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

AT&T reported a strong Q1 2026 driven by accelerated fiber and fixed wireless growth and improving convergence between wireless and home Internet. Key operating highlights: 584,000 advanced Internet (fiber + Internet Air) net adds in the quarter (best-ever Q1), 512,000 organic advanced home Internet net adds (plus 1.1M fiber customers acquired from Lumen), and 294,000 postpaid phone net adds. Convergence is rising (42% of advanced home Internet customers also choose AT&T Wireless; ~45% organically), which management says improves NPS, churn and customer lifetime value. AT&T now reaches >90 million customer locations with advanced Internet, ~37 million fiber locations today and a target of 60M+ by 2030; expects ~8M fiber location reach growth in 2026. Financials: consolidated revenues up 2.9% YoY, service revenