AT&T stock outlook rises as fiber and wireless growth accelerates

AT&T raised its 2026 adjusted earnings outlook after reporting stronger operating momentum in the third quarter on October 21. The company added record internet connections across fiber and fixed wireless while continuing to expand its wireless customer base. AT&T's third-quarter earnings release said adjusted earnings per share reached 0.65 US dollars, compared with 0.54 US dollars a year earlier.

Revenue rose 5.3 percent year over year to 32.3 billion US dollars. Advanced Connectivity service revenue increased 6.1 percent to 23.9 billion US dollars, while adjusted EBITDA grew 5.4 percent to 12.5 billion US dollars. The reported net income figures were affected by a 2.6 billion US dollar non-cash impairment charge related to the held-for-sale Mexico wireless business and employee separation costs, making the adjusted figures more relevant for the operating comparison.

Fiber And Wireless Additions

AT&T added 769,000 consumer and business Advanced Connectivity internet connections, its strongest quarterly result for the measure. Fiber accounted for 442,000 additions and fixed wireless for 327,000. The company also added 379,000 postpaid phone customers, with postpaid phone churn at 0.92 percent.

More than 39 million consumer and business locations were within AT&T's fiber footprint at quarter-end. Management said the company remains on track to exceed 40 million fiber locations by the end of 2026 and more than 60 million by the end of 2030. AT&T also said 42.8 percent of households with its advanced home internet services used its wireless service, highlighting the strategic role of bundled customer relationships.

Chief Executive John Stankey said the company was growing customer relationships as households and businesses adopted AT&T's internet and wireless services together. The company added approximately 350,000 converged relationships during the quarter. That strategy supports subscriber growth, although AT&T said promotional discounts and recently acquired fiber customers continued to pressure fiber average revenue per user.

Higher Earnings, Lower Investment Plan

AT&T now expects 2026 adjusted earnings per share in the 2.40 US dollar range, compared with its earlier outlook of 2.25 to 2.35 US dollars. The company attributed the change primarily to lower depreciation associated with held-for-sale accounting for AT&T Mexico, alongside operational progress. Adjusted EBITDA is expected to grow in the upper portion of the 3 percent to 4 percent range in 2026, while Advanced Connectivity EBITDA is expected to increase by at least 6 percent.

AT&T projects capital investment of 23 billion to 24 billion US dollars in 2026 and 22 billion to 23 billion US dollars annually in 2027 and 2028. Free cash flow is expected to exceed 18 billion US dollars in 2026. Total debt stood at 159.6 billion US dollars at September 30, while net debt was 149.8 billion US dollars after the EchoStar spectrum transaction. The higher leverage creates a counterweight to the improved operating outlook and could influence capital allocation decisions.

The real-time quote of AT&T stock was 19.14 euros on Lang & Schwarz at 12:51 CET on Wednesday, November 4, 2026.

AT&T's results add to the focus on growth in fiber, fixed wireless and postpaid services as the company reduces reliance on legacy copper-based operations. The broader S&P 500 market environment remains relevant for the valuation of large US telecommunications companies and their income-oriented shares.

More news and analyses on AT&T stock.

AT&T Inc. at a Glance

• Company: AT&T Inc.
• ISIN: US00206R1023
• Home exchange: NYSE
• Real-time quote: 19.14 euros on Lang & Schwarz, Wednesday, November 4, 2026, 12:51 CET
• Third-quarter revenue: 32.3 billion US dollars
• Adjusted earnings per share: 0.65 US dollars
• 2026 adjusted earnings outlook: 2.40 US dollars per share