AT&T Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.30%.
Did T Beat Earnings? Q4 2025 Results
AT&T closed out Q4 2025 with a decisive beat on both the top and bottom lines, posting adjusted earnings of $0.52 per share against a $0.47 consensus estimate — a 10.64% positive surprise — while revenue of $33.47 billion topped forecasts of $32.84 billion and grew 3.6% year over year. The driving force behind the quarter was AT&T's converged fiber and 5G strategy, which delivered its best consumer broadband subscriber growth in a decade; fiber connections reached 10.4 million, up 11.5% year over year, while the Mobility segment added 421,000 postpaid phone net subscribers in the quarter alone. Full-year adjusted EPS reached $2.12, up 8.7% from $1.95 in 2024, underscoring the durability of the company's operational momentum. Looking ahead, AT&T guided for 2026 adjusted EPS of $2.25–$2.35 with a double-digit three-year CAGR, and pledged <a href="https://247wallst.com/investing/2026/03/03/targets-4-48b-free-cash-flow-strengthens-dividend-case/">free cash flow of $18 billion or more</a> in 2026, scaling to $21 billion-plus by 2028, as part of a broader $45 billion shareholder return commitment through 2028.
- Converged fiber and 5G customer growth, with 42% of AT&T Fiber households also choosing AT&T wireless
- 421,000 postpaid phone net adds in Q4 with 0.98% postpaid phone churn
- 283,000 AT&T Fiber net adds and 221,000 AT&T Internet Air net adds in Q4
- Consumer Wireline fiber revenues up 13.6% year over year
- Mobility service revenues up 2.4% year over year
- Continued transformation initiatives reducing operating expenses
- Best year for consumer broadband subscriber growth in a decade
- More than 1.5 million postpaid phone net adds for fifth straight year
- More than 1 million AT&T Fiber net adds for eighth consecutive year
“We achieved or surpassed all of our consolidated full-year guidance for 2025. With new investments in spectrum and fiber, we're set to win more customers in more categories and geographies across the U.S. Backed by the best assets in the industry, we are accelerating our strategy to deliver improved growth, the best customer experience and enhanced returns for shareholders over the next three years.”
AT&T CEO, on the earnings call
Forward Guidance & Outlook
AT&T provided a long-term outlook for 2026-2028: service revenue growth in the low-single-digit range annually; Adjusted EBITDA growth of 3-4% in 2026, improving to 5%+ by 2028; Adjusted EPS of $2.25-$2.35 in 2026 with a double-digit 3-year CAGR through 2028; capital investment of $23-$24 billion annually; free cash flow of $18B+ in 2026, $19B+ in 2027, and $21B+ in 2028. Advanced Connectivity service revenue is expected to grow in the mid-single-digit range annually (5%+ in 2026). Legacy service revenue is expected to decline 20%+ in 2026 and be immaterial by end of 2029. The company expects to return $45B+ to shareholders during 2026-2028 through dividends and share repurchases, maintaining the current annualized dividend of $1.11 per share and repurchasing approximately $8B of stock in 2026. Net debt-to-adjusted EBITDA is expected to increase to approximately 3.2x post-acquisitions, declining to approximately 3x by end of 2026, and returning to the 2.5x target range within approximately three years. Acquisitions of Lumen's Mass Markets fiber business and EchoStar spectrum licenses are expected to close in early 2026 and be modestly dilutive to adjusted EPS in 2026-2027, becoming accretive in 2028.
T YoY Financials
T Revenue by Segment
T Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.