Earnings summaries and quarterly performance for AT&T.
Executive leadership at AT&T.
John Stankey
Chief Executive Officer
David McAtee
Senior Executive Vice President and General Counsel
Jeff McElfresh
Chief Operating Officer
Lori Lee
Global Marketing Officer and Senior Executive Vice President-HR and International
Pascal Desroches
Senior Executive Vice President and Chief Financial Officer
Board of directors at AT&T.
Research analysts who have asked questions during AT&T earnings calls.
Benjamin Swinburne
Morgan Stanley
5 questions for T
John Hodulik
UBS Group AG
5 questions for T
Michael Rollins
Citigroup
5 questions for T
Peter Supino
Wolfe Research
5 questions for T
Sebastiano Petti
JPMorgan Chase & Co.
5 questions for T
David Barden
Bank of America
3 questions for T
Bryan Kraft
Deutsche Bank AG
2 questions for T
James Schneider
Goldman Sachs
2 questions for T
Kannan Venkateshwar
Barclays PLC
2 questions for T
Michael Ng
Goldman Sachs
2 questions for T
John Hudlick
UBS
1 question for T
Timothy Horan
Oppenheimer & Co. Inc.
1 question for T
Recent press releases and 8-K filings for T.
- On December 4, 2025, SpaceX conducted its 156th Falcon 9 launch of the year, deploying 28 Starlink satellites and bringing the total constellation to over 9,000 satellites in orbit.
- SpaceX has filed a trademark for Starlink Mobile, indicating plans for a hybrid satellite-terrestrial mobile network offering direct-to-cell connectivity to unmodified smartphones.
- The company’s $17 billion acquisition of AWS-4 and H-block spectrum licenses from EchoStar underpins its mobile ambitions, with partnerships already in place with T-Mobile, O2 UK, and Kyivstar for direct-to-cell services in remote areas.
- AI-driven network optimizations are expected to reduce latency by up to 50% in high-traffic scenarios through dynamic beamforming, interference mitigation, and predictive routing.
- Telus priced US$1.5 billion of Fixed-to-Fixed Rate Junior Subordinated Notes in two series: Series C at an initial 6.375% rate and Series D at 6.625%, both due June 9, 2056.
- Concurrently, Telus priced CAD$800 million of Fixed-to-Fixed Rate Junior Subordinated Notes in two series: Series CAT at 5.375% and Series CAU at 5.875%, both due June 9, 2056.
- The offerings are led by a syndicate of underwriters including CIBC Capital Markets, BMO Capital Markets, TD Securities and Wells Fargo Securities (US Notes) and by CIBC Capital Markets, BMO Capital Markets and TD Securities (Canadian Notes).
- Net proceeds will fund a tender offer to repurchase up to $500 million of existing notes and the redemption of $600 million of Series CV notes due March 2026, with remaining proceeds for general corporate purposes.
- Closing of both offerings is expected on or about December 9, 2025, subject to customary conditions.
- TELUS initiated separate offers to purchase up to C$500 million aggregate principal of seven outstanding note series in cash, excluding accrued and unpaid interest.
- Offers expire at 5 p.m. ET on Dec. 11, 2025, with settlement expected on Dec. 16, 2025, subject to extension and to holders’ valid tender and non-withdrawal of notes.
- The offers are conditioned on TELUS raising sufficient net proceeds through debt issuances by the Settlement Date to fund note purchases, accrued interest and related fees (the Financing Condition).
- CIBC, BMO, RBC, Scotia and TD act as Dealer Managers, and Computershare Investor Services Inc. is the Tender Agent.
- AT&T has integrated mid-band (3.45 GHz) spectrum from EchoStar into approximately 23,000 cell sites, accelerating its 5G rollout nationwide.
- Customers may see up to 80% faster download speeds on mobility services and 55% faster for AT&T Internet Air as a result of the upgrade.
- The new spectrum extends enhanced capacity and speeds to more than 5,300 cities across 48 states, supporting growth in converged wireless and home internet subscribers.
