Compare · Communication Services
AT&T vs. Verizon: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
AT&T
1 · What it sells
AT&T sells wireless plans, phones and home internet, mostly in the US, with $125.6 billion of revenue in FY2025.
Sources and detail on the AT&T page2 · Who pays it
In FY2025, US consumers paid 72.7% of AT&T's revenue, businesses 23.5%, Mexico wireless customers 3.5% and other lines 0.3%.
Sources and detail on the AT&T page3 · What it keeps from $100
Of every $100 that came in during FY2025, AT&T kept $16.2 as net income, including a DIRECTV sale gain of about $5.6 billion, while operating income was $19.23 per $100 of revenue.
Sources and detail on the AT&T page4 · Where the operating profit comes from
In FY2025, Advanced Connectivity earned $24,588 million of operating income and Legacy $3,339 million, before Corporate and Other's loss of $3,910 million, though Legacy carries direct costs only.
Sources and detail on the AT&T page5 · The one thing to watch
Total debt was $159,627 million on Sep 30, 2026, up from $136,100 million on Dec 31, 2025, and Q3 interest expense was $1,979 million, against $1,700 million a year earlier.
Sources and detail on the AT&T page
Verizon
1 · What it sells
Verizon sells wireless plans, home and business internet, and phones, mostly in the US, with $138.2 billion of revenue in FY2025.
Sources and detail on the Verizon page2 · Who pays it
In FY2025, households, individuals and wireless resellers paid 77% of Verizon's revenue, companies and government 21%, and other lines such as device insurance 2%.
Sources and detail on the Verizon page3 · What it keeps from $100
Of every $100 that came in during FY2025, Verizon kept $12.42 as net income, after $3,609 million of pre-tax special items such as severance, and operating income was $21.17 per $100 of revenue.
Sources and detail on the Verizon page4 · Where the operating profit comes from
In FY2025, Consumer earned $29,628 million of segment operating income, or 92.1%, and Business $2,532 million, or 7.9%, before corporate costs and most special items.
Sources and detail on the Verizon page5 · The one thing to watch
Total debt was $166,233 million on Sep 30, 2026, up from $144,014 million on Dec 31, 2024, while cash from operations was $39,050 million over the prior four quarters.
Sources and detail on the Verizon page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
AT&T
Where $100 went · FY2025
| Cost of services | $18.8 |
|---|---|
| Depreciation and amortization | $15.4 |
| Interest | $5.0 |
| Selling, admin, impairments and restructuring | $22.0 |
| Cost of phones and other equipment | $18.8 |
| Income tax, outside partners and preferred stock | $3.8 |
| Kept as net income | $16.2 |
| Total | $100 |
Of every $100 that came in during FY2025 (revenue $125,648 million + other income and affiliates' income $9,649 million = $135,297 million). Cityfort calculation from FY2025 10-K. On revenue alone, operating income was $19.23 and net income to common $17.42 per $100. The net income includes the DIRECTV gain and $1,926 million of DIRECTV equity income, which ended with the Jul 2, 2025 sale.
Verizon
Where $100 went · FY2025
| Cost of services | $20.1 |
|---|---|
| Depreciation and amortization | $13.3 |
| Interest | $4.8 |
| Selling, general and admin | $24.4 |
| Cost of wireless equipment | $20.9 |
| Income tax, and outside partners' share | $4.0 |
| Kept as net income | $12.4 |
| Total | $100 |
Of every $100 that came in during FY2025 (revenue $138,191 million + other income $107 million = $138,298 million). Cityfort calculation from FY2025 10-K. On revenue alone, operating income was $21.17 and net income $12.43 per $100. Special items were $3,609 million before tax, of which $3,149 million sat in operating expenses. Operating income was $21.17 per $100 of revenue.
Line items differ because each company groups its costs its own way in its filings. Only on AT&T's receipt: Selling, admin, impairments and restructuring; Cost of phones and other equipment; Income tax, outside partners and preferred stock. Only on Verizon's receipt: Selling, general and admin; Cost of wireless equipment; Income tax, and outside partners' share.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
AT&T
Verizon
See the numbers
Net income
AT&T
Verizon
See the numbers
Free cash flow
AT&T
Verizon
See the numbers
Who pays each company
AT&T
- US consumers · 72.7% of revenueHouseholds paying for phone plans, phones and home internet. They paid $91,382 million in FY2025: $87,259 million in Advanced Connectivity and $4,123 million in Legacy.
