AT&T (T) · Telecom
AT&T Q2 2026 earnings: summary, key numbers & outlook
Results filed 22 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
AT&T reported second-quarter revenues of $31.6 billion, up 2.3% from the year-ago quarter, with diluted EPS from continuing operations of $0.66 and adjusted EPS of $0.65.
AT&T grew revenue 2.3% to $31.6 billion as customers kept moving to fiber, fixed wireless and wireless plans. It added 646,000 internet customers (367,000 fiber and 279,000 fixed wireless) and 432,000 postpaid phone customers. Diluted EPS from continuing operations was $0.66, and adjusted EPS was $0.65 versus $0.54 a year ago. Free cash flow was $4.7 billion. The old copper-based Legacy business kept shrinking, with revenues down 25.9%.
Management reiterated all 2026 and multi-year guidance, including adjusted EPS of $2.25 to $2.35 and free cash flow of $18 billion+ for 2026. It raised its 2026 share repurchase pace to about $10 billion. The main tension is that heavy network investment of $23 billion to $24 billion a year and net debt of $126.4 billion must be paid for while Legacy earnings fall away.
Key numbers
- Revenues · GAAP
- $31.6 billion
- Diluted EPS from continuing operations · GAAP
- $0.66
- Adjusted EPS · non-GAAP
- $0.65
- Operating income · GAAP
- $7.0 billion
- Income from continuing operations · GAAP
- $5.0 billion
- Cash from operating activities from continuing operations · GAAP
- $10.8 billion
- Free cash flow · non-GAAP
- $4.7 billion
- Adjusted EBITDA · non-GAAP
- $12.3 billion
up 2.3% from the year-ago quarter
versus $0.62 in the year-ago quarter
versus $0.54 in the year-ago quarter
up 3.6% year over year
versus $9.8 billion in the year-ago quarter
versus $4.4 billion in the year-ago quarter
up 5.2% year over year
| Segment or metric | Value | Change |
|---|---|---|
| Advanced Connectivity operating revenues | $28.6B | 4.1% |
| Legacy operating revenues | $1.6B | (25.9)% |
| Latin America operating revenues | $1.2B | 16.1% |
| Fiber net adds | 367,000 | |
| Fixed wireless net adds | 279,000 | |
| Postpaid phone net adds | 432,000 | |
| Fiber locations reached | 38.6 million |
Where each number comes from
- Revenues: “Revenues totaled $31.6 billion, up 2.3% from the year-ago quarter”
- Diluted EPS from continuing operations: “Diluted EPS from continuing operations was $0.66, versus $0.62 in the year-ago quarter; adjusted EPS* was $0.65, versus $0.54 in the year-ago quarter”
- Adjusted EPS: “Diluted EPS from continuing operations was $0.66, versus $0.62 in the year-ago quarter; adjusted EPS* was $0.65, versus $0.54 in the year-ago quarter”
- Operating income: “Operating income was $7.0 billion; adjusted operating income* was $7.5 billion”
- Income from continuing operations: “Income from continuing operations was $5.0 billion, up 3.6% year over year; adjusted EBITDA* was $12.3 billion, up 5.2% year over year”
- Cash from operating activities from continuing operations: “Cash from operating activities from continuing operations was $10.8 billion, versus $9.8 billion in the year-ago quarter”
- Free cash flow: “Free cash flow* was $4.7 billion, versus $4.4 billion in the year-ago quarter”
- Adjusted EBITDA: “Income from continuing operations was $5.0 billion, up 3.6% year over year; adjusted EBITDA* was $12.3 billion, up 5.2% year over year”
- Advanced Connectivity operating revenues: “Advanced Connectivity Dollars in millions | Second Quarter | Percent Unaudited | 2026 | 2025 | Change Operating Revenues | $28,615 | $27,497 | 4.1%”
- Legacy operating revenues: “Legacy Dollars in millions | Second Quarter | Percent Unaudited | 2026 | 2025 | Change Operating Revenues | $1,632 | $2,202 | (25.9)%”
