Total Revenue

+3.5% " " "

Overall revenue growth was driven by the strong performance in core segments, particularly Mobility and Consumer Wireline, which helped offset declines in Business Wireline and Corporate & Other. In previous periods, similar offsetting trends were seen, with wireless and broadband strength counterbalancing legacy declines. " " "

Mobility

+6.7% " " "

Mobility revenue improved significantly due to higher postpaid subscriber gains and ARPU increases—trends that were evident in earlier quarters—and a robust mix of service and equipment revenue, building on past performance improvements seen from Q1 2024 to Q1 2025. " " "

Business Wireline

-9.3% " " "

Business Wireline continued its decline as legacy voice and data revenues faced persistent headwinds, a trend previously observed in earlier periods, despite modest growth in advanced connectivity segments. " " "

Consumer Wireline

+5.8% " " "

Consumer Wireline benefited from strategic broadband investments, particularly in fiber, driving a strong increase in revenues and broadband ARPU, with net additions reinforcing the momentum observed in prior periods. " " "

Corporate & Other

-16% " " "

Corporate & Other revenues declined sharply due to increased parent administration support and significant cost items, echoing challenges identified in earlier quarters where rising support costs consistently eroded margins. " " "

Fiber Expansion & Convergence Strategy

In Q1 2025 and Q4 2024, AT&T emphasized aggressive fiber network expansion, robust subscriber growth (e.g., targeting 30M+ locations and strong fiber net adds), and the integration of 5G with fiber to drive converged services. " " " "

In Q2 2025, AT&T detailed achieving 30 million fiber locations with a target of 60 million+ by 2030, while reinforcing that converged services—combining fiber and 5G fixed wireless—are critical to reducing churn and improving lifetime value. " " "

Consistent focus with an intensified expansion agenda and more pronounced convergence messaging, reinforcing long‐term network leadership.

Mobile Churn & Pricing Management

Q1 2025 and Q4 2024 reported modest increases in postpaid churn—0.83% and 0.85% respectively—and steady ARPU growth driven by targeted pricing and plan mix adjustments, with churn influenced by contract roll-offs and competitive dynamics. " "

In Q2 2025, churn slightly increased to 0.87% with additional emphasis on pricing discipline amid a competitive environment and tariff‐related pressures, while reaffirming that pricing actions remain value‐driven. " " "

A marginal uptick in churn is observed alongside stable and value‐oriented pricing management, with greater attention now paid to the nuances introduced by tariff dynamics.

Pull-Forward Demand & Upgrade Activity

In Q4 2024, AT&T mentioned pent‐up demand due to a work stoppage causing mild upgrade activity, while Q1 2025 pointed to some acceleration in upgrades in anticipation of tariffs. " "

In Q2 2025, pull‐forward of demand was highlighted as driven by tariffs and broader market uncertainty, with management noting higher-than-expected early activity and cautious expectations for the second half. " "

Tariff concerns have become a key catalyst in accelerating upgrade activity, marking a shift from incidental pent‐up demand to a more tariff-driven dynamic.

Regulatory, Tariff & Macro Uncertainties

In Q1 2025, AT&T discussed limited visibility around tariffs—with plans to pass higher handset costs to customers—and acknowledged FCC actions facilitating network modernization; Q4 2024 did not address these issues. " "

In Q2 2025, leadership underscored a favorable regulatory environment supporting organic investments, expressed a desire for tariff uncertainty to dissipate, and noted that broader macro tailwinds are in play despite some spending dislocations. " "

Regulatory and tariff considerations have gained prominence, with increased focus on maximizing pro-investment policies and managing macro uncertainties—an area not mentioned in Q4 2024.

Fixed Wireless Complementary Strategy

Q4 2024 mentioned AT&T Internet Air as a complementary offering alongside fiber, while Q1 2025 detailed fixed wireless growth driven by network modernization and tailored use cases such as “catch” and “holding” products for specific customer segments. " "

In Q2 2025, AT&T positioned fixed wireless as a complementary solution that leverages underutilized spectrum (“fallow capacity”) to serve price-sensitive segments and support areas where fiber will eventually roll out, further reinforcing its role in convergence. "

The strategy remains consistent with an ongoing emphasis on fixed wireless complementing fiber, albeit with enhanced operational and market segmentation insights in Q2 2025.

Capital Returns & Share Repurchases

Q4 2024 outlined a comprehensive shareholder return plan featuring a $40+ billion target with a contingent $10 billion repurchase tranche, and Q1 2025 announced plans to begin repurchases under a $10 billion authorization with significant volume expected by year-end. " " "

In Q2 2025, AT&T reported repurchasing approximately $1 billion of stock in the quarter and noted that additional repurchases ($300 million already in Q3) are in progress, reinforcing their commitment to returning capital while maintaining financial flexibility. " "

There is a gradual execution of share repurchase plans, transitioning from announced targets to early-stage implementation, reinforcing shareholder returns amid strategic financial management.

Operational Efficiency & Cost Discipline

Q4 2024 stressed a drive toward operational efficiency with a new $3 billion-plus run-rate cost savings target and AI integration, while Q1 2025 detailed accelerated cost actions and expense reductions across various business lines. " " "

In Q2 2025, AT&T continued to underscore strong cost discipline by highlighting cost-saving benefits from legacy copper retirement and improved operating leverage through scaling its fiber network. " "

Consistent efforts to improve efficiency are evident, with incremental progress through legacy transformations enhancing cost discipline further in Q2 2025.

Legacy Infrastructure Decommissioning & Copper Transition

In Q4 2024, AT&T described initial steps with FCC approval to discontinue legacy copper services in select wire centers, and Q1 2025 expanded on this with details on decommissioning 25% of wire centers and capitalizing on asset sales. " " "

In Q2 2025, executives focused on the cost savings and operational efficiencies achieved through copper network retirement, noting ongoing progress and continued decommissioning efforts as a key part of their modernization strategy. " "

The decommissioning initiative is evolving from regulatory approval and initial steps to tangible cost savings and streamlined execution, highlighting its long-term impact on operational efficiency.

Subscriber Growth & ARPU Expansion

Q4 2024 and Q1 2025 reported robust mobility and fiber net additions—with AT&T Fiber net adds and converged services driving solid ARPU growth (with mobility ARPU up modestly and fiber ARPU advancing by 6.2% year-over-year in Q1). " " " "

In Q2 2025, record net adds across mobility, fiber, and Internet Air were noted—with improvements such as a convergence rate of 40.9% and significant broadband subscriber growth—supporting continued ARPU expansion, though mobility revenue growth remained modest. " " "

Subscriber growth remains strong and is bolstered by enhanced convergence strategies; incremental ARPU expansion reflects a high-value mix of subscribers across mobility and broadband segments, driving a positive long-term revenue outlook.