AT&T (T) Company Report

AT&T’s consolidated revenue was $33.5 B, with service revenue up 1.0% YOY to $25.4 B.
Adjusted EBITDA reached $11.2 B (+4.1% YOY), and free cash flow was $4.2 B in Q4 2025.
The Mobility segment added 421 K postpaid phones, with service revenue growth of 2.4% and ARPU of $56.57.
The Consumer Wireline segment delivered 283 K AT&T Fiber net adds, +13.6% fiber revenue growth, 10.4 M fiber subscribers, and a 42.0% convergence rate.
Capital allocation included $1.8 B in share repurchases; net debt fell to $117.4 B (2.53× net debt/Adjusted EBITDA).

2 days ago

Presentation

AT&T reports Q4 2025 results

Earnings

Guidance Update

Share Buyback

Q4 2025 adjusted EPS of $0.52 (up >20% YoY) and full-year EPS of $2.12 (up ~9% YoY); free cash flow of $16.6 billion for 2025.
Strong subscriber growth: >1.5 million postpaid phone net adds, >1 million AT&T Fiber net adds, and 875,000 Internet Air net adds in 2025.
Returned >$12 billion to shareholders via dividends and buybacks (over 50% above 2024); net debt/Adjusted EBITDA of 2.5x, and initiated a share repurchase program.
2026 strategy to ramp fiber builds from 3 million new locations to a 4 million run rate, targeting >40 million fiber passings by year-end (up from 32 million).
Starting Q1 2026, new segment reporting separating Advanced Connectivity (5G & fiber: ~90% revenues, >95% Adj EBITDA in 2025) from Legacy copper operations.

2 days ago

Transcript

AT&T reports Q4 2025 results

Earnings

Guidance Update

M&A

AT&T delivered >4% consolidated Adjusted EBITDA growth in Q4, with Adjusted EPS up 20% to $0.52 and full-year EPS of $2.12; full-year free cash flow was $16.6 B.
The company added 1.5 M postpaid phone, 1 M AT&T Fiber, and 875 k Internet Air net adds in 2025, marking the best consumer broadband growth in a decade.
AT&T ended 2025 with net debt/Adjusted EBITDA of 2.53×, launched a share repurchase program, and returned >$12 B to shareholders via dividends and buybacks (50% above 2024).
EchoStar spectrum and Lumen fiber asset acquisitions are expected to close early 2026, supporting expansion of fiber reach from 32 M to >40 M locations by year-end.
For 2026, AT&T targets 3–4% EBITDA growth, Adjusted EPS of $2.25–2.35, and >$18 B of free cash flow, and will introduce new segment reporting separating Advanced Connectivity from Legacy.

2 days ago

Transcript

AT&T reports Q4 2025 results and outlines growth strategy

Earnings

Guidance Update

Share Buyback

AT&T added 1.5 million postpaid phone net adds for the fifth consecutive year, 1 million AT&T Fiber net adds, and 875,000 Internet Air net adds in 2025, with over 500,000 combined fiber and wireless internet net adds in each of the past two quarters, a 30% increase vs. H2 2024.
In Q4, Adjusted EBITDA grew 4% with a 20 bps margin expansion, Adjusted EPS rose 20% to $0.52, and full-year Adjusted EPS reached $2.12, while Free Cash Flow was $16.6 billion.
On a recast basis, Advanced Connectivity (5G and fiber) accounted for ~90% of revenues and 95% of Adjusted EBITDA in 2025; AT&T will begin separate reporting for Advanced Connectivity vs. Legacy services in Q1 2026 to enhance transparency.
AT&T projects 3–4% EBITDA growth in 2026 (5%+ by 2028), double-digit EPS CAGR through 2028, and plans to return $45 billion+ to shareholders over 2026–2028 via dividends and share repurchases.
The company plans to expand its fiber footprint from 32 million to over 40 million locations by end-2026 and ramp annual fiber builds from 3 million in 2025 to 4 million, aided by pending EchoStar and Lumen acquisitions.

