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Call sheet · Q1'26

AT&T (T)

Q1'26 earnings call · held April 22, 2026 · compared with the Q4'25 call · management-credibility review
9/12
Disclosure score
4 medium, 4 low flags
Financial quality
Bottom line
The sleeper story everyone's missing: AT&T's enterprise business quietly stabilized for the first time ever, with Advanced Connectivity business revenues flat YoY after years of decline. Yes, the fiber convergence story at 45% is impressive, but the real constraint is Lumin integration execution risk over the next two quarters. Stankey admitted 'compressed time to do pre-planning' and 'two quarter ramp' - that's not fully reflected in the $900M revenue add-back expectations. Most revealing quote: 'It's entirely in our control as to how we deliver on this plan' - classic CEO confidence language when facing integration complexity. My view changes if Q2 fiber net adds in acquired territories disappoint or if business revenue growth stalls again.

The 30-second version

  • SLEEPER STORY: Business revenues quietly stabilized for first time ever
  • Fiber convergence hitting escape velocity at 45% (ex-Lumin), but customer mix is shifting down-market
  • Lumin integration creating Q1-Q2 execution risk that guidance doesn't fully reflect

What changed this quarter

MetricQ4'25Q1'26Change
Total Revenue$32.0B (+2.1% YoY in Q4)$32.9B (+2.9% YoY in Q1)+80bps growth acceleration
Service Revenue$26.8B (+1.9% YoY in Q4)$27.1B (+1.4% YoY in Q1)-50bps deceleration
Adjusted EBITDA$12.1B (+4.2% YoY in Q4)$12.3B (+2.3% YoY in Q1)-190bps growth deceleration
Adjusted EBITDA Margin37.8% (+20bps YoY in Q4)37.4% (-30bps YoY in Q1)-50bps margin compression
Free Cash Flow$4.2B in Q4$2.5B in Q1-$600M vs Q1 2025
Adjusted EPS$0.54 in Q4$0.57 in Q1 (+12% YoY)+12% growth acceleration
Wireless Service Revenue+2.8% YoY in Q4+1.7% YoY in Q1-110bps deceleration
Advanced Home Internet Revenue+25% YoY in Q4+27.3% YoY in Q1+230bps acceleration (includes Lumin)
Postpaid Phone Net Adds482K in Q4294K in Q1-39% sequential decline
Fiber Net Adds318K in Q4273K in Q1-14% seasonal decline

Accountability tracked

7 new promises made5 narrative shifts flagged7 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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