AT&T vs Telephone and Data Systems
AT&T reported revenue of $125.6 billion in fiscal 2025, 102.3 times Telephone and Data Systems' $1.2 billion in fiscal 2025. AT&T's revenue grew 2.7% in its latest year, and Telephone and Data Systems' fell 5.3%. AT&T had an operating margin of 19.2%, against -7.9% at Telephone and Data Systems. Free cash flow was $19.4 billion at AT&T and $199 million at Telephone and Data Systems.
Side by side
| AT&T | Telephone and Data Systems | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $125.6B | $1.2B |
| Revenue growth | 2.7% | −5.3% |
| Revenue growth a year, last 5 years | −2.6% | −25.1% |
| Gross margin | — | — |
| Operating margin | 19.2% | −7.9% |
| Net margin | 17.5% | −0.5% |
| Free cash flow | $19.4B | $199M |
| Free cash flow margin | 15.5% | 16.2% |
| Return on capital | 8.7% | −1.5% |
| Net debt to EBITDA | 2.6x | 0.3x |
| Dividends and buybacks | $12.7B | $196M |
| Change in diluted share count | −0.3% | 4.3% |
| Last close | $20.85 | $35.67 |
| P/E at the last close | 11.3× | 11.9× |
| Insider trades, last 12 months | — | sold $3.9 million |
| Piotroski F-score | 7 of 8 | 5 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
AT&TTelephone and Data Systems
Operating margin
Percent of revenue
AT&TTelephone and Data Systems
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
AT&TTelephone and Data Systems
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the AT&T and Telephone and Data Systems pages.