2 days ago

Transcript

AT&T reports strong Q4 and full-year 2025 results

Earnings

Guidance Update

Dividends

In Q4, AT&T delivered $33.5 billion in revenue, $0.53 diluted EPS (adjusted EPS $0.52), $11.2 billion adjusted EBITDA and $4.2 billion free cash flow.
For full-year 2025, revenues reached $125.6 billion, diluted EPS was $3.04 (adjusted EPS $2.12), adjusted EBITDA totaled $46.4 billion, and free cash flow was $16.6 billion.
Q4 customer growth included 421,000 postpaid phone net adds, 283,000 AT&T Fiber net adds, and a convergence rate of 42%, underscoring strength in combined fiber and 5G offerings.
The company returned over $12 billion to shareholders in 2025 and plans to return an additional $45 billion+ during 2026–2028, with long-term guidance for mid-single-digit service revenue growth, EBITDA growth improving to 5%+ by 2028, and higher free cash flow through 2028.

2 days ago

8-K

AT&T reports Q4 and full-year 2025 results

Earnings

Dividends

Share Buyback

AT&T delivered Q4 revenues of $33.5 billion and diluted EPS of $0.53, and full-year revenues of $125.6 billion with diluted EPS of $3.04, meeting or exceeding its 2025 guidance.
Convergence momentum drove 421,000 postpaid phone net adds, 283,000 AT&T Fiber net adds, and a 42% convergence rate in Q4, contributing to $11.2 billion of adjusted EBITDA.
Generated $4.2 billion of free cash flow in Q4 and $16.6 billion in FY 2025, with capital investment of $7.1 billion in Q4 and $22.0 billion for the year.
Returned over $12 billion to shareholders in 2025 via dividends and share repurchases, and plans to return $45 billion+ during 2026–2028, supported by a long-term outlook for improved EBITDA, EPS, and free cash flow growth through 2028.

2 days ago

Press Release

AT&T reports Q4 and full-year 2025 financial results

Earnings

Share Buyback

Q4 2025 net income attributable to common stock was $3.8 billion, or $0.53 per diluted share, compared to $4.0 billion, $0.56 in Q4 2024.
Fourth-quarter operating revenues were $33.5 billion, up 3.6% year-over-year.
Full-year 2025 net income attributable to common stock was $21.9 billion, or $3.04 per diluted share, versus $10.7 billion, $1.49 in 2024.
Returned capital to shareholders by repurchasing $4.3 billion of common stock in 2025 and securing an additional $10 billion repurchase authorization in January 2026.

2 days ago

8-K

AT&T spin-off Arium Networks appoints incoming CEO

Management Change

M&A

Laurent “LT” Therivel will become incoming CEO of Arium Networks upon closing of EQT Active Core Infrastructure’s acquisition (expected H1 2026).
Arium Networks will manage approximately 105,000 on-air or under-contract small cells across 43 states, serving the top three U.S. mobile carriers.
EQT’s acquisition of the business from Crown Castle is valued at $4.25 billion, subject to regulatory review and customary closing conditions.
Therivel previously served as President & CEO of UScellular, where he more than doubled enterprise value, and held multiple leadership roles at AT&T, including CEO of AT&T Mexico.

Dec 17, 2025, 4:18 PM

Press Release

Global Telecom Engineering announces 2025 certification milestone

Global Telecom Engineering completed 2025 certification for its TITAN5000, TITAN5100, and TITAN5400 across T-Mobile, Verizon, and UScellular, enabling carrier network activation and sales channels.
The certifications validate compliance with rigorous network, performance, interoperability, and security standards required by major U.S. carriers.
This achievement positions the company as a fully carrier-approved fixed wireless access hardware provider, expanding deployment opportunities for partners and integrators.
As part of its 2025 roadmap, the milestone supports broader adoption in FWA, IoT, and edge connectivity applications.

Dec 11, 2025, 6:56 PM

Press Release

AT&T-linked Smart Meter and eClinicalWorks double RPM device adoption

New Projects/Investments

107% year-over-year increase to over 25,000 active Smart Meter devices used by eClinicalWorks providers in 2025, signaling strong RPM uptake.
Integration delivers cellular RPM capability to 180,000 providers, allowing seamless capture and EHR integration of patient vitals.
Smart Meter’s RPM platform is SOC 2 Type II and HIPAA certified, leveraging an AT&T private data network and FDA-cleared devices for secure, nationwide coverage.
Effective January 1, 2026, new CMS CPT codes (99445 for 2–15 days of data transmission; 99470 for first 10 minutes of RPM review) expand reimbursement flexibilities and patient eligibility.