At&t Inc. · NYSE:T

At&t — Q2 2025 Earnings Presentation

16 slides from At&t's earnings presentation, Jul 23, 2025

  1. Slide 1: 2025 2nd Quarter Earnings

    2025 2nd Quarter Earnings July 23, 2025 © 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 © 2025 AT&T Intellectual Property. AT

  2. 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

  3. Slide 3: 2025 Business Priorities

    2025 Business Priorities 1 Grow durable 5G and Fiber 2 Effective and efficient 3 Deliberate capital relationships in everything we do allocation • Continue disciplined go-to-market • Expand consolidated Adj. EBITDA • Invest for growth in 5G and fiber with strategy with a focus on putting the margins

  4. Slide 4: Quarter Highlights

    2 Quarter Highlights nd 73.4M Postpaid Phone Subscribers + 3.5% Mobility Service Revenue Growth +401K Net Adds (year over year) 9.8M AT&T Fiber Subscribers + 18.9% AT&T Fiber Revenue Growth +243K Net Adds (year over year) 4 © 2025 AT&T Intellectual Property. AT&T and globe logo are registered tradem

  5. Slide 5: 2Q25 Consolidated Results

    2Q25 Consolidated Results Revenue Adjusted EBITDA* +1.1% $ in billions $ in billions 90.0% $14.0B $32.3 $30.6 $30.8 $29.8 $30.2 80.0% $12.0B $11.3 $11.6 $10.8 $11.5 $11.7 70 .0 % +2.6% +3.4% +4.4% +3.5% 60.0% $10.0B YoY YoY +2.2% YoY YoY Service Service Revenue Growth $25.0 $25.1 $25.2 $25.1 $25.3 R

  6. Slide 6: 2Q25 Mobility | Delivering Balanced & Profitable Growth

    2Q25 Mobility | Delivering Balanced & Profitable Growth Revenue EBITDA* +401K $ in billions $ in billions 12 0.0% $23.1 $9.2 $9.5 $9.3 $9.5 $20.5 $21.1 $21.6 $21.8 $10.0B $8.9 +6.7% +3.2% 10 0.0% +5.3% +6.1% +3.5% YoY YoY YoY YoY $8.0B 80.0% YoY Postpaid Phone Net Adds Service $16.3 $16.5 $16.6 $16.

  7. Slide 7: 2Q25 Consumer Wireline | Winning in Fiber & Convergence

    2Q25 Consumer Wireline | Winning in Fiber & Convergence Revenue EBITDA* +243K $ in billions $ in billions 70 .0 % $3.5 $3.5 $3.5 $1.3 $1.3 $3.4 $1.2 $1. 4 B $3.3 65 .0 % 60.0% $1. 2 B $1.1 $1.1 +18.6% +17.8% +9.8% YoY YoY 55 .0 % $1. 0 B +7.1% +8.6% YoY YoY YoY AT&T Fiber Net Adds 50 .0 % $0.8B 45 .

  8. Slide 8: 2Q25 Business Wireline | Managing Connectivity Transition

    2Q25 Business Wireline | Managing Connectivity Transition Business Wireline Revenue Business Wireline EBITDA* -9.3% $ in billions $ in billions 110.0% $4.8 $1.5 $4.6 $4.5 $1.4 $1. 6 B $4.5 $4.3 90.0% $1.4 $1.3 -9.9% -13.9% $1.2 $1. 4 B -11.8% -10.0% -9.1% YoY -20.0% -1.8% YoY YoY -9.3% YoY -11.3% Yo

  9. Slide 9: 2Q25 Capital Allocation

    2Q25 Capital Allocation Capital Investment* $ in billions $7.1 • Cash and cash equivalents of $10.5B as of $5.5 end of 2Q25 $4.9 $5.1 $1.0B Vendor Financing $4.5 Payments • FX impacts increased debt balance by $6.8 $2.8B (~$4.0B YTD) $5.3 $4.9 Capital $4.4 $4.3 Expenditures • Repurchased approximate

  10. Slide 10: 2025 Financial Guidance

    2025 Financial Guidance 2025 Guidance REVENUE GROWTH Consolidated Service Revenues low-single-digit range Mobility Service Revenues 3% or better Consumer Fiber Broadband Revenues mid-to-high-teens ADJUSTED EBITDA* GROWTH 3% or better CAPITAL INVESTMENT* $22B to $22.5B range FREE CASH FLOW* low-to-mi

  11. Slide 11: Q&A

    Q&A © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks 11 and service marks of AT&T Intellectual Property and/or AT&T affiliated companies.

  12. Slide 12: Non-GAAP Measures and Reconciliations to GAAP Measures

    Non-GAAP Measures and Reconciliations to GAAP Measures EBITDA, EBITDA margin, adjusted EBITDA, and adjusted EBITDA EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin margin are non-GAAP financial measures that are frequently used Dollars in millions 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 by inves

  13. Slide 13: 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 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 divided by total

  14. Slide 14: Non-GAAP Measures and Reconciliations to GAAP Measures

    Non-GAAP Measures and Reconciliations to GAAP Measures Net debt-to-adjusted EBITDA ratios are non-GAAP financial measures that are frequently used by investors Net Debt-to-Adjusted EBITDA and credit rating agencies to provide relevant and useful information. Our net debt-to-adjusted EBITDA ratio Dol

  15. Slide 15: 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 income (expenses) Adjusted Diluted EPS and income tax expense, certain significant items that are non-operational or non-recurring in nature, including 2Q

  16. Slide 16: ZS AT&T

    ZS AT&T

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