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Dec 31, 2025
AT&T Q4 2025 Earnings Report
AT&T reported strong financial results in Q4 2025 driven by growth in fiber and 5G customer adoption.
Key Takeaways
AT&T delivered a solid Q4 with growth in revenue, strong net income, and increased adjusted EPS. The company saw significant subscriber additions in fiber and postpaid phones, reflecting the success of its convergence strategy.
Revenue reached $33.5B in Q4, driven by Mobility and Consumer Wireline segments.
Net income totaled $4.2B with diluted EPS of $0.53 and adjusted EPS of $0.52.
AT&T added 421K postpaid phone subscribers and 283K fiber customers.
Converged strategy led to record broadband performance and customer satisfaction.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
AT&T expects low single-digit service revenue growth and increasing free cash flow from 2026 to 2028, driven by its investments in 5G and fiber expansion.
Positive Outlook
- Adjusted EBITDA projected to grow 3–4% in 2026, 5%+ by 2028
- Adjusted EPS expected to reach $2.25–$2.35 in 2026
- Free cash flow forecasted at $18B+ in 2026 and increasing yearly
- Capital investment to remain in the $23–24B range annually
- Advanced Connectivity segment expected to drive growth and offset Legacy declines
Challenges Ahead
- Acquisitions in 2026–2027 expected to be modestly dilutive to EPS
- Legacy segment service revenue projected to decline 20%+ in 2026
- Negative EBITDA anticipated for Legacy segment post-2027
- Net debt-to-EBITDA expected to rise to 3.2x after acquisitions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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