AT&T (T) Company Report

On February 5, 2026, AT&T closed issuance of $6.5 billion aggregate principal of Global Notes: $1.5 billion 4.400% due 2031; $1.25 billion 4.750% due 2033; $1.25 billion 5.125% due 2036; $850 million 5.850% due 2046; and $1.65 billion 6.000% due 2056.
The Notes were issued under the Indenture dated May 15, 2013, and registered under a Form S-3 (No. 333-285413), as supplemented by a prospectus supplement dated January 29, 2026.
BofA Securities, Deutsche Bank Securities, Morgan Stanley & Co., MUFG Securities Americas, TD Securities (USA) and Wells Fargo Securities served as representatives of the underwriting syndicate.

1 day ago

8-K

AT&T announces fiber-to-space network partnership with Amazon

New Projects/Investments

On Feb. 4, 2026, AT&T announced a fiber-to-space partnership with Amazon combining AT&T’s terrestrial fiber with Amazon Leo satellite connectivity and AWS cloud services.
The deal will migrate major AT&T workloads to AWS hybrid cloud, link AWS data centers with high-capacity AT&T fiber, expand fixed broadband and enterprise services, and enhance FirstNet public-safety resilience.
Amazon Leo plans to launch 32 satellites on Feb. 12 and ultimately grow its constellation to 3,236 satellites, positioning the network as a counterweight to SpaceX’s Starlink.
AT&T serves roughly 74 million postpaid and 17 million prepaid phone customers, with its wireless segment driving nearly 70% of revenue, though analyses flagged an Altman Z-Score of ~0.99.

2 days ago

Morningstar

AT&T partners with AWS and Amazon Leo to modernize connectivity infrastructure

New Projects/Investments

AT&T will migrate workloads from its on-premises systems to AWS Outposts, leveraging AWS Professional Services, Amazon Q Developer, and other agentic tools to accelerate infrastructure modernization and boost operational efficiency and resilience.
The company will link AWS data centers with high-capacity fiber, enhancing AWS’s ability to scale secure, high-performance cloud and AI services for its customers.
Through collaboration with Amazon Leo, AT&T will deploy low Earth orbit satellite connectivity to extend fixed broadband services to business customers in underserved areas.

3 days ago

Press Release

AT&T completes acquisition of Lumen's mass markets fiber business

M&A

AT&T closed its previously announced acquisition of substantially all of Lumen’s Mass Markets fiber business for $5.75 billion in cash.
The deal adds 1 million fiber subscribers and more than 4 million fiber locations in 32 states, including Denver, Seattle, and Salt Lake City.
It expands AT&T’s fiber network reach and is expected to accelerate fiber builds, supporting plans to reach 60 million total fiber locations by 2030.
The company expects to leverage combined fiber and 5G services to enhance converged customer relationships, while maintaining existing financial guidance.

5 days ago

Press Release

AT&T reports Q4 2025 results

Earnings

Share Buyback

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).

Jan 28, 2026, 1:30 PM

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.

Jan 28, 2026, 1:30 PM

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.

Jan 28, 2026, 1:30 PM

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.

Jan 28, 2026, 1:30 PM

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.

Jan 28, 2026, 11:35 AM

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.