EarningsQ2 2026 Earnings Report
MX:T Q2 2026 EPS Results
Actual EPS$11.27
Consensus EPS$10.23
Beat/MissBeat by +$1.04
One Year Ago EPS$9.36
MX:T Q2 2026 Revenue Results
Actual Revenue$546.93B
Expected Revenue$551.04B
Beat/MissMissed by -$4.11B
YoY Revenue Growth+2.30%
Earnings Announcement Details
QuarterQ2 2026
Date07/22/2026
TimeBefore Open
Conference CallWednesday, July 22, 2026
MX:T Upcoming Earnings
AT&T's next earnings date is estimated for October 21, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:T Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational and financial momentum driven by Advanced Connectivity: accelerating subscriber adds, improving converged penetration, double-digit growth in key metrics (adjusted EBITDA and EPS growth), a free cash flow beat, and an enlarged share buyback program. The company is also executing a deliberate transformation (fiber build, Lumen integration, legacy copper retirement) that requires elevated capex and causes meaningful near-term declines in legacy revenues and temporary leverage headwinds. Given the clear revenue/EBITDA/margin gains, robust cash generation, and strategic positioning for AI-driven demand — balanced against planned legacy declines, higher capex, and short-term leverage impact — the net tone of the call is positive.Company Guidance
Strong Subscriber Adds and Convergence Momentum
Gained more than 1 million Advanced Connectivity subscribers (fiber, fixed wireless, postpaid phones) in Q2; best-ever Q2 for AT&T Fiber net adds and a record quarter for combined fiber and fixed wireless net adds. 42.5% of advanced home internet customers also have a postpaid wireless account (45% ex-Lumen). June converged gross adds in Lumen territories were up 45% vs. February.
Robust Revenue and EBITDA Growth
Total revenue up 2.3% YoY; service revenue up 2.7% YoY. Adjusted EBITDA increased 5.2% YoY and adjusted EBITDA margin rose 110 basis points to 39.1%, the highest consolidated adjusted EBITDA margin since the company refocused on Advanced Connectivity.
Earnings and Cash Flow Beat
Adjusted EPS $0.65 in Q2, up >20% from $0.54 a year ago. Free cash flow was $4.7 billion, roughly $300 million higher YoY and above guidance ($4.0B-$4.5B). Full-year free cash flow outlook reiterated at $18B+.
Advanced Connectivity Segment Outperformance
Advanced Connectivity service revenues grew 5.1% YoY (accelerating 150 bps vs Q1). Advanced Connectivity EBITDA rose 8% YoY. Advanced home internet service revenues grew >27% YoY, driven by accelerated fiber deployment and Lumen acquisition contribution.
Wireless Momentum
Wireless service revenues grew 3.3% YoY. Added 432,000 postpaid phone net adds and 147,000 consumer postpaid wireless accounts (best result in >3 years). Postpaid phone ARPU grew YoY while postpaid phone churn declined.
Accelerated Fiber Build and Lumen Integration
Company expects its largest fiber expansion year ever: plan to reach 8 million new locations in 2026 including >4 million acquired from Lumen. Added over 1 million fiber locations in Q2 and is scaling operations/branding in Lumen footprint to drive penetration.
Capital Return and Balance Sheet Actions
Returned $4.1 billion to shareholders in Q2 (including ~$2.2B of share repurchases). Increased 2026 buyback plan by ~25% to ~ $10 billion (from $8B). Net debt / adjusted EBITDA at 2.68x; expect temporary increase to ~3.2x after EchoStar spectrum transaction, then returning to ~2.5x within ~3 years.
Operational Transformation Progress
Cost-transformation momentum with target of $4 billion consolidated annual cost savings by end of 2028. Progress in legacy network retirement: FCC permissions to discontinue legacy copper services in ~60% of wire centers in California and >30% of wire centers nationwide (effective by late 2026).
MX:T Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed