Analyst Consensus ?
ConsensusHold60 ratings
Bullish2745.0%
Neutral2948.3%
Bearish46.7%
AT&T Inc. · T · FY2026 Q3 · Calendar Q4 2026
AT&T Raises EPS Outlook as Fiber Growth Accelerates
AT&T's Q3 analysis supports a constructive operating trajectory: Advanced Connectivity growth, fiber expansion and converged offerings were paired with a higher full-year adjusted EPS outlook. The main tests are fiber ARPU durability, Q4 cost pressure, leverage and execution of the network transition.
Reported Before market openNYSECommunication Services
$160.69B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.60
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $31.69B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-6.0%
Event window
SPY move
+0.7%
Same window
Abnormal move
-6.7%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
TSPY benchmark
Ask FN2 about T FY2026 Q3
Transcript, numbers and history already loaded
What drove T's -6.0% move after FY2026 Q3 earnings?What changed in T's guidance and outlook in FY2026 Q3?Give me the bull and bear case for T after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, guidance sentiment moved from maintained to raised. The current analysis adds a 60 million-plus fiber-location target, new infrastructure partnerships, continued copper retirement and a planned Mexico wireless-business sale, while highlighting higher Q4 costs and fiber-ARPU pressure.
Guidance delta
Management raised full-year adjusted EPS guidance to $2.40; the prior-quarter analysis described guidance as maintained.
Key takeaways
- Advanced Connectivity net adds exceeded one million, the best quarter in four years.
- Service revenue increased 3.8% year over year, while adjusted EBITDA margin reached 38.7%.
- Management is targeting 60 million-plus fiber locations by 2030 and continuing copper retirement.
- Q4 includes expected vendor-dispute settlements and higher marketing and device-acquisition costs.
Management priorities
- Expand fiber toward 60 million-plus locations by 2030.
- Continue copper-service retirement, targeting 50% of wire centers by 2027.
- Complete the Mexico wireless-business sale and close the Gigapower fiber joint venture.
- Develop converged customer offerings and AI-grade connectivity partnerships.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$21.91Current
$18Low
$27.29Average
$44High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 21, 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 |
|---|---|---|---|---|
| Scotiabank | Sector Perform | Sector Perform | Maintain | Oct 9, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Sep 28, 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 |
| TD Cowen | Hold | Hold | Maintain | Jul 23, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 23, 2026 |
| Argus Research | Buy | Buy | Maintain | Jul 23, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 8, 2026 |
| Oppenheimer | Perform | Outperform | Downgrade | Jun 3, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Mar 25, 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 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 24, 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 $21.91. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Laurent Yoon | $24 | $22.49 | +9.5% | Oct 13, 2026 |
| Scotiabank | Maher Yaghi | $26.5 | $24.88 | +20.9% | Oct 9, 2026 |
| KeyBanc | Brandon Nispel | $36 | $24.74 | +64.3% | Oct 7, 2026 |
| Scotiabank | Maher Yaghi | $27.5 | $24.34 | +25.5% | Oct 2, 2026 |
| BNP Paribas | Analyst unavailable | $30 | $25.42 | +36.9% | Sep 21, 2026 |
| Morgan Stanley | Sean Diffley | $27 | $23.04 | +23.2% | Jul 23, 2026 |
| Wells Fargo | Analyst unavailable | $20 | $23.04 | -8.7% | Jul 23, 2026 |
| Wolfe Research | Analyst unavailable | $29 | $23.04 | +32.4% | Jul 23, 2026 |
| Goldman Sachs | Analyst unavailable | $30 | $23.04 | +36.9% | Jul 22, 2026 |
| Scotiabank | Analyst unavailable | $29.25 | $21.44 | +33.5% | Jul 15, 2026 |
| Bernstein | Laurent Yoon | $25 | $21.44 | +14.1% | Jul 13, 2026 |
| Barclays | Analyst unavailable | $24 | $21.06 | +9.5% | Jul 8, 2026 |
| Wells Fargo | Steven Cahall | $18 | $21.06 | -17.8% | Jul 8, 2026 |
| Morgan Stanley | Analyst unavailable | $25 | $21.26 | +14.1% | Jul 7, 2026 |
| BNP Paribas | Sam McHugh | $28 | $28.03 | +27.8% | Apr 8, 2026 |
| Arete Research | Andrew Beale | $28 | $27.71 | +27.8% | Mar 10, 2026 |
| RBC Capital | Analyst unavailable | $31 | $29.21 | +41.5% | Feb 12, 2026 |
| Williams Trading | Gregory Williams | $32 | $24.85 | +46.1% | Jan 29, 2026 |
| Deutsche Bank | Bryan Kraft | $33 | $24.98 | +50.6% | Jan 29, 2026 |
| UBS | Analyst unavailable | $29 | $24.76 | +32.4% | Jan 29, 2026 |
| Wells Fargo | Analyst unavailable | $27 | $23.59 | +23.2% | Jan 26, 2026 |
| Bernstein | Analyst unavailable | $30 | $23.73 | +36.9% | Jan 16, 2026 |
| Barclays | Analyst unavailable | $26 | $23.74 | +18.7% | Jan 13, 2026 |
| Scotiabank | Maher Yaghi | $29.5 | $24.05 | +34.6% | Jan 7, 2026 |
| Arete Research | Analyst unavailable | $20 | $24.72 | -8.7% | Jan 6, 2026 |
| Loop Capital Markets | Analyst unavailable | $29 | $24.26 | +32.4% | Dec 19, 2025 |
| Morgan Stanley | Analyst unavailable | $30 | $24.5 | +36.9% | Dec 10, 2025 |
| KeyBanc | Brandon Nispel | $30 | $25.18 | +36.9% | Nov 11, 2025 |
| UBS | John Hodulik | $31 | $24.68 | +41.5% | Oct 23, 2025 |
| UBS | Analyst unavailable | $30 | $24.69 | +36.9% | Oct 23, 2025 |
| Williams Trading | Gregory Williams | $33 | $25.55 | +50.6% | Oct 23, 2025 |
| Barclays | Kannan Venkateshwar | $28 | $25.55 | +27.8% | Oct 23, 2025 |
| Scotiabank | Analyst unavailable | $30.25 | $27.06 | +38.1% | Oct 6, 2025 |
| Barclays | Analyst unavailable | $30 | $28.24 | +36.9% | Oct 1, 2025 |
| UBS | Analyst unavailable | $33 | $29.3 | +50.6% | Sep 18, 2025 |
| UBS | Analyst unavailable | $32 | $29.58 | +46.1% | Sep 4, 2025 |
| Goldman Sachs | Michael Ng | $32 | $29.08 | +46.1% | Sep 2, 2025 |
| Williams Trading | Gregory Williams | $30 | $27.68 | +36.9% | Apr 24, 2025 |
| RBC Capital | Analyst unavailable | $28 | $26.84 | +27.8% | Mar 19, 2025 |
| Scotiabank | Analyst unavailable | $28.5 | $27.72 | +30.1% | Mar 3, 2025 |
| Tigress Financial | Ivan Feinseth | $32 | $24.25 | +46.1% | Feb 4, 2025 |
| Deutsche Bank | Natthew Niknam | $28 | $23.84 | +27.8% | Dec 5, 2024 |
| RBC Capital | Jonathan Atkin | $22 | $22.08 | +0.4% | Oct 24, 2024 |
| Williams Trading | Gregory Williams | $26 | $22.22 | +18.7% | Oct 24, 2024 |
| Oppenheimer | Timothy Horan | $24 | $22.49 | +9.5% | Oct 24, 2024 |
| Wells Fargo | Eric Luebchow | $24 | $22.49 | +9.5% | Oct 24, 2024 |
| RBC Capital | Jonathan Atkin | $34.73 | $16.98 | +58.5% | Oct 23, 2024 |
| Goldman Sachs | James Schneider | $25 | $22.49 | +14.1% | Oct 23, 2024 |
| Bank of America Securities | David Barden | $24 | $21.86 | +9.5% | Sep 30, 2024 |
| Citigroup | Michael Rollins | $24 | $21.71 | +9.5% | Sep 11, 2024 |
| Raymond James | James Schneider | $22 | $19.34 | +0.4% | Jul 25, 2024 |
| Citigroup | Michael Rollins | $21 | $19.2 | -4.2% | Jul 25, 2024 |
| Oppenheimer | Tim Horan | $23 | $19.2 | +5.0% | Jul 25, 2024 |
| Goldman Sachs | James Schneider | $22 | $19.1 | +0.4% | Jul 24, 2024 |
| Scotiabank | Maher Yaghi | $23 | $18.5 | +5.0% | Jul 10, 2024 |
| Deutsche Bank | Natthew Niknam | $26 | $18.75 | +18.7% | Jun 28, 2024 |
| UBS | John Hodulik | $24 | $18.02 | +9.5% | Jun 18, 2024 |
| Scotiabank | Maher Yaghi | $22.5 | $16.58 | +2.7% | Apr 25, 2024 |
| RBC Capital | Jon Atkin | $18 | $16.81 | -17.8% | Apr 25, 2024 |
| Wolfe Research | John Janedis | $21 | $17.17 | -4.2% | Mar 5, 2024 |
| Scotiabank | Maher Yaghi | $22 | $17.29 | +0.4% | Jan 26, 2024 |
