AT&T (T) FY2025 results: revenue $125.6 billion, up 2.7% on the year

AT&T provides telecommunications and technology services: wireless service to consumers and businesses, fibre and other broadband to homes and companies, and network services to enterprises. It is a holding company incorporated in Delaware in 1983, with head offices in Dallas, Texas, and it employed approximately 133,030 people at 31 December 2025. There are two reportable segments, Communications and Latin America, with the rest reported as Corporate and Other. Brands include AT&T, AT&T Business, Cricket, AT&T PREPAID, AT&T Fiber and AT&T Internet Air.

How it got here

The company was formed as SBC Communications, one of the regional holding companies created to hold AT&T Corp.'s local telephone companies, and was spun off on 1 January 1984 under an anti-trust consent decree. Its subsidiaries merged with Pacific Telesis Group in 1997 and Ameritech Corporation in 1999. In 2005 it merged a subsidiary with AT&T Corp. and took the AT&T Inc. name. It bought BellSouth in 2006, which brought BellSouth's 40% economic interest in AT&T Mobility and so full ownership of it, Leap Wireless International in 2014, and wireless properties in Mexico and DIRECTV in 2015. The video business was separated in July 2021 into DIRECTV Entertainment Holdings with TPG Capital, and the remaining interest in DIRECTV was sold to TPG in July 2025.

Mobility

Nationwide wireless service to consumers and to wholesale and resale subscribers in the United States, plus handsets, data cards and accessories sold online, through company-owned stores, agents and third-party retailers, with installment purchase available and customers free to bring their own device. There were 120 million Mobility subscribers at 31 December 2025: 91 million postpaid, of which 74 million were phone subscribers, 18 million prepaid and 11 million through resellers. Prepaid runs under the Cricket and AT&T PREPAID brands. FirstNet is a nationwide wireless broadband network built for public safety users.

Wireline, fibre and copper

Business Wireline sells to multinational corporations, small and mid-sized businesses, government and wholesale customers, covering fibre and advanced connectivity, fixed wireless, IP voice and managed professional services, and the declining legacy copper voice and data, virtual private network, wholesale and outsourcing lines. Consumer Wireline sells broadband to homes, including multi-gigabit fibre connections and the AT&T Internet Air fixed wireless product delivered over the 5G network, plus legacy telephone service. At 31 December 2025 there were 16.0 million broadband connections against 15.3 million a year earlier, of which 10.4 million were fibre consumer wireline broadband customers after adding 1.1 million during the year, and 1.5 million were Internet Air connections after adding 875,000. The company is working to exit its legacy copper network across most of its wireline footprint, migrating customers to fibre and wireless; switched access lines fell to 2.1 million from 2.7 million and legacy consumer internet connections to 2.8 million from 4.1 million.

The network

In North America the network covers over 441 million people with 4G LTE and over 322 million with 5G. In the United States it covers all major metropolitan areas, more than 337 million people with LTE and more than 322 million with 5G. Deploying 5G means modifying existing cell sites to add equipment for new frequencies such as the C-Band and the 3.45 GHz band. The company buys spectrum in Federal Communications Commission auctions and from third parties, and redeploys spectrum used for older services. The filing states that during 2026 it is focused on accelerating fibre expansion, organically and through its pending acquisition of substantially all of Lumen's Mass Markets fibre business, and on deploying low- and mid-band spectrum including spectrum to be acquired from pending transactions with EchoStar Corporation.

Latin America

Wireless service and equipment in Mexico, using regional and national wireless networks to serve consumer and business customers with data and voice. The segment provided approximately 3% of 2025 segment operating revenues and less than 1% of total segment operating income, with the Communications segment providing approximately 97% of segment operating revenues and substantially all of the operating income.

From AT&T's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 9 February 2026: read the full 10-K.