Analyst Consensus ?
ConsensusHold60 ratings
Bullish2745.0%
Neutral2948.3%
Bearish46.7%
AT&T Inc. · T · FY2026 Q2 · Calendar Q3 2026
AT&T Q2 2026: Record Fiber Net Adds, EPS Beat, $10B Buyback Target
AT&T's Q2 2026 results reinforced its connectivity-led transformation: record fiber and fixed-wireless net additions exceeding 1 million advanced connectivity subscribers, the company's highest adjusted EBITDA margin, and a 10.2% EPS beat. Revenue narrowly missed consensus by 0.7%, but the market responded decisively -- shares rose 3.5% on the session versus a flat benchmark, then drifted 7.2% higher over subsequent days on 2.2x normal volume. Management maintained full-year guidance, raised the 2026 share-repurchase target to $10 billion, and introduced agentic AI traffic projections (9x enterprise, 7x consumer growth by 2035) as a long-term demand catalyst. Capex climbed to $6.1 billion from $5.1 billion in Q1, reflecting accelerated fiber deployment and EchoStar spectrum costs. Free cash flow of $4.7 billion topped guidance despite the heavier investment. The central question for…
Reported Before market openNYSECommunication Services
$167.27B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.65
Consensus $0.59
EPS surprise
+10.2%
Reported versus consensus
Reported revenue
$31.56B
Consensus $31.80B
Revenue surprise
-0.7%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+3.5%
Event window
SPY move
-0.1%
Same window
Abnormal move
+3.6%
Stock minus SPY
Volume
2.2×
Versus trailing sessions
Subsequent drift
+7.2%
Up to 20 sessions
TSPY benchmark
Ask FN2 about T FY2026 Q2
Transcript, numbers and history already loaded
Why did T rise 3.5% after beating EPS estimates in FY2026 Q2?What changed in T's guidance and outlook in FY2026 Q2?Give me the bull and bear case for T after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Several developments shifted versus the prior quarter. Fiber and fixed-wireless net additions set a new record, surpassing Q1's already strong pace of 584,000 net adds. Capital investment rose from $5.1B in Q1 to $6.1B, driven by accelerated fiber deployment and EchoStar spectrum acquisition costs. The share-repurchase target was raised to $10B for 2026, an increase from the prior multi-year $45B framework emphasis. Management introduced agentic AI traffic projections -- 9x enterprise and 7x consumer traffic growth by 2035 -- as a forward demand driver not discussed in Q1. A satellite partnership with AST SpaceMobile was announced to address coverage-gap resilience, a new network layer. Free cash flow of $4.7B topped guidance, extending Q1's pattern of hitting the high end of cash-flow targets despite rising capex.
Guidance delta
Guidance sentiment: maintained. Management reaffirmed full-year guidance for low-single-digit service-revenue growth and continued EBITDA growth. The capex outlook remains increasing, with investment rising from $5.1B in Q1 to $6.1B in Q2. No upward or downward revision to the core revenue or EBITDA framework was announced. The buyback target was raised to $10B for 2026.
Key takeaways
- Record quarter: Over 1 million advanced connectivity subscribers added with the highest adjusted EBITDA margin.
- EPS of $0.65 beat estimates by 10.2%; revenue of $31.56B missed by 0.7%.
- Free cash flow of $4.7B topped guidance despite higher capex of $6.1B, up from $5.1B in Q1.
- Share-repurchase target raised to $10B for 2026.
- Agentic AI traffic projections -- 9x enterprise, 7x consumer growth by 2035 -- introduced as a demand catalyst.
- AST SpaceMobile satellite partnership announced for coverage-gap resilience.
Management priorities
- Deploy fiber to 8 million new locations, including over 4 million acquired from Lumen.
- Complete Lumen footprint integration and accelerate branded AT&T Fiber rollout.
- Scale AST SpaceMobile satellite partnership for backup coverage.
- Execute $10B share-repurchase program while maintaining dividend policy.
