每经AI快讯，1月28日，AT&T股价在盘前交易中上涨3.4%，此前公司发布了高于市场预期的年度盈利 预测。 ...

Core Insights - AT&T experienced higher sales in the fiscal fourth quarter, driven by revenue growth in its wireless and consumer segments [1] Group 1: Financial Performance - The increase in sales was primarily attributed to the performance of the wireless business [1] - Consumer business also contributed positively to the overall revenue growth [1]

Financial Performance - Total operating revenues for Q4 2025 reached $33,466 million, a 3.6% increase from Q4 2024's $32,298 million[1] - Net income attributable to AT&T for Q4 2025 was $3,788 million, down 7.2% from $4,080 million in Q4 2024[1] - Operating income for the year ended 2025 was $24,162 million, a significant increase of 26.8% compared to $19,049 million in 2024[1] - Total operating revenues for the year ended 2025 reached $4,379 million, a 3.5% increase from $4,232 million in 2024[16] - Total operating income for AT&T Inc. in 2025 was $24,162 million, compared to $19,049 million in 2024[18] Cash and Assets - Cash and cash equivalents increased to $18,234 million by the end of 2025, up from $3,298 million at the end of 2024[2] - Total assets grew to $420,198 million in 2025, compared to $394,795 million in 2024, reflecting a 6.4% increase[2] Capital Expenditures and Debt - Total capital expenditures for the year ended 2025 were $20,842 million, a 2.9% increase from $20,263 million in 2024[5] - The debt ratio increased to 51.4% in 2025, up from 50.7% in 2024, indicating a rise in leverage[5] Employment and Workforce - The total number of employees decreased to 133,030 in 2025, down 5.6% from 140,990 in 2024[5] Operating Activities - The company reported a net cash provided by operating activities of $40,284 million for the year ended 2025, compared to $38,771 million in 2024[4] Segment Performance - Mobility segment operating revenues increased by 5.3% to $24,354 million in Q4 2025, compared to $23,129 million in Q4 2024[7] - Total segment operating revenues for the year ended 2025 reached $120,896 million, a 2.8% increase from $117,652 million in 2024[7] - Operating income for the Mobility segment rose by 4.5% to $6,400 million in Q4 2025, up from $6,124 million in Q4 2024[9] - Business Wireline segment operating revenues decreased by 7.5% to $4,202 million in Q4 2025, compared to $4,545 million in Q4 2024[12] - Consumer Wireline segment operating revenues increased by 2.9% to $3,565 million in Q4 2025, compared to $3,465 million in Q4 2024[14] - Total operating income for the Consumer Wireline segment surged by 94.9% to $538 million in Q4 2025, compared to $276 million in Q4 2024[14] - Mobility segment revenues for the year reached $89,482 million, with an operating income of $27,196 million[18] - Corporate and Other segment reported an operating loss of $2,559 million for the year ended 2025[18] Subscriber Metrics - Mobility total subscribers reached 120,105 thousand, a 1.9% increase from 117,851 thousand in 2024[9] - Postpaid churn rate increased to 1.12% in Q4 2025 from 1.00% in Q4 2024[9] - Fiber broadband connections grew by 11.5% to 10,406 thousand in 2025, compared to 9,331 thousand in 2024[14] - Broadband net additions for the Consumer Wireline segment increased by 70.7% to 210 thousand in Q4 2025, compared to 123 thousand in Q4 2024[14] - Total Mexico wireless subscribers grew by 4.7% to 24,680 thousand as of December 31, 2025, up from 23,576 thousand in 2024[16] - Postpaid subscribers in Mexico increased by 15.7% to 6,751 thousand, while prepaid subscribers rose by 1.4% to 17,730 thousand[16] - The company reported a significant increase in net additions for postpaid subscribers, with 914 thousand added in 2025, a 52.1% increase from 601 thousand in 2024[16] Operating Expenses - Operating expenses for the year ended 2025 totaled $4,234 million, a slight increase of 1.0% from $4,192 million in 2024[16] Dividends - The company declared dividends of $0.2775 per common share, consistent with the previous year[5]

