[Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statements of Income](index=1&type=section&id=Consolidated%20Statements%20of%20Income) In Q2 2025, AT&T's total operating revenues grew 3.5% year-over-year to $30.8 billion, driven by a 15.9% increase in equipment revenue, with operating income rising 12.9% to $6.5 billion and diluted EPS reaching $0.62 Q2 2025 vs Q2 2024 Income Statement Highlights (in millions, except EPS) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Operating Revenues | $30,847 | $29,797 | 3.5% | | Operating Income | $6,501 | $5,760 | 12.9% | | Net Income Attributable to AT&T | $4,500 | $3,597 | 25.1% | | Diluted EPS | $0.62 | $0.49 | 26.5% | Six-Month 2025 vs 2024 Income Statement Highlights (in millions, except EPS) | Metric | Six-Month 2025 | Six-Month 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Operating Revenues | $61,473 | $59,825 | 2.8% | | Operating Income | $12,255 | $11,607 | 5.6% | | Net Income Attributable to AT&T | $8,851 | $7,042 | 25.7% | | Diluted EPS | $1.22 | $0.96 | 27.1% | [Consolidated Balance Sheets](index=2&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $405.5 billion from $394.8 billion at year-end 2024, primarily driven by a significant increase in cash and cash equivalents, while total liabilities also grew, with long-term debt rising to $123.1 billion Balance Sheet Summary (in millions) | Metric | Jun. 30, 2025 | Dec. 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $10,499 | $3,298 | | Total Current Assets | $39,306 | $31,168 | | Total Assets | $405,491 | $394,795 | | Long-Term Debt | $123,057 | $118,443 | | Total Liabilities | $284,094 | $276,550 | | Total Stockholders' Equity | $121,394 | $118,245 | [Consolidated Statements of Cash Flows](index=3&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2025, net cash from operating activities increased to $18.8 billion from $16.6 billion year-over-year, aided by higher net income, while net cash used in financing activities significantly decreased to $0.6 billion from $13.3 billion Six-Month Cash Flow Summary (in millions) | Cash Flow Activity | Six-Month 2025 | Six-Month 2024 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $18,812 | $16,640 | | Net Cash Used in Investing Activities | $(11,044) | $(6,977) | | Net Cash Used in Financing Activities | $(598) | $(13,293) | | Net increase (decrease) in cash | $7,170 | $(3,630) | [Consolidated Supplementary Data](index=4&type=section&id=Consolidated%20Supplementary%20Data) For the first six months of 2025, capital expenditures increased by 13.0% to $9.2 billion, while the company maintained its quarterly dividend and saw a 5.8% decrease in total employees Six-Month 2025 vs 2024 Supplementary Data | Metric | Six-Month 2025 | Six-Month 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Capital Expenditures (millions) | $9,174 | $8,118 | 13.0% | | Dividends Declared per Common Share | $0.5550 | $0.5550 | 0.0% | | Total Employees | 137,550 | 146,040 | -5.8% | [Segment Results](index=5&type=section&id=Segment%20Results) [Communications Segment](index=5&type=section&id=COMMUNICATIONS%20SEGMENT) The Communications segment, comprising Mobility, Business Wireline, and Consumer Wireline, saw Q2 2025 revenues grow 3.9% YoY to $29.7 billion, with strong growth in Mobility and Consumer Wireline offsetting a significant decline in Business Wireline - The Communications segment provides wireless and wireline telecom and broadband services to U.S. consumers and businesses globally, organized into Mobility, Business Wireline, and Consumer Wireline reporting units[6](index=6&type=chunk) Q2 2025 Communications Segment Performance (in millions) | Reporting Unit | Revenues | % Change YoY | Operating Income | % Change YoY | | :--- | :--- | :--- | :--- | :--- | | Mobility | $21,845 | 6.7% | $6,931 | 3.2% | | Business Wireline | $4,313 | -9.3% | $(201) | — | | Consumer Wireline | $3,541 | 5.8% | $335 | 82.1% | | **Total Segment** | **$29,699** | **3.9%** | **$7,065** | **0.9%** | [Mobility](index=6&type=section&id=Mobility) Mobility revenue grew 6.7% in Q2 2025 to $21.8 billion, driven by a 3.5% increase in service revenue and an 18.8% increase in equipment revenue, despite a slight decrease in postpaid phone net additions and an increase in churn Q2 2025 Mobility Financials (in millions) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Service Revenue | $16,853 | $16,277 | 3.5% | | Equipment Revenue | $4,992 | $4,203 | 18.8% | | Total Operating Revenues | $21,845 | $20,480 | 6.7% | | Operating Income | $6,931 | $6,719 | 3.2% | Q2 2025 Mobility Operating Data | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Postpaid Phone Net Additions (000s) | 401 | 419 | (4.3)% | | Postpaid Phone-Only Churn | 0.87% | 0.70% | 17 BP | [Business Wireline](index=7&type=section&id=Business%20Wireline) Business Wireline revenues declined 9.3% in Q2 2025 to $4.3 billion, driven by a persistent 17.3% drop in legacy services, resulting in an operating loss of $201 million for the quarter Q2 2025 Business Wireline Revenue Breakdown (in millions) | Revenue Source | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Legacy and other transitional services | $2,349 | $2,839 | (17.3)% | | Fiber and advanced connectivity services | $1,793 | $1,732 | 3.5% | | **Total Operating Revenues** | **$4,313** | **$4,755** | **(9.3)%** | - The segment reported an operating loss of **$201 million** in Q2 2025, compared to an operating income of **$102 million** in Q2 2024, with the operating margin falling to **-4.7%**[11](index=11&type=chunk) [Consumer Wireline](index=8&type=section&id=Consumer%20Wireline) Consumer Wireline revenues grew 5.8% in Q2 2025 to $3.5 billion, fueled by a 10.5% increase in broadband revenue and 243,000 fiber broadband net additions, leading to an 82.1% surge in operating income Q2 2025 Consumer Wireline Performance (in millions) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Broadband Revenue | $3,028 | $2,741 | 10.5% | | Total Operating Revenues | $3,541 | $3,347 | 5.8% | | Operating Income | $335 | $184 | 82.1% | Consumer Wireline Subscriber Data | Metric | Q2 2025 | Change from Q2 2024 | | :--- | :--- | :--- | | Fiber Broadband Net Additions (000s) | 243 | 1.7% | | Total Fiber Broadband Connections (000s) | 9,835 | 11.8% | [Latin America Segment](index=9&type=section&id=LATIN%20AMERICA%20SEGMENT) The Latin America segment, focused on Mexico wireless, reported a 4.4% revenue decline in Q2 2025 to $1.1 billion, yet operating income significantly improved to $46 million due to an 8.1% reduction in operating expenses Q2 2025 Latin America Performance (in millions) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Segment Operating Revenues | $1,054 | $1,103 | (4.4)% | | Total Segment Operating Expenses | $1,008 | $1,097 | (8.1)% | | Operating Income | $46 | $6 | — | Mexico Wireless Subscriber Data (in thousands) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Mexico Wireless Net Additions | 235 | 177 | 32.8% | | Total Mexico Wireless Subscribers | 23,843 | 22,636 | 5.3% | [Supplemental Segment Reconciliation](index=10&type=section&id=SUPPLEMENTAL%20SEGMENT%20RECONCILIATION) [Reconciliation for Three Months Ended June 30](index=10&type=section&id=Three%20Months%20Ended) For the second quarter of 2025, the combined operating income from the Communications and Latin America segments was $7.11 billion, which reconciled to the consolidated operating income of $6.50 billion after accounting for corporate items Q2 2025 Operating Income Reconciliation (in millions) | Item | Operating Income (Loss) | | :--- | :--- | | Total Communications | $7,065 | | Latin America | $46 | | **Segment Total** | **$7,111** | | Corporate and Other | $(610) | | **AT&T Inc.** | **$6,501** | [Reconciliation for Six Months Ended June 30](index=11&type=section&id=Six%20Months%20Ended) For the first six months of 2025, the total segment operating income of $14.15 billion was reconciled to the consolidated AT&T Inc. operating income of $12.26 billion by factoring in a $1.89 billion loss from Corporate and Other activities Six-Month 2025 Operating Income Reconciliation (in millions) | Item | Operating Income (Loss) | | :--- | :--- | | Total Communications | $14,056 | | Latin America | $89 | | **Segment Total** | **$14,145** | | Corporate and Other | $(1,890) | | **AT&T Inc.** | **$12,255** |

