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AT&T INC. 8-K Report, Financial Results (Jan 28, 2026)

Reports
Earnings & Results·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 strong Q4 and full-year 2025 results that met or exceeded all of its 2025 consolidated guidance.

Q4 revenue rose 3.6% to $33.5 billiona, adjusted EPS was $0.52 versus $0.43 a year earlier, and adjusted EBITDA grew to $11.2 billion from $10.8 billion. For the full year, revenue reached $125.6 billion, free cash flow excluding DIRECTV was $16.6 billion (up from $15.3 billion), and the company returned over $12 billion to shareholders. Growth was driven by fiber and 5G converged customers, with 421,000 postpaid phone net adds and more than 500,000 combined advanced home internet net adds in Q4.

Management issued a 2026-2028 outlook calling for 3-4% adjusted EBITDA growth in 2026, rising to 5% or better by 2028, adjusted EPS of $2.25b-$2.35 in 2026, and free cash flow of $18 billion+ in 2026 rising to $21 billion+ in 2028. Capital investment is guided at $23-24 billion annually. The company also plans $45 billion+ in shareholder returns over 2026-2028, keeps the $1.11 dividend, and expects about $8 billion of buybacks in 2026.

Net leverage is expected to rise to about 3.2xc after the pending Lumen fiber and EchoStar spectrum acquisitions, then fall to about 3x by end-2026. AT&T also announced a new segment structure effective Q1 2026: Advanced Connectivity (about 90% of 2025 revenue), Legacy (the copper network, which is being powered down by 2029), and Latin America.

Legacy service revenue is expected to fall 20%d+ in 2026, and the company will recast 2023-2025 results to reflect the change. Investors will need to weigh the near-term dilution from the acquisitions against the medium-term growth and deleveraging path.

02—Key points

Key Highlights

  1. Q4 2025 revenue of $33.5B (+3.6% YoY); adjusted EPS of $0.52 vs. $0.43 a year earlier, and GAAP diluted EPS of $0.53 vs. $0.56
  2. Full-year 2025 adjusted EBITDA of $46.4B (vs. $44.8B in 2024) and free cash flow of $16.6B (vs. $15.3B), with the company meeting or exceeding all 2025 consolidated guidance
  3. Strong subscriber momentum: 421K Q4 postpaid phone net adds, 283K AT&T Fiber net adds and 221K Internet Air net adds, with a 42% fiber-to-wireless convergence rate
  4. 2026-2028 outlook: 3-4% adjusted EBITDA growth in 2026 rising to 5%+ by 2028, adjusted EPS of $2.25-$2.35 in 2026, and FCF of $18B+ (2026) to $21B+ (2028)
  5. Capital return plan of $45B+ over 2026-2028, including a maintained $1.11 annual dividend and roughly $8B of buybacks in 2026
  6. Net debt-to-adjusted EBITDA expected to rise to about 3.2x after the Lumen and EchoStar deals, then decline to about 3x by end-2026 and to a 2.5x target within about three years
  7. New reporting segments starting Q1 2026 (Advanced Connectivity, Legacy, Latin America), with Legacy service revenue projected to fall 20%+ in 2026 as the copper network is retired by 2029

03—Questions

Frequently Asked Questions

  1. What drove AT&T's 2025 results and how did they compare to guidance?

    AT&T met or exceeded all of its 2025 consolidated financial guidance. Full-year revenue grew 2.7% to $125.6B, driven by Mobility, Consumer Wireline and Mexico, partly offset by Business Wireline declines. Adjusted EBITDA rose to $46.4B and free cash flow excluding DIRECTV reached $16.6B. Reported 2025 net income was boosted by a $5.6B gain on the DIRECTV sale.

  2. What is the outlook for 2026 through 2028?

    AT&T expects 2026 adjusted EBITDA growth of 3-4%, improving to 5% or better by 2028, along with adjusted EPS of $2.25-$2.35 in 2026 and a double-digit three-year EPS CAGR through 2028. Free cash flow is guided to $18B+ in 2026, $19B+ in 2027 and $21B+ in 2028, with annual capital investment of $23-24B. Management says the Lumen and EchoStar acquisitions will be modestly dilutive to EPS in 2026-2027 and accretive from 2028.

  3. How will AT&T's shareholder returns and leverage change?

    AT&T plans to return $45B+ to shareholders over 2026-2028 through dividends and buybacks, maintaining the $1.11 annualized dividend and repurchasing about $8B of stock in 2026. Leverage will rise to roughly 3.2x after the pending acquisitions, decline to about 3x by year-end 2026, and return to its 2.5x target within about three years of closing.

  4. What is changing in AT&T's segment reporting?

    Starting with Q1 2026, AT&T will report three segments: Advanced Connectivity (5G and fiber wireless and internet, roughly 90% of 2025 revenue), Legacy (copper-based voice and data services being phased out by 2029), and Latin America (Mexico wireless). AT&T is recasting 2023-2025 results under the new structure, and consolidated operating income and adjusted EBITDA are unaffected.

  5. What are the main risks to the outlook?

    The Lumen and EchoStar transactions add integration risk and near-term EPS dilution, and leverage will temporarily rise. Legacy revenue is expected to decline 20%+ in 2026, and the copper decommissioning timeline could slip beyond 2029 if California regulators do not approve it. Adjusted EPS is also exposed to a mark-to-market benefit-plan adjustment that the company cannot estimate in advance.

04—Continue

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