- Businesses · 23.5% of revenueCompanies and public agencies paying for wireless, fiber and older network services. They paid $29,514 million in FY2025: $25,165 million in Advanced Connectivity and $4,349 million in Legacy.
- Mexico wireless customers · 3.5% of revenueConsumers and businesses in Mexico. They paid $4,379 million in FY2025, or 3.5% of revenue. AT&T agreed to sell this business on Oct 13, 2026.
- Other · 0.3% of revenueCorporate and Other brought in $373 million in FY2025, or 0.3% of revenue.
Verizon
- Households, individuals and resellers (Consumer) · 77.3% of revenueWireless plans, home internet, video, phones, and wholesale access sold to resellers. Revenue was $106,807 million in FY2025. Verizon says "approximately 77%" of revenue.
- Companies and government (Business) · 21.0% of revenueEnterprise and Public Sector $13.5 billion, Business Markets and Other $13.6 billion, and Wholesale $2.0 billion. Revenue was $29,069 million in FY2025.
- Corporate and other · 1.9% of revenueMainly device insurance programs and businesses outside the two segments. Revenue was $2,642 million in FY2025.
Revenue by segment
AT&T
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Advanced Connectivity | $112.4B | 89.5% |
| Legacy | $8.5B | 6.7% |
| Latin America | $4.4B | 3.5% |
| Corporate and Other | $373M | 0.3% |
Verizon
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Consumer | $106.8B | 77.3% |
| Business | $29.1B | 21.0% |
| Corporate and other | $2.6B | 1.9% |
Sources: AT&T S24, S25, S6, S26 · Verizon S1, S13, S6, S17, S44
Debt and cash
AT&T
- Debt
- $159.6B
- Cash and investments
- $10.8B
On Sep 30, 2026.
On Sep 30, 2026, net debt of $148,860 million equaled about 3.7 years of operating cash flow, which was $40,235 million over the prior four quarters.
Verizon
- Debt
- $166.2B
- Cash and investments
- $4.5B
On Sep 30, 2026.
On Sep 30, 2026, total debt minus cash was $161.7 billion, about 4.1 years of the $39.1 billion of cash from operations over the prior four quarters.
Sources: AT&T S6, S1, S24, S14 · Verizon S13, S6, S1, S14, S15, S16
Who owns each company
AT&T
- One class of shares.
- Officers and directors as a group: 0.1% of shares (as of Dec 31, 2025).
- Vanguard Capital Management: 7.5% (as of Apr 29, 2026).
- The Vanguard Group (proxy table): 8.7% (as of Feb 13, 2024).
- BlackRock (proxy table): 7.5% (as of Jan 26, 2024).
Verizon
- One class of shares.
- Officers and directors as a group: 0.0% of shares (as of Mar 3, 2026).
- Vanguard Capital Management: 7.2% (as of Apr 30, 2026).
- The Vanguard Group (proxy table): 8.4% (as of Feb 13, 2024).
- BlackRock (proxy table): 8.3% (as of Feb 6, 2024).
- 1 more holders on the Verizon page.
Sources: AT&T S6, S28, S1, S29, S30 · Verizon S22, S6, S23, S24
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: debt, competition, execution, technology. Every risk is on each company's page.
AT&T
- Costs of retirees and benefit plans (other)About 477,000 retirees and dependents were eligible for benefits at Dec 31, 2025, and the postemployment benefit obligation was $8,478 million. AT&T's 10-K says markets, interest rates and medical inflation can raise these costs.
Verizon
- Lead sheathed copper cables (legal cases)Verizon's 10-K says media reports alleged health or environmental risks from some lead sheathed cables. It says these allegations led to investigations, inquiries and litigation, that insurance may not cover the costs, and that costs cannot be reasonably estimated.
- Regulation and spectrum licenses (regulation)Verizon's wireless business runs on FCC licenses, typically with 10-year terms. Its 10-K lists regulation among its risk factors.
- Dividend, buybacks, pensions and unions (other)Verizon's 10-K says buybacks and dividends are not assured. It had about 179,400 retirees eligible for its plans and about 27% of its workforce in unions at Dec 31, 2025.
Key facts
- How does AT&T make money compared with Verizon?
- AT&T's revenue by segment in FY2025: Advanced Connectivity 89.5%, Legacy 6.7%, Latin America 3.5%, Corporate and Other 0.3%. Verizon's revenue by segment in FY2025: Consumer 77.3%, Business 21.0%, Corporate and other 1.9%.
- Which is bigger by revenue, AT&T or Verizon?
