AT&T Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.31%.
Did T Beat Earnings? Q3 2025 Results
AT&T posted a mixed but broadly solid Q3 2025, with adjusted EPS of $0.54 edging past the $0.5376 consensus by 0.45%, while total revenues of $30.71 billion came in just 0.57% below expectations despite growing 1.6% year over year. The clearest engine behind the quarter was AT&T's converged connectivity strategy, with fiber broadband revenue surging 16.8% and 288,000 new AT&T Fiber net adds, while wireless added 405,000 postpaid phone net subscribers — now with over 41% of fiber households also holding AT&T Mobility subscriptions. Adjusted EBITDA climbed to $11.86 billion from $11.59 billion a year ago, and <a href="https://247wallst.com/investing/2026/03/03/targets-4-48b-free-cash-flow-strengthens-dividend-case/">free cash flow improved to $4.90 billion</a> from $4.60 billion. Looking ahead, AT&T reiterated full-year 2025 guidance with adjusted EPS expected at the higher end of the $1.97–$2.07 range and free cash flow in the low-to-mid $16 billion range, while targeting double-digit adjusted EPS growth by 2027 as its pending EchoStar spectrum acquisition positions the company for longer-term network expansion.
- Converged connectivity strategy with over 41% of AT&T Fiber households also choosing AT&T Mobility
- 405,000 postpaid phone net adds with 0.92% postpaid phone churn
- Mobility service revenue growth of 2.3% year over year
- Consumer fiber broadband revenue growth of 16.8% year over year
- 288,000 AT&T Fiber net adds and 270,000 AT&T Internet Air net adds
- Continued transformation initiatives lowering operating expenses
- $5.5 billion gain on sale of DIRECTV investment boosting GAAP net income
“We have the key building blocks in place to give our customers the best connectivity experience in the industry and we're winning the race to lead in convergence.”
AT&T CEO, on the earnings call
Forward Guidance & Outlook
AT&T reiterated all full-year 2025 financial guidance: 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, adjusted EPS at the higher end of the $1.97-$2.07 range, and $4 billion in share repurchases. For 2026-2027, the company reiterated consolidated service revenue growth in the low-single-digit range annually, adjusted EBITDA growth of 3% or better annually, adjusted EPS accelerating to double-digit percentage growth in 2027, capital investment of $23-$24 billion annually, and free cash flow of $18 billion+ in 2026 and $19 billion+ in 2027. The company expects $20 billion of capacity for share repurchases during 2025-2027. The pending EchoStar spectrum acquisition is expected to temporarily increase the net debt-to-adjusted EBITDA ratio to the 3.0x range, returning to the 2.5x target within approximately three years.
T YoY Financials
T Revenue by Segment
T Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.