- First responders on FirstNet gain always-on priority and preemption across all AT&T spectrum bands, improving public safety communications.
- AT&T deployed 3.45 GHz mid-band spectrum acquired from EchoStar across 23,000 cell sites in over 5,300 cities and towns in 48 states, enhancing 5G network capacity and download speeds by up to 80%.
- Customers saw download speed improvements of up to 80% for mobile service and 55% for AT&T Internet Air, with no price increases to date.
- The spectrum expansion reduces the need for costly new cell tower construction, driving long-term operating efficiencies, supporting converged subscriber growth, and strengthening AT&T’s FirstNet priority communications for first responders.
- In Hingham, Massachusetts, network reliability reached approximately 96% following the installation of a new 5G cell site in a church steeple near Hingham High School.
- KeyBanc upgraded AT&T to Overweight with a $30 price target, implying a ~19% upside.
- The firm highlights AT&T’s focus on mobile and broadband convergence, targeting 60 million fiber homes by 2030 and 6.2 million converged customers by end-2025, rising to 12 million by 2030.
- AT&T’s wireless segment comprises ~70% of revenue, supported by broadband and fixed-line services.
- Adjusted EBITDA is forecast to grow 3% in 2025, accelerating to ~5% by 2027 and 2028.
- The stock has gained 10–11% year-to-date, with recent pullbacks viewed as buying opportunities.
- Delivered 288,000 net mobile and fixed customer additions, including 82,000 mobile phone and 40,000 internet net adds, with postpaid mobile churn at 0.91%.
- Consolidated operating revenues and other income flat at C$5.1 billion, with service revenue up 2%; reported EBITDA of C$1.8 billion and Adjusted EBITDA of C$1.862 billion.
- TELUS Health Operating Revenue grew 18% and Adjusted EBITDA grew 24%, covering 160.6 million lives worldwide.
- Generated free cash flow of C$611 million (+8%) and increased the quarterly dividend to $0.4184, up 4% year-over-year.
- Total revenue of $1.12 billion, up 4% y/y, with 70% from recurring streams and Core Revenue (ex-Voyix) of $1.11 billion, up 6% y/y
- Net income of $26 million, up 24% y/y; Adjusted EBITDA of $219 million, up 7% y/y; and Diluted EPS of $0.34, up 21% y/y
- ATMaaS revenue grew 37% y/y (with >40% growth expected in Q4) and ATM hardware revenue rose 24% y/y, driving mix improvement
- Full-year 2025 guidance ranges reaffirmed; expects to begin share repurchases this quarter and close the year at 2.8× net leverage
- On November 3, 2025, AT&T entered into a $12.0 billion Second Amended and Restated Credit Agreement (revolver) and a $17.5 billion Delayed Draw Term Loan Credit Agreement for general corporate purposes.
- The revolver bears interest at Term SOFR plus an Applicable Margin of 0.920% or Citibank’s base rate plus margin, carries a facility fee of 0.080%, and matures November 3, 2030, with up to two one-year extension options.
- Key covenants include a net debt-to-EBITDA cap of 3.75×, a limitation on liens, and a maximum revolver commitment of $14.0 billion.
- The $17.5 billion term loan is split into $6.0 billion 364-day and $11.5 billion two-year tranches provided by a syndicate of global banks.
- TELUS completed the acquisition of all outstanding TELUS Digital shares at US$4.50 per share, for an aggregate consideration of approximately US$539 million on October 31, 2025
- Following closing, TELUS owns 100% of TELUS Digital and expects to generate US$150 million in annual synergies through operational efficiencies
- Shareholder elections resulted in 106,755,480 shares for cash, 448,976 for share consideration and 12,697,517 for combination; TELUS issued 1,849,374 shares and paid US$508,970,041.54 in cash
- TELUS Digital subordinate voting shares will be delisted from the TSX and NYSE and deregistered under applicable securities laws
Quarterly earnings call transcripts for AT&T.
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