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AT&T INC.

T · Communications · $162.4B mkt cap · FY2025 filings · · No moat ·

Doesn't clear the bar

No moat
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The five investor questions

47

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $134.0B to $125.6B, decreasing; diluted EPS 2.73 to 3.04, increasing.

—

Not enough years of gross-margin data to score pricing power.

6

Median ROIC 6.3%, above the 12% hurdle in 0% of years.

23

Net debt/EBITDA 2.6x, interest coverage 4x.

27

Owner earnings changed +2.7%/yr over up to the ten most recent annual observations.

The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
5% below value if growth stopped today
$15.3B
$24.32
$24.32
$23.20
5% below value if growth stopped today

A discount this large is often a warning rather than a bargain — the market may expect earnings to keep falling. See the revenue trend above.

How to read this

What today’s price assumes: owner earnings shrinking ~1%/yr over 5 years. The estimate assumes owner earnings stay flat (0% growth).

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 254% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 20, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

20 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $118.9B (FY2007) to $125.6B (FY2025) — about 0.3% a year compounded over 18 years.

It earned 8.6% on invested capital in the latest filed year, FY2025. Across the full 19-year measurable filed record, median ROIC was 6.4%. Over the v3 recent window (10 measurable filed years), median ROIC was 6.3%. The Returns on Capital filter above scores it 6/100.

The balance sheet carried $136.1B of total debt in FY2025 against $22.0B of owner earnings — roughly 6.2 years of owner earnings to retire it all. Balance-Sheet Safety scores it 23/100.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2006–FY2025 · 20 fiscal years, normalized from T’s SEC filings

Sales, as filed$125.6B FY2025
$0$100B2006201320202025
Revenue kept after cost of goods54.2% FY2014
0%25%50%2006201320202025
Standard ROIC or separately labeled Operating ROICStandard ROIC 8.7% FY2025

Exact FY and FY-1 financing invested-capital inputs are required.

0%10%2006201320202025
Cash an owner could take out$22.0B FY2025
$0$20B2006201320202025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How AT&T INC. makes its money

AT&T INC.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$125.6B100%
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
$24.2B19%
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Income before tax$27.0B21%
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Income tax$3.6B3%
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
$22.0B17%
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
· event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set

Flagship explainer

What AT&T INC. owns — and owes

AT&T INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$420.2B100%
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Cash and equivalents$18.2B4%
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
$136.1B32%
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Stockholders’ equity$126.5B30%
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
· event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set

Flagship explainer

What drives AT&T INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity18%Tax burden81%net income ÷ pretax incomeInterest burden112%pretax ÷ operating incomeOperating margin19%operating income ÷ revenueAsset turnover0.31×revenue ÷ average assetsEquity multiplier3.33×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$22.0BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Income before tax$27.0BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Operating income$24.2BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
$125.6BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Ending assets$420.2BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Beginning assets$394.8BFY2024
  • 10-K · FY 2024Filing detailsAccession 0000732717-25-000013 · filed Feb 12, 2025
  • 10-K · FY 2024Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
$126.5BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
$118.2BFY2024
  • 10-K · FY 2024Filing detailsAccession 0000732717-25-000013 · filed Feb 12, 2025
  • 10-K · FY 2024Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Source: · event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set
Embed this chart

Flagship explainer

Where AT&T INC.'s cash went

AT&T INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$40.3B100%
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Depreciation and amortization$20.9B52%
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0000732717-26-000120 · filed Feb 9, 2026
· event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding AT&T INC.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