- AT&T reported $125.6B of revenue in FY2025, and Verizon reported $138.2B in FY2025.
- How much net income did AT&T and Verizon report?
- AT&T reported net income of $21.9B in FY2025, and Verizon reported $17.2B in FY2025.
- How much of every $100 did AT&T and Verizon keep as net income?
- AT&T kept $16.2 of every $100 that came in during FY2025, and Verizon kept $12.4 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do AT&T and Verizon have?
- AT&T had $159.6B of debt and $10.8B of cash and investments on Sep 30, 2026. Verizon had $166.2B of debt and $4.5B of cash and investments on Sep 30, 2026.
- When do AT&T's and Verizon's fiscal years end?
- AT&T: Fiscal year ends on Dec 31. Verizon: Fiscal year ends on December 31 (the calendar year).
Sources: AT&T S3, S5, S1, S24, S25, S6, S26, S14 · Verizon S3, S1, S13, S6, S17, S44, S14, S15, S16
Built from each company's page. AT&T updated Nov 6, 2026; Verizon updated Nov 1, 2026.
Sources
AT&T
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), AT&T Inc. (SEC EDGAR), Feb 9, 2026
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), AT&T Inc. (SEC EDGAR), Feb 23, 2024
- S5Form 10-K, fiscal year 2021 (ended Dec 31, 2021), AT&T Inc. (SEC EDGAR), Feb 16, 2022
- S6Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026), AT&T Inc. (SEC EDGAR), Oct 21, 2026
- S14Earnings release Q3 FY2026, Form 8-K Item 2.02, Exhibit 99.1, AT&T Inc. (SEC EDGAR), Oct 21, 2026
- S24Financial and Operational Trends (trending schedule), Q3 FY2026: Q1 FY2024 to Q3 FY2026, AT&T Inc. (Investor Relations), Oct 21, 2026
- S25Historical Segment Recast trending schedule, FY2023 to FY2025 (new segments), AT&T Inc. (Investor Relations), Jan 28, 2026
- S26Q3 FY2026 earnings call transcript, Oct 21, 2026 (LSEG, posted by AT&T), AT&T Inc. (Investor Relations), Oct 21, 2026
- S28Definitive proxy statement (DEF 14A), 2026 annual meeting, AT&T Inc. (SEC EDGAR), Mar 23, 2026
- S29Schedule 13G, Vanguard Capital Management LLC (event Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 29, 2026
- S30Schedule 13G/A, The Vanguard Group (event Mar 13, 2026; internal realignment, 0 shares), The Vanguard Group (SEC EDGAR), Mar 26, 2026
Verizon
- S1Form 10-K for fiscal year 2025 (ended Dec 31, 2025), Verizon Communications Inc. (SEC EDGAR), Feb 17, 2026
- S3Form 10-K for fiscal year 2023, Verizon Communications Inc. (SEC EDGAR), Feb 9, 2024
- S6Form 10-Q for Q3 fiscal 2026 (ended Sep 30, 2026), Verizon Communications Inc. (SEC EDGAR), Oct 29, 2026
- S13Earnings release, Q3 fiscal 2026 (Form 8-K, Exhibit 99), Verizon Communications Inc. (SEC EDGAR), Oct 26, 2026
- S14Earnings release, Q2 fiscal 2026 (Form 8-K, Exhibit 99), Verizon Communications Inc. (SEC EDGAR), Jul 24, 2026
- S15Earnings release, Q1 fiscal 2026 (Form 8-K, Exhibit 99), Verizon Communications Inc. (SEC EDGAR), Apr 27, 2026
- S16Earnings release, Q4 fiscal 2025 (Form 8-K, Exhibit 99), Verizon Communications Inc. (SEC EDGAR), Jan 30, 2026
- S17Earnings release, Q3 fiscal 2025 (Form 8-K, Exhibit 99), Verizon Communications Inc. (SEC EDGAR), Oct 29, 2025
- S22Proxy statement (DEF 14A) for the 2026 annual meeting, Verizon Communications Inc. (SEC EDGAR), Apr 6, 2026
- S23Schedule 13G, Vanguard Capital Management, event date Mar 31, 2026, Verizon Communications Inc. (SEC EDGAR), Apr 30, 2026
- S24Schedule 13G/A, The Vanguard Group, event date Mar 13, 2026, Verizon Communications Inc. (SEC EDGAR), Mar 27, 2026
- S44Financial and operating information, Q3 fiscal 2026 (Oct 26, 2026), Verizon investor relations, Oct 26, 2026
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