- Latin America operating revenues: “Latin America Dollars in millions | Second Quarter | Percent Unaudited | 2026 | 2025 | Change Operating Revenues | $1,224 | $1,054 | 16.1%”
- Fiber net adds: “646,000 total consumer and business Advanced Connectivity internet net adds, including 367,000 fiber and 279,000 fixed wireless”
- Fixed wireless net adds: “646,000 total consumer and business Advanced Connectivity internet net adds, including 367,000 fiber and 279,000 fixed wireless”
- Postpaid phone net adds: “432,000 postpaid phone net adds with postpaid phone churn of 0.86%”
- Fiber locations reached: “Added more than 1 million total consumer and business locations reached with fiber for a total of 38.6 million”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $31.6B | +2.3% | +0.2% |
| Operating income | $7.0B | +8.3% | +5.7% |
| Net income | $4.6B | +2.8% | +20.8% |
| Diluted EPS | $0.66 | +6.5% | +22.2% |
| Operating margin | 22.3% | +1.2 pts | +1.2 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Adjusted EPS | 2026 | $2.25 to $2.35 |
| Capital investment | annually during 2026-2028 | $23 billion to $24 billion |
| Free cash flow | 2026 | $18 billion+ |
| Adjusted EBITDA growth | 2026 | 3% to 4% |
| Share repurchases | 2026 | approximately $10 billion |
Key takeaways
Advanced Connectivity profits grew much faster than sales
Advanced Connectivity service revenue rose 5.1% while operating income rose 20.3% to $7.3 billion.
Legacy copper revenue keeps shrinking fast
Legacy revenues fell 25.9% to $1,632 million and operating income fell 45.5% as AT&T decommissions its copper-based network.
Buyback pace raised to about $10 billion
AT&T returned $4.1 billion to shareholders in the quarter and plans approximately $10 billion of share repurchases during 2026.
Guidance held despite heavy investment and debt
All 2026 guidance was reiterated, including adjusted EPS of $2.25 to $2.35, while net debt was $126.4 billion and the net debt-to-adjusted EBITDA ratio was 2.68.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $32.3B * |
| Q1 2025 | $30.6B |
| Q2 2025 | $30.8B |
| Q3 2025 | $30.7B |
| Q4 2025 | $33.5B * |
| Q1 2026 | $31.5B |
| Q2 2026 | $31.6B |
| Q3 2026 | $32.3B |
Data
| Q1 2025 | $0.61 |
| Q2 2025 | $0.62 |
| Q3 2025 | $1.29 |
| Q1 2026 | $0.54 |
| Q2 2026 | $0.66 |
| Q3 2026 | $0.12 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | 16.5% |
| Q1 2025 | 18.8% |
| Q2 2025 | 21.1% |
| Q3 2025 | 19.9% |
| Q4 2025 | 17.3% |
| Q1 2026 | 21.1% |
| Q2 2026 | 22.3% |
| Q3 2026 | 12.7% |
Data
| Q4 2024 | $5.1B |
| Q1 2025 | $4.8B |
| Q2 2025 | $4.9B |
| Q3 2025 | $5.3B |
| Q4 2025 | $4.5B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were AT&T's headline Q2 2026 results?
Revenues were $31.6 billion, up 2.3%, and diluted EPS from continuing operations was $0.66 versus $0.62 a year ago. Adjusted EPS was $0.65 versus $0.54.
How much cash did AT&T generate in the quarter?
Cash from operating activities from continuing operations was $10.8 billion and free cash flow was $4.7 billion, versus $4.4 billion a year ago.
Did AT&T change its 2026 guidance?
No. It reiterated all consolidated full-year 2026 and multi-year guidance, including adjusted EPS of $2.25 to $2.35 and free cash flow of $18 billion+ in 2026.
How many customers did AT&T add?
It added 646,000 internet customers (367,000 fiber and 279,000 fixed wireless) and 432,000 postpaid phone customers, with postpaid phone churn of 0.86%.
What is happening with AT&T's capital returns and debt?
AT&T returned $4.1 billion to shareholders in the quarter and expects about $10 billion of share repurchases in 2026. Net debt was $126.4 billion, a net debt-to-adjusted EBITDA ratio of 2.68.
Documents
SEC filing