Short answer
AT&T (T) filed its fiscal 2025 10-K annual report with the SEC on Feb 9, 2026. It reported revenue of $125.6B (+2.7% year over year) and net income of $22.0B.
- Top risk flagged: FCC and state regulatory risks from broadband/wireless deployment rulings could impede cost recovery and lessen investment incentives
FY2025 key financial metrics · XBRL
- Revenue
- $125.6B
- +2.7% YoY
- Net income
- $22.0B
- +100.5% YoY
- Operating margin
- 19.2%
- +3.7 pp YoY
- EPS (diluted)
- $3.04
- +104.0% YoY
- ROE
- 17.4%
- +8.1 pp YoY
- Operating cash flow
- $40.3B
- +3.9% YoY
Source: XBRL data from the AT&T (T) FY2025 10-K on SEC EDGAR. USD.
AT&T FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Telecommunications services including wireless, broadband, and video entertainment delivery
- New segment emphasis: Sale of DIRECTV Entertainment Holdings LLC completed in 2024 per Securities Purchase Agreement
- Strategic shift: Divestiture of non-core pay-TV assets like DIRECTV to focus on wireless and fiber networks
- Notable metric: Allowance for credit losses increased to $650 million in 2025 from $553 million in 2024
- Unusual fact: Extensive reliance on incorporation by reference of Proxy Statement for key disclosures instead of direct filing
Management Discussion & Analysis
- Revenue $125.6B, up 2.7% YoY; Communications $120.9B (up 2.8%), Latin America $4.4B (up 3.5%)
- Operating margin 19.2% in 2025 vs 15.6% in 2024; operating income $24.2B up 26.8% YoY
- Best segment: Mobility operating income $27.2B, 3.4% growth; Worst: Business Wireline loss $(816)M vs $(88)M prior year
- Net income $23.4B, up 90.9% YoY; Other income gain $7.8B including $5.6B DIRECTV sale; Capex driven by fiber and 5G investments (amount not specified)
- 2026 outlook: revenue growth expected from wireless and fiber broadband; continued fiber rollout, 5G expansion, cost transformation, and legacy network phaseout
Risk Factors
- FCC and state regulatory risks from broadband/wireless deployment rulings could impede cost recovery and lessen investment incentives
- Political instability and currency fluctuations in Mexico increase exposure in AT&T’s largest international market
- Supply chain reliance on key single-source suppliers risks equipment delays impacting product availability and customer demand
- Competition from cable providers’ fiber networks pressures AT&T’s broadband market share and margin sustainability
- Defined benefit pension plan funded status affected by inflation and market volatility with direct income statement impact
Generated from the filing text; verify against the original. How to read a 10-K
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