AT&T
T on NYSE. AT&T sells phone, internet, and wireless services to people and businesses. Market value $166.1bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Media & telecom stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $10.53 of spare cash in the past 12 months. A savings account pays about $4.
You pay 11.5 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 6 cents a year. Above 10 is good.
Quality score: 67 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.
$24.43 a share, 23% above its 1-year low
Over the past year the price has ranged from $19.89 to $29.44.
Dividend: 4.8% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $134.0bn | $120.7bn | $122.4bn | $122.3bn | $125.6bn |
| Operating margin | |||||
| Operating margin | 19.3% | -3.8% | 19.2% | 15.6% | 19.2% |
| Debt to equity | |||||
| Debt to equity | 0.96 | 1.28 | 1.17 | 1.04 | 1.08 |
| Shares outstanding | |||||
| Shares outstanding | 7.13bn | 7.15bn | 7.18bn | 7.09bn | 6.85bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.08× equity
- Revenue growth, five yearsShrinking, 2.6% a year
- Buying back its own sharesYes, 4% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $31.6 billion last quarter, up 2% on a year ago.
- Profit: $4.6 billion, up 3% on a year ago.
- It keeps 20 cents of each $1 of sales as operating profit, up from 16 cents a year earlier.
- Spare cash over the past 12 months: $17.6 billion, down from $19.6 billion.
- 4% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $126.4 billion more than cash, up from $121.8 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $30.2bn |
| December 2024 | $32.3bn |
| March 2025 | $30.6bn |
| June 2025 | $30.8bn |
| September 2025 | $30.7bn |
| December 2025 | $33.5bn |
| March 2026 | $31.5bn |
| June 2026 | $31.6bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$174m |
| December 2024 | $4.1bn |
| March 2025 | $4.4bn |
| June 2025 | $4.5bn |
| September 2025 | $9.3bn |
| December 2025 | $3.8bn |
| March 2026 | $3.8bn |
| June 2026 | $4.6bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 21 October 2026
- Last annual report (10-K)
- 9 February 2026
- Next quarterly (estimated, 10-Q)
- 21 October 2026
Who owns it
12 long-term investors we follow own it, down from 13 last quarter. 2,680 funds in all.
- Cullen Capital ManagementJames Cullen
- Value
- $118m
- Share of fund
- 1.2%
- Letko BrosseauLetko Brosseau team
- Value
- $86m
- Share of fund
- 1.3%
- Bruce & Co.R. Jeffrey Bruce
- Value
- $11m
- Share of fund
- 2.9%
- Auxier Asset ManagementJeff Auxier
- Value
- $384,699
- Share of fund
- <0.1%
- Century ManagementArnold Van Den Berg
- Value
- $235,856
- Share of fund
- <0.1%
- Mairs & PowerAndy Adams
- Value
- $234,469
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $487m | 0.9% | Added |
| Cullen Capital ManagementJames Cullen | $118m | 1.2% | |
| Letko BrosseauLetko Brosseau team | $86m | 1.3% | |
| Ariel InvestmentsJohn Rogers Jr. | $40m | 0.4% | Added |
| Gotham Asset ManagementJoel Greenblatt | $21m | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $15m | 0.1% | Cut |
| GMOJeremy Grantham | $12m | <0.1% | Cut |
| Bruce & Co.R. Jeffrey Bruce | $11m | 2.9% | |
| First Manhattan Co.First Manhattan partners | $818,840 | <0.1% | Cut |
| Auxier Asset ManagementJeff Auxier | $384,699 | <0.1% | |
| Century ManagementArnold Van Den Berg | $235,856 | <0.1% | |
| Mairs & PowerAndy Adams | $234,469 | <0.1% |
Sold out this quarter
- Horizon KineticsMurray StahlSold out
Largest holders overall
- BlackRock$11.6bn
- Vanguard Capital Management$9.4bn
- State Street$6.9bnAdded
- Banque Cantonale Vaudoise$5.9bn
- Newport Trust Company$3.7bn
- Geode Capital Management$3.7bn
- Vanguard Portfolio Management$2.8bn
- Bank of America$2.3bnCut
- Morgan Stanley$2.2bn
- JPMorgan Chase$2.1bnCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Sales have shrunk: 2.6% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.