---
title: "AT&T: Business Model & Revenue Engine"
description: "AT&T revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/at-and-t/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# AT&T: Business Model & Revenue Engine



## Direct Answer

AT&T reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Communications is the largest, with $121 billion of revenue (96% of the total), followed by Latin America Business at $4.4 billion (3%). 96% of revenue came from the United States.

## How Does AT&T Make Money?

Communications supplies 96% of revenue, so AT&T's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Latin America Business grew fastest (+3.5%) and Corporate and Other slowest (-17.5%), so the revenue mix tilts toward Latin America Business while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Communications | $121 billion | $118 billion | 96.2% | 2.8% |
| Latin America Business | $4.4 billion | $4.2 billion | 3.5% | 3.5% |
| Corporate and Other | $373 million | $452 million | 0.3% | -17.5% |

![Bar chart of AT&T revenue by segment for fiscal 2025: Communications 96.2%, Latin America Business 3.5%, Corporate and Other 0.3%.](https://www.getswoopr.com/images/charts/at-and-t-business-model-segment-mix.webp)
*AT&T revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which AT&T Segments Earn the Most?

| Segment | FY2025 segment operating income | Segment margin |
| --- | --- | --- |
| Communications | $27.9 billion | 23.1% |
| Latin America Business | $145 million | 3.3% |
| Corporate and Other | -$3.9 billion | -1048.3% |

Segment operating income is the profit measure AT&T reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within AT&T more safely than against another company.

## Where Does AT&T's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $120 billion | $117 billion | 95.7% | 2.9% |
| Mexico | $4.4 billion | $4.3 billion | 3.5% | 3.3% |
| Asia Pacific | $395 million | $462 million | 0.3% | -14.5% |
| Europe | $382 million | $441 million | 0.3% | -13.4% |
| All Other Geographical Areas | $114 million | $116 million | 0.1% | -1.7% |
| Region of Latin America and Caribbean | $110 million | $149 million | 0.1% | -26.2% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of AT&T's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value AT&T reported in the segment note and revenue disclosures of its Form 10-K filed February 9, 2026 (accession 0000732717-26-000120), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are AT&T's business segments?

In its fiscal 2025 Form 10-K, AT&T reports revenue for Communications, Latin America Business and Corporate and Other.

### Which part of AT&T brings in the most revenue?

Communications, with $121 billion of revenue in fiscal 2025, or 96% of the total.

### How much of AT&T's revenue comes from outside the United States?

4% in fiscal 2025, by the geographic breakdown AT&T reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: AT&T INC. Form 10-K filed February 9, 2026](https://www.sec.gov/Archives/edgar/data/732717/000073271726000120/t-20251231.htm)
- [SEC EDGAR: AT&T INC. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=732717&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [AT&T company dossier](https://www.getswoopr.com/stocks/companies/at-and-t/)
- [AT&T financial metrics](https://www.getswoopr.com/stocks/companies/at-and-t/metrics/)
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- [AT&T peer comparison](https://www.getswoopr.com/stocks/companies/at-and-t/competitors/)
- [AT&T business model and revenue mix](https://www.getswoopr.com/stocks/companies/at-and-t/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)





**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**



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