1 holding0 exited17 not holding18/19 resolved1 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Mairs & Power11,327 shares$234469 · 0% of eligible reported 13FUnchanged · 0 shares (0%)
Abrams CapitalNo position reportedNo position reported
Akre CapitalNo position reportedNo position reported
Baupost GroupNo position reportedNo position reported
Berkshire HathawayNo position reportedNo position reported
Brave Warrior AdvisorsNo position reportedNo position reported
Dodge & CoxNo position reportedNo position reported
First EagleNo position reportedNo position reported
FundsmithNo position reportedNo position reported
Gardner Russo & QuinnNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Markel / Markel-GaynerNo position reportedNo position reported
Oakmark / Harris AssociatesNo position reportedNo position reported
Polen CapitalNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Southeastern Asset ManagementNo position reportedNo position reported
Tweedy, BrowneNo position reportedNo position reported
Yacktman Asset ManagementNo position reportedNo position reported
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:
37 SEC filings
  1. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  2. 13F-HR · Q2 2026Filing detailsAccession 0000813917-26-000042 · filed Aug 14, 2026
  3. 13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
  4. 13F-HR · Q2 2026Filing detailsAccession 0000860643-26-000005 · filed Aug 13, 2026
  5. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  6. 13F-HR · Q2 2026Filing detailsAccession 0000905567-26-000003 · filed Aug 11, 2026
  7. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  8. 13F-HR · Q2 2026Filing detailsAccession 0000919574-26-005176 · filed Aug 14, 2026
  9. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  10. 13F-HR · Q2 2026Filing detailsAccession 0001061768-26-000010 · filed Aug 13, 2026
  11. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  12. 13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026
  13. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  14. 13F-HR · Q2 2026Filing detailsAccession 0001104659-26-097175 · filed Aug 14, 2026
  15. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  16. 13F-HR · Q2 2026Filing detailsAccession 0001112520-26-000014 · filed Aug 14, 2026
  17. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
  18. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  19. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  20. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  21. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003035 · filed Aug 4, 2026
  22. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003402 · filed Aug 13, 2026
  23. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003496 · filed Aug 14, 2026
  24. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003728 · filed Aug 14, 2026
  25. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
  27. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026
  28. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-340443 · filed Aug 7, 2026
  29. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-349535 · filed Aug 13, 2026
  30. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-352200 · filed Aug 14, 2026
  31. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  32. 13F-HR · Q2 2026Filing detailsAccession 0001325447-26-000020 · filed Aug 5, 2026
  33. 13F-HR/A · Q2 2026 · Amendment NEW HOLDINGSFiling detailsAccession 0001325447-26-000033 · filed Aug 24, 2026
  34. 13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
  35. 13F-HR · Q2 2026Filing detailsAccession 0001398344-26-014641 · filed Aug 14, 2026
  36. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
  37. 13F-HR · Q2 2026Filing detailsAccession 0001569205-26-000012 · filed Aug 14, 2026
· event Jun 30, 2026 · retrieved Oct 20, 2026

Flagship explainer

What AT&T INC. insiders reported

Records still being gathered — partial as of retrieval Oct 20, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

32 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale25.7 / 100
0406080100WideNarrowShallowNo moatJul 20, 2026Oct 20, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 20, 2026.

95 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (27 versus 0). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Cakaric Darcie M.SEVP and Chief HR OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event38,655—Exercise or conversion of derivative security (M)—47,385Oct 6, 2026
1 filed lot
  • Table I · Common Stock: 38,655 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 47,385 · Paired event: 38,655 Restricted Stock Units (2025) → 38,655 Common Stock ·
Cakaric Darcie M.SEVP and Chief HR OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock15,211$24.24$368,71532,174Oct 6, 2026
1 filed lot
  • Table I · Common Stock: 15,211 shares at $24.24 · code F · owned after 32,174 ·
Cakaric Darcie M.SEVP and Chief HR OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units (2025) · 1 paired event38,655Not disclosedNot disclosed38,655Oct 6, 2026
1 filed lot
  • Table II · Restricted Stock Units (2025): 38,655 shares at Not disclosed · code M · owned after 38,655 · Paired event: 38,655 Restricted Stock Units (2025) → 38,655 Common Stock ·
Sabrina Sanders SSVP-ChiefActngOfcr&ControllerGrant, award, or other acquisition (A)Table I · Acquired · Common Stock144.549$24.40$3,5272,692.802Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 144.549 shares at $24.40 · code A · owned after 2,692.802 ·
Merchant Fazal FDirectorGrant, award, or other acquisition (A)Table II · Acquired · Deferred Stock Units10,707.9496$24.40$261,27410,707.9496Sep 30, 2026
1 filed lot
  • Table II · Deferred Stock Units: 10,707.9496 shares at $24.40 · code A · owned after 10,707.9496 ·
McElfresh Jeffery S.Chief Operating OfficerGrant, award, or other acquisition (A)Table I · Acquired · Common Stock512.296$24.40$12,500184,022.855Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 512.296 shares at $24.40 · code A · owned after 184,022.855 ·
Lee Lori MGlobal Mktg Ofr & SEVP IntlGrant, award, or other acquisition (A)Table I · Acquired · Common Stock368.852$24.40$9,00010,643.446Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 368.852 shares at $24.40 · code A · owned after 10,643.446 ·
Desroches PascalSr. Exec VP and CFOGrant, award, or other acquisition (A)Table I · Acquired · Common Stock1,835.724$24.40$44,792137,835.372Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 1,835.724 shares at $24.40 · code A · owned after 137,835.372 ·
Sabrina Sanders SSVP-ChiefActngOfcr&ControllerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock9,248$25.89$239,431162,913Sep 1, 2026
1 filed lot
  • Table I · Common Stock: 9,248 shares at $25.89 · code F · owned after 162,913 ·
Sabrina Sanders SSVP-ChiefActngOfcr&ControllerGrant, award, or other acquisition (A)Table I · Acquired · Common Stock126.535$25.89$3,2762,548.253Aug 31, 2026
1 filed lot
  • Table I · Common Stock: 126.535 shares at $25.89 · code A · owned after 2,548.253 ·
McElfresh Jeffery S.Chief Operating OfficerGrant, award, or other acquisition (A)Table I · Acquired · Common Stock482.812$25.89$12,500183,510.559Aug 31, 2026
1 filed lot
  • Table I · Common Stock: 482.812 shares at $25.89 · code A · owned after 183,510.559 ·
Lee Lori MGlobal Mktg Ofr & SEVP IntlGrant, award, or other acquisition (A)Table I · Acquired · Common Stock347.625$25.89$9,00010,274.594Aug 31, 2026
1 filed lot
  • Table I · Common Stock: 347.625 shares at $25.89 · code A · owned after 10,274.594 ·
Desroches PascalSr. Exec VP and CFOGrant, award, or other acquisition (A)Table I · Acquired · Common Stock1,730.076$25.89$44,792135,999.648Aug 31, 2026
1 filed lot
  • Table I · Common Stock: 1,730.076 shares at $25.89 · code A · owned after 135,999.648 ·
STANKEY JOHN TDirector, CEO & PresidentGrant, award, or other acquisition (A)Table I · Acquired · Common Stock927.915$23.25$21,57478,672.116Jul 31, 2026
1 filed lot
  • Table I · Common Stock: 927.915 shares at $23.25 · code A · owned after 78,672.116 ·
Desroches PascalSr. Exec VP and CFOGrant, award, or other acquisition (A)Table I · Acquired · Common Stock3,487.472$23.25$81,084134,269.572Jul 31, 2026
1 filed lot
  • Table I · Common Stock: 3,487.472 shares at $23.25 · code A · owned after 134,269.572 ·
Lee Lori MGlobal Mktg Ofr & SEVP IntlGrant, award, or other acquisition (A)Table I · Acquired · Common Stock499.616$23.25$11,6169,926.969Jul 31, 2026
1 filed lot
