T
AT&T Inc.
T's fundamentals are mixed: it turned 14% of its revenue into free cash flow, but earnings per share fell 40%. At 12x earnings, it's trading right at its usual valuation. Its downside scenario is about four times its upside.
T Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Under pressure |
T's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is under pressure.
T PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.9x | $14.50 | -35% |
| Forward | 8.8x | $22.18 | — |
| Fair | 12x | $22.48 | +1.3% |
| Current | 12x | $22.18 | — |
| Expensive | 18x | $33.86 | +53% |
Historical ranges are pointers, not guarantees.
T's PE is in its fair range at 12x. If earnings grow as analysts expect, today's price would be 8.8x next year's earnings.
T Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect T's earnings to grow and its profitability to improve, with its revenue holding steady.
T Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.53 | +38% |
| Q3 2026 | $1.84 | -40% |
| Q2 2026 | $3.01 | +71% |
| Q1 2026 | $2.97 | +82% |
| Q4 2025 | $3.04 | +104% |
| Q3 2025 | $3.08 | +150% |
| Q2 2025 | $1.76 | +1.1% |
| Q1 2025 | $1.63 | -12% |
| Q4 2024 | $1.49 | -24% |
T's earnings per share have fallen from their peak: $1.84 over the past year, against $3.08 in late 2025.
T Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $32.3B | +5.3% |
| Q2 2026 | $31.6B | +2.3% |
| Q1 2026 | $31.5B | +2.9% |
| Q4 2025 | $33.5B | +3.6% |
| Q3 2025 | $30.7B | +1.6% |
| Q2 2025 | $30.8B | +3.5% |
| Q1 2025 | $30.6B | +2% |
| Q4 2024 | $32.3B | +0.9% |
T's revenue has grown year over year for eight quarters in a row: $32.3B last quarter, up 5.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 13% | -7.3 points |
| Q2 2026 | 22% | +1.2 points |
| Q1 2026 | 21% | +2.3 points |
| Q4 2025 | 17% | +0.8 points |
| Q3 2025 | 20% | +13 points |
| Q2 2025 | 21% | +1.7 points |
| Q1 2025 | 19% | -0.7 points |
| Q4 2024 | 16% | 0 points |
T's operating margin was 13% last quarter, down 7.3 points from the same quarter a year ago.
T Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $5.5B | +3.7% |
| Q2 2026 | $5.1B | +4.8% |
| Q1 2026 | $2.7B | -43% |
| Q4 2025 | $4.5B | -10% |
| Q3 2025 | $5.3B | +6.7% |
| Q2 2025 | $4.9B | +2.8% |
| Q1 2025 | $4.8B | +26% |
| Q4 2024 | $5.1B | -25% |
T's free cash flow has been positive every quarter for six years: $17.8B over the past year, down 11% from the year before.
T Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.5% | -102M shares |
| 1 year | -4.5% | -325M shares |
| 3 years | -4.7% | -341M shares |
| 5 years | -5% | -358M shares |
| Available history | -6.9% | -504M shares |
T has 6.8B diluted shares, down 4.5% from a year ago, with $9.3B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $2.8B |
| Q2 2026 | $2.2B |
| Q1 2026 | $2.5B |
| Q4 2025 | $1.8B |
| Q3 2025 | $1.5B |
| Q2 2025 | $961M |
| Q1 2025 | $218M |
| Q4 2024 | $13M |
T spent $9.3B buying back its own shares over the past year, about three times what it spent the year before.
T Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.4x | Elevated |
| Q2 2026 | 2.8x | Moderate |
| Q1 2026 | 2.8x | Moderate |
| Q4 2025 | 2.6x | Moderate |
| Q3 2025 | 2.7x | Moderate |
| Q2 2025 | 3.0x | Elevated |
| Q1 2025 | 3.0x | Elevated |
| Q4 2024 | 3.0x | Elevated |
T's net debt is about 3.4 years of its operating earnings (EBITDA), up from 2.7 years a year ago.
T Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.2 | Neutral |
| Stochastic | 19.0 | Oversold |
T's weekly RSI is 43 (neutral) and its Stochastic is 19 (oversold).
T PE vs Communication Services Sector
| Metric | T | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 16x | 27% below |
| PE % | 49 | 26 | 23 pts above |
T is trading at 12x earnings, a 27% discount to the Communication Services sector's median of 16x.
T Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $22.7 | 2.2% below |
| 20 week MA | $23.5 | 5.5% below |
| 50 week MA | $24.8 | 11% below |
| 100 week MA | $25.7 | 14% below |
| 200 week MA | $21.8 | 1.9% above |
T has fallen below most of its moving averages, though it's still 1.9% above its 200-week average.
T Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.6 | $21.7 | -27% |
| 2021 | $21.7 | $18.8 | -13% |
| 2022 | $18.8 | $18.3 | -2.5% |
| 2023 | $18.3 | $16.8 | -8.4% |
| 2024 | $16.8 | $22.9 | +36% |
| 2025 | $22.9 | $24.7 | +7.8% |
| 2026 YTD | $24.7 | $22.2 | -10% |
T has finished lower in four of the last six years. It's down 10% so far in 2026.