At&t Inc. · NYSE:T
At&t — Q3 2025 Earnings Presentation
16 slides from At&t's earnings presentation, Oct 22, 2025
Slide 1: 2025 3rd Quarter Earnings
2025 3rd Quarter Earnings October 22, 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.
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 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
Slide 4: Quarter Highlights
3 Quarter Highlights rd 73.8M Postpaid Phone Subscribers + 2.3% Mobility Service Revenue Growth +405K Net Adds (year over year) 10.1M AT&T Fiber Subscribers + 16.8% AT&T Fiber Revenue Growth +288K Net Adds (year over year) 4 © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trade
Slide 5: 3Q25 Consolidated Results
3Q25 Consolidated Results Revenue Adjusted EBITDA* +0.8% $ in billions $ in billions $30.2 $32.3 $30.6 $30.8 $30.7 90.0% $14.0B $11.6 $11.5 $11.7 $11.9 $10.8 80.0% $12.0B 70.0% +3.4% +4.4% +3.5% +2.4% $10.0B YoY +2.2% YoY YoY Service 60.0% YoY Service Revenue Growth $25.1 $25.2 $25.1 $25.3 $25.3 Rev
Slide 6: 3Q25 Mobility | Delivering Balanced & Profitable Growth
3Q25 Mobility | Delivering Balanced & Profitable Growth Revenue EBITDA* +405K $ in billions $ in billions $23.1 $9.7 120.0% $21.6 $21.8 $21.7 $9.5 $9.3 $9.5 $21.1 $8.9 $10.0B +2.2% 100.0% +6.7% +3.5% +3.2% $8.0B YoY +6.1% YoY YoY 80.0% YoY YoY Postpaid Phone Net Adds $16.5 $16.6 $16.7 $16.9 $16.9 Se
Slide 7: 3Q25 Consumer Wireline | Winning in Fiber & Convergence
3Q25 Consumer Wireline | Winning in Fiber & Convergence Revenue EBITDA* +288K $ in billions $ in billions 70. 0% $3.5 $3.5 $3.5 $3.6 $1.3 $1.3 $1.3 $3.4 $1.2 $1.4 B 65. 0% 60. 0% $1.2B $1.1 +18.6% +17.8% +15.1% +9.8% YoY YoY YoY +8.6% YoY 55.0 % $1.0 B YoY AT&T Fiber Net Adds 50. 0% $0. 8B 45. 0% $2
Slide 8: 3Q25 Business Wireline | Managing Connectivity Transition
3Q25 Business Wireline | Managing Connectivity Transition Business Wireline Revenue Business Wireline EBITDA* -7.8% $ in billions $ in billions 110. 0% $4.6 $4.5 $1.4 $1.6B $4.5 $4.3 $4.2 90.0% $1.4 $1.3 $1.2 $1.2 $1.4B -11.8% -10.0% -9.1% -20.0% -1.8% YoY YoY -9.3% -7.8% YoY -11.3% YoY $1.2B YoY Yo
Slide 9: 3Q25 Capital Allocation
3Q25 Capital Allocation Capital Investment* $ in billions $7.1 $5.5 • Cash and cash equivalents of $20.3B as of $5.1 $5.3 end of 3Q25 $1.5B Vendor Financing $4.5 Payments • FX impacts decreased debt balance by $6.8 $0.3B in 3Q25 (increased $3.7B YTD) $5.3 $4.9 $4.9 Capital $4.3 Expenditures • Return
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
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.
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 by Dollars in millions 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 inves
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 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 divided by total
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
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 3Q
Slide 16: AT&T
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