Slide 1: 2025 1st Quarter Earnings
2025 1st Quarter Earnings April 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. A
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: 1st Quarter Highlights
1 Quarter Highlights st 73M Postpaid Phone Subscribers + 4.1% Mobility Service Revenue Growth +324K Net Adds (year over year) 9.6M AT&T Fiber Subscribers + 19.0% AT&T Fiber Revenue Growth +261K Net Adds (year over year) 4 © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademar
Slide 5: 1Q25 Consolidated Results
1Q25 Consolidated Results Revenue Adjusted EBITDA* +1.2% $ in billions $ in billions $32.3 $30.6 $11.0 $11.3 $11.6 $10.8 $11.5 90.0% $30.0 $29.8 $30.2 $12.0B 80.0% +2.6% +3.4% +4.4% +4.3% +2.2% YoY YoY YoY 70.0% $10.0B YoY YoY 60.0% Service Revenue Growth $24.8 $25.0 $25.1 $25.2 $25.1 Service $8.0B
Slide 6: 1Q25 Mobility | Delivering Balanced & Profitable Growth
1Q25 Mobility | Delivering Balanced & Profitable Growth Revenue EBITDA* +324K $ in billions $ in billions $23.1 $21.6 120.0% $9.2 $9.5 $9.3 $20.6 $20.5 $21.1 $9.0 $8.9 $10.0B +6.7% +3.5% 100.0% +7.0% +5.3% +6.1% YoY YoY YoY YoY $8.0B 80.0% YoY Postpaid Phone Net Adds $16.0 $16.3 $16.5 $16.6 $16.7 Se
Slide 7: 1Q25 Consumer Wireline | Winning in Fiber & Convergence
1Q25 Consumer Wireline | Winning in Fiber & Convergence Revenue EBITDA* +261K $ in billions $ in billions 70.0% $3.5 $3.5 $1.3 $3.4 $3.3 $3.4 $1.2 $1.4B 65.0% $1.1 $1.1 $1.1 +18.6% +9.8% 60.0% $1.2B YoY 55.0% $1.0B +14.6% +7.1% +8.6% YoY YoY YoY YoY AT&T Fiber Net Adds 50.0% $0.8B 45.0% $1.9 $2.0 $2
Slide 8: 1Q25 Business Wireline | Managing Connectivity Transition
1Q25 Business Wireline | Managing Connectivity Transition Business Wireline Revenue Business Wireline EBITDA* -9.1% $ in billions $ in billions 110. 0% $4.9 $4.8 $1.4 $1.5 $4.6 $4.5 $1.4 $1.6B -7.8% $4.5 90.0% -13.9% $1.4 -9.9% -16.5% $1.2 $1.4B YoY -11.8% -10.0% -9.1% YoY -20.0% -1.8% YoY YoY YoY Y
Slide 9: 1Q25 Capital Allocation
1Q25 Capital Allocation Capital Investment* $ in billions $7.1 • $1.4B total cash distributions from $5.5 DIRECTV, including $1.1B dividend $4.6 $4.9 -$9.6B $4.5 Vendor Financing • More than $850M of proceeds from Payments $6.8 monetization of legacy network facilities $5.3 $3.8 $4.4 $4.3 Capital •
Slide 10: 2025 Financial Guidance
2025 Financial Guidance 2025 Guidance REVENUE GROWTH Consolidated Service Revenues low-single-digit range Mobility Service Revenues higher end of 2% to 3% range Consumer Fiber Broadband Revenues mid-teens % ADJUSTED EBITDA* GROWTH 3% or better CAPITAL INVESTMENT* $22B range FREE CASH FLOW* $16B+ exc
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 Dollars in millions 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 by 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 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 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 1Q
Slide 16: ZS AT&T
ZS AT&T