Core Viewpoint - AT&T Inc. reported strong second-quarter results, showcasing robust growth in high-quality 5G and fiber subscribers, leading to improved service revenues and consolidated earnings growth [1][3]. Financial Performance - Revenues for the second quarter totaled $30.8 billion, up 3.5% from $29.8 billion in the previous year, driven by higher Mobility and Consumer Wireline revenues [14]. - Diluted EPS was $0.62, compared to $0.49 a year ago, while adjusted EPS was $0.54, up from $0.51 [7][14]. - Operating income was $6.5 billion, with adjusted operating income also at $6.5 billion, reflecting a year-over-year increase [14]. - Net income reached $4.9 billion, up from $3.9 billion in the previous year [14]. Subscriber Growth - AT&T added 401,000 postpaid phone subscribers, with a postpaid phone churn rate of 0.87% [7][14]. - The company reported 243,000 net adds for AT&T Fiber and 203,000 for AT&T Internet Air [7][18]. - Mobility service revenues grew by 3.5% year over year, while consumer fiber broadband revenues increased by 18.9% [7][18]. Tax Savings and Investments - AT&T expects to realize $6.5 to $8.0 billion in cash tax savings from the One Big Beautiful Bill Act between 2025 and 2027, with $1.5 to $2.0 billion expected in 2025 [3][4]. - The company plans to invest $3.5 billion of these savings into its network to accelerate fiber internet deployment to 4 million locations per year by the end of 2026 [4][5]. Capital Expenditures and Free Cash Flow - Capital expenditures for the quarter were $4.9 billion, with total capital investment at $5.1 billion [14]. - Free cash flow was reported at $4.4 billion, an increase from $4.0 billion in the previous year [14][33]. Segment Performance - Communications segment revenues were $29.7 billion, up 3.9% year over year, with operating income increasing by 0.9% [11][12]. - Mobility revenues rose by 6.7% year over year, driven by service revenue growth and equipment sales [15]. - Consumer Wireline revenues increased by 5.8%, supported by strong broadband revenue growth [19]. - Business Wireline revenues declined by 9.3% due to pressures on legacy services, partially offset by fiber growth [16][17]. Future Outlook - AT&T updated its financial guidance for 2025-2027, projecting consolidated service revenue growth in the low-single-digit range and adjusted EBITDA growth of 3% or better [8][6]. - The company anticipates adjusted EPS to accelerate to double-digit percentage growth by 2027 [8].

Core Insights - AT&T stock increased by 1.6% during Monday's trading session, outperforming the S&P 500 and Nasdaq indices which gained 0.1% and 0.3% respectively [1] - The rise in AT&T's stock was influenced by positive earnings results from its main competitor, Verizon, which reported better-than-expected Q2 results [2][4] Company Performance - Verizon's Q2 results included non-GAAP earnings per share (EPS) of $1.22 on revenue of $34.5 billion, exceeding Wall Street's expectations of $1.19 EPS on $33.79 billion revenue [4] - Verizon's sales grew by 5% year over year, which was interpreted positively by investors for the telecom sector, including AT&T [4] Future Expectations - AT&T is set to release its own Q2 results soon, with expectations heightened due to Verizon's performance [5] - Analysts project AT&T will report an EPS of $0.51 on sales of $30.53 billion, indicating a 10.5% decline in EPS but a 2.5% increase in revenue [6] - These projections were made prior to Verizon's Q2 report, suggesting that AT&T's results may also exceed market expectations [6]

Core Insights - Several companies are set to pay dividends in August, providing opportunities for income-seeking investors to earn steady returns while some also exhibit strong growth fundamentals that could enhance stock prices in the future [1] Group 1: AT&T (NYSE: T) - AT&T will pay a dividend of $0.28 per share, yielding 3.84%, to investors who owned the stock before the July 10 ex-dividend date [2] - The company has refocused on its core wireless and broadband businesses after years of costly acquisitions, presenting a stronger case as a long-term buy due to improved financials and a reliable dividend [2][3] - AT&T has shed non-core assets like DirecTV and Time Warner, concentrating on wireless and fiber connectivity, which has boosted profit margins and cash flow, allowing the company to pay down $45 billion in debt over the past four years [3] - The company generated over $40 billion in operating cash flow over the past year, sustaining its quarterly dividend of $0.2775 per share [4] Group 2: Verizon (NYSE: VZ) - Verizon is paying a dividend of $0.68 per share on August 1, representing a 6.26% yield for shareholders of record before July 10 [7] - The company continues to innovate in key growth areas, expanding its 5G portfolio with flexible wireless and broadband bundles to meet the growing demand for premium plans and streaming services [9] - Verizon has secured significant contracts, including a multibillion-dollar private 5G network in the UK and a dedicated 5G network slice for first responders, highlighting its competitive edge and potential for new revenue streams [10] - Despite challenges like high capital spending and competitive pressure, Verizon's scale and customer-focused strategy should reassure investors of its long-term stability [11]