- Acquire EchoStar spectrum to bolster 5G capacity.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$20.85Current
$18Low
$26.73Average
$36High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 27, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Hold | Hold | Maintain | Oct 22, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Oct 22, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Oct 22, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 22, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 22, 2026 |
| Argus Research | Buy | Buy | Maintain | Oct 22, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Oct 9, 2026 |
| BNP Paribas | Outperform | Neutral | Upgrade | Sep 21, 2026 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jul 23, 2026 |
| Wells Fargo | Underweight | Underweight | Maintain | Jul 23, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 23, 2026 |
| Oppenheimer | Perform | Outperform | Downgrade | Jun 3, 2026 |
| Citigroup | Buy | Buy | Maintain | Mar 23, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jan 16, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Dec 19, 2025 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Sep 18, 2025 |
| UBS | Buy | Buy | Maintain | Jun 18, 2025 |
| Tigress Financial | Buy | Buy | Maintain | Apr 29, 2025 |
| TD Securities | Hold | Hold | Maintain | Apr 24, 2025 |
| Evercore ISI Group | In Line | In Line | Maintain | Apr 24, 2025 |
| MoffettNathanson | Neutral | Neutral | Maintain | Aug 15, 2024 |
| Deutsche Bank | Buy | Buy | Maintain | Jun 28, 2024 |
| HSBC | Buy | Buy | Maintain | Jun 5, 2023 |
| LightShed Partners | Neutral | Buy | Downgrade | Feb 8, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Jan 26, 2023 |
| Truist Securities | Buy | Hold | Upgrade | Oct 21, 2022 |
| Cowen & Co. | Market Perform | Market Perform | Maintain | Jul 22, 2022 |
| Daiwa Capital | Neutral | Neutral | Maintain | Dec 23, 2021 |
| Loop Capital | Hold | Hold | Maintain | Sep 21, 2021 |
| Redburn Partners | Sell | Sell | Maintain | Jun 25, 2021 |
| New Street Research | Buy | Neutral | Upgrade | May 21, 2021 |
| DZ Bank | Sell | Hold | Downgrade | Apr 24, 2020 |
| Nomura | Buy | Buy | Maintain | Apr 23, 2020 |
| Guggenheim | Buy | Buy | Maintain | Apr 23, 2020 |
| CFRA | Buy | Buy | Maintain | Apr 23, 2020 |
| B of A Securities | Buy | Buy | Maintain | Apr 23, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Apr 3, 2020 |
| Baird | Neutral | Outperform | Downgrade | Mar 23, 2020 |
| Moffett Nathanson | Sell | Neutral | Downgrade | Nov 19, 2019 |
| Standpoint Research | Hold | Buy | Downgrade | Nov 1, 2019 |
| Bank of America | Buy | Neutral | Upgrade | Jul 30, 2018 |
| Jefferies | Hold | Buy | Downgrade | Jun 7, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Hilliard Lyons | Neutral | Buy | Downgrade | Apr 26, 2018 |
| Independent Research | Hold | Sell | Upgrade | Oct 25, 2016 |
| Drexel Hamilton | Hold | Buy | Downgrade | Oct 24, 2016 |
| Buckingham Research | Neutral | Buy | Downgrade | Jun 24, 2016 |
| Macquarie | Outperform | Outperform | Maintain | Apr 5, 2016 |
| DA Davidson | Buy | Buy | Maintain | Mar 7, 2016 |
| Canaccord Genuity | Hold | Hold | Maintain | Jul 27, 2015 |
