AT&T
AT&T returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
The reported inputs required for this metric are unavailable in the extracted statements for this period.
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 9.12% | 7% | 81.77% | — | 5.17% | 1.4 pp |
| FY 2026 Q1 | Mar 31, 2026 | 8.85% | 6.96% | 59.63% | — | 5.24% | 1.2 pp |
| FY 2025 Q4 | Dec 31, 2025 | 8.67% | 6.76% | 118.14% | — | 5.39% | 1 pp |
| FY 2025 Q3 | Sep 30, 2025 | 8.17% | 6.56% | 189.57% | — | 5.45% | 0.5 pp |
| FY 2025 Q2 | Jun 30, 2025 | 6.02% | 5.53% | — | — | 3.18% | -1.7 pp |
| FY 2025 Q1 | Mar 31, 2025 | 5.76% | 5.38% | — | — | 2.98% | -1.9 pp |
| FY 2024 Q4 | Dec 31, 2024 | 5.75% | 5.41% | — | — | 2.73% | -2 pp |
| FY 2024 Q3 | Sep 30, 2024 | 5.63% | 5.36% | — | — | 2.26% | -2.1 pp |
| FY 2024 Q2 | Jun 30, 2024 | 7.2% | 6.38% | — | — | 3.16% | -0.5 pp |
| FY 2024 Q1 | Mar 31, 2024 | 7.48% | 6.68% | — | — | 3.4% | -0.2 pp |
| FY 2023 Q4 | Dec 31, 2023 | 7.59% | 6.68% | — | — | 3.56% | -0.1 pp |
| FY 2023 Q3 | Sep 30, 2023 | — | -0.8% | — | — | -2.71% | — |
| FY 2023 Q2 | Jun 30, 2023 | — | -0.73% | — | — | -2.1% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | -0.98% | — | — | -1.86% | — |
| FY 2022 Q4 | Dec 31, 2022 | — | — | — | — | — | — |
| FY 2022 Q3 | Sep 30, 2022 | — | — | — | — | — | — |
| FY 2022 Q2 | Jun 30, 2022 | 4.13% | 3.75% | — | — | 2.88% | -3.6 pp |
| FY 2022 Q1 | Mar 31, 2022 | 4.8% | 4.42% | — | — | 3.09% | -2.9 pp |
| FY 2021 Q2 | Sep 30, 2021 | 2.54% | 2.84% | — | — | 0.73% | -5.2 pp |
| FY 2021 Q1 | Mar 31, 2021 | — | 1.39% | — | — | -0.41% | — |
| FY 2020 Q4 | Dec 31, 2020 | — | 1.36% | — | — | -0.96% | — |
| FY 2020 Q3 | Sep 30, 2020 | 5.05% | 4.68% | — | — | 2.04% | -2.7 pp |
| FY 2020 Q2 | Jun 30, 2020 | 5.42% | 5.06% | — | — | 2.19% | -2.3 pp |
| FY 2020 Q1 | Mar 31, 2020 | 6.36% | 5.88% | — | — | 2.64% | -1.3 pp |
| FY 2019 Q4 | Dec 31, 2019 | 6.31% | 5.88% | — | — | 2.57% | -1.4 pp |
| FY 2019 Q3 | Sep 30, 2019 | 6.67% | 6.06% | — | — | 3.02% | -1 pp |
| FY 2019 Q2 | Jun 30, 2019 | 6.41% | 5.95% | — | — | 3.21% | -1.3 pp |
| FY 2019 Q1 | Mar 31, 2019 | 7.04% | 6.31% | — | — | 3.78% | -0.7 pp |
| FY 2018 Q4 | Dec 31, 2018 | 6.74% | 6.29% | — | — | 3.97% | -1 pp |
| FY 2018 Q3 | Sep 30, 2018 | — | 4.69% | — | — | 6.86% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 4.63% | — | — | 6.67% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | 5.51% | — | — | 7.14% | — |
| FY 2017 Q4 | Dec 31, 2017 | — | 5.85% | — | — | 6.95% | — |
| FY 2017 Q3 | Sep 30, 2017 | 7.08% | 6.61% | — | — | 3.03% | -0.6 pp |
| FY 2017 Q2 | Jun 30, 2017 | 7.11% | 6.82% | — | — | 3.2% | -0.6 pp |
| FY 2017 Q1 | Mar 31, 2017 | 6.86% | 6.69% | — | — | 3.1% | -0.8 pp |
| FY 2016 Q4 | Dec 31, 2016 | 6.74% | 6.88% | — | — | 3.22% | -1 pp |
| FY 2016 Q3 | Sep 30, 2016 | 7.57% | 7.81% | 2,516.28% | — | 3.62% | -0.1 pp |
| FY 2016 Q2 | Jun 30, 2016 | 8.53% | 8.47% | 15.81% | — | 3.9% | 0.8 pp |
| FY 2016 Q1 | Mar 31, 2016 | 8.27% | 8.36% | 15.38% | — | 3.89% | 0.6 pp |
| FY 2015 Q4 | Dec 31, 2015 | 8.09% | 8.12% | 10.33% | — | 3.84% | 0.4 pp |
| FY 2015 Q3 | Sep 30, 2015 | 3.95% | 3.85% | -13.89% | — | 1.53% | -3.8 pp |
| FY 2015 Q2 | Jun 30, 2015 | 4.63% | 4.11% | -77.34% | — | 1.7% | -3.1 pp |
| FY 2015 Q1 | Mar 31, 2015 | 4.27% | 4.24% | -112.36% | — | 1.95% | -3.4 pp |
| FY 2014 Q4 | Dec 31, 2014 | 4.75% | 4.71% | — | — | 2.18% | -2.9 pp |
| FY 2014 Q3 | Sep 30, 2014 | 11.49% | 12.14% | 175.77% | — | 6.08% | 3.8 pp |
| FY 2014 Q2 | Jun 30, 2014 | 12.09% | 12.36% | 122.23% | — | 6.34% | 4.4 pp |
| FY 2014 Q1 | Mar 31, 2014 | 12.45% | 12.66% | 118.54% | — | 6.54% | 4.7 pp |
| FY 2013 Q4 | Dec 31, 2013 | 12.7% | 12.61% | 208.58% | — | 6.63% | 5 pp |
| FY 2013 Q3 | Sep 30, 2013 | 5.86% | 5.18% | — | — | 2.76% | -1.8 pp |
| FY 2013 Q2 | Jun 30, 2013 | 5.68% | 5.08% | — | — | 2.71% | -2 pp |
| FY 2013 Q1 | Mar 31, 2013 | 5.86% | 5.37% | — | — | 2.73% | -1.8 pp |
| FY 2012 Q4 | Dec 31, 2012 | 5.78% | 5.41% | — | — | 2.68% | -1.9 pp |
| FY 2012 Q3 | Sep 30, 2012 | 3.8% | 4.15% | — | — | 1.63% | -3.9 pp |
| FY 2012 Q2 | Jun 30, 2012 | 3.72% | 4.28% | — | — | 1.65% | -4 pp |
| FY 2012 Q1 | Mar 31, 2012 | — | 4.03% | — | — | 1.53% | — |
| FY 2011 Q4 | Dec 31, 2011 | 3.34% | 3.89% | — | — | 1.46% | -4.4 pp |
| FY 2011 Q3 | Sep 30, 2011 | — | 8.45% | — | — | 4.28% | — |
| FY 2011 Q2 | Jun 30, 2011 | — | 8.31% | — | — | 7.57% | — |
| FY 2011 Q1 | Mar 31, 2011 | — | 8.4% | — | — | 7.82% | — |
| FY 2010 Q4 | Dec 31, 2010 | — | 8.39% | — | — | 7.39% | — |
| FY 2010 Q3 | Sep 30, 2010 | — | 9.43% | — | — | 8.05% | — |
| FY 2010 Q2 | Jun 30, 2010 | — | 9.53% | — | — | 4.64% | — |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · T, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.