Core Viewpoint - The U.S. markets have experienced volatility, but dividend-paying stocks can provide substantial passive income even during market fluctuations [1] Group 1: Verizon Communications - Verizon offers a sustainable 6.5% dividend yield, translating to $2.71 annually per share, and has raised its dividend for 18 consecutive years [5][6] - The company reported its highest-ever quarterly adjusted EBITDA of $12.6 billion in Q1 2025, with free cash flow of $3.6 billion and a dividend payout ratio of 64.2%, indicating strong earnings to cover dividends [6] - Verizon's convergence strategy has reduced customer churn by 40% to 50%, leading to predictable cash flows [7] - In Q1, Verizon added 339,000 broadband customers and 308,000 fixed wireless customers, aiming for 100 million premises with fiber and fixed wireless access [8] - The adjacent services business is expected to reach a $2 billion annual run rate by the end of 2025, with management guiding for 2% to 3.5% adjusted EBITDA growth [9] - Verizon is positioned as a smart buy for investors seeking passive income from high-quality companies [10] Group 2: AT&T - AT&T offers a solid 4.1% yield, translating to $1.11 per share annually, with a 68.1% dividend payout ratio, allowing for potential dividend increases [11] - The company reduced its net debt by $32 billion since 2020, ending Q1 2025 with a net debt-to-adjusted EBITDA ratio of 2.63 [12] - AT&T's revenues increased by 2% to $30.6 billion in Q1, with net income rising 23.6% year over year to $4.7 billion [12] - The company operates the largest fiber network in the U.S., expecting to reach 30 million fiber locations by mid-2025 and 50 million by 2029, driving strong customer growth [13] - Bundling services has created stickier customer relationships, making AT&T an appealing pick for income investors seeking defensive dividend growth [14] Group 3: AbbVie - AbbVie offers a 3.52% yield with an annual payout of $6.56 per share and has a history of increasing dividends for 53 consecutive years [15] - Despite losing patent protection for Humira, AbbVie has diversified its portfolio and reduced reliance on the drug, with next-generation drugs generating $5.1 billion, a 65% year-over-year increase [17] - The company is focusing on strategic investments, including a $350 million obesity partnership and a $2.1 billion acquisition of Capstan Therapeutics, positioning itself in high-growth areas [18] - Recent IPR&D and milestone expenses have negatively impacted second-quarter earnings guidance, but these deals may drive long-term growth [19]

Core Insights - AT&T is expanding its 5G Reduced Capability (RedCap) network coverage across the United States, targeting devices that require lower bandwidth and power consumption while maintaining low latency and reliable service [1][3][8] - The 5G RedCap technology market is projected to grow at a 25% compound annual growth rate from 2024 to 2033, indicating significant potential for IoT applications [2] - AT&T's 5G RedCap network now covers 200 million people, marking a major milestone in enabling AI-powered IoT innovations [3][8] - The Franklin Wireless RG350 is the first commercially approved RedCap product on AT&T's network, showcasing the company's commitment to developing the RedCap ecosystem [4] Competitive Landscape - AT&T faces competition from T-Mobile and Verizon in the RedCap technology market, with T-Mobile also advancing its infrastructure and emphasizing power efficiency [5] - Verizon is conducting trials for RedCap technology but is currently behind AT&T and T-Mobile in commercialization efforts [6] Financial Performance - AT&T's stock has increased by 41% over the past year, outperforming the Wireless National industry's growth of 18.4% [7] - The company's shares trade at a price/book ratio of 12.58 forward earnings, which is lower than the industry average of 12.96 but above its historical mean of 10.96 [9] - Earnings estimates for 2025 and 2026 have remained stable over the past 60 days, indicating consistency in financial projections [11]

