AT&T Inc.

TNYSECommunication Services● Active

$22.58

$-0.17(-0.75%)

Market Cap$156.9B

P/E Ratio—

52W High$29.79

52W Low$22.41

Avg Volume39.7M

Open$22.66

Beta0.40

Overview

AT&T Inc. (T) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

T · free cash flow · updated Jun 8, 2026

Core FCF metrics

T · FCF · TTM · margin & CAGR

Free cash flow was $19.44B for FY2025 (fiscal year ending 2025-12-31), up 5.0% year-over-year The FCF margin was 15.5%. Five-year CAGR stands at -6.7%.

FY2025 Free Cash Flow$19.44B▲ +5.0% YoY

Trailing 12M (TTM)$17.35Btrailing 4 quarters sum

FCF Margin15.5%$19.44B ÷ revenue

3-Year CAGR+16.2%FY2022 → FY2025

5-Year CAGR-6.7%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

T · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$40.28B(20.84B)$19.44B▲ +5.0%15.5%

FY2024$38.77B(20.26B)$18.51B▼ 9.5%15.1%

FY2023$38.31B(17.85B)$20.46B▲ +65.0%16.7%

FY2022$32.02B(19.63B)$12.40B▼ 51.3%10.3%

FY2021$41.96B(16.53B)$25.43B▼ 7.4%19.0%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

T · P/FCF · FCF yield · FCF per share

AT&T Inc. (T) trades at a FCF yield of 11.12% and a price-to-free-cash-flow ratio of 9.3x. FCF per share stands at $2.42, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

11.12%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$2.42

TTM FCF ÷ Shares Outstanding

Price / FCF

x9.3

Share Price ÷ FCF per Share

EV / FCF (TTM)

x17.8

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

T · cash flow statement · operating / investing / financing

For FY2025, AT&T Inc. generated $40.28B in operating cash flow and spent 20.84B in capital expenditures, yielding $19.44B in free cash flow.

Operating Activities

+$40.28B

Cash from core business operations

2025-12-31

Investing Activities

−$18.78B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$6.39B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($40.28B) − |CapEx| (20.84B) = FCF ($19.44B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Communication Services)

T vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

AT&T Inc.YOU

$19.44B+5.0%15.5%

27%

About Free Cash Flow & Methodology

AT&T Inc. (T) reported free cash flow of $19.44B for FY2025 (fiscal year ending 2025-12-31), up 5.0% year-over-year. The FCF margin was 15.5%.

Based on available data, AT&T Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $29.23B in FY2019. The 5-year CAGR stands at -6.7%.

AT&T Inc.'s FCF yield is 11.12% and price-to-FCF ratio is 9.3x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

T free cash flow · 8 questions

AT&T Inc. free cash flow was $19.44B for FY2025, up 5.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $17.35B.

T free cash flowT FCFT FCF 2025T free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · AT&T Inc. · AT&T Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026