AT&T INC T
COM · Common Stock · CUSIP 00206R102 · ISIN US00206R1023
American multinational conglomerate
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($652.8m this quarter). Holder counts are more reliable. Shares outstanding: 7.0bn as of 2026-01-28, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $24.82. Options: 43 managers hold calls ($1.1bn notional), 46 hold puts ($1.0bn).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 2,324 |
| Q4 2022 | 2,424 |
| Q1 2023 | 2,404 |
| Q2 2023 | 2,405 |
| Q3 2023 | 2,298 |
| Q4 2023 | 2,452 |
| Q1 2024 | 2,418 |
| Q2 2024 | 2,401 |
| Q3 2024 | 2,450 |
| Q4 2024 | 2,683 |
| Q1 2025 | 2,866 |
| Q2 2025 | 2,888 |
| Q3 2025 | 2,868 |
| Q4 2025 | 2,857 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 1,101 | 1,204 |
| Q2 2024 | 1,057 | 1,206 |
| Q3 2024 | 1,089 | 1,225 |
| Q4 2024 | 1,194 | 1,128 |
| Q1 2025 | 1,391 | 1,288 |
| Q2 2025 | 1,468 | 1,239 |
| Q3 2025 | 1,349 | 1,328 |
| Q4 2025 | 1,145 | 1,520 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $1.6bn | $1.0bn | 0.64 |
| Q2 2025 | $1.7bn | $1.5bn | 0.86 |
| Q3 2025 | $1.4bn | $1.3bn | 0.95 |
| Q4 2025 | $1.1bn | $1.0bn | 0.95 |
Biggest buyers
| D. E. Shaw & Co., Inc. | Added | +20.7m |
| HSBC HOLDINGS PLC | Added | +20.1m |
| FMR LLC | Added | +14.9m |
| Alyeska Investment Group, L.P. | Added | +10.2m |
| STATE STREET CORP | Added | +8.3m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Added | +8.3m |
| TWO SIGMA INVESTMENTS, LP | New | +7.3m |
| WORLDQUANT MILLENNIUM ADVISORS LLC | New | +6.6m |
| TWO SIGMA ADVISERS, LP | Added | +6.5m |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | New | +6.5m |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -109.3m |
| GQG Partners LLC | Reduced | -20.8m |
| CITADEL ADVISORS LLC | Reduced | -15.0m |
| Bank of New York Mellon Corp | Reduced | -12.7m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -12.0m |
| FRANKLIN RESOURCES INC | Reduced | -11.1m |
| Nuveen, LLC | Reduced | -10.5m |
| WELLINGTON MANAGEMENT GROUP LLP | Reduced | -8.9m |
| Woodline Partners LP | Reduced | -7.9m |
| BARCLAYS PLC | Reduced | -6.9m |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $264.7m10.7m shares |
| CITADEL ADVISORS LLC | Reduced | $127.9m5.1m shares |
| JANE STREET GROUP, LLC | Reduced | $88.1m3.5m shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $81.0m3.3m shares |
| Squarepoint Ops LLC | Added | $67.2m2.7m shares |
| IMC-Chicago, LLC | Added | $57.8m2.3m shares |
| SIMPLEX TRADING, LLC | Added | $52.4m2.1m shares |
| Twin Tree Management, LP | Added | $39.4m1.6m shares |
| D. E. Shaw & Co., Inc. | Added | $38.5m1.6m shares |
| JPMORGAN CHASE & CO | Added | $34.3m1.4m shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $310.0m12.5m shares |
| CITIGROUP INC | Added | $111.8m4.5m shares |
| CITADEL ADVISORS LLC | Reduced | $77.2m3.1m shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $55.5m2.2m shares |
| GOLDMAN SACHS GROUP INC | Added | $47.2m1.9m shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $46.7m18.8k shares |
| Squarepoint Ops LLC | Added | $43.2m1.7m shares |
| SIMPLEX TRADING, LLC | Reduced | $39.3m1.6m shares |
| Qube Research & Technologies Ltd | Reduced | $39.2m1.6m shares |
| JANE STREET GROUP, LLC | Added | $36.2m1.5m shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 7.5% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 1 | $41.4k | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.24% of their portfolio | 664.1m $16.5bn | Added +3.6m |
| BlackRock, Inc. 0.24% of their portfolio | 569.9m $14.2bn | Reduced -5.1m |
| STATE STREET CORP 0.28% of their portfolio | 332.1m $8.2bn | Added +8.3m |
| Newport Trust Company, LLC 10.90% of their portfolio | 183.5m $4.6bn | Reduced -1.9m |
| GEODE CAPITAL MANAGEMENT, LLC 0.26% of their portfolio | 171.0m $4.2bn | Reduced -3.0m |
| BANK OF AMERICA CORP /DE/ 0.22% of their portfolio | 119.7m $3.0bn | Added +4.1m |
| MORGAN STANLEY 0.16% of their portfolio | 106.9m $2.7bn | Reduced -2.9m |
| NORGES BANK 0.23% of their portfolio | 87.8m $2.2bn | Not comparable |
| GQG Partners LLC 3.52% of their portfolio | 86.0m $2.1bn | Reduced -20.8m |
| JPMORGAN CHASE & CO 0.12% of their portfolio | 72.4m $1.8bn | Reduced -109.3m |
| NORTHERN TRUST CORP 0.22% of their portfolio | 69.1m $1.7bn | Reduced -4.1m |
| Bank of New York Mellon Corp 0.28% of their portfolio | 64.6m $1.6bn | Reduced -12.7m |
| Capital Research Global Investors 0.28% of their portfolio | 62.1m $1.5bn | Reduced -3.5m |
| FMR LLC 0.07% of their portfolio | 57.1m $1.4bn | Added +14.9m |
| Invesco Ltd. 0.13% of their portfolio | 55.5m $1.4bn | Reduced -2.3m |
| AMERIPRISE FINANCIAL INC 0.30% of their portfolio | 52.6m $1.3bn | Reduced -2.3m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.20% of their portfolio | 51.6m $1.3bn | Added +225.7k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.26% of their portfolio | 50.4m $1.3bn | Added +482.3k |
| DIMENSIONAL FUND ADVISORS LP 0.26% of their portfolio | 50.0m $1.2bn | Reduced -1.4m |
| Legal & General Group Plc 0.26% of their portfolio | 47.9m $1.2bn | Reduced -619.5k |
| GOLDMAN SACHS GROUP INC 0.16% of their portfolio | 45.8m $1.1bn | Reduced -4.1m |
| Capital World Investors 0.15% of their portfolio | 45.2m $1.1bn | Added +54.0k |
| Amundi 0.30% of their portfolio | 43.9m $1.1bn | Added +1.6m |
| ROYAL BANK OF CANADA 0.17% of their portfolio | 38.9m $966.1m | Added +3.0m |
| HSBC HOLDINGS PLC 0.27% of their portfolio | 38.2m $948.9m | Added +20.1m |
| DEUTSCHE BANK AG\ 0.25% of their portfolio | 31.5m $781.5m | Added +4.3m |
| D. E. Shaw & Co., Inc. 0.57% of their portfolio | 30.0m $744.8m | Added +20.7m |
| THORNBURG INVESTMENT MANAGEMENT INC 9.10% of their portfolio | 29.0m $721.5m | Added +790.0k |
| RAYMOND JAMES FINANCIAL INC 0.20% of their portfolio | 26.4m $654.5m | Reduced -2.2m |
| Nuveen, LLC 0.17% of their portfolio | 25.9m $643.8m | Reduced -10.5m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.37% of their portfolio | 25.2m $624.9m | Added +8.3m |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.47% of their portfolio | 24.1m $599.8m | Unchanged |
| UBS Group AG 0.11% of their portfolio | 22.9m $570.1m | Reduced -5.1m |
| LSV ASSET MANAGEMENT 1.21% of their portfolio | 22.4m $556.6m | Reduced -492.2k |
| California Public Employees Retirement System 0.30% of their portfolio | 21.0m $521.3m | Reduced -3.5m |
| Sumitomo Mitsui Trust Group, Inc. 0.29% of their portfolio | 19.7m $488.7m | Added +1.5m |
| Swiss National Bank 0.29% of their portfolio | 19.6m $486.7m | Reduced -1.1m |
| AQR CAPITAL MANAGEMENT LLC 0.24% of their portfolio | 18.6m $461.5m | Added +2.4m |
| Allianz Asset Management GmbH 0.51% of their portfolio | 18.0m $447.3m | Added +4.5m |
| National Pension Service 0.33% of their portfolio | 17.9m $444.4m | Added +988.2k |
| WELLS FARGO & COMPANY/MN 0.08% of their portfolio | 17.1m $423.6m | Added +2.5m |
| Pacer Advisors, Inc. 1.10% of their portfolio | 17.0m $422.1m | Added +2.1m |
| ALLIANCEBERNSTEIN L.P. 0.12% of their portfolio | 15.8m $392.4m | Reduced -1.3m |
| BARCLAYS PLC 0.15% of their portfolio | 15.3m $379.5m | Reduced -6.9m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.04% of their portfolio | 15.2m $376.5m | Reduced -12.0m |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.25% of their portfolio | 15.0m $368.3m | Added +647.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.10% of their portfolio | 13.9m $345.9m | Reduced -838.0k |
| Robeco Institutional Asset Management B.V. 0.49% of their portfolio | 13.8m $342.2m | Reduced -148.4k |
| Point72 Asset Management, L.P. 0.51% of their portfolio | 13.0m $323.9m | Added +5.5m |
| BNP PARIBAS FINANCIAL MARKETS 0.20% of their portfolio | 12.9m $321.6m | Added +3.9m |
| BANK OF MONTREAL /CAN/ 0.13% of their portfolio | 12.8m $317.5m | Added +1.2m |
| RHUMBLINE ADVISERS 0.25% of their portfolio | 12.5m $311.0m | Reduced -289.8k |
| Brandywine Global Investment Management, LLC 2.04% of their portfolio | 12.2m $303.8m | Added +429.3k |
| Alyeska Investment Group, L.P. 0.83% of their portfolio | 11.9m $295.4m | Added +10.2m |
