 billion from them.
Source 10-K 2023-12
Discontinued operations31 December 2020
Reported discontinued operations for fiscal 2020, with a net loss of US$2.2 billion from them.
Source 10-K 2022-12

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q3 FY2026

Form 10-Q, period ended 30 September 2026, filed 21 October 2026. Changes are against the previous report, and each figure shows its period.

5changes2thresholds crossed

Changes in This Report 5

StrengthenedRevenue Against a Year Earlier10-Q 2026-09
Revenue for the quarter ended 30 September 2026 was US$32.3 billion, 5.3% higher than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Revenue for the quarter ended 30 June 2026 was US$31.6 billion, 2.3% higher than in the same quarter a year earlier.
NewNet Income Against a Year Earlier10-Q 2026-09
Net income attributable to the company was US$891 million, 90.4% lower than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Net income attributable to the company was US$4.6 billion, 2.8% higher than in the same quarter a year earlier.
NewOperating Margin Against a Year Earlier10-Q 2026-09
The operating margin over the last 4 quarters was 18.3%, 0.7 percentage points lower than a year earlier.
Earlier record, Q2 FY2026
The operating margin over the last 4 quarters was 20.1%, 4.2 percentage points higher than a year earlier.
NewReturn on Equity Against a Year Earlier10-Q 2026-09
Return on equity over the last 4 quarters was 12.1%, against 20.9% a year earlier.
Earlier record, Q2 FY2026
Return on equity over the last 4 quarters was 20.0%, against 12.1% a year earlier.

1 more change

StrengthenedNet Debt or Net Cash10-Q 2026-09
Net debt was US$148.9 billion at 30 September 2026, 3.4 times EBITDA over the last 4 quarters.
Earlier record, Q2 FY2026
Net debt was US$126.4 billion at 30 June 2026, 2.7 times EBITDA over the last 4 quarters.

Thresholds Crossed 2

ConfirmedDebt Against the S&P Benchmark Bands
Lease-adjusted debt was 3.6 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 22.8% of that debt. Both ratios are within the significant band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the significant band is number 4 of 6, and a higher number means more debt against earnings.
WeakenedAltman Z'' Zone
The Altman Z'' score for fiscal 2025 was 0.89, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsSignificant bandDebt to EBITDA 3.60x, FFO to debt 22.8% · Q3 FY2026

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 3.6 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 22.8% of that debt. Both ratios are within the significant band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the significant band is number 4 of 6, and a higher number means more debt against earnings.
Confirmedin Q3 FY2026 · stated since Q3 FY20243.60x from 3.14x in Q2 FY2026
Rule: Debt against the S&P benchmark bands · Sources 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09 and 2 more
History of this finding, 9 records
1. Q3 FY2026 ConfirmedLease-adjusted debt was 3.6 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 22.8% of that debt. Both ratios are within the significant band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025.Recorded from FY2026Q3_9da86bb0 · data update
2. Q2 FY2026 ConfirmedLease-adjusted debt was 3.1 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 26.6% of that debt. Both ratios are within the significant band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025.Reconstructed · data update
3. Q1 FY2026 ConfirmedLease-adjusted debt was 3.0 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 27.0% of that debt. Both ratios are within the significant band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025.Reconstructed · data update
4. Q4 FY2025 ConfirmedLease-adjusted debt was 3.1 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 26.4% of that debt. Both ratios are within the significant band of the S&P standard volatility table.Reconstructed · data update
5. Q3 FY2025 ConfirmedLease-adjusted debt was 3.1 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 25.6% of that debt. Both ratios are within the significant band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2024.Reconstructed · data update
6. Q2 FY2025 ConfirmedLease-adjusted debt was 3.2 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 23.9% of that debt. Both ratios are within the significant band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2024.Reconstructed · data update
7. Q1 FY2025 ConfirmedLease-adjusted debt was 3.2 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 24.7% of that debt. Both ratios are within the significant band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2024.Reconstructed · data update
8. Q4 FY2024 ConfirmedLease-adjusted debt was 3.2 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 24.4% of that debt. Both ratios are within the significant band of the S&P standard volatility table.Reconstructed · data update
9. Q3 FY2024 NewLease-adjusted debt was 3.3 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 24.1% of that debt. Both ratios are within the significant band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2023.Reconstructed · initial

Position in the S&P Standard Volatility Table, Last 4 Quarters to Q3 FY2026

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 3.6 years of adjusted EBITDA; a year of funds from operations equals 22.8% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2x to 3x	3.60x3x to 4x	4x to 5x	5x and above
FFO to debt	60% and above	45% to 60%	30% to 45%	22.8%20% to 30%	12% to 20%	below 12%