  • Table I · Common Stock: 499.616 shares at $23.25 · code A · owned after 9,926.969 ·
McElfresh Jeffery S.Chief Operating OfficerGrant, award, or other acquisition (A)Table I · Acquired · Common Stock2,690.053$23.25$62,544183,027.747Jul 31, 2026
1 filed lot
  • Table I · Common Stock: 2,690.053 shares at $23.25 · code A · owned after 183,027.747 ·
Ubinas Luis ADirectorGrant, award, or other acquisition (A)Table II · Acquired · Deferred Stock Units869.0834$23.25$20,20673,684.1809Jul 31, 2026
1 filed lot
  • Table II · Deferred Stock Units: 869.0834 shares at $23.25 · code A · owned after 73,684.1809 ·
TAYLOR CINDY BDirectorGrant, award, or other acquisition (A)Table II · Acquired · Deferred Stock Units2,666.9601$23.25$62,007226,114.9709Jul 31, 2026
1 filed lot
  • Table II · Deferred Stock Units: 2,666.9601 shares at $23.25 · code A · owned after 226,114.9709 ·
ROSE MATTHEW KDirectorGrant, award, or other acquisition (A)Table II · Acquired · Deferred Stock Units4,238.2967$23.25$98,540359,338.827Jul 31, 2026
1 filed lot
  • Table II · Deferred Stock Units: 4,238.2967 shares at $23.25 · code A · owned after 359,338.827 ·
MOONEY BETH EDirectorGrant, award, or other acquisition (A)Table II · Acquired · Deferred Stock Units2,340.15$23.25$54,408198,406.7752Jul 31, 2026
1 filed lot
  • Table II · Deferred Stock Units: 2,340.15 shares at $23.25 · code A · owned after 198,406.7752 ·
MCCALLISTER MICHAEL BDirectorGrant, award, or other acquisition (A)Table II · Acquired · Deferred Stock Units1,973.5916$23.25$45,886167,328.5601Jul 31, 2026
1 filed lot
  • Table II · Deferred Stock Units: 1,973.5916 shares at $23.25 · code A · owned after 167,328.5601 ·
MAYER MARISSA ADirectorGrant, award, or other acquisition (A)Table II · Acquired · Deferred Stock Units543.3257$23.25$12,63246,065.2057Jul 31, 2026
1 filed lot
  • Table II · Deferred Stock Units: 543.3257 shares at $23.25 · code A · owned after 46,065.2057 ·
LUCZO STEPHEN JDirectorGrant, award, or other acquisition (A)Table II · Acquired · Deferred Stock Units1,715.7077$23.25$39,890145,464.1927Jul 31, 2026
1 filed lot
  • Table II · Deferred Stock Units: 1,715.7077 shares at $23.25 · code A · owned after 145,464.1927 ·
Kennard William EDirectorGrant, award, or other acquisition (A)Table II · Acquired · Deferred Stock Units1,727.7629$23.25$40,170146,486.2748Jul 31, 2026
1 filed lot
  • Table II · Deferred Stock Units: 1,727.7629 shares at $23.25 · code A · owned after 146,486.2748 ·
Grier Kelly JDirectorGrant, award, or other acquisition (A)Table II · Acquired · Deferred Stock Units178.0438$23.25$4,14015,095.226Jul 31, 2026
1 filed lot
  • Table II · Deferred Stock Units: 178.0438 shares at $23.25 · code A · owned after 15,095.226 ·
Sabrina Sanders SSVP-ChiefActngOfcr&ControllerGrant, award, or other acquisition (A)Table I · Acquired · Common Stock167.806$23.25$3,9012,421.718Jul 31, 2026
1 filed lot
  • Table I · Common Stock: 167.806 shares at $23.25 · code A · owned after 2,421.718 ·

Source-event as of . Retrieved .

Track record

How AT&T INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored T on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100200Indexed price · log scale (2012 = 100)201120142017202020232026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, T did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Communications context

#104 of 136 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #102LUMN LUMEN TECHNOLOGIES, INC.26.1No moat
  2. #103CABO Cable One, Inc.26.1No moat
  3. #105TSQ Townsquare Media, Inc.25.6No moat
  4. #106VENU Venu Holding Corporation25.6No moat

Compare T with its nearest peers →All Communications companies on the Index →

Common questions about T

Does AT&T INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores AT&T INC. (T) 25.7 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 47, pricing power not measurable from the filings, returns on capital 6, balance-sheet safety 23, capital allocation 27.
Is T trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $24.32 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $23.20, that is 5% below value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has T's Moat Score changed over time?
The record logs 32 readings since Jul 17, 2026; the latest reads 25.7 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell T. See the disclaimer.