# AT&T (T) Q2 2026 earnings

Results filed 2026-07-22 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/t/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/732717/000073271726000294/0000732717-26-000294-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenues | $31.6 billion | up 2.3% from the year-ago quarter | GAAP |
| Diluted EPS from continuing operations | $0.66 | versus $0.62 in the year-ago quarter | GAAP |
| Adjusted EPS | $0.65 | versus $0.54 in the year-ago quarter | non-GAAP |
| Operating income | $7.0 billion |  | GAAP |
| Income from continuing operations | $5.0 billion | up 3.6% year over year | GAAP |
| Cash from operating activities from continuing operations | $10.8 billion | versus $9.8 billion in the year-ago quarter | GAAP |
| Free cash flow | $4.7 billion | versus $4.4 billion in the year-ago quarter | non-GAAP |
| Adjusted EBITDA | $12.3 billion | up 5.2% year over year | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Advanced Connectivity operating revenues | $28,615 | 4.1% |
| Legacy operating revenues | $1,632 | (25.9)% |
| Latin America operating revenues | $1,224 | 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 |  |

## 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

1. **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.
2. **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.
3. **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.
4. **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.

## 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.