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Sentiment · FY2026 Q2
Revenue grew 2.9% with adjusted EPS of $0.57, up nearly 12%, while all full-year guidance was maintained including EBITDA growth of 3-4%, FCF of $18 billion+, and adjusted EPS of $2.25-$2.35. Record fiber and fixed wireless broadband growth was achieved with 512,000 advanced home internet net adds as the convergence strategy accelerated with the OneConnect converged product. The Lumen fiber acquisition integration was underway while cost transformation and AI enablement advanced and the business segment reached a stabilization milestone.
Competitive Dynamics | Subscriber Growth | Revenue Growth | Pricing | Capex Investment | Margin | Cost Pressure | Macroeconomic | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 5 | 2 | 3 | 1 | 2 | 1 | |
| 2025Q1 | 2 | 2 | 4 | 2 | 3 | 2 | 4 | 3 |
| 2025Q2 | 5 | 5 | 1 | 3 | 4 | 1 | 1 | |
| 2025Q3 | 6 | 4 | 2 | 1 | 1 | 1 | 1 | |
| 2025Q4 | 6 | 5 | 3 | 3 | 2 | 3 | 2 | 2 |
| 2026Q1 | 4 | 3 | 2 | 3 | 1 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Competitive Dynamics | 4 | 2 | 5 | 6 | 6 | 4 |
| Subscriber Growth | 5 | 2 | 5 | 4 | 5 | 3 |
| Revenue Growth | 2 | 4 | 2 | 3 | 2 | |
| Pricing | 3 | 2 | 1 | 1 | 3 | 3 |
| Capex Investment | 1 | 3 | 3 | 1 | 2 | 1 |
| Margin | 2 | 4 | 1 | 3 | 1 | |
| Cost Pressure | 2 | 4 | 1 | 2 | 1 | |
| Macroeconomic | 1 | 3 | 1 | 1 | 2 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| John Hodulik | UBS | 13 (0%) |
| Peter Supino | Wolfe Research | 12 (17%) |
| Mike Rollins | Citigroup | 12 (0%) |
| Ben Swinburne | Morgan Stanley | 10 (0%) |
| Dave Barden | New Street Research | 7 (0%) |
| Sebastiano Petti | JPMorgan | 7 (14%) |
| Mike Ng | Goldman Sachs | 5 (0%) |
| Jim Schneider | Goldman Sachs | 4 (0%) |
| Kannan Venkateshwar | Barclays | 3 (0%) |
| Samuel McHugh | BNP Paribas | 3 (33%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| UBS | 1 | 13 (0%) |
| Morgan Stanley | 2 | 12 (0%) |
| Wolfe Research | 1 | 12 (17%) |
| Citigroup | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $32.30B | +0.9% | $0.56 | +86.7% | 16.6% | 12.6% | $5.05B |
| FY2025 Q1 | $30.63B | +2.0% | $0.61 | +29.8% | 18.8% | 14.2% | $4.77B |
| FY2025 Q2 | $30.85B | +3.5% | $0.62 | +26.5% | 21.1% |
| 12 (0%) |
| Goldman Sachs | 2 | 9 (0%) |
| JPMorgan | 1 | 7 (14%) |
| New Street Research | 1 | 7 (0%) |
| Deutsche Bank | 1 | 3 (0%) |
| 14.6% |
| $4.87B |
| FY2025 Q3 | $30.71B | +1.6% | $1.29 | +4208.3% | 19.9% | 30.3% | $5.26B |
| FY2025 Q4 | $33.47B | +3.6% | $0.52 | -7.1% | 18.3% | 11.1% | $4.54B |
| FY2026 Q1 | $31.51B | +2.9% | $0.54 | -11.5% | 21.1% | 12.2% | $2.68B |
| FY2026 Q2 | $31.56B | +2.3% | $0.66 | +6.5% | 22.3% | 14.7% | $5.17B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What T and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We have continuous conversations with AT&T and all of our customers. I mean I think we're very eager for that spectrum that DISH had to be put to work.”
Crown Castle is in ongoing commercial conversations with tower-tenant AT&T about deploying spectrum (including former DISH spectrum), indicating potential future colocation activity from AT&T.
“we see the continued footprint expansion from cell phone Internet where AT&T has taken the place and others have slowed down.”
Charter cites AT&T as an intensifying fixed-wireless-access competitor filling the gap left as other carriers slow their fixed-wireless growth.
“Similarly, when you look at AT&T, they just delivered the highest, yet again, the highest year-over-year postpaid phone churn increase in the industry, proving that all the convergence talk is just that.”
T-Mobile characterizes AT&T as having the industry's highest postpaid phone churn increase and declining postpaid ARPU, disputing AT&T's convergence strategy narrative.
“the Spectrum deal between EchoStar DISH and AT&T seems to be going very slowly.”
An analyst notes the EchoStar/DISH-to-AT&T spectrum transaction is progressing slowly amid Washington scrutiny, a read-through on AT&T's spectrum acquisition timing.
“And then with AT&T, we do a lot of work around the supply chain, historically, a big trade-in partner for us.”
Assurant provides supply-chain and trade-in services to AT&T, indicating an established device-lifecycle relationship with the carrier.
“I would expect that Amazon [indiscernible] will have a robust direct-to-device capability”
AT&T expects Amazon (Kuiper) to build a robust direct-to-device capability and is open to wholesale relationships with multiple constellations, a potential future partner read-through for Amazon's satellite ambitions.
“I fully expect that SpaceX will ultimately have a robust direct-to-device capability”
AT&T expects SpaceX to develop a robust direct-to-device capability and wants wholesale relationships with multiple satellite constellations, positioning SpaceX as a potential future D2D partner.
“That's AST SpaceMobile mobile.”
AT&T is working closely with AST SpaceMobile as its primary direct-to-device satellite partner, putting most of its R&D toward AST's product, a supportive read-through for AST's commercialization.
“as we prepare to close our transaction with EchoStar.”
AT&T is acquiring spectrum from EchoStar; AT&T has already leased and deployed a portion, implying EchoStar is monetizing spectrum assets to AT&T.
“We closed our transaction with Lumin, ahead of schedule, adding 1.1 million fiber customers, and over 4 million fiber locations.”
AT&T closed its acquisition of Lumen's fiber assets ahead of schedule, adding 1.1M fiber customers and 4M+ locations, signaling AT&T's absorption of Lumen's consumer fiber footprint.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
T AT&T | 6 | +2.9% | |
| CHTR Charter Communications | 4 | -1.0% | |
| CMCSA Comcast | 6 | +5.3% | |
| VZ Verizon Communications Inc. | 6 | +2.9% |