AT&T Inc.

Strong Q3 operating momentum (best-in-years metrics) - Consolidated service revenue: +3.8% YoY (described as best performance in 4+ years). - Adjusted EBITDA: +5.4% YoY, margin 38.7% (highest third-quarter consolidated adjusted EBITDA margin since AT&T refocused on advanced connectivity). - Adjusted EPS: $0.65 (+20% YoY). - Management attributes strength to converged customer growth, efficiency gains, and continued scale in 5G + fiber.

Advanced Connectivity growth driven by fiber + convergence - Added 1M+ “Advanced Connectivity” subscribers across fiber, fixed wireless, and postpaid phone (best quarter in 4+ years, and 2nd straight quarter with >1M net adds). - Converged accounts accelerated: added ~350k customer relationships to converged base in Q3 (faster sequential growth than Q2). - At quarter end, ~43% of advanced home internet customers also had postpaid wireless with AT&T. - Advanced Connectivity service revenue: +6.1% YoY; EBITDA +7.3% YoY. - Business Advanced Connectivity: +2.5% YoY revenue growth; fiber + advanced connectivity nearly +9% (improving business traction).

Guidance / outlook: service growth steady; profitability and FCF supported - Full-year outlook (consolidated): - Consolidated service revenue: still low single-digit growth. - Adjusted EBITDA: now expected upper end of 3–4% range. - Adjusted EPS: now ~$2.40 (raised from prior $2.25–$2.35). - Free cash flow (FCF): - Q3 FCF: ~$5B (stable YoY). - Q4 FCF outlook: ~$6B (vs $4.2B in prior-year Q4, which had discrete items). - Full-year FCF: $18B+ with $23–$24B capex. - Longer-term: reiterated advanced connectivity-led outlook through 2028 on a continuing operations basis (excluding AT&T Mexico wireless beginning in 2027).