| BMO Capital | Perform | Market Perform | Maintain | May 30, 2013 |
| FBR Capital | Market Perform | Outperform | Downgrade | Apr 24, 2013 |
| Evercore Partners | Equal Weight | Equal Weight | Maintain | Dec 3, 2012 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Sep 14, 2012 |
| Stifel | Hold | Buy | Downgrade | Sep 14, 2012 |
| PiperJaffray | Overweight | Overweight | Maintain | Sep 14, 2012 |
| Piper Sandler | Overweight | Overweight | Maintain | Sep 14, 2012 |
| Hudson Square | Hold | Buy | Downgrade | Sep 13, 2012 |
| Gabelli & Co. | Hold | Buy | Downgrade | Jun 29, 2012 |
| Bank oferica | Neutral | Neutral | Maintain | Apr 25, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $20.85. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| KeyBanc | Brandon Nispel | $33 | $22.45 | +58.3% | Oct 22, 2026 |
| Barclays | Kannan Venkateshwar | $21 | $21.91 | +0.7% | Oct 22, 2026 |
| Goldman Sachs | Analyst unavailable | $27 | $21.91 | +29.5% | Oct 21, 2026 |
| Bernstein | Laurent Yoon | $24 | $22.49 | +15.1% | Oct 13, 2026 |
| Scotiabank | Maher Yaghi | $26.5 | $24.88 | +27.1% | Oct 9, 2026 |
| KeyBanc | Brandon Nispel | $36 | $24.74 | +72.7% | Oct 7, 2026 |
| Scotiabank | Maher Yaghi | $27.5 | $24.34 | +31.9% | Oct 2, 2026 |
| BNP Paribas | Analyst unavailable | $30 | $25.42 | +43.9% | Sep 21, 2026 |
| Morgan Stanley | Sean Diffley | $27 | $23.04 | +29.5% | Jul 23, 2026 |
| Wells Fargo | Analyst unavailable | $20 | $23.04 | -4.1% | Jul 23, 2026 |
| Wolfe Research | Analyst unavailable | $29 | $23.04 | +39.1% | Jul 23, 2026 |
| Goldman Sachs | Analyst unavailable | $30 | $23.04 | +43.9% | Jul 22, 2026 |
| Scotiabank | Analyst unavailable | $29.25 | $21.44 | +40.3% | Jul 15, 2026 |
| Bernstein | Laurent Yoon | $25 | $21.44 | +19.9% | Jul 13, 2026 |
| Barclays | Analyst unavailable | $24 | $21.06 | +15.1% | Jul 8, 2026 |
| Wells Fargo | Steven Cahall | $18 | $21.06 | -13.7% | Jul 8, 2026 |
| Morgan Stanley | Analyst unavailable | $25 | $21.26 | +19.9% | Jul 7, 2026 |
| BNP Paribas | Sam McHugh | $28 | $28.03 | +34.3% | Apr 8, 2026 |
| Arete Research | Andrew Beale | $28 | $27.71 | +34.3% | Mar 10, 2026 |
| RBC Capital | Analyst unavailable | $31 | $29.21 | +48.7% | Feb 12, 2026 |
| Williams Trading | Gregory Williams | $32 | $24.85 | +53.5% | Jan 29, 2026 |
| Deutsche Bank | Bryan Kraft | $33 | $24.98 | +58.3% | Jan 29, 2026 |
| UBS | Analyst unavailable | $29 | $24.76 | +39.1% | Jan 29, 2026 |
| Wells Fargo | Analyst unavailable | $27 | $23.59 | +29.5% | Jan 26, 2026 |
| Bernstein | Analyst unavailable | $30 | $23.73 | +43.9% | Jan 16, 2026 |
| Barclays | Analyst unavailable | $26 | $23.74 | +24.7% | Jan 13, 2026 |
| Scotiabank | Maher Yaghi | $29.5 | $24.05 | +41.5% | Jan 7, 2026 |
| Arete Research | Analyst unavailable | $20 | $24.72 | -4.1% | Jan 6, 2026 |
| Loop Capital Markets | Analyst unavailable | $29 | $24.26 | +39.1% | Dec 19, 2025 |
| Morgan Stanley | Analyst unavailable | $30 | $24.5 | +43.9% | Dec 10, 2025 |
| KeyBanc | Brandon Nispel | $30 | $25.18 | +43.9% | Nov 11, 2025 |
| UBS | John Hodulik | $31 | $24.68 | +48.7% | Oct 23, 2025 |
| UBS | Analyst unavailable | $30 | $24.69 | +43.9% | Oct 23, 2025 |