| Morgan Stanley | Simon Flannery | $44 | $16.68 | +100.8% | Jan 24, 2024 |
| Oppenheimer | Timothy Horan | $21 | $17.19 | -4.2% | Jan 24, 2024 |
| Scotiabank | Jeff Fan | $18.5 | $15.64 | -15.6% | Oct 20, 2023 |
| Citigroup | Michael Rollins | $16 | $13.89 | -27.0% | Jul 18, 2023 |
| Raymond James | Frank Louthan | $25 | $18.22 | +14.1% | Apr 21, 2023 |
| MoffettNathanson | Craig Moffett | $30.96 | $13.48 | +41.3% | Dec 19, 2022 |
| Morgan Stanley | Simon Flannery | $20 | $18.49 | -8.7% | Dec 15, 2022 |
| Raymond James | Frank Louthan | $24 | $16.92 | +9.5% | Oct 21, 2022 |
| Barclays | Kannan Venkateshwar | $20 | $18.92 | -8.7% | Jul 22, 2022 |
| Tigress Financial | Ivan Feinseth | $28 | $18.88 | +27.8% | Jun 16, 2022 |
| Barclays | Kannan Venkateshwar | $22 | $19.3 | +0.4% | Apr 27, 2022 |
| RBC Capital | Analyst unavailable | $20 | $19.52 | -8.7% | Apr 25, 2022 |
| Raymond James | Frank Louthan | $26 | $19.54 | +18.7% | Apr 17, 2022 |
| Morgan Stanley | Simon Flannery | $22 | $19.54 | +0.4% | Apr 15, 2022 |
| Raymond James | Frank Louthan | $32 | $19.56 | +46.1% | Apr 12, 2022 |
| MoffettNathanson | Craig Moffett | $19 | $18.23 | -13.3% | Apr 10, 2022 |
| Morgan Stanley | Simon Flannery | $28 | $18.06 | +27.8% | Mar 3, 2022 |
| Wells Fargo | Eric Luebchow | $26 | $24.12 | +18.7% | Jan 27, 2022 |
| Bank of America Securities | David Barden | $36 | $26.48 | +64.3% | Jan 25, 2022 |
| Tigress Financial | Ivan Feinseth | $41 | $27.02 | +87.1% | Jan 20, 2022 |
| Citigroup | Michael Rollins | $29 | $26.34 | +32.4% | Jan 11, 2022 |
| Daiwa | Jonathan Kees | $26 | $24.37 | +18.7% | Dec 23, 2021 |
| LightShed Partners | Walter Piecyk | $36 | $26.54 | +64.3% | Sep 8, 2021 |
| Redburn Partners | Stephen Malcolm | $23 | $27.28 | +5.0% | Jun 25, 2021 |
| Scotiabank | Jeff Fan | $31 | $27.44 | +41.5% | Jun 16, 2021 |
| New Street | Jonathan Chaplin | $35 | $28.33 | +59.7% | May 21, 2021 |
| Bernstein | Peter Supino | $33 | $29.65 | +50.6% | 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 |
|---|---|---|---|---|
| AMX América Móvil, S.A.B. de C.V. | FY2026 Q3 · Calendar Q4 2026 | — | +6.2% | América Móvil: Growth, M&A and cost efficiency remain in focus |
| T-PA AT&T Inc. | FY2026 Q3 · Calendar Q4 2026 | — | — | AT&T raises outlook as fiber growth broadens and capex plans moderate |
| TBB AT&T Inc. 5.35% GLB NTS 66 | FY2026 Q3 · Calendar Q4 2026 | — | -0.8% | AT&T Q3: Connectivity Growth and Higher Guidance |
| T-PC AT&T Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +1.5% | AT&T Q3: Connectivity Growth Lifts Guidance, Risks Remain |
| NFLX Netflix, Inc. | FY2026 Q3 · Calendar Q4 2026 | +6.1% | -1.7% | Netflix Q3 2026: Engagement, content and ads remain in focus |
Latest beats and misses
Who reports nextBeat on EPS
- NLY-PFFY2026 Q3 · October 20, 2026+3.6% EPS— move
- NLY-PGFY2026 Q3 · October 20, 2026+3.6% EPS— move
- NLYFY2026 Q3 · October 20, 2026+3.6% EPS-0.6% move
- CBFY2026 Q3 · October 20, 2026+12.8% EPS-0.4% move
- ISRGFY2026 Q3 · October 20, 2026+13.2% EPS-3.6% move
- SPCXFY2026 Q3 · October 20, 2026+160.0% EPS-0.1% move
Missed on EPS
- PACFY2026 Q3 · October 20, 2026-2.2% EPS+7.1% move
- AGNCZFY2026 Q3 · October 19, 2026-0.6% EPS+0.3% move
- AGNCLFY2026 Q3 · October 19, 2026-0.6% EPS-0.3% move
- AGNCOFY2026 Q3 · October 19, 2026-0.6% EPS+0.3% move
- AGNCPFY2026 Q3 · October 19, 2026-0.6% EPS0.0% move
- AGNCMFY2026 Q3 · October 19, 2026-0.6% EPS-0.3% move
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Sources
- Earnings call transcript and parsed analysis · 2026-10-21T17:05:58.242135+00:00
- FN2 earnings calendar · 2026-10-21T01:23:14.182042+00:00
- Polygon adjusted daily market bars · 2026-10-21T18:50:45.201425+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-21T18:50:45.198749+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 2026-10-21. For educational purposes only; not investment advice.