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AT&T (T) investor relations material
AT&T Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Achieved strong third-quarter results with revenue and net income growth, driven by Mobility and Consumer Wireline, and supported by robust wireless and fiber customer additions.
Executed on convergence strategy, with over 41% of fiber households also using mobility services.
Closed sale of remaining DIRECTV stake, resulting in a $5.5B gain, and announced major spectrum and fiber asset acquisitions expected to close in 2026.
Focused on cost savings, AI integration, and network modernization, with peak investment planned for 2025.
Continued deliberate capital allocation, investing in 5G and fiber, reducing net debt, and enhancing shareholder returns.
Financial highlights
Revenues reached $30.7B, up 1.6% year-over-year, with service revenue up 0.8% to $25.3B and equipment revenue up 5.8%.
Adjusted EBITDA was $11.9B, up from $11.6B a year ago, with a margin of 38.6%.
Adjusted EPS was $0.54, flat year-over-year, excluding DIRECTV and legal settlements.
Free cash flow was $4.9B, up from $4.6B a year ago; capital investment was $5.3B.
Net income for Q3 was $9.7B, including a $5.5B gain from the DIRECTV sale.
Outlook and guidance
Reiterated full-year 2025 guidance: low-single-digit consolidated service revenue growth, mobility service revenue growth of 3%+, and consumer fiber broadband revenue growth in the mid-to-high teens.
Adjusted EBITDA growth of 3%+ and adjusted EPS at the higher end of $1.97–$2.07.
Capital investment expected at $22–$22.5B; free cash flow in the low-to-mid $16B range.
2026–2027 outlook includes continued low-single-digit revenue growth, 3%+ adjusted EBITDA growth, and double-digit adjusted EPS growth in 2027.
Anticipates providing an updated long-term financial outlook early next year, reflecting pending acquisitions.
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Q4 202526 Jan, 2026
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Frequently asked questions
One of the major players in the telecommunications industry
AT&T is a global telecommunications company that offers a variety of services, including wireless and wireline communication, internet, and entertainment services. With over 165 million wireless customers and operations in over 200 countries, AT&T is a major player in the telecommunications industry.
Wireless Communication and 5G
AT&T's wireless communication segment is the company's primary source of revenue. With millions of customers around the world, AT&T offers a variety of plans and services to meet the needs of different consumer segments. The company has also invested heavily in its 5G network, which is expected to be a major revenue driver in the coming years. Other public companies in the telecommunications industry, such as Verizon and T-Mobile, are also investing heavily in this segment.
Entertainment Services
AT&T's entertainment services, which include DirecTV and AT&T TV, have become a growing revenue stream for the company. With a focus on providing customers with high-quality content, AT&T has been able to attract a large subscriber base. In addition, the company's acquisition of Time Warner in 2018 has allowed it to offer a variety of popular TV shows and movies through its streaming service, HBO Max, competing head-to-head with other streaming giants such as Netflix and Disney.
Wireline Communication
AT&T's wireline communication segment, which includes internet and phone services, provides a strategic revenue generator for the company. With a focus on providing reliable and high-speed internet services, AT&T has attracted customers looking for a seamless online experience. In addition, the company's recent expansion into fiber internet services has allowed it to offer faster internet speeds to customers in select regions.
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