| CANADA PENSION PLAN INVESTMENT BOARD 0.20% of their portfolio | 11.8m $293.9m | Reduced -878.0k |
| LPL Financial LLC 0.08% of their portfolio | 11.7m $289.4m | Added +5.1k |
| Russell Investments Group, Ltd. 0.31% of their portfolio | 11.4m $282.4m | Added +1.2m |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.28% of their portfolio | 11.3m $280.4m | Reduced -317.3k |
| ASSETMARK, INC 0.55% of their portfolio | 10.9m $271.3m | Added +46.6k |
| Caisse de depot et placement du Quebec 0.43% of their portfolio | 10.2m $254.2m | Reduced -631.5k |
| CITIGROUP INC 0.16% of their portfolio | 9.7m $241.4m | Added +2.0m |
| JANE STREET GROUP, LLC 0.25% of their portfolio | 8.4m $208.3m | Added +4.1m |
| FRANKLIN RESOURCES INC 0.05% of their portfolio | 8.4m $207.8m | Reduced -11.1m |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.31% of their portfolio | 8.3m $207.3m | First filing |
| PRINCIPAL FINANCIAL GROUP INC 0.11% of their portfolio | 8.3m $206.6m | Added +213.5k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.27% of their portfolio | 8.2m $202.9m | Reduced -166.1k |
| TWO SIGMA INVESTMENTS, LP 0.27% of their portfolio | 7.3m $182.2m | New |
| Man Group plc 0.34% of their portfolio | 7.3m $180.2m | Added +6.1m |
| ACADIAN ASSET MANAGEMENT LLC 0.29% of their portfolio | 7.2m $179.4m | Reduced -4.5m |
| SEI INVESTMENTS CO 0.17% of their portfolio | 6.9m $170.4m | Added +1.6m |
| SG Americas Securities, LLC 0.22% of their portfolio | 6.8m $170.1m | Added +6.5m |
| Ensign Peak Advisors, Inc 0.30% of their portfolio | 6.8m $168.8m | Reduced -983.2k |
| CANADA LIFE ASSURANCE Co 0.29% of their portfolio | 6.7m $166.7m | Reduced -2.5m |
| Qube Research & Technologies Ltd 0.24% of their portfolio | 6.7m $166.5m | Added +762.2k |
| TWO SIGMA ADVISERS, LP 0.32% of their portfolio | 6.6m $164.8m | Added +6.5m |
| WORLDQUANT MILLENNIUM ADVISORS LLC 0.64% of their portfolio | 6.6m $163.9m | New |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.57% of their portfolio | 6.5m $161.5m | New |
| FIRST TRUST ADVISORS LP 0.12% of their portfolio | 6.5m $161.3m | Added +1.1m |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.24% of their portfolio | 6.4m $159.2m | Reduced -544.7k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.13% of their portfolio | 6.3m $156.5m | Added +467.5k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.30% of their portfolio | 6.3m $156.4m | Reduced -150.0k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.28% of their portfolio | 6.3m $155.7m | Reduced -340.0k |
| PRUDENTIAL FINANCIAL INC 0.19% of their portfolio | 6.3m $155.4m | Added +373.2k |
| AVIVA PLC 0.25% of their portfolio | 6.0m $149.4m | Added +309.1k |
| KBC Group NV 0.33% of their portfolio | 5.9m $146.7m | Added +134.1k |
| Cullen Capital Management, LLC 1.55% of their portfolio | 5.7m $141.9m | Reduced -106.1k |
| TRUIST FINANCIAL CORP 0.19% of their portfolio | 5.7m $141.5m | Added +163.8k |
| STOREBRAND ASSET MANAGEMENT AS 0.38% of their portfolio | 5.7m $140.8m | Added +11.2k |
| Mariner, LLC 0.17% of their portfolio | 5.6m $139.9m | Added +252.3k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.10% of their portfolio | 5.5m $136.1m | Reduced -234.3k |
| TD Asset Management Inc 0.11% of their portfolio | 5.4m $134.2m | Reduced -736.1k |
| VOYA INVESTMENT MANAGEMENT LLC 0.13% of their portfolio | 5.4m $133.9m | Reduced -4.3m |
| NATIONAL BANK OF CANADA /FI/ 0.14% of their portfolio | 5.3m $131.8m | Added +2.1m |
| CI INVESTMENTS INC. 0.58% of their portfolio | 5.3m $131.5m | Added +115.0k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.21% of their portfolio | 5.2m $129.7m | Added +402.0k |
| PFA Pension, Forsikringsaktieselskab 0.36% of their portfolio | 5.1m $126.0m | First filing |
| MACQUARIE GROUP LTD 0.55% of their portfolio | 5.0m $125.1m | Reduced -5.5m |
| Corient Private Wealth LP 0.08% of their portfolio | 5.0m $117.4m | Added +2.6m |
| Mitsubishi UFJ Trust & Banking Corp 0.29% of their portfolio | 5.0m $123.4m | Reduced -1.3m |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.26% of their portfolio | 4.9m $122.2m | Reduced -259.1k |