What is the primary revenue source for AT&T (T)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze T's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out AT&T's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How AT&T Makes Money: T Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

The largest revenue segment accounts for 56.91% of revenue, indicating concentration.

Operating margin improved by 1.78 percentage points year over year.

Revenue: USD 63.06B
Largest revenue segment share (Wireless Service): 56.91%
Selling, general and administrative: USD 14.54B
Cost of revenue: USD 12.05B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueTotal operating revenues · Revenues
Cost of revenueEquipment · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, general and administrative · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (Wireless Service)Wireless Service · segment_value / revenue * 100
Operating marginOperating income (loss) · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Watch

Current assets do not cover near-term liabilities, indicating short-term funding pressure.

Property, plant and equipment: USD 134.22B
Goodwill: USD 63.87B
Cash and cash equivalents: USD 17.57B
Shareholder equity: USD 126.43B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Shareholder equityTotal stockholders’ equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue
GoodwillGoodwill · Goodwill
Property, plant and equipmentProperty, plant and equipment – net · PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization

Some conclusions lack complete source metrics and should be interpreted cautiously.

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 325.63% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 8.46B
Operating cash flow: USD 27.54B
Cash conversion: 325.63%
Free cash flow: USD 16.96B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income attributable to at&t · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Cash dividends: USD 3.97B
Share repurchases: USD 4.67B
Net shareholder return: USD 8.64B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?