| Williams Trading | Gregory Williams | $33 | $25.55 | +58.3% | Oct 23, 2025 |
| Barclays | Kannan Venkateshwar | $28 | $25.55 | +34.3% | Oct 23, 2025 |
| Scotiabank | Analyst unavailable | $30.25 | $27.06 | +45.1% | Oct 6, 2025 |
| Barclays | Analyst unavailable | $30 | $28.24 | +43.9% | Oct 1, 2025 |
| UBS | Analyst unavailable | $33 | $29.3 | +58.3% | Sep 18, 2025 |
| UBS | Analyst unavailable | $32 | $29.58 | +53.5% | Sep 4, 2025 |
| Goldman Sachs | Michael Ng | $32 | $29.08 | +53.5% | Sep 2, 2025 |
| Williams Trading | Gregory Williams | $30 | $27.68 | +43.9% | Apr 24, 2025 |
| RBC Capital | Analyst unavailable | $28 | $26.84 | +34.3% | Mar 19, 2025 |
| Scotiabank | Analyst unavailable | $28.5 | $27.72 | +36.7% | Mar 3, 2025 |
| Tigress Financial | Ivan Feinseth | $32 | $24.25 | +53.5% | Feb 4, 2025 |
| Deutsche Bank | Natthew Niknam | $28 | $23.84 | +34.3% | Dec 5, 2024 |
| Morgan Stanley | Simon Flannery | $19 | $22.08 | -8.9% | Oct 24, 2024 |
| Williams Trading | Gregory Williams | $26 | $22.22 | +24.7% | Oct 24, 2024 |
| Oppenheimer | Timothy Horan | $24 | $22.49 | +15.1% | Oct 24, 2024 |
| Wells Fargo | Eric Luebchow | $24 | $22.49 | +15.1% | Oct 24, 2024 |
| RBC Capital | Jonathan Atkin | $34.73 | $16.98 | +66.6% | Oct 23, 2024 |
| Goldman Sachs | James Schneider | $25 | $22.49 | +19.9% | Oct 23, 2024 |
| Bank of America Securities | David Barden | $24 | $21.86 | +15.1% | Sep 30, 2024 |
| Citigroup | Michael Rollins | $24 | $21.71 | +15.1% | Sep 11, 2024 |
| Raymond James | James Schneider | $22 | $19.34 | +5.5% | Jul 25, 2024 |
| Citigroup | Michael Rollins | $21 | $19.2 | +0.7% | Jul 25, 2024 |
| Oppenheimer | Tim Horan | $23 | $19.2 | +10.3% | Jul 25, 2024 |
| Goldman Sachs | James Schneider | $22 | $19.1 | +5.5% | Jul 24, 2024 |
| Scotiabank | Maher Yaghi | $23 | $18.5 | +10.3% | Jul 10, 2024 |
| Deutsche Bank | Natthew Niknam | $26 | $18.75 | +24.7% | Jun 28, 2024 |
| UBS | John Hodulik | $24 | $18.02 | +15.1% | Jun 18, 2024 |
| Scotiabank | Maher Yaghi | $22.5 | $16.58 | +7.9% | Apr 25, 2024 |
| RBC Capital | Jon Atkin | $18 | $16.81 | -13.7% | Apr 25, 2024 |
| Wolfe Research | John Janedis | $21 | $17.17 | +0.7% | Mar 5, 2024 |
| Scotiabank | Maher Yaghi | $22 | $17.29 | +5.5% | Jan 26, 2024 |
| Morgan Stanley | Simon Flannery | $44 | $16.68 | +111.0% | Jan 24, 2024 |
| Oppenheimer | Timothy Horan | $21 | $17.19 | +0.7% | Jan 24, 2024 |
| Scotiabank | Jeff Fan | $18.5 | $15.64 | -11.3% | Oct 20, 2023 |
| Citigroup | Michael Rollins | $16 | $13.89 | -23.3% | Jul 18, 2023 |
| Raymond James | Frank Louthan | $25 | $18.22 | +19.9% | Apr 21, 2023 |
| MoffettNathanson | Craig Moffett | $30.96 | $13.48 | +48.5% | Dec 19, 2022 |
| Morgan Stanley | Simon Flannery | $20 | $18.49 | -4.1% | Dec 15, 2022 |
| Raymond James | Frank Louthan | $24 | $16.92 | +15.1% | Oct 21, 2022 |
| Barclays | Kannan Venkateshwar | $20 | $18.92 | -4.1% | Jul 22, 2022 |
| Tigress Financial | Ivan Feinseth | $28 | $18.88 | +34.3% | Jun 16, 2022 |
| Barclays | Kannan Venkateshwar | $22 | $19.3 | +5.5% | Apr 27, 2022 |
| RBC Capital | Analyst unavailable | $20 | $19.52 | -4.1% | Apr 25, 2022 |
| Raymond James | Frank Louthan | $26 | $19.54 | +24.7% | Apr 17, 2022 |
| Morgan Stanley | Simon Flannery | $22 | $19.54 | +5.5% | Apr 15, 2022 |
