T drawdown: 46.1% below the all-time high
AT&T Inc. (T) is 46.1% below its all-time high, set Jul 16, 1999 (as of market close, Jul 24, 2026). The chart shows every day as a percentage of the highest level reached up to that point: 100% means a fresh record, everything below is a drawdown. "All-time" means since our price data begins (1984).
- Below all-time high
- −46.1%
- 53.9% of ATH
- All-time high
- $44.70
- Jul 16, 1999
- Time below the high
- 27.0 yrs
- since Jul 16, 1999
- Worst-ever drawdown
- −69.9%
- Jul 18, 2023
- Longest underwater
- 27.0 yrs
- between all-time highs
- Today's level first reached
- Oct 7, 1997
- 28.8 yrs ago
- Last time this deep
- never before
- no prior −46.1% episode
% of all-time high since 1984#
The classic underwater chart (drawdown curve), drawn as % of the all-time high — 100% is a fresh record, everything below it is time spent underwater.
% of all-time high on the price basis — the all-time high considers the full history of T, including years before the visible window. Dividends are excluded on this basis (the convention headlines use).
The deepest drawdowns on record#
Every decline of 15% or more from an all-time high (price basis), deepest first.
| Peak | Trough | Depth | Peak → trough | Recovered by | Underwater |
|---|---|---|---|---|---|
| Jul 16, 1999 | Jul 18, 2023 | −69.9% | 24.0 yrs | not yet | 27.0 yrs+ |
| Sep 28, 1987 | Dec 10, 1987 | −26.8% | 2 mo | Mar 6, 1989 | 17 mo |
| Jan 2, 1990 | Aug 24, 1990 | −26.6% | 8 mo | Dec 23, 1991 | 2.0 yrs |
| Feb 12, 1996 | Sep 6, 1996 | −22.9% | 7 mo | Jun 13, 1997 | 16 mo |
| Jan 19, 1999 | Mar 30, 1999 | −21.2% | 2 mo | Jul 16, 1999 | 6 mo |
| Sep 10, 1993 | Feb 10, 1994 | −20.1% | 5 mo | Jun 16, 1995 | 1.8 yrs |
| Mar 24, 1998 | Sep 3, 1998 | −19.3% | 5 mo | Oct 2, 1998 | 6 mo |
| Jan 23, 1987 | May 21, 1987 | −17.7% | 4 mo | Aug 11, 1987 | 7 mo |
Price basis (no dividends) — the convention crash histories use. With dividends reinvested, recoveries arrive years earlier; switch the basis on the chart above to see it.
Drawdown vs what came next#
One dot per month since 1984: how far T stood below its all-time high, and the total return over the following 1, 5 and 10 years.
Read this with survivorship bias in mind: T is on this chart precisely because it survived — the many stocks that fell this far and never recovered (or were delisted) aren't on anyone's chart, so past recoveries here say little about the odds ahead. Monthly windows also overlap heavily (they are not independent samples). Not investment advice.
FAQ
- How far is T from its all-time high?
- T is currently 46.1% below its all-time high, set Jul 16, 1999 (as of market close, Jul 24, 2026). Prices only, the convention headlines use; with dividends reinvested the gap is usually smaller.
- What was the biggest T drawdown ever?
- The deepest decline on record in our data (since 1984) took the stock 69.9% below its prior high, bottoming Jul 18, 2023. The table on this page lists every major episode with its peak, trough and recovery date.
Methodology & related#
Daily closing prices since 1984 (split-adjusted). "All-time" means since our price data begins — T may have traded earlier. For a 150-year index drawdown record see the S&P 500 drawdown page. The price basis excludes dividends; the total-return basis reinvests them; the real basis additionally deflates by CPI. See also returns by year, 150 years of returns and the rolling-returns explorer. Past performance does not predict future returns; not investment advice.