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Company Research27 Feb 2024
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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 continued customer growth in wireless and fiber segments, supporting full-year financial outlook.
Executed on convergence strategy, with over 41% of fiber households also using mobility services.
Focused on cost savings, AI integration for efficiency, and network modernization with peak investment in 2025.
Strategic investments in fiber and 5G, as well as planned acquisitions, are expected to drive future growth and competitive advantage.
Closed sale of remaining 70% stake in DIRECTV and announced major spectrum and fiber asset acquisitions.
Financial highlights
Revenues reached $30.7 billion, up 1.6% year-over-year, driven by Mobility, Consumer Wireline, and Mexico.
Adjusted EBITDA was $11.9 billion, up from $11.6 billion a year ago, with a 30 basis point margin expansion.
Adjusted EPS was $0.54, flat year-over-year, excluding DIRECTV gains and legal settlements.
Free cash flow reached $4.9 billion, up from $4.6 billion a year ago; capital investment was $5.3 billion.
Returned $3.5 billion to shareholders in the quarter, with $1.5 billion in stock repurchases; ended with over $20 billion in cash.
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–$22.5 billion; free cash flow in the low-to-mid $16 billion range.
Plans for $4 billion in share repurchases under the 2024 authorization.
2026–2027 outlook includes continued low-single-digit revenue growth, 3%+ adjusted EBITDA growth, and double-digit adjusted EPS growth in 2027.
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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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