Who are AT&T Inc.'s customers? Who does AT&T Inc. earn revenue from?

Revenue comes from counterparties including EchoStar, Toyota Motor Corporation. Full sourced list: valuechain.wiki/at-t/customers.md

Who does AT&T Inc. pay? Who are its key suppliers?

Costs flow to Corning, Ericsson among others. Full sourced list: valuechain.wiki/at-t/suppliers.md

U.S. 5G and fiber operator

AT&T Inc.

AT&T earns most of its revenue from U.S. mobility and fiber broadband while also operating business wireline and Mexican wireless services. It buys Open RAN equipment from Ericsson and fiber solutions from Corning, while its EchoStar wholesale agreement and spectrum acquisition expand both network demand and capacity.

T Updated Sep 11, 2026 2 AI consumers· 2 recurring

Per the valuechain.wiki graph, AT&T Inc. is directly linked to 3 companies (1 supply, 2 revenue, 1 investment relationships) and reaches 4 companies within two hops; the links are backed by 12 dated sources, 4 of them primary filings (as of 2026-09-11).

Annual return · 2026-09-04'21-5.9%'22+6.5%'23-2.7%'24+44.1%'25+14%YTD+7.1%

Money in ▸EchoStar●Toyota Motor Corporation◐

AT&T Inc.FY2025 total operating revenue of $125.648 billion

▸ Money outCorning●Contract value $1BEricsson◐Contract value $14B

Financials & Segments

Total revenue · FY2025 total operating revenue of $125.648 billion
Segments · Mobility · Business Wireline · Consumer Wireline · Latin America · Corporate and Other

Revenue from

EchoStar High confidence
EchoStar uses AT&T as its primary network-services provider while operating Boost Mobile under a hybrid mobile network model. The long-term wholesale agreement is confirmed, but EchoStar's standalone payments to AT&T are not disclosed.
Confirms EN SEC EDGAR Published Nov 6, 2025: EchoStar Corporation Form 10-Q for the Quarter Ended September 30, 2025
Confirms EN SEC EDGAR Published Aug 26, 2025: AT&T to Acquire Spectrum Licenses from EchoStar, Exhibit 99.1 to Form 8-K
Toyota Motor Corporation Medium confidence
AT&T 5G connectivity supports connected services and in-vehicle data plans beginning with select model-year 2026 Toyota vehicles. Customers can buy the AT&T service through Toyota's app, but Toyota-related revenue is not disclosed.
Confirms EN AT&T Newsroom Published Oct 13, 2025: AT&T and Toyota Drive the Future of 5G Connectivity and Enhanced In-Car Entertainment
Confirms EN Toyota USA Newsroom Published Oct 13, 2025: The Latest Evolution of Toyota's Multimedia Coming to a Screen Near You

Pays to

Corning High confidence· Contract value $1B · multi year purchase agreement · Value of AT&T's purchase agreement for Corning fiber, cable, and connectivity solutions
Corning supplies next-generation fiber, cable, and connectivity solutions for AT&T's broadband expansion. The multiyear purchase agreement is valued at more than $1 billion.
Confirms EN Corning Investor Relations Published Oct 28, 2024: AT&T and Corning Expand Collaboration with Multi-Year Purchase Agreement
Ericsson Medium confidence· Contract value $14B · five year agreement · Expected AT&T spending under the Ericsson Open RAN infrastructure and software agreement
Ericsson supplies multiband radios, baseband equipment, automation platforms, and software for AT&T's Open RAN transition. Spending under the five-year agreement could approach $14 billion, and Ericsson was selected in 2026 for additional radios supporting the acquired 600 MHz spectrum.
Confirms EN AT&T Newsroom Published Aug 6, 2026: AT&T and Ericsson Enhance Wireless Capacity, Coverage, and Performance Nationwide
Confirms EN AT&T Newsroom Published Sep 9, 2025: AT&T and Ericsson Drive Innovation in High-Performing, Energy-Efficient Networks
Confirms EN ABI Research Published Feb 21, 2025: So, Is Open RAN Dead? An Update on AT&T's Open RAN Rollout and the State of Open RAN

Investments

EchoStar High confidence· Amount $23B · acquisition completed 2026-07-28 · Purchase price for EchoStar's 600 MHz and 3.45 GHz spectrum licenses
AT&T acquired approximately 50 MHz of nationwide low-band 600 MHz and mid-band 3.45 GHz spectrum from EchoStar for about $23 billion. The transaction closed on July 28, 2026.
Confirms EN AT&T Newsroom Published Jul 28, 2026: AT&T Closes Acquisition of Spectrum Licenses from EchoStar
Confirms EN SEC EDGAR Published Feb 9, 2026: AT&T INC. 10-K (2026-02-09)
Confirms KO Hana Securities Published Sep 9, 2025: AT&T (T US): More Upside Considering Shareholder Return Potential
Confirms EN SEC EDGAR Published Aug 26, 2025: AT&T Inc. Current Report on Form 8-K dated August 26, 2025

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

Company	Chain	'21	'22	'23	'24	'25	YTD
Mazda Motor	lead2	+18.8	+22.8	+81.1	-39	+17.3	+1.8
Toyota Motor Corporation	lead1	+58.1	-13.4	+63	+1.8	+21.8	-10.8
EchoStar	lead1	+24.4	-36.7	-0.7	+38.2	+374.7	-17.4
AT&T Inc.	node	-5.9	+6.5	-2.7	+44.1	+14	+7.1
Corning	benef1	+5.9	-11.6	-1.2	+60.6	+87.8	+77.2
EchoStar	benef1	+24.4	-36.7	-0.7	+38.2	+374.7	-17.4

YTD as of 2026-09-04 · source: Yahoo Finance

AT&T Inc. operates across U.S. 5G and fiber operator. It is +7.1% in 2026. The supply side (avg +77.2%) has moved harder than the stock (+7.1%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Corning (+77.2%) and the furthest behind is Toyota Motor Corporation (-10.8%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It buys Open RAN equipment from Ericsson and fiber solutions from Corning, while its EchoStar wholesale agreement and spectrum acquisition expand both network demand and capacity.

Analysis generated from returns as of 2026-09-04

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