AT&T (T) Q4 2025 earnings summary

Executive summary

• Met or exceeded all 2025 consolidated financial guidance, driven by strong 5G and fiber subscriber growth and best consumer broadband subscriber growth in a decade.

• Achieved 1.5M net postpaid phone subscriber additions and 1M net fiber subscriber additions in 2025, with fiber reach expanded by over 3M locations.

• Returned over $12 billion to shareholders in 2025 via dividends and share repurchases, a 50%+ increase from 2024.

• Announced acquisitions of EchoStar spectrum licenses and Lumen fiber assets to expand addressable market.

• Ranked #1 in customer satisfaction for converged wireless and internet services in areas where both are offered.

Financial highlights

• Fourth-quarter revenues of $33.5 billion, up 3.6% year-over-year; full-year revenues of $125.6 billion, up 2.7%.

• Adjusted EBITDA of $11.2 billion for Q4 and $46.4 billion for the year, with margin expansion.

• Free cash flow was $16.6 billion for 2025, at the high end of guidance.

• Adjusted EPS was $0.52 in Q4 and $2.12 for the year, exceeding guidance.

• Net debt at year-end 2025 was $117.4 billion; net debt-to-adjusted EBITDA ratio improved to 2.53x.

Outlook and guidance

• Expects to return $45 billion+ to shareholders from 2026–2028, nearly 30% of market cap and 75%+ of expected free cash flow.

• Service revenue projected to grow in the low-single-digit range annually through 2028.

• Adjusted EBITDA growth of 3–4% in 2026, improving to 5%+ in 2028.

• Adjusted EPS expected at $2.25–$2.35 in 2026, with double-digit CAGR through 2028.

• Free cash flow forecasted at $18B+ in 2026, $19B+ in 2027, and $21B+ in 2028.