At&t . 5.35% Glb Nts 66 Stock Earnings Reports

AT&T reported a solid Q3 2025 driven by strong broadband and steady mobility performance and reiterated full-year guidance. Key operational highlights: AT&T added 405k postpaid phone net adds and delivered its highest total broadband net adds in eight years, passing >31 million locations with fiber and reaching >10 million AT&T Fiber subscribers. Convergence is increasing (41.5% of fiber households also on AT&T wireless; >50% attachment for Internet Air), which management says drives lower churn and higher lifetime value. Strategic inorganic moves (planned EchoStar mid-band spectrum purchase and the Lumen fiber asset acquisition) are intended to accelerate fixed wireless rollout, improve 5G performance, and expand fiber scale; EchoStar 3.45 GHz deployment under a spectrum manager lease is already in progress and expected to cover ~two-thirds of the U.S. population with mid-band by mid-November. Financials: consolidated revenue +1.6% YoY, adjusted EBITDA +2.4%, adjusted EPS $0.54, free cash flow $4.9B, and Q3 buybacks ~$1.5B (on pace for $4B year). Guidance reiterated: service revenue growth low single-digits, adjusted EBITDA growth >=3%, adjusted EPS $1.97–$2.07 (management expects nearer the high end), full-year FCF expected low- to mid-$16B, capital investments $22.0–$22.5B. Balance sheet: net debt/adjusted EBITDA ~2.59x. Notable items and risks: Q4 free cash flow impacted by ~ $500M of legal settlement payouts (accrued in Q3 but excluded from adjusted EPS); higher equipment/customer acquisition costs in mobility; competitive wireless promotions remain elevated; execution dependent on regulatory approvals and successful closing/integration of Lumen and EchoStar deals.