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities
Adjusted EBITDAOperating profit before depreciation, amortisation, goodwill impairment, pay in shares and lease costs: the earnings that credit analysts set against lease-adjusted debt.EBIT + depreciation and amortisation + goodwill impairment + share-based compensation + operating lease cost						est.
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - lease interest - cash taxes						est.
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	significant	significant	significant	significant	significant	est.significant
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	significant	significant	significant	significant	significant	est.significant
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA						est.
Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt					n/a	n/a
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Lease-adjusted operating cash flow - capital expenditure) / lease-adjusted debt					n/a	n/a
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Lease-adjusted operating cash flow - capital expenditure - dividends - repurchases of common stock) / lease-adjusted debt					n/a	n/a
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)						est.
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest + lease interest) / (cash interest + lease interest)						est.
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / (interest expense + lease interest)						est.
EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Total debt	$176bn	$136bn	$137bn	$124bn	$136bn	$160bn
Operating lease liabilities	$22.3bn	$22.2bn	$21.1bn	$20.9bn	$22.5bn	$18.5bn
Lease-adjusted debt	$198bn	$158bn	$158bn	$144bn	$159bn	$178bn
EBIT	$25.9bn	−$4.6bn	$23.5bn	$19.0bn	$24.2bn	$23.6bn
Depreciation and amortisation	$17.9bn	$18.0bn	$18.8bn	$20.6bn	$20.9bn	$20.0bn
Goodwill impairment	$0	$24.8bn	$0	$0	$0	$0
Share-based compensation	$447m	$518m	$479m	$505m	$536m	$0
Operating lease cost	$5.4bn	$5.4bn	$5.6bn	$5.8bn	$5.9bn	$5.9bn
Adjusted EBITDA	$49.6bn	$44.2bn	$48.3bn	$45.9bn	$51.5bn	$49.5bn
Cash interest	−$6.7bn	−$6.1bn	−$6.7bn	−$6.8bn	−$6.8bn	−$7.5bn
Lease interest	−$890m	−$824m	−$888m	−$945m	−$999m	−$864m
Cash taxes	−$252m	−$592m	−$1.6bn	−$2.5bn	−$1.4bn	−$568m
Funds from operations	$41.7bn	$36.7bn	$39.1bn	$35.7bn	$42.4bn	$40.6bn

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
Operating lease cost is reported in the annual report only. Over the last 4 quarters, the lease figures that the quarters do not report are estimated from the latest fiscal year, and every value computed with such an estimate is marked.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Findings No Longer Stated

Rules whose findings applied in earlier quarters but not in the latest one.

Liquidity cover · retired in Q2 FY2026
1. Q2 FY2026 RetiredThe rule did not apply to the figures as at Q2 FY2026.Reconstructed · data update
2. FY2024 ConfirmedCash, short-term investments and operating cash flow for fiscal 2024 equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. Q4 FY2023 NewCash, short-term investments and operating cash flow over the 4 quarters ended 31 December 2023 equalled 1.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2024

Sources	Amount
Cash and short-term investments	$3.3bn
Operating cash flow	$38.8bn
Sources	$42.1bn

Uses	Amount
Debt due within 12 months	$5.4bn
Capital expenditure	$20.3bn
Dividends paid	$8.2bn
Uses	$33.9bn

Liquidity cover 1.24x

Debt Maturities at 31 December 2025

Principal due by fiscal year, US dollars

FY2026	FY2027	FY2028	FY2029	FY2030	After FY2030	Total
$8.7bn	$9.0bn	$6.9bn	$6.9bn	$7.0bn	$106bn	$145bn

By Fiscal Year

Ratio	FY202531 Dec 2025	Q3 FY2026latest quarter
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included	n/a	n/a
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings
Maturity concentrationThe largest amount of debt due in a single year of the next 5, as a share of the debt in the schedule. A high share means the repayments are concentrated in 1 year.Largest single year of debt maturing within 5 years / total debt in the maturity schedule		n/a

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −6.9%, Operating cash flow to EBITDA 0.98x · FY2024

