AT&T Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.75%.
Did T Beat Earnings? Q2 2025 Results
AT&T delivered a clean beat to kick off the second half of 2025, posting second-quarter earnings per share of $0.54 against a consensus estimate of $0.53 — a 1.89% beat — while revenue of $30.85 billion topped the $30.46 billion forecast by 1.27% and grew 3.5% year over year. For investors <a href="https://247wallst.com/investing/2025/07/23/live-coverage-will-att-nyse-t-stock-beat-q2-earnings-projections/">watching the quarter closely</a>, the standout driver was the Consumer Wireline segment, where fiber revenue surged 18.9% and broadband revenue climbed 10.5%, pushing segment operating income to $335 million from $184 million a year ago. Mobility reinforced the picture, adding 401,000 postpaid phone subscribers at a churn rate of just 0.87%. AT&T also disclosed $6.50 billion to $8.00 billion in expected cash tax savings through 2027 from recent federal legislation, with $3.50 billion earmarked to accelerate fiber deployment. The company guided full-year 2025 adjusted EPS to $1.97–$2.07 and free cash flow in the low-to-mid $16 billion range, with free cash flow targets stepping up to $18 billion or more in 2026.
- 401,000 postpaid phone net adds with low 0.87% postpaid phone churn
- Mobility service revenue growth of 3.5% driven by ARPU growth and subscriber gains
- Consumer fiber broadband revenue growth of 18.9% year over year
- 243,000 AT&T Fiber net adds and 203,000 AT&T Internet Air net adds
- Higher wireless equipment sales volumes driving 18.8% equipment revenue growth
- Broadband ARPU of $71.16, up 7.5% year over year; Fiber ARPU of $73.26, up 6.2%
- Postpaid phone ARPU of $57.04, up 1.1% year over year
- Higher DIRECTV distributions boosting equity in net income of affiliates
“We are winning in a highly competitive marketplace, with the nation's largest wireless and fiber networks. Customers are increasingly choosing AT&T because we have the best technology and options for wireless and broadband connectivity, backed by the AT&T Guarantee.”
AT&T CEO, on the earnings call
Forward Guidance & Outlook
For full year 2025, AT&T expects: consolidated service revenue growth in the low-single-digit range; Mobility service revenue growth of 3% or better; consumer fiber broadband revenue growth in the mid-to-high teens; adjusted EBITDA growth of 3% or better; capital investment of $22-$22.5 billion; free cash flow in the low-to-mid $16 billion range (including pension funding); adjusted EPS of $1.97-$2.07; and $4 billion in share repurchases. For 2026-2027, AT&T reiterates consolidated service revenue growth in the low-single-digit range annually, adjusted EBITDA growth of 3% or better annually, and adjusted EPS accelerating to double-digit percentage growth in 2027. Updated for tax savings: capital investment of $23-$24 billion annually, free cash flow of $18 billion+ in 2026 and $19 billion+ in 2027. AT&T expects $6.5-$8.0 billion of cash tax savings during 2025-2027 from the One Big Beautiful Bill Act, with $3.5 billion to be invested in accelerating fiber build-out and $1.5 billion to be contributed to its pension plan.
T YoY Financials
T Revenue by Segment
T Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.