AT&T (T) Q3 2026 Earnings
GAAP EPS of $0.13 includes $0.41 impairment charge associated with the held-for-sale Mexico wireless business, $0.09 employee separation charges, and $0.02 for benefit-related, transaction, legal and other items. Year-ago GAAP EPS of $1.29 included a $0.79 gain on the sale of the DIRECTV investment.
How Did T Stock React to Q3 2026 Earnings?
Did T Beat Earnings? Q3 2026 Results
Yes. AT&T reported Q3 2026 earnings of $0.65 a share on Oct 21, 2026, beating the $0.60 consensus estimate by 7.8%. Revenue was $32.3B against a $31.6B estimate.
AT&T delivered a convincing third-quarter 2026 performance, posting adjusted EPS of $0.65 and revenue of $32.32 billion, beating consensus estimates of $0.60 and $31.65 billion by 7.76% and 2.14%, respectively, extending the company's streak of consensus EPS beats to six consecutive quarters. Revenue grew 5.3% year over year, powered by wireless service momentum, fiber expansion, and contributions from the Lumen mass markets fiber business acquired earlier in 2026, which helped drive a record 769,000 internet net additions in the quarter. GAAP EPS fell sharply to $0.13 from $1.29 a year ago, reflecting a $2.60 billion non-cash impairment charge tied to the Mexico wireless business held for sale, a unit AT&T has since agreed to divest to Grupo Televisa for $2 billion in a deal expected to close in early 2027. Looking ahead, management raised its 2026 adjusted EPS outlook to approximately $2.40, while targeting free cash flow of $18 billion or more this year, scaling to $21 billion or more by 2028, underpinned by $24 billion or more in planned share repurchases over 2026 through 2028.
- Record quarter for Advanced Connectivity internet net adds at 769,000 (442,000 fiber, 327,000 fixed wireless)
- 379,000 postpaid phone net adds with 0.92% postpaid phone churn
- 42.8% convergence rate — advanced home internet customers also subscribing to AT&T wireless
- Second consecutive quarter with over 1 million Advanced Connectivity customer additions
- Lumen mass markets fiber acquisition contributing to advanced home internet revenue growth
- Cost reductions from transformation initiatives partially offsetting higher operating expenses
- Advanced Connectivity operating income margin expanded 260 basis points year over year to 25.9%
“We are growing valuable customer relationships as more homes and businesses choose AT&T for all their advanced connectivity needs across both internet and on-the-go wireless. Our asset base positions us well for the AI era, with a leading position in fiber – the best technology available. We're building the nation's strongest network, backed by America's Best Guarantee, to deliver faster, more reliable and more accessible connectivity.”
AT&T CEO, on the earnings call
What Is AT&T's Outlook?
AT&T raised its 2026 adjusted EPS outlook to the $2.40 range and lowered its long-term capital investment outlook. Full outlook for 2026-2028: service revenue growth in the low-single-digit range annually; Advanced Connectivity service revenue growth in the mid-single-digit range annually (5%+ in 2026); adjusted EBITDA growth in the upper portion of the 3%-4% range in 2026, improving to 5%+ in 2028; capital investment of $23-24 billion in 2026 and $22-23 billion annually in 2027-2028; free cash flow of $18 billion+ in 2026, $19 billion+ in 2027, and $21 billion+ in 2028; $24 billion+ of share repurchases during 2026-2028 including approximately $10 billion in 2026; annualized common stock dividend maintained at $1.11 per share; total shareholder returns of $45 billion+ during 2026-2028. Legacy service revenue expected to decline 20%+ in 2026 and become immaterial by end of 2029. Net debt-to-adjusted EBITDA ratio expected to return to 2.5x range during 2029.
T YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $32.3B | $30.7B | +5.3% |
| Operating Income | $4.1B | $6.1B | −33.1% |
| Net Income | $1.3B | $9.3B | −86.4% |
T Revenue by Segment
T Revenue by Geography
When Does AT&T Report Next?
Figures from SEC filings and company reports. Not investment advice.