AT&T Inc.

Strong Q3 momentum + “best in 4 years” service growth (good): - Consolidated service revenues +3.8% YoY (best third-quarter performance in 4+ years). - Adjusted EBITDA +5.4% YoY, margin 38.7% (highest third-quarter consolidated adjusted EBITDA margin since refocusing on Advanced Connectivity). - Adjusted EPS $0.65 (+20% YoY) driven by EBITDA growth and lower depreciation. - Business highlights: Advanced Connectivity service revenues +6.1% YoY; Wireless service revenues +5% YoY (postpaid phone ARPU +4%); Advanced home internet service revenues +23% YoY with 696k net adds in Q3.

Customer/convergence engine working (good + surprising): - Added 1M+ Advanced Connectivity subscribers (fiber, fixed wireless, postpaid phone)—best quarter in >4 years; 2nd straight quarter with >1M net adds. - Converged relationship acceleration: nearly 43% of advanced home internet customers also had postpaid wireless. - Converged accounts +350k customer relationships in Q3 (faster sequential growth vs Q2). - Fiber penetration/expansion tactic: “tiered introductory pricing” to build early penetration, then attach wireless/features over time.

2026 outlook upgraded; near-term headwinds in Q4 (good + bad): - Full-year guidance: - Consolidated service revenues: still low single-digit growth. - Adjusted EBITDA: now expected upper end of 3%–4% range. - Adjusted EPS: upgraded to ~$2.40 (from $2.25–$2.35 prior outlook). - Q4 drag expected: higher marketing/customer acquisition costs due to extended device launch cycle and expanded fiber go-to-market, plus ~$100M unfavorable vendor dispute settlements (primarily legacy segment). - Near-term profitability drivers: management emphasizes improved mix/margins while growing converged base.