| Raymond James | Frank Louthan | $32 | $19.56 | +53.5% | Apr 12, 2022 |
| MoffettNathanson | Craig Moffett | $19 | $18.23 | -8.9% | Apr 10, 2022 |
| Morgan Stanley | Simon Flannery | $28 | $18.06 | +34.3% | Mar 3, 2022 |
| Wells Fargo | Eric Luebchow | $26 | $24.12 | +24.7% | Jan 27, 2022 |
| Bank of America Securities | David Barden | $36 | $26.48 | +72.7% | Jan 25, 2022 |
| Tigress Financial | Ivan Feinseth | $41 | $27.02 | +96.6% | Jan 20, 2022 |
| Citigroup | Michael Rollins | $29 | $26.34 | +39.1% | Jan 11, 2022 |
| Daiwa | Jonathan Kees | $26 | $24.37 | +24.7% | Dec 23, 2021 |
| LightShed Partners | Walter Piecyk | $36 | $26.54 | +72.7% | Sep 8, 2021 |
| Redburn Partners | Stephen Malcolm | $23 | $27.28 | +10.3% | Jun 25, 2021 |
| Scotiabank | Jeff Fan | $31 | $27.44 | +48.7% | Jun 16, 2021 |
| New Street | Jonathan Chaplin | $35 | $28.33 | +67.9% | May 21, 2021 |
| Bernstein | Peter Supino | $33 | $29.65 | +58.3% | Apr 23, 2021 |
Track every rating change on T the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationGlobally, AT&T Inc. delivers an array of telecommunication, media, and technology offerings. Within its Communications division, the company supplies wireless voice and data communication services. It also markets mobile devices, such as smartphones, wireless data access cards, and portable computing gadgets, alongside accessories like protective cases and hands-free equipment. These products are distributed through AT&T's proprietary outlets, authorized agents, and external retail partners. Furthermore, this segment caters to a broad clientele including multinational corporations, small-to-medium-sized enterprises, government entities, and wholesale clients.…
Historical context
All T earningsCommunication Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| VZ Verizon Communications Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -2.8% | Verizon’s demand rebound broadens as AI Connect scales |
| RCI Rogers Communications Inc. | FY2026 Q3 · Calendar Q4 2026 | +9.5% | -2.4% | Rogers Reaffirms 2026 Guidance as Capex Falls and MLSE Monetization Advances |
| OMC Omnicom Group Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.2% | +2.6% | Omnicom pairs resilient demand with AI and integration progress |
| SPOT Spotify Technology S.A. | FY2026 Q3 · Calendar Q4 2026 | -11.6% | +11.1% | Spotify: resilient Q3 demand, with AI and audiobooks central to growth |
| CMCSA Comcast Corporation | FY2026 Q3 · Calendar Q4 2026 | +8.5% | +3.4% | Comcast balances wireless and Peacock gains against Q4 costs |
Latest beats and misses
Who reports nextBeat on EPS
- CDNSFY2026 Q3 · October 26, 2026+2.9% EPS+1.8% move
- BAHFY2027 Q2 · October 23, 2026+18.9% EPS-0.3% move
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the T recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-07-22T18:02:08.961868+00:00
- FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
- Polygon adjusted daily market bars · 2026-07-28T16:31:03.650741+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T16:31:03.648498+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-07-28. For educational purposes only; not investment advice.