The strong beat and reaffirmed guidance with accelerated buybacks signal improving fundamentals and management confidence. Monitor the Q3 earnings call for updates on the EchoStar transaction timeline and fiber build progress, which are key to the multi-year growth story.
Price Chart
Executive Summary
AT&T reported Q2 2026 results with revenue of $31.56B (up 2.3% YoY) and adjusted EPS of $0.65, a 10.2% beat vs the $0.59 consensus. The company added over 1 million Advanced Connectivity customers, driven by record fiber and fixed wireless net adds, and reiterated full-year guidance including adjusted EPS of $2.25-$2.35 and free cash flow of $18B+. The company also accelerated its share repurchase plan to ~$10B in 2026, signaling management confidence. The beat was driven by strong Advanced Connectivity service revenue growth of 5.1% and margin expansion, offsetting continued legacy revenue declines.
Key Financial Metrics
Key Facts
- Q2 2026 revenue of $31.56B, up 2.3% YoY
- Adjusted EPS of $0.65 beat consensus of $0.59 by 10.2%
- Advanced Connectivity service revenue grew 5.1% YoY to $23.48B
- Added 432,000 postpaid phone net adds and 646,000 internet net adds (367K fiber, 279K fixed wireless)
- Free cash flow of $4.67B, up from $4.39B YoY
- Reiterated full-year 2026 guidance: adjusted EPS $2.25-$2.35, FCF $18B+
- Accelerated share repurchases to ~$10B in 2026, up from prior plan
- Net debt-to-adjusted EBITDA ratio of 2.68x, slightly above 2.5x target
Financial Impact
EPS beat of $0.06 (10.2%) on $31.56B revenue, with FCF up 6.4% YoY to $4.67B
Risk Factors
- Legacy segment revenue declining 25.9% YoY, though expected to become immaterial by 2029
- Net debt-to-adjusted EBITDA of 2.68x remains above the 2.5x target, with leverage reduction dependent on FCF generation
- Integration of Lumen mass markets fiber business and planned sale of controlling interest in Forged Fiber adds execution risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000732717-26-000294 |
| Document: t-2q2026exhibit993.htm | 0000732717-26-000294 |
| Document: t-2q2026exhibit991.htm | 0000732717-26-000294 |
| Document: t-20260722.htm | 0000732717-26-000294 |
| Document: 0000732717-26-000294-index-headers.html | 0000732717-26-000294 |
| Document: 0000732717-26-000294-index.html | 0000732717-26-000294 |
| Document: 0000732717-26-000294.txt | 0000732717-26-000294 |
| 8-K Data (Synthetic) | 0000732717-26-000294 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 22, 2026 10w ago | 8-K | $23.04 $25.12 | ▲ +9.03% | ▲ +6.13% | $24.30 (+5.47%) |
Jun 16, 2026 15w ago | 8-K | $22.44 $21.98 | ▼ −2.05% | ▼ −3.37% | $24.30 (+8.29%) |
Mar 23, 2026 27w ago | DEFA14A | $28.87 $25.98 | ▼ −10.01% | ▼ −18.91% | $24.30 (−15.82%) |
Feb 28, 2026 30w ago | Institutional Cluster | $28.00 $28.78 | ▲ +2.78% | ▲ +10.72% | $24.30 (−13.20%) |
US Market Status
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