Core Insights - AT&T reported strong financial performance for Q4 and full-year 2025, meeting or exceeding all consolidated financial guidance, driven by growth in converged fiber and 5G customers [1][2][3] - The company returned over $12 billion to shareholders in 2025 and expects to return an additional $45 billion+ from 2026-2028 [1][2] - AT&T's customer-centric, investment-led strategy has resulted in increased profitability and high customer satisfaction, with 42% of AT&T Fiber households also choosing AT&T for wireless services [1][3] Fourth-Quarter Results - Free cash flow was $4.2 billion, up from $4.0 billion in the previous year [2][3] - Revenues reached $33.5 billion, a 3.6% increase year-over-year, driven by higher mobility and consumer wireline revenues [3][4] - Net income was $4.2 billion, with adjusted EBITDA of $11.2 billion, compared to $10.8 billion in the year-ago quarter [2][3] Full-Year Results - Free cash flow for the full year was $16.6 billion, compared to $15.3 billion in 2024 [2][3] - Total revenues for 2025 were $125.6 billion, up 2.7% from $122.3 billion in 2024 [3][4] - Net income attributable to common stock was $21.9 billion, significantly up from $10.7 billion in the previous year [3][4] Segment Performance - Consumer Wireline fiber revenues increased by 13.6% year-over-year, contributing to strong broadband growth [3][4] - Mobility service revenues grew by 2.4% year-over-year, with 421,000 postpaid phone net adds [2][3] - Business Wireline revenues declined by 7.5% due to pressures on legacy services, partially offset by growth in fiber and advanced connectivity services [4][5] Long-Term Outlook - AT&T anticipates improved growth in adjusted EBITDA and adjusted EPS through 2028, with adjusted EPS expected to be between $2.25 and $2.35 in 2026 [2][3] - The company expects free cash flow to exceed $18 billion in 2026, $19 billion in 2027, and $21 billion in 2028 [2][3] - AT&T plans to maintain its annualized common stock dividend of $1.11 per share while executing share repurchases totaling approximately $8 billion during 2026 [2][3] Capital Allocation - The company expects to return over $45 billion to shareholders through dividends and share repurchases from 2026 to 2028 [1][2] - AT&T's net debt-to-adjusted EBITDA ratio is projected to increase to approximately 3.2x following acquisitions and decline to around 3x by the end of 2026 [2][3] - The company aims to reduce net leverage to its target range of 2.5x within three years following the closing of its acquisitions [2][3]

Core Viewpoint - AT&T has forecasted annual profit exceeding market expectations, driven by its expansion in wireless and fiber networks to meet the increasing demand for 5G and high-speed internet services [1] Group 1: Financial Performance - The company anticipates strong financial performance due to its strategic investments in network infrastructure [1] - The forecast indicates a positive outlook for profitability, suggesting robust demand in the telecommunications sector [1] Group 2: Market Demand - There is a growing demand for 5G and high-speed internet services, which AT&T aims to capitalize on through its network expansion [1] - The expansion of wireless and fiber networks is expected to position the company favorably in the competitive landscape [1]

