AT&T (NYSE:T) Q4 2025 Earnings call January 28, 2026 08:30 AM ET Company ParticipantsBrett Feldman - Head of Investor RelationsJeff McElfresh - COOJohn Stankey - CEOMichael Rollins - MDPascal Desroches - CFOPeter Supino - MDSam McHugh - Head of Telecom Equity ResearchConference Call ParticipantsBenjamin Swinburne - Equity Research AnalystJohn Hodulik - MD and Senior Equity Research AnalystMichael Funk - Senior Equity AnalystMichael Ng - Senior Equity AnalystSebastiano Petti - Senior Research AnalystOperator ...

AT&T (NYSE:T) Q4 2025 Earnings call January 28, 2026 08:30 AM ET Speaker3Good morning, and welcome to AT&T's fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. Should you need assistance during the call, please press star then zero, and an operator will assist you offline. Following the presentation, the call will be open for questions. If you'd like to ask a question, please press star then one, and you will be placed in the question queue. If you are in the questi ...

Core Insights - AT&T reported quarterly earnings of $0.52 per share, exceeding the Zacks Consensus Estimate of $0.46 per share, but down from $0.54 per share a year ago, resulting in an earnings surprise of +13.04% [1] - The company generated revenues of $33.47 billion for the quarter, surpassing the Zacks Consensus Estimate by 2.24% and increasing from $32.3 billion year-over-year [2] - AT&T has outperformed consensus EPS estimates two times in the last four quarters and has topped revenue estimates three times in the same period [2] Earnings Outlook - The sustainability of AT&T's stock price movement will largely depend on management's commentary during the earnings call and future earnings expectations [3] - The current consensus EPS estimate for the upcoming quarter is $0.54 on revenues of $31.07 billion, while the estimate for the current fiscal year is $2.25 on revenues of $126.98 billion [7] Industry Context - The Wireless National industry, to which AT&T belongs, is currently ranked in the bottom 7% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact AT&T's stock performance [5][6]

Company News - ASML's ADRs rose 5% after reporting orders significantly exceeding investor expectations, driven by increased demand for AI computing workloads [3][5][17] - Seagate's stock increased by 8% following a strong second-quarter earnings report that surpassed expectations, along with a positive outlook [3] - Texas Instruments gained 7% after providing a favorable outlook, indicating improved demand in industrial and data center markets [3] - AT&T's shares rose 3% after reporting fourth-quarter profit and revenue that exceeded analysts' estimates, attributed to strong broadband subscriber growth [3] - C3.ai's stock surged 15% amid reports of merger talks with Automation Anywhere [3] - F5 Inc. jumped 8% after raising its revenue forecast for the fiscal year [3] - New Oriental Education's ADRs rose 6% after beating second-quarter estimates and increasing its annual net revenue forecast [3] - Corning's shares fell 3% after reporting fourth-quarter results and providing a disappointing outlook [3] - Elevance Health dropped 6% after giving an adjusted profit forecast for 2026 that fell short of Wall Street expectations [3] - Qorvo's stock fell 10% after issuing a weaker-than-expected outlook [3] Industry Trends - The tech sector is experiencing a rally, driven by strong earnings from semiconductor and memory companies, which is boosting the AI trade [1][4][6] - The Magnificent Seven stocks are mostly higher, with Nvidia, Alphabet, and Amazon showing gains, while Meta and Apple experienced slight declines [3] - The semiconductor, memory, and storage sectors are seeing significant gains due to positive earnings reports, particularly from ASML, Seagate, and Texas Instruments [3][4] - Asian equities are also benefiting from the tech rally, with notable gains in TSMC and SK Hynix [5][13] - The demand for AI memory is driving earnings growth for companies like SK Hynix, indicating a strong market for AI-related technologies [5][14]

2025 4th Quarter Earnings January 28, 2026 AT&T Intellectual Property and/or AT&T affiliated companies. All other marks are the property of their respective owners AT&T Proprietary (Internal Use Only) - Not for use or disclosure outside the AT&T companies except under written agreement © 2026 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. © 2025 AT&T Intellectual Property. AT&T and globe logo are reg ...

Group 1: Financial Performance - AT&T reported Q4 revenue growth of 3.7% to $33.5 billion, exceeding analyst expectations of $32.8 billion [1] - Adjusted earnings per share increased to $0.52, surpassing the expected $0.46 [1] - Adjusted EBITDA for Q4 was $11.2 billion, higher than the anticipated $11.1 billion [1] Group 2: User Growth and Market Competition - The company added 421,000 wireless users in Q4, below Wall Street's expectation of 440,000 [1] - AT&T's strategy relies heavily on customers purchasing multiple products, such as mobile plans and home internet services [1] - The company launched various promotions to attract new customers and retain existing ones, including trade-in offers for the latest iPhone 17 Pro [1] Group 3: Internet Services - AT&T's fixed wireless internet service, Internet Air, added 221,000 users in Q4, falling short of the expected 272,000 [2] - The company is the first major U.S. telecom operator to report financial results, with Verizon and T-Mobile set to report later [2] Group 4: Future Outlook - AT&T's annual profit guidance exceeds market expectations, with projected adjusted earnings per share for 2026 between $2.25 and $2.35, above the expected $2.21 [2] - The company's infrastructure strategy includes significant acquisitions, such as the nearly $6 billion purchase of Lumen's consumer fiber business and a $23 billion acquisition of EchoStar's spectrum licenses [3] - AT&T anticipates free cash flow will exceed $21 billion by 2028, higher than the analyst expectation of $19.61 billion [4] Group 5: Organizational Changes - Starting Q1 2026, AT&T will restructure its reporting segments into three parts: a new "Advanced Connectivity" division, traditional services, and Latin America operations [4]

