AT&T Inc. has reported strong financial performance for the fourth quarter and full year of 2025. In Q4 2025, the company achieved revenues of $33.5 billion, up from $32.3 billion in the year-ago quarter. The diluted earnings per share (EPS) for Q4 2025 was $0.53, compared to $0.56 in the year-ago quarter, while adjusted EPS was $0.52, compared to $0.43 in the year-ago quarter. The operating income for Q4 2025 was $5.8 billion, with adjusted operating income of $6.1 billion.
For the full year of 2025, AT&T reported revenues of $125.6 billion, up from $122.3 billion in 2024. The diluted EPS for the full year was $3.04, compared to $1.49 a year ago, and adjusted EPS was $2.12, compared to $1.95 a year ago. The company achieved an operating income of $24.2 billion, with adjusted operating income of $25.5 billion.
In terms of customer growth, AT&T reported 421,000 postpaid phone net adds in Q4 2025, with mobility service revenues reaching $17.0 billion, up 2.4% year over year. Additionally, there were 283,000 AT&T Fiber net adds and 221,000 AT&T Internet net adds in Q4 2025.
AT&T also highlighted its long-term outlook, with expectations for service revenue growth in the low-single-digit range annually and adjusted EBITDA growth in the 3% to 4% range in 2026, improving to 5% or better in 2028. The company also anticipates free cash flow of $18 billion+ in 2026, $19 billion+ in 2027, and $21 billion+ in 2028.
Furthermore, AT&T plans to return over $12 billion to shareholders in 2025 through dividends and share repurchases and expects to return an additional $45 billion+ from 2026-2028. The company also expects to maintain its current annualized common stock dividend of $1.11 per share and to repurchase approximately $8 billion of common stock during 2026.
AT&T's financial outlook anticipates strong and sustained growth in advanced connectivity segment financial performance during 2026-2028, including expected mid-single-digit annual growth in advanced connectivity service revenue and mid-to-high-single-digit annual growth in advanced connectivity EBITDA*.
The company's long-term capital allocation plan includes expectations for the net debt-to-adjusted EBITDA ratio* to increase to approximately 3.2x following its transactions with Lumen and Echostar and to decline to approximately 3x by the end of 2026. AT&T also aims to reduce net leverage to its target range in the 2.5x range within approximately three years following the closing of these acquisitions.
Today the company's shares have moved -1.01% to a price of $23.49. Check out the company's full 8-K submission here.
