AT&T said its consolidated operating income margin in Q3 increased from 7.0% in 2024 to 19.9% in 2025 and for the 9 months increased from 15.2% to 19.9%. The company said it recognized a gain of approximately $5,500 on the sale of its interest in DIRECTV to TPG Capital on July 2, 2025.

10-QQuarterly reportFiled Oct 31, 2025Period of report Sep 30, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

AT&T said its consolidated operating income margin in Q3 increased from 7.0% in 2024 to 19.9% in 2025 and for the 9 months increased from 15.2% to 19.9%. The company said it recognized a gain of approximately $5,500 on the sale of its interest in DIRECTV to TPG Capital on July 2, 2025.
AT&T cited a noncash goodwill impairment of $4,422 recorded in 2024 as a primary factor in the decrease in operations and support expenses in Q3 and for the 9 months. The company also cited higher Mobility equipment costs and approximately $440 of apportioned legal settlements in Q3 as partially offsetting factors.
AT&T said cash provided by operating activities for the first 9 months of 2025 was $28,964, compared to $26,875 for the same period in 2024. The company said cash used in investing activities for the same period was $14,433, of which capital expenditures including interest during construction were $14,061.
AT&T said on May 21, 2025 it agreed to acquire substantially all of Lumen's mass markets fiber business for $5,750 cash and expects the transaction to close in early 2026. The company also said on August 25 it agreed to purchase FCC licenses from EchoStar Corporation for approximately $23,000 and expects the transaction to close in the first half of 2026.

Key figures

Quarter ended September 30, 2025

Revenue: $30.7B
Operating income: $6.1B
Net income: $9.3B
EPS: $1.29

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Consolidated operating income margin changes and DIRECTV interest sale gain

AT&T said its consolidated operating income margin in Q3 increased from 7.0% in 2024 to 19.9% in 2025 and for the 9 months increased from 15.2% to 19.9%. The company said it recognized a gain of approximately $5,500 on the sale of its interest in DIRECTV to TPG Capital on July 2, 2025.

Source · Based on the MD&A text of the filing

Operating expense decline factors and goodwill impairment

AT&T cited a noncash goodwill impairment of $4,422 recorded in 2024 as a primary factor in the decrease in operations and support expenses in Q3 and for the 9 months. The company also cited higher Mobility equipment costs and approximately $440 of apportioned legal settlements in Q3 as partially offsetting factors.

Source · Based on the MD&A text of the filing

9-month operating cash flow and investing activities cash

AT&T said cash provided by operating activities for the first 9 months of 2025 was $28,964, compared to $26,875 for the same period in 2024. The company said cash used in investing activities for the same period was $14,433, of which capital expenditures including interest during construction were $14,061.

Source · Based on the MD&A text of the filing

Lumen fiber business and EchoStar spectrum license acquisition agreements

AT&T said on May 21, 2025 it agreed to acquire substantially all of Lumen's mass markets fiber business for $5,750 cash and expects the transaction to close in early 2026. The company also said on August 25 it agreed to purchase FCC licenses from EchoStar Corporation for approximately $23,000 and expects the transaction to close in the first half of 2026.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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