AT&T (T) Cash Flow: Operating & Free Cash Flow

AT&T (T) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), AT&T generated $40.28B of operating cash flow and spent $20.84B on capital expenditures. That left free cash flow of $19.44B, up 5.0% from $18.51B a year earlier, or 15.5% of revenue. It returned $14.76B to shareholders through $8.18B in dividends and $6.58B in share buybacks.

AT&T Cash Flow Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for AT&T Inc. (T) - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	23.39	12.25	14.40	-6.87	21.48	21.48	13.90	19.37	29.45
Depreciation & Amortization	20.89	20.58	18.78	18.02	17.85	28.52	28.22	28.43	24.39
Deferred Income Tax	0.00	1.57	3.04	2.98	7.41	1.68	1.81	4.93	-15.27
Stock Based Compensation	0.00	0.00	0.00	0.52	0.00	0.42	0.82	0.46	0.48
Change in Working Capital	-1.20	-2.42	-1.77	-1.85	-4.96	-13.32	-11.93	-7.14	-5.99
Change in Accounts Receivable	-1.53	0.12	-0.05	0.73	-1.40	2.22	2.75	-1.73	-2.23
Change in Inventory	-0.46	-0.38	0.00	-0.67	0.00	-1.64	1.52	0.00	0.00
Change in Accounts Payable	0.88	-0.81	-1.76	-1.11	-1.57	1.64	-1.52	1.60	0.82
Change in Other Working Capital	-0.09	-1.35	0.05	-0.97	-1.99	-15.53	-14.67	-7.01	-4.58
Other Operating Activities	-2.79	6.79	3.87	-0.97	0.17	4.36	15.85	-2.45	4.95
Net Cash from Operating Activities	40.28	38.77	38.31	32.02	41.96	43.13	48.67	43.60	38.01
Investing Activities
Capital Expenditures	-20.84	-20.26	-17.85	-19.63	-16.53	-15.68	-19.44	-20.76	-20.65
Acquisitions	-0.38	-0.38	-2.87	-10.20	-16.71	1.63	2.51	-42.21	1.18
Purchases of Investments	0.00	0.00	0.00	0.00	0.00	-0.16	-0.37	-0.19	0.00
Sales/Maturities of Investments	0.18	0.00	0.00	0.00	0.00	0.50	0.44	-0.49	0.45
Other Investing Activities	2.26	3.15	1.06	1.09	1.15	0.16	0.17	0.50	0.52
Net Cash from Investing Activities	-18.78	-17.49	-19.66	-25.81	-32.09	-13.55	-16.69	-63.15	-18.94
Financing Activities
Debt Repayment	8.50	-12.27	-1.09	-45.19	19.30	-10.99	-13.72	-8.79	36.45
Common Stock Issued	0.02	0.02	0.00	0.03	0.10	5.95	0.63	0.75	0.03
Common Stock Repurchased	-6.58	-0.22	-0.19	-0.89	-0.20	-5.50	-2.42	-0.61	-0.46
Dividends Paid	-8.18	-8.21	-8.14	-9.86	-15.07	-14.96	-14.89	-13.41	-12.04
Other Financing Activities	-0.15	-4.03	-6.19	-10.58	-2.55	-6.52	5.31	-3.93	1.95
Net Cash from Financing Activities	-6.39	-24.71	-15.61	-23.74	1.58	-32.01	-25.08	-25.99	25.93
Summary
Effect of Forex Changes on Cash	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.29
Net Change in Cash	15.12	-3.43	3.04	-17.52	11.45	-2.43	6.90	-45.53	45.00
Cash at Beginning of Period	3.41	6.83	3.79	21.32	9.87	12.30	5.40	50.93	5.94
Cash at End of Period	18.53	3.41	6.83	3.79	21.32	9.87	12.30	5.40	50.93
Free Cash Flow	19.44	18.51	20.46	12.40	25.43	27.46	29.23	22.84	17.36
Supplemental Disclosures
Interest Paid	6.63	7.13	7.37	7.77	7.49	-	-	-	-
Income Taxes Paid	1.35	2.46	1.60	0.70	0.70	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Sep 30, 2026. Data sources and methodology

Frequently Asked Questions About AT&T Cash Flow

What is AT&T's free cash flow?

AT&T generated free cash flow of $19.44B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $40.28B minus $20.84B of capital expenditures. That was up 5.0% from $18.51B a year earlier. Free cash flow equaled 15.5% of revenue.

How much does AT&T spend on capital expenditures?

AT&T spent $20.84B on capital expenditures in fiscal 2025, compared with $20.26B a year earlier. That equals 51.7% of operating cash flow.

Does AT&T pay dividends or buy back shares?

Yes. In fiscal 2025 AT&T returned $8.18B in dividends and $6.58B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition