AT&T vs Comcast: Which Dividend Has Stronger Cash Flow After Q3?

AT&T and Comcast both covered their Q3 2026 dividends with reported free cash flow. AT&T reported $4.953 billion of free cash flow and paid $1.950 billion in common and preferred dividends; we calculate a 39.4% payout. Comcast reported $4.211 billion of free cash flow and about $1.2 billion of dividends, implying an approximate 28.5% payout. But AT&T's net debt rose after its spectrum purchase, while Comcast's free cash flow declined year over year and its proposed business separation could change its future dividend profile. This Dividend Lantern comparison follows each company's cash-flow reconciliation, nine-month dividend coverage, buybacks, debt and operating drivers. AT&T deducts vendor-financing payments in its free cash flow; Comcast deducts capitalized software and other intangible cash spending. Both are non-GAAP and should not be treated as identical measures. Chapters: 0:00 Opening question 1:54 How to compare them 3:13 Two cash bridges 6:37 Dividend coverage 10:02 Capital allocation 15:07 Where the cash comes from 18:49 The investor's scorecard Primary documents: AT&T Q3 release / SEC filing: https://www.sec.gov/Archives/edgar/da... AT&T Q3 financial schedules: https://investors.att.com/~/media/Fil... AT&T Q3 earnings slides: https://investors.att.com/~/media/Fil... Comcast Q3 release / 8-K exhibits: https://www.cmcsa.com/static-files/46... Comcast Q3 presentation: https://www.cmcsa.com/static-files/2e... Comcast's proposed NBCUniversal/Sky separation: https://www.cmcsa.com/news-releases/n... Comcast dividend record: https://www.cmcsa.com/stock-performan... Illustrative photo credits: cell tower (Wikideas1, CC0): https://commons.wikimedia.org/wiki/Fi... ; fiber crew (USDA/James G. Pinsky, public domain): https://commons.wikimedia.org/wiki/Fi... ; coaxial cable (Raysonho, CC0): https://commons.wikimedia.org/wiki/Fi... ; Universal Studios Hollywood entrance (Benoît Prieur, CC0): https://commons.wikimedia.org/wiki/Fi... . Generic infrastructure photos do not depict AT&T or Comcast assets. Related Dividend Lantern reading: Free-cash-flow dividend coverage: https://dividendlantern.com/articles/... Debt maturities and dividend safety: https://dividendlantern.com/articles/... Figures refer to the quarter or nine months ended September 30, 2026, as labelled. Comcast payout percentages and stress cases are Dividend Lantern calculations using reported rounded dividend amounts; stress cases are illustrations, not predictions. No live share price or yield is used. This is educational analysis, not personalized investment advice. #ATT #Comcast #DividendInvesting #DividendSafety