At&t Inc. · NYSE:T
At&t — Q4 2025 Earnings Presentation
15 slides from At&t's earnings presentation, Jan 28, 2026
Slide 1: 2025 4th Quarter Earnings
2025 4th Quarter Earnings January 28, 2026 © 2025 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. All other marks are the property of their respective owners © 2026 AT&T Intellectual Property.
Slide 2: Cautionary Language Concerning Forward-looking Statements
Cautionary Language Concerning Forward-looking Statements Information set forth in this presentation contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect futu
Slide 3: 2025 Highlights
2025 Highlights 74.2M Postpaid Phone Subscribers 32M+ Fiber Consumer & Business +1.5M Net Additions Locations Reached* 3M+ added in 2025 10.4M AT&T Fiber Subscribers + 42% Convergence rate* +1M Net Additions 200 basis point increase YoY * See end of presentation for non-GAAP reconciliations & other
Slide 4: 4Q25 Consolidated Results
4Q25 Consolidated Results Revenue Adjusted EBITDA* +1.0% $ in billions $ in billions 90.0% $14.0B $11.5 $11.7 $11.9 $11.2 $32.3 $30.6 $30.8 $30.7 $33.5 $10.8 80.0% $12.0B 70.0% +4.4% +3.5% +2.4% +2.2% +4.1% YoY YoY $10.0B 60.0% YoY YoY YoY Service Revenue Growth Service $25.2 $25.1 $25.3 $25.3 $25.4
Slide 5: 4Q25 Mobility | Delivering Balanced & Profitable Growth
4Q25 Mobility | Delivering Balanced & Profitable Growth Revenue EBITDA* +421K $ in billions $ in billions $9.7 120.0% $9.3 $9.5 $9.2 $24.4 $8.9 $10.0B $23.1 +2.2% 100.0% +3.2% $21.6 $21.8 $21.7 +6.1% +3.5% YoY +3.1% YoY YoY $8.0B 80.0% YoY YoY Postpaid Phone Net Adds $6.0B Service $16.6 $16.7 $16.9
Slide 6: 4Q25 Consumer Wireline | Winning in Fiber & Convergence
4Q25 Consumer Wireline | Winning in Fiber & Convergence Revenue EBITDA* +283K $ in billions $ in billions 70.0% $1.6B $3.5 $3.5 $3.5 $3.6 $3.6 $1.4 65.0% $1.3 $1.3 $1.3 $1.2 $1.4B +12.5% 60.0% $1.2B +18.6% +17.8% +15.1% 55.0% +9.8% YoY YoY YoY YoY YoY AT&T Fiber Net Adds $1.0B 50.0% $2.2 38.4% 45.0%
Slide 7: 4Q25 Business Wireline | Managing Connectivity Transition
4Q25 Business Wireline | Managing Connectivity Transition Revenue $ in billions +6.8% Fiber & Advanced Connectivity Fiber & Advanced Connectivity Services Revenue Growth YoY Services Revenue EBITDA* $ in billions 100.0% -6.7% $1.4 90.0% $1.3 $1.2 $1.2 80.0% 70.0% -1.8% -11.3% $1.1 -22.0% YoY YoY -12
Slide 8: 4Q25 Capital Allocation
4Q25 Capital Allocation Capital Investment* $ in billions $7.1 $7.1 Vendor Financing Payments • Cash and cash equivalents of $18.2B as of $5.1 $5.3 end of 4Q25 $1.8B $4.5 • Immaterial FX impact to debt balance in $6.8 $6.8 Capital 4Q25 (full year 2025 pressure of ~$3.9B) Expenditures $4.3 $4.9 $4.9
Slide 9: Long-Term Outlook | 2026 - 2028
Long-Term Outlook | 2026 - 2028 SERVICE REVENUE Growth in low-single-digit range annually Advanced Connectivity Growth in mid-single-digit range annually, including expected growth of 5%+ in 2026 ADJUSTED EBITDA* Growth in the 3% to 4% range in 2026, improving to 5%+ in 2028 Advanced Connectivity Gr
Slide 10: Q&A
Q&A © 2026 AT&T Intellectual Property. AT&T and globe logo are registered trademarks 10 and service marks of AT&T Intellectual Property and/or AT&T affiliated companies.
Slide 11: Non-GAAP Measures and Reconciliations to GAAP Measures
Non-GAAP Measures and Reconciliations to GAAP Measures EBITDA, EBITDA margin, adjusted EBITDA, and EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin adjusted EBITDA margin are non-GAAP financial Dollars in millions 4Q23 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 4Q25 2025 measures that are frequently use
Slide 12: Non-GAAP Measures and Reconciliations to GAAP Measures
Non-GAAP Measures and Reconciliations to GAAP Measures At the segment or business unit level, EBITDA is operating income Business Unit EBITDA, EBITDA Margin before depreciation and amortization. EBITDA margin is EBITDA Dollars in millions 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 divided by total
Slide 13: Non-GAAP Measures and Reconciliations to GAAP Measures
Non-GAAP Measures and Reconciliations to GAAP Measures Adjusted EPS is calculated by excluding from operating revenues, operating expenses, other Adjusted Diluted EPS income (expenses) and income tax expense, certain significant items that are non-operational or 4Q24 1Q25 2Q25 3Q25 4Q25 2025 non-rec
Slide 14: Non-GAAP Measures and Reconciliations to GAAP Measures
Non-GAAP Measures and Reconciliations to GAAP Measures Free cash flow is a non-GAAP financial measure that is frequently used by investors and credit Free Cash Flow rating agencies to provide relevant and useful information. Prior periods have been recast to Dollars in millions 4Q24 1Q25 2Q25 3Q25 4
Slide 15: ZS AT&T
ZS AT&T