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 6.9% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Strengthenedin FY2024 · stated since Q4 FY2023−6.9% from −5.9% in Q4 FY2023
Rule: Cash backing of earnings · Sources 10-K 2024-12, 10-K 2025-12
History of this finding, 2 records
1. FY2024 StrengthenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 6.9% of average total assets.Reconstructed · data update
2. Q4 FY2023 NewOperating cash flow over the 4 quarters ended 31 December 2023 exceeded net income attributable to the company by an amount equal to 5.9% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202231 Dec 2022	FY202531 Dec 2025	Q3 FY2026latest quarter
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets		n/a	n/a
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)		n/a	n/a
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company	n/a	n/a	n/a
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresDistress zoneAltman Z'' 0.89, Beneish −2.86 · Piotroski 5 of 9 · Last 4 quarters 0.78 at Q3 FY2026 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 0.89, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.
Weakenedin FY2025 · stated since FY20230.89 from 0.53 in FY2024
Rule: Altman Z'' zone · Sources 10-Q 2026-09, 10-K 2025-12
History of this finding, 3 records
1. FY2025 WeakenedThe Altman Z'' score for fiscal 2025 was 0.89, below the distress threshold of 1.10.Reconstructed · data update
2. FY2024 ConfirmedThe Altman Z'' score for fiscal 2024 was 0.53, below the distress threshold of 1.10.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 0.54, below the distress threshold of 1.10.Reconstructed · initial
The Beneish M-score for fiscal 2024 was minus 2.86, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Confirmedin FY2024 · stated since FY2023−2.86 from −2.84 in FY2023
Rule: Beneish M-score against its threshold · Sources 10-K 2024-12, 10-K 2025-12
History of this finding, 2 records
1. FY2024 ConfirmedThe Beneish M-score for fiscal 2024 was minus 2.86, below the model threshold of minus 1.78.Reconstructed · data update
2. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.84, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2024 was 5 of 9. The 4 signals not met were return on assets higher than a year earlier, current ratio higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 4 to 6 is the middle group: Piotroski (2000) placed 7 to 9 in the strongest group and 0 to 3 in the weakest.
Newin FY2024 · first stated
Rule: Piotroski F-score · Sources 10-K 2023-12, 10-K 2024-12, 10-K 2025-12
History of this finding, 3 records
1. FY2024 NewThe Piotroski F-score for fiscal 2024 was 5 of 9. The 4 signals not met were return on assets higher than a year earlier, current ratio higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
2. Q4 FY2024 RetiredThe finding changed to a middle score.Reconstructed · data update
3. FY2023 NewThe Piotroski F-score for fiscal 2023 was 8 of 9. The signal not met was long-term debt to assets lower than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	grey zone	distress zone	distress zone	distress zone	distress zone	distress zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	n/a	n/a
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a					n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a				n/a	n/a

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

0.89Distress zone, below 1.10

Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 0.89 is in the distress zone of the model, below 1.10. The largest part is equity against liabilities, at 0.46; working capital below zero lowers the score by 0.08.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	−0.012	6.560	−0.079
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.038	3.260	0.122
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.058	6.720	0.386
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.434	1.050	0.455
Score			0.885

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2024

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.86Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.86 is below the model threshold of minus 1.78.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	0.937	0.920	0.862
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.000	0.528	0.528
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	1.000	0.404	0.404
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	0.999	0.892	0.891
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	0.924	0.115	0.106
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	0.985	−0.172	−0.169
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.070	4.679	−0.330
Leverage indexDebt against total assets, against a year earlier.	0.952	−0.327	−0.311
Score			−2.859

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.97 means a probability of a misstatement 0.97 times the average rate in the Dechow sample: 0.36% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	−0.016	0.790	−0.013
Change in receivables / average total assetsThe growth of receivables against average assets.	−0.002	2.518	−0.005
Change in inventories / average total assetsThe growth of stock against average assets.	0.000	1.191	0.000
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.644	1.979	1.274
Change in cash salesThe growth of sales collected in cash.	0.028	0.171	0.005
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.027	−0.932	−0.025
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	1.000	1.029	1.029
Predicted value			−5.628
Probability of a misstatement			0.36%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2024

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

5 of the 9 tests are met, in the middle group of 4 to 6.

