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AT&T INC. 8-K Report, Corporate Update (Jan 28, 2026)

Reports
Other Events·Exhibits & Filings
Filing Date
Filed January 28, 2026
Period End
January 28, 2026
Securities
TT-PCTBBT-PA
In the record · 2016–202610-K1110-Q348-K281

T filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 281 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Aug ’18Aug ’18
  2. Material agreement8-K · Nov ’20Nov ’20
  3. Leadership change8-K · Feb ’23Feb ’23
  4. Leadership change8-K · Feb ’25Feb ’25

01—Abstract

Summary

Summary of the 8-K filed January 28, 2026. Cited figures are marked; the original filing is the authoritative source.

AT&T reported fourth-quarter 2025 net income attributable to common stock of $3.8 billiona, or $0.53 per diluted share, versus $0.56 in the year-earlier quarter.

Quarterly operating revenues rose 3.6% to $33.5 billionb and operating income rose 8.7% to $5.8 billion, with the operating margin improving to 17.3% from 16.5%. Growth was driven by Mobility, Consumer Wireline and Mexico, partly offset by continued declines in Business Wireline. The quarter's EPS was held back by a higher pension and postretirement actuarial loss and $0.04 of restructuring charges, and it was helped by $0.08 of tax benefits.

Full-year 2025 results were dominated by the $5.6 billionc gain on the sale of AT&T's remaining DIRECTV interest. Net income attributable to common stock was $21.9 billion, or $3.04 per diluted share, versus $1.49 in 2024, which had been depressed by a $4.4 billion goodwill impairment. Excluding the DIRECTV-related and other one-time items, operating performance looks steadier: full-year revenue grew 2.7% to $125.6 billion, and operating income grew 26.8% to $24.2 billion.

Free cash flow was supported by $40.3 billiond of operating cash flow against $20.8 billion of capital expenditures. Balance sheet and capital return items stand out. Cash and equivalents rose to $18.2 billion from $3.3 billion, but total debt increased, with long-term debt reaching $127.1 billion and current debt $9.0 billion.

The company repurchased $4.3 billion of stock under the 2024 authorization, and the Board approved a new $10 billion repurchase authorization on January 27, 2026. Quarterly dividends are unchanged at $0.2775 per share.

02—Key points

Key Highlights

  1. Q4 2025 diluted EPS of $0.53 declined from $0.56 a year earlier, but operating income rose 8.7% to $5.8 billion and the operating margin expanded to 17.3%.
  2. Q4 2025 revenue rose 3.6% to $33.5 billion, led by Mobility (up 5.3%) and Consumer Wireline (up 2.9%), while Business Wireline fell 7.5%.
  3. Full-year 2025 diluted EPS of $3.04 was lifted by a $0.80 gain on the DIRECTV sale and $0.21 of DIRECTV equity income; the reported figure is not a clean run-rate.
  4. Mobility added 1.2 million wireless subscribers in Q4 2025, reaching 120.1 million, but postpaid phone churn rose to 0.98% from 0.85%.
  5. Consumer Wireline broadband net adds were 210,000 in Q4, with fiber net adds of 283,000 and total fiber connections of 10.4 million.
  6. Total debt increased substantially, with long-term debt rising to $127.1 billion from $118.4 billion, partly to fund the company's financing needs and reduce cash obligations.
  7. The Board authorized a new $10 billion share repurchase program on January 27, 2026, following $4.3 billion of buybacks in 2025.

03—Questions

Frequently Asked Questions

  1. Did AT&T's underlying business improve in Q4 2025?

    Operating performance improved. Operating income rose 8.7% to $5.8 billion, the operating margin expanded to 17.3% from 16.5%, and segment operating income grew 9.5%. Growth came mainly from Mobility, Consumer Wireline and Mexico, while Business Wireline remains loss-making, with an operating loss of $163 million in the quarter.

  2. Why did EPS fall year over year despite higher operating income?

    Q4 2025 EPS fell to $0.53 from $0.56 because of a larger actuarial loss on pension and postretirement plans ($0.06 per share versus a smaller loss a year earlier) and $0.04 of restructuring charges. Q4 2024 had also included $0.12 of DIRECTV equity income, which did not recur. These were partly offset by $0.08 of tax benefits.

  3. How much did the DIRECTV sale affect 2025 results?

    The sale contributed a $5.6 billion gain, or $0.80 per diluted share, to full-year 2025 results. Combined with $0.21 of DIRECTV equity income, it accounts for most of the jump in full-year EPS to $3.04 from $1.49. Investors should treat these items as non-recurring when assessing ongoing earnings power.

  4. How is AT&T's balance sheet and capital allocation changing?

    Cash rose to $18.2 billion from $3.3 billion, but long-term debt increased to $127.1 billion from $118.4 billion, and debt maturing within a year rose to $9.0 billion. The company repurchased $4.3 billion of stock in 2025 and approved a new $10 billion authorization in January 2026. Dividends were unchanged at $0.2775 per quarter, and capital investment was $22.0 billion in 2025, broadly flat year over year.

04—Continue

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