Market Overview - U.S. stock markets are experiencing a pivotal moment with anticipation surrounding the Federal Reserve's interest rate decision and earnings reports from major technology companies [1] - Premarket trading shows a mixed but generally upward trend, with S&P 500 Futures up 0.3% to 7,028.75 points and Nasdaq 100 Futures up 0.6% to 26,228.75 points, while Dow Jones Futures remain flat at 49,159.0 points [2] Semiconductor Industry - U.S. chip stocks are seeing notable gains, with Nvidia increasing by 1.7%, AMD rising by 1.4%, and Intel climbing 4.6%, reflecting strong investor confidence in AI and advanced computing [3] Major Market Indexes - The S&P 500 Index closed at a record high of 6,978.60 points, a 0.41% increase, driven by strength in chipmakers and AI infrastructure stocks, particularly Micron Technology, which announced a $24 billion investment in Singapore [4] - The Dow Jones Industrial Average closed at 49,003.41 points, down 0.83%, primarily due to weakness in the healthcare sector, with UnitedHealth Group forecasting a revenue decline for 2026 [5] - The Nasdaq Composite Index closed up 0.91% at 23,817.10 points, reaching a 2.75-month high, with nearly 30% year-over-year growth attributed to AI advancements [6] Upcoming Market Events - The Federal Reserve is expected to hold its key interest rate steady within the 3.5%-3.75% target range, following three consecutive rate cuts in late 2025, with a focus on the labor market and consumer spending [7] - Major earnings reports are anticipated from tech giants Meta Platforms and Microsoft, which will provide insights into the technology sector's health and AI investments [13] Company News - Infosys announced a strategic AI-focused collaboration, indicating ongoing investment in AI solutions [14] - Boeing's CEO outlined a turnaround plan after six consecutive annual losses, addressing operational challenges [14] - HSBC is scaling back its M&A and equities businesses in Europe, the UK, and the Americas to focus on Asian operations [14] - JetBlue Airways reported a significant Q4 loss and provided weaker-than-expected revenue guidance, raising concerns about profitability [14] - RTX Corporation delivered higher-than-expected Q4 results, showcasing strong growth across its business segments [14]

Group 1 - U.S. stock futures are trading higher, indicating a positive market sentiment for the day [1] - Microsoft Corp. is expected to report quarterly earnings of $3.97 per share on revenue of $80.27 billion, with shares rising 0.4% to $482.50 in after-hours trading [1] - Packaging Corp Of America reported weaker-than-expected fourth-quarter results, projecting first-quarter GAAP EPS of $2.20, below market estimates of $2.26, leading to a 2.1% decline in shares to $218.99 [1] - Tesla Inc. is anticipated to post quarterly earnings of 45 cents per share on revenue of $24.78 billion, with shares increasing 0.4% to $432.49 in after-hours trading [1] - Starbucks Corp. is projected to report quarterly earnings of 59 cents per share on revenue of $9.73 billion, with shares slipping 0.1% to $95.70 in after-hours trading [1] - AT&T Inc. is expected to report quarterly earnings of 46 cents per share on revenue of $32.87 billion, with shares rising 0.3% to $23.07 in after-hours trading [1]

Group 1 - The top gainers among Chinese concept stocks include Roma Green Finance with a rise of 44.36%, One Construction Group up by 43.73%, Tianci International increasing by 41.77%, TNL Mediagene rising 35.19%, and Sihang Unlimited up 31.25% [1][1][1] - Roma Green Finance's latest price is 3.970 with a gain of 1.220 and a trading volume of 2.9698 million [1][1][1] - One Construction Group's latest price is 4.700 with a gain of 1.430 and a trading volume of 4.1194 million [1][1][1] - Tianci International's latest price is 0.6153 with a gain of 0.1813 and a trading volume of 2.6552 million [1][1][1] - TNL Mediagene's latest price is 4.380 with a gain of 1.140 and a trading volume of 0.8482 million [1][1][1] - Sihang Unlimited's latest price is 1.470 with a gain of 0.350 and a trading volume of 0.3519 million [1][1][1]

The Nasdaq led US stock futures higher on Wednesday as AI trade fervor spread ahead of the Federal Reserve’s latest policy decision and earnings from megacap techs. Contracts on the tech-heavy Nasdaq 100 (NQ=F) climbed about 0.9%, while those on the Dow Jones Industrial Average (YM=F) hovered below the flat line. S&P 500 futures (ES=F) moved up 0.3% on the heels of an all-time closing high. Techs are set to buoy markets again as a surprise record surge in orders for ASML's (ASML) chipmaking machines sto ...

The stock has had a bad start to the year but its fourth-quarter earnings could change that. ...