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AT&T INC. 8-K Report, Financial Results (Apr 22, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 22, 2026
Period End
April 22, 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. Leadership change8-K · Dec ’16Dec ’16
  2. Material agreement8-K · Dec ’18Dec ’18
  3. Leadership change8-K · Jun ’21Jun ’21
  4. Material agreement8-K · May ’25May ’25

01—Abstract

Summary

Summary of the 8-K filed April 22, 2026. Cited figures are marked; the original filing is the authoritative source.

AT&T reported first-quarter 2026 results on April 22, 2026, showing revenue of $31.5 billiona (up 2.9% year over year), diluted EPS from continuing operations of $0.54 (down from $0.61), and adjusted EPS of $0.57 (up from $0.51).

The headline story is commercial momentum in its converged connectivity strategy: Advanced Connectivity service revenue rose 3.6%, operating income rose 14.8% to $6.9 billionb, and the company added 584,000 internet subscribers (292,000 fiber and 292,000 fixed wireless). The advanced home internet convergence rate reached 42% (nearly 45% excluding newly acquired Lumen fiber customers), the fastest organic growth it has reported. Legacy copper revenue fell 25.3% as the company decommissions its copper network.

Cash generation was weaker. Free cash flow fell to $2.5 billionc from $3.1 billion, reflecting accelerated fiber capital spending (capital expenditures of $4.9 billion, up 14%). Q1 2025 cash flow also benefited from $1.4 billion of DIRECTV distributions, which flatters the year-over-year comparison.

Net debt was $126.4 billiond, and the annualized net debt to adjusted EBITDA ratio was 2.71x, versus 2.63x a year earlier. Net income was also pressured by a $(41) million equity loss from affiliates versus $1.4 billion of DIRECTV equity income last year. The Lumen Mass Markets fiber assets were placed in a held-for-sale subsidiary (Forged Fiber) and reported as discontinued operations, with a controlling stake to be sold to an equity partner.

Management reiterated all 2026 guidance and multi-year capital return plans, including 2026 adjusted EPS of $2.25 to $2.35, adjusted EBITDA growth of 3% to 4%, free cash flow of $18 billion or more, and $45 billion or more in shareholder returns over 2026 to 2028. Investors will likely focus on whether fiber and convergence gains translate into sustained cash flow growth as capital intensity stays elevated.

02—Key points

Key Highlights

  1. Revenue of $31.5 billion, up 2.9% year over year, aided by two months of Lumen Mass Markets fiber customers and higher Mexico revenue from favorable FX.
  2. Advanced Connectivity operating income rose 14.8% to $6.9 billion and segment EBITDA rose 5.6% to $11.6 billion; service revenue grew 3.6%.
  3. Added 584,000 internet subscribers (292,000 fiber and 292,000 fixed wireless) and 294,000 postpaid phone net adds, with postpaid phone churn at 0.89%.
  4. Free cash flow fell to $2.5 billion from $3.1 billion as capital expenditures rose to $4.9 billion to accelerate fiber deployment; Q1 2025 included $1.4 billion of DIRECTV distributions.
  5. Net debt of $126.4 billion; annualized net debt to adjusted EBITDA of 2.71x, up from 2.63x a year earlier.
  6. GAAP diluted EPS from continuing operations fell to $0.54 from $0.61, while adjusted EPS rose 11.8% to $0.57, reflecting the absence of last year's DIRECTV equity income.
  7. All 2026 guidance and the $45 billion+ 2026-2028 shareholder return plan were reiterated, with about $2.3 billion in buybacks completed in the quarter.

03—Questions

Frequently Asked Questions

  1. Did AT&T reaffirm its 2026 guidance?

    Yes. AT&T reiterated its 2026 outlook: low-single-digit service revenue growth, adjusted EBITDA growth of 3% to 4%, adjusted EPS of $2.25 to $2.35, capital investment of $23 billion to $24 billion, and free cash flow of $18 billion or more. It also kept the $1.11 annualized dividend and about $8 billion of 2026 share repurchases.

  2. Why did free cash flow decline year over year?

    Free cash flow fell to $2.5 billion from $3.1 billion. The main drivers were higher capital expenditures ($4.9 billion versus $4.3 billion) tied to fiber deployment, and the prior-year quarter included $1.4 billion of DIRECTV distributions that did not recur. Operating cash flow was $7.6 billion versus $9.0 billion.

  3. What is the Lumen fiber acquisition's impact on reported results?

    AT&T closed the acquisition of substantially all of Lumen's Mass Markets fiber business on February 2, 2026. Customer relationships are included in continuing operations and contributed to advanced home internet growth. The fiber network assets sit in Forged Fiber, which is held for sale and reported as discontinued operations; AT&T plans to sell a controlling interest to an equity partner.

  4. Is AT&T's balance sheet getting more leveraged?

    Modestly. Net debt was $126.4 billion at March 31, 2026, and the annualized net debt to adjusted EBITDA ratio was 2.71x, up from 2.63x a year earlier. Management expects the ratio to return to its roughly 2.5x target within about three years after the EchoStar transaction closes.

  5. Why does GAAP EPS differ from adjusted EPS?

    GAAP diluted EPS from continuing operations was $0.54, while adjusted EPS was $0.57. The $0.03 difference reflects acquisition-related amortization ($0.01) and benefit-related, transaction, legal, and other items ($0.02). Last year's comparison was also affected by $0.15 of DIRECTV equity income that was excluded from adjusted EPS and $0.05 of restructuring charges.

04—Continue

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