Core Viewpoint - Analysts forecast AT&T will report quarterly earnings of $0.51 per share, reflecting a year-over-year decline of 10.5%, with revenues expected to reach $30.53 billion, an increase of 2.5% compared to the previous year [1] Earnings Estimates - The consensus EPS estimate for the quarter has not changed over the past 30 days, indicating analysts have not revised their initial projections [2] - Revisions to earnings estimates are crucial for predicting investor actions, as empirical research shows a strong correlation between earnings estimate trends and short-term stock performance [3] Revenue Projections - Analysts estimate 'Revenues- Communications- Business Wireline' will be $4.33 billion, a year-over-year decline of 9% [5] - 'Revenues- Communications- Consumer Wireline' is projected to reach $3.53 billion, indicating a year-over-year increase of 5.4% [5] - 'Revenues- Corporate and Other' is estimated at $20.56 million, reflecting a significant year-over-year decline of 81.6% [5] - 'Revenues- Communications- Mobility' is expected to be $21.54 billion, showing a year-over-year increase of 5.2% [6] Key Metrics - 'Consumer Wireline - Broadband Connections - Fiber Broadband Connections' is projected to reach 9.83 million, up from 8.80 million year-over-year [6] - 'Consumer Wireline - Fiber Broadband Net Additions' is estimated at 239.75 thousand, slightly up from 239.00 thousand year-over-year [7] - 'Consumer Wireline - Broadband Connections - Non Fiber Broadband Connections' is expected to be 4.36 million, down from 5.04 million in the same quarter last year [7] - 'Consumer Wireline - Broadband Net Additions' is forecasted at 82.45 thousand, compared to 52.00 thousand year-over-year [8] - 'Mobility Subscribers - Postpaid phone' is expected to reach 73.36 million, up from 71.93 million year-over-year [8] - 'Mobility Net Additions - Postpaid Phone' is projected at 319.49 thousand, down from 419.00 thousand year-over-year [9] - 'Consumer Wireline - Broadband Connections - Broadband' is estimated at 14.19 million, compared to 13.84 million year-over-year [9] - 'Mobility - Total Mobility Net Additions' is expected to be 710.04 thousand, down from 997.00 thousand year-over-year [10] Stock Performance - Over the past month, AT&T shares have returned -2.4%, while the Zacks S&P 500 composite has increased by 5.4% [11] - AT&T currently holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [11]

Core Viewpoint - AT&T Inc. is set to report its second-quarter 2025 earnings on July 23, with revenue and earnings estimates at $30.53 billion and 51 cents per share respectively, remaining unchanged over the past 60 days [1][8]. Earnings Performance - The company has delivered an average earnings surprise of 2.64% over the last four quarters [3]. - The earnings estimates for the upcoming quarter show a slight negative surprise of -2.60% with a Zacks Rank of 3 (Hold) [5]. Revenue and Growth Factors - AT&T's revenue and EPS estimates are driven by its Communications segment, with projected revenues of $29.39 billion from this segment [8][14]. - The company has expanded its fiber reach to 30 million locations and has agreed to acquire Lumen's fiber assets for $5.75 billion, which will enhance its competitive position [9][10]. Competitive Landscape - The U.S. wireless market remains highly competitive, with challenges from major players like T-Mobile and Verizon affecting AT&T's margins [15][22]. - AT&T's new wireless plans targeting customers aged 55 and above are expected to improve customer engagement in this demographic [11]. Strategic Initiatives - The company is collaborating with AST SpaceMobile to develop satellite-based cellular connectivity, which could benefit first responders and public safety applications [12]. - A strategic agreement with Palo Alto Networks aims to enhance data protection for businesses through a secure access service edge solution [13]. Valuation Metrics - AT&T's shares are trading at a forward P/E ratio of 12.56, which is lower than the industry average of 12.96 but above its historical mean of 10.94 [19]. Investment Considerations - The company is focused on enhancing its network infrastructure, particularly in 5G and fiber networks, to improve coverage and capacity [21]. - Despite solid subscriber growth, intense competition and promotional spending are straining margins, with a current ratio of 0.7 indicating potential short-term liquidity challenges [22].

Company Overview - AT&T is expected to report quarterly earnings of $0.51 per share, reflecting a year-over-year decline of 10.5% [3] - Revenues are anticipated to reach $30.53 billion, which is a 2.5% increase from the previous year [3] - The earnings report is scheduled for July 23, 2025, and could influence stock price movements based on actual results compared to expectations [2] Earnings Estimates and Trends - The consensus EPS estimate has remained unchanged over the last 30 days, indicating a stable outlook from analysts [4] - AT&T's Earnings ESP (Expected Surprise Prediction) is -2.60%, suggesting a bearish sentiment among analysts regarding the company's earnings prospects [11] - The company has a Zacks Rank of 3 (Hold), complicating predictions of an earnings beat [11] Historical Performance - In the last reported quarter, AT&T was expected to post earnings of $0.52 per share but delivered $0.51, resulting in a surprise of -1.92% [12] - Over the past four quarters, AT&T has beaten consensus EPS estimates two times [13] Comparison with Industry Peers - Verizon Communications, another player in the telecommunications industry, is expected to report earnings of $1.18 per share, indicating a year-over-year increase of 2.6% [17] - Verizon's revenues are projected to be $33.58 billion, up 2.4% from the previous year [17] - Verizon has an Earnings ESP of +0.18% and a Zacks Rank of 3, suggesting a higher likelihood of beating consensus EPS estimates [18][19]

Core Insights - AT&T Inc. and Comcast Corporation are significant players in the telecommunications industry, with AT&T being one of the largest wireless service providers in North America and Comcast being a leading provider of cable television and broadband services [1][2]. Industry Overview - The U.S. telecommunications industry is expected to be highly competitive and rapidly evolving by 2025, driven by growing 5G adoption, increasing demand for high-speed broadband, and AI-driven network optimization [3]. Comcast's Strategy - Comcast is focusing on value, reliability, and improved user experience in its Xfinity internet offerings, introducing an Everyday Pricing structure with four simple national Internet tiers and unlimited data [4]. - The company has implemented free speed upgrades for Xfinity Internet, increasing upload speeds by up to 100% and enhancing downloads, supported by its fiber-based network covering over 64 million homes [5]. - Comcast is expanding its Xfinity Mobile brand to enhance its competitive edge in the U.S. wireless market, with 23 million hotspots across the country [6]. Challenges for Comcast - Comcast faces challenges from intensifying competition, declining domestic broadband and video customers, and an uncertain macroeconomic environment [7]. AT&T's Strategy - AT&T is experiencing growth in its wireless business, driven by increasing user engagement and demand for higher-tier unlimited plans, while expanding its fiber network to reach 30 million locations [8][9]. - The company has agreements to acquire Lumen's fiber business, adding 1 million fiber customers and 4 million locations, with a goal to reach 60 million fiber locations by 2030 [9]. Challenges for AT&T - AT&T has a high debt burden, with long-term debt of $117.26 billion as of March 31, 2025, and faces competition in a saturated U.S. wireless market [11]. - The company is adjusting its business strategy to focus on 5G and fiber, following the divestiture of its remaining stake in DIRECTV to enhance liquidity [12]. Financial Estimates - The Zacks Consensus Estimate for AT&T's 2025 sales indicates a growth of 1.57% year over year, while EPS is expected to decline by 10.18% [13]. - For Comcast, the 2025 sales estimate indicates a decline of 1.23% year over year, with EPS projected to match the previous year's figure of $4.33 [14]. Price Performance - Over the past year, AT&T's stock has gained 45.1%, while Comcast's stock has declined by 10.2% [18]. - From a valuation perspective, Comcast appears more attractive, trading at a price/earnings ratio of 7.77 compared to AT&T's 12.58 [19]. Conclusion - Both companies are focusing on expanding their fiber broadband infrastructure and customer base amid competition, with AT&T's strategic divestitures and strong fiber footprint providing a competitive edge [21].