Signal	FY2024	FY2023
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Not met	Met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Met	Not met
Current ratio higher than a year earlier	Not met	Met
No common equity issued	Met	Met
Margin higher than a year earlier	Not met	Met
Asset turnover higher than a year earlier	Not met	Met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 30 September 2026	21 Oct 2026	10-Q:0000732717-26-000372
Form 10-Q, period ended 30 June 2026	22 Jul 2026	10-Q:0000732717-26-000297
Form 10-Q, period ended 31 March 2026	27 Apr 2026	10-Q:0000732717-26-000206
Form 10-K, period ended 31 December 2025	9 Feb 2026	10-K:0000732717-26-000120
Form 10-Q, period ended 30 September 2025	31 Oct 2025	10-Q:0000732717-25-000171
Form 10-Q, period ended 30 June 2025	24 Jul 2025	10-Q:0000732717-25-000080
Form 10-Q, period ended 31 March 2025	29 Apr 2025	10-Q:0000732717-25-000023
Form 10-K, period ended 31 December 2024	12 Feb 2025	10-K:0000732717-25-000013
Form 10-Q, period ended 30 September 2024	29 Oct 2024	10-Q:0000732717-24-000059
Form 10-Q, period ended 30 June 2024	25 Jul 2024	10-Q:0000732717-24-000053
Form 10-Q, period ended 31 March 2024	2 May 2024	10-Q:0000732717-24-000022
Form 10-K, period ended 31 December 2023	23 Feb 2024	10-K:0000732717-24-000009
Form 10-Q, period ended 30 September 2023	31 Oct 2023	10-Q:0000732717-23-000057
Form 10-Q, period ended 30 June 2023	27 Jul 2023	10-Q:0000732717-23-000047
Form 10-Q, period ended 31 March 2023	1 May 2023	10-Q:0000732717-23-000022
Form 10-K, period ended 31 December 2022	13 Feb 2023	10-K:0000732717-23-000011
Form 10-Q, period ended 30 September 2022	3 Nov 2022	10-Q:0000732717-22-000102
Form 10-Q, period ended 30 June 2022	4 Aug 2022	10-Q:0000732717-22-000093
Form 10-Q, period ended 31 March 2022	3 May 2022	10-Q:0000732717-22-000042
Form 8-K, period ended 5 April 2022	11 Apr 2022	8-K:0001193125-22-101751
Form 10-K, period ended 31 December 2021	16 Feb 2022	10-K:0000732717-22-000015
Form 10-Q, period ended 30 September 2021	4 Nov 2021	10-Q:0000732717-21-000080
Form 10-Q, period ended 30 June 2021	5 Aug 2021	10-Q:0000732717-21-000067
Form 10-Q, period ended 31 March 2021	6 May 2021	10-Q:0000732717-21-000030
Form 10-K, period ended 31 December 2020	25 Feb 2021	10-K:0000732717-21-000012
Form 10-Q, period ended 30 September 2020	5 Nov 2020	10-Q:0000732717-20-000056
Form 10-Q, period ended 30 June 2020	5 Aug 2020	10-Q:0001562762-20-000279
Form 10-Q, period ended 31 March 2020	6 May 2020	10-Q:0001562762-20-000171

Checks

285245 of 285 checks passed, 40 warnings

Fiscal calendar70 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year94 of 118 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level; a difference that a later report explains is a warning, which does not stop publication.

Revenue, FY2020: $171,760m against $143,050m

Selling, general and administrative expense, FY2020: $38,039m against $30,817m

Operating income, FY2020: $6,405m against $8,372m

Interest expense, FY2020: $7,925m against $7,727m

Income before income taxes, FY2020: −$2,856m against −$354m

Income tax expense, FY2020: $965m against $1,168m

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity27 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Lease liabilities17 of 18 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

31 Dec 2021: $24,967m against $22,349m

Debt maturities3 of 6 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.

31 Dec 2022: $147,673m against $135,024m

31 Dec 2023: $146,064m against $135,240m

31 Dec 2024: $135,952m against $123,532m

Quarters and 9 months18 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Earnings per share5 of 6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

FY2022: −1.218 against −1.13

Interest and debt6 passedInterest expense of a fiscal year is between 0.5% and 15% of the average total debt at its opening and closing dates, so that the debt captured carries the interest reported. Checked at warning level.

Coverage0 of 11 passedThe periods and core items expected are present. Checked at warning level.

Q1 FY2020

Q2 FY2020

Q3 FY2020

Q4 FY2020

Q1 FY2021

Q2 FY2021

Primary statements4 passedEach key figure of the latest fiscal year is a line of the income statement, the balance sheet or the cash flow statement of the annual report. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,501
Confirmed by other figures	35.9%, 539 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	18.7%, 280 values
Values withheld	0
Restated figures tracked	109
Changes compared on one basis	15
Company lines mapped	0 of 0 reviewed

Citation

Annalist, AT&T Inc., snapshot at-and-t/FY2026Q3_9da86bb0 (as of FY2026 Q3); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026Q3_9da86bb0 · dataset SHA-256 9da86bb00b1dbb72b5a4388d2e35877c6d865867055611d111b662e92462e597 · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json