AT&T, Inc.
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+ FollowMarket Cap$149.17B
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Earnings Call Q3 2026
October 21, 2026 - AI Summary
Strong “advanced connectivity” momentum driving results (good)
- Q3 consolidated service revenue +3.8% YoY (best third-quarter performance in >4 years).
- Adjusted EBITDA +5.4% YoY, with record third-quarter adjusted EBITDA margin of 38.7% (despite +12% equipment revenue growth, which is margin-dilutive).
- Adjusted EPS $0.65, +20% YoY (from $0.54), driven by EBITDA growth and lower depreciation.
- Advanced Connectivity service revenue +6.1% YoY (EBITDA +7.3%); Wireless service revenue +5% YoY with postpaid phone ARPU +4% and 379k postpaid phone net adds.
Subscriber growth and convergence accelerating (good/surprising)
- Added 1M+ Advanced Connectivity subscribers during the quarter (best >4 years; 2nd straight quarter with >1M net adds).
- Q3 advanced home internet: +23%+ YoY service revenue, with 696k net adds total (416k Fiber, 280k Internet Air)—a record quarter.
- Convergence: ~43% of advanced home internet customers also have AT&T postpaid wireless; added ~350k converged account relationships, faster sequential growth than Q2.
- Lumen-turf momentum: converged penetration +250 bps since early-Feb close (as AT&T converts territories to AT&T Fiber).
Guidance raised/improved near-term, but Q4 faces headwinds (mixed: good + bad)
- Full-year outlook:
- Consolidated service revenue: still expected low single-digit growth.
- Consolidated adjusted EBITDA: now upper end of 3%–4% range.
- Adjusted EPS: raised to ~$2.40 (from prior $2.25–$2.35).
- Free cash flow: reiterated $18B+ with $23B–$24B capex.
- Q4 specific challenges:
- Higher marketing/customer acquisition costs due to extended device launch cycle and expanded fiber go-to-market.
- Unfavorable vendor dispute settlements ~ $100M (primarily impacts legacy segment).
- Notable accounting items affecting comparability:
- $2.6B non-cash impairment tied to the Mexico wireless sale agreement.
- ~$800M employee separation charge impacting cash mainly in 2027.
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$47.94
119.6% upside
Current Fair Value
119.6% upsideUndervalued by 119.6% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $149.17 Billion |
|---|---|
| Enterprise Value | $320.46 Billion |
| Annual dividend | $1.11 |
| Dividend yield | 5.18% |
| Earnings per Share | $3.04 |
| Beta | 0.44 |
| Outstanding Shares | 6,835,000,000 |
Return
| Return on Equity | 12.24% |
|---|---|
| Return on Assets | 2.93% |
| Return on Invested Capital | 5.44% |
Valuation & Multiples
| P/E Ratio | 11.57 |
|---|---|
| PEG | -12.8 |
| Price to Sales | 1.21 |
| Price to Book Ratio | 1.28 |
| Enterprise Value to Revenue | 2.49 |
| Enterprise Value to EBIT | 15.29 |
| Enterprise Value to Net Income | 24 |
| Total Debt to Enterprise | 0.57 |
| Debt to Equity | 1.71 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 28, 2026
EPS Estimate
$0.62
Consensus analyst estimateRevenue Estimate
$31.69 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 27, 2027
EPS Estimate
$0.53
Consensus analyst estimateRevenue Estimate
$34.70 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.79, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.7948▲ 78.52% |
|---|---|
| Total Calls | 12,202▼ 99.98% |
| Total Puts | 21,900▼ 99.96% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.90%▼ 63.34% |
|---|---|
| Total Invested | $4.92B▼ 94.88% |
| Investors Holding | 1,237▼ 1558.00% |
About AT&T, Inc.
2,020 employees
CEO: John Stankey
AT&T Inc. is a diversified, global leader in telecommunications, media and entertainment, and technology. AT&T Communications provides more than 100 million U.S. consumers with entertainment and communications experiences across TV, mobi...