Neither AT&T nor Verizon is a verified winner for current dividend yield based on the latest company disclosures alone: yield requires each stock’s share price on the same date. The income-focused comparison is instead about the declared payout, the cash flow supporting it, and the debt and capital-allocation plans around it. AT&T’s annualized dividend is $1.11 per share; Verizon declared a quarterly dividend of $0.7075 per share in September 2026, equal to $2.83 over four quarters if unchanged. Those amounts are not yields, and future dividends remain subject to board action.
What each company has declared
| Company | Latest dividend evidence | What it means for an income investor |
|---|---|---|
| AT&T | AT&T said its annualized common dividend was $1.11 per share and that it expected to maintain that amount. Its 2025 annual report records $1.11 declared per share in both 2024 and 2025. AT&T second-quarter 2026 results; AT&T 2025 Annual Report. | The disclosed rate is annualized per share, not an indication of yield or a guarantee of future payments. |
| Verizon | Verizon declared a quarterly dividend of $0.7075 per share in September 2026, consistent with the prior quarter. Four quarters at that rate would total $2.83 per share if unchanged. Verizon September 2026 dividend declaration. | The $2.83 figure is an annualized calculation from the current quarterly rate, not a promise of four future payments. |
Do not compare $1.11 with $2.83 as though the larger amount means the better-paying stock: the figures cover different dividend periods, and per-share amounts say nothing by themselves about the share price. To compare current yields, divide each company’s annualized dividend rate by its share price from the same date. The cited company announcements do not provide matched-date October 4, 2026 share prices, so they do not establish a current-yield winner.
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How much cash flow is reported behind the payouts?
Both companies report substantial free cash flow, but their headline figures cover different periods and are issuer-defined measures. They should be read alongside each company’s outlook rather than treated as a direct head-to-head test.
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| Company | Reported free cash flow | Outlook |
|---|---|---|
| AT&T | $4.7 billion in the second quarter of 2026. AT&T second-quarter 2026 results. | At least $18 billion for full-year 2026, according to the company’s outlook. AT&T second-quarter 2026 results. |
| Verizon | $10.2 billion in the first half of 2026, up 16% year over year. Verizon second-quarter 2026 results. | Raised its 2026 free-cash-flow-growth guidance to 9%–10%. Verizon second-quarter 2026 results. |
The periods are not equivalent: AT&T’s cited figure is for one quarter and Verizon’s is for six months. Verizon also disclosed $20.1 billion of free cash flow and $11.5 billion of cash dividend payments for full-year 2025 in its annual results; these historical figures offer context, not proof of future coverage. Verizon 2025 fourth-quarter and full-year earnings release.
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Free cash flow is useful for judging a dividend’s cash support, but it is a company-defined, non-GAAP measure. It is not a guarantee that a board will maintain a payout, nor does it by itself show all demands on cash, including debt reduction, investment, and repurchases.
What debt and capital-allocation plans add to the comparison
AT&T expected leverage to rise to about 3.2x after its Lumen and EchoStar transactions, then return to its 2.5x target range within about three years after the EchoStar transaction closes. AT&T second-quarter 2026 results. Verizon reported net unsecured debt to adjusted EBITDA of 2.5x at the end of the second quarter of 2026. Verizon second-quarter 2026 results.
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The two 2.5x figures are not directly interchangeable: AT&T’s is a stated target range after a transaction-related leverage increase, while Verizon’s is a reported ratio using net unsecured debt and adjusted EBITDA. The definitions, timing, and transaction assumptions differ. Adjusted EBITDA, like free cash flow, is a company-defined non-GAAP measure.
AT&T planned at least $45 billion in shareholder returns across 2026–2028 through dividends and share repurchases. Verizon reported $9.4 billion in total capital returned in the first half of 2026 and raised its full-year buyback target to up to $4.5 billion. AT&T second-quarter 2026 results; Verizon second-quarter 2026 results. Buybacks are not dividend income: they use capital to repurchase shares rather than pay cash dividends to holders.
Which stock may fit your income priorities?
AT&T may suit an investor focused on its stated annualized payout
AT&T’s disclosed $1.11 annualized dividend and its expectation to maintain that amount give investors a clear stated per-share rate. Its plan to return at least $45 billion over 2026–2028 includes both dividends and repurchases, so that total should not be mistaken for a dividend-only commitment. The transaction-related leverage increase and planned return toward its target are relevant if your income decision also depends on balance-sheet direction.
Verizon may suit an investor weighing the latest quarterly declaration and cash-flow trend
Verizon’s September 2026 declaration sets a current quarterly rate of $0.7075 per share. The company also reported first-half free cash flow growth and raised its full-year growth guidance. Its 2.5x net unsecured debt-to-adjusted-EBITDA measure is a reported quarter-end figure, not a guarantee of dividend safety or a directly comparable measure of AT&T’s leverage.
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For either stock, test the yield and payout against your own criteria
- For a current-yield comparison, use the annualized rate and share price for each stock from the same date.
- Review the full cash-flow period and outlook rather than comparing a quarterly figure with a half-year figure.
- Separate declared dividends from buybacks and broader shareholder-return totals.
- Treat management targets and guidance as plans, not assurances that future dividends will be paid at the same rate.
AT&T describes its dividend policy as considering shareholder expectations, funding requirements, and long-term growth opportunities. Verizon’s CEO has attributed its shareholder returns to operational execution and sustainable cash flow. These are company statements, not independent assurances about future distributions. AT&T 2025 Annual Report; Verizon September 2026 dividend declaration.
Where to verify updates before deciding
Dividend rates, guidance, and financial results can change. For updates, consult the companies’ latest reports and dividend disclosures rather than relying on an older yield quote. Verizon’s financial reporting page links to reports, filings, dividend history, and debt schedules.
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