Market Overview - US stock index futures showed mixed results, with Nasdaq futures up 0.84%, S&P 500 futures up 0.27%, and Dow futures down 0.03% [1] - Major European indices collectively declined, with Germany's DAX down 0.5%, UK's FTSE 100 down 0.51%, France's CAC down 1.29%, and the Euro Stoxx 50 down 0.29% [1] - Spot gold surpassed $5,300 per ounce, setting a new historical record, with a year-to-date increase of nearly 23% [1] Company Developments - Amazon announced plans to cut approximately 16,000 corporate jobs to streamline its structure amid AI competition [5] - Tesla's new car registrations in Europe last year totaled 238,656 units, reflecting a year-on-year decline of 26.9% [6] - ASML reported Q4 revenue of €9.718 billion, exceeding expectations, and announced a €12 billion stock buyback while planning to streamline its technology and IT departments [7] - Seagate Technology's Q2 revenue grew by 22% year-on-year to $2.83 billion, with adjusted earnings per share of $3.11, both surpassing expectations [8] - AT&T's Q4 revenue was $33.5 billion, with a net addition of 421,000 postpaid wireless phone users, which fell short of expectations [9] - Corning's Q4 sales reached $4.41 billion, with core earnings per share of $0.72, both exceeding expectations [10] - Texas Instruments reported a 10% year-on-year revenue increase to $4.42 billion, with earnings per share of $1.27 [11] - LVMH's revenue exceeded €80.8 billion, with a net profit decline of 13%; Q4 demand in Asia was stronger than expected [12] - Vale's iron ore and copper production reached 336 million tons and 382,000 tons, respectively, marking the highest levels since 2018 [13] Strategic Moves - Guo Minghao, an analyst at Tianfeng International Securities, indicated that Apple’s pricing strategy for the new iPhone 18 in 2H26 is to "keep prices as low as possible" [4] - But Bin revealed a $9.1 billion US stock portfolio, with Google replacing Nvidia as the top holding, while Netflix, TSMC, and Broadcom were completely sold off [3]

盘前市场动向 1. 1月28日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.04%，标普500指数期货涨0.37%，纳指期货涨 0.95%。 | = US 30 | 49,020.90 | 49,079.60 | 48,972.10 | +17.50 | +0.04% | | --- | --- | --- | --- | --- | --- | | = US 500 | 7,004.30 | 7.014.80 | 6,983.30 | +25.70 | +0.37% | | 트 US Tech 100 | 26,185.00 | 26,224.70 | 26,003.30 | +245.30 | +0.95% | 2. 截至发稿，德国DAX指数跌0.10%，英国富时100指数跌0.44%，法国CAC40指数跌0.96%，欧洲斯托克50指数涨0.03%。 | 德国DAX30 | 24,882.14 | 24,929.93 | 24,795.48 | -26.09 | -0.10% | | --- | --- | --- | --- | --- | --- | | 英国富时100 | 10,1 ...

Core Viewpoint - AT&T demonstrated strong subscriber growth in its fiber and wireless segments, leading to impressive earnings results for the fourth quarter [1] Earnings Results - AT&T added 283,000 fiber subscribers in the fourth quarter, surpassing the FactSet consensus of 265,000 [1] - The company reported 421,000 net postpaid phone subscribers added, slightly below the FactSet consensus of 425,000 [1] - The growth reflects AT&T's strategy to enhance internet offerings and promote bundled packages [1]

专题：聚焦美股2025年第四季度财报 美国电话电报公司（AT&T）周三发布业绩指引，其年度利润预期超出市场预估。该公司认为，旗下无 线及光纤网络的扩建计划，将助力这家美国通信运营商把握 5G 及高速互联网领域持续增长的市场需 求。 公司股价在盘前交易中上涨约 7%。 这份乐观的业绩预期，核心依托于 AT&T 的基础设施扩建战略，而该战略的两大重要支撑是两笔重磅 交易 —— 以近 60 亿美元收购卢门公司的消费者光纤业务，以及以 230 亿美元收购回声星通信公司的频 谱牌照。 上述两笔交易预计将于今年初完成交割。随着远程办公、流媒体服务及智能联网设备推动数据消费量持 续攀升，宽带需求也随之增长，AT&T 将凭借更快的网络速率和优化的移动信号覆盖，从竞争对手手中 争夺用户。 去年第四季度，公司新增净月付费无线电话用户 42.1 万名，与 Visible Alpha 分析师 42.151 万名的预期 基本持平。 责任编辑：郭明煜 专题：聚焦美股2025年第四季度财报 公司表示，受套餐捆绑优惠政策吸引，42% 的光纤业务家庭用户同时开通了其 5G 移动服务。 据伦敦证券交易所集团的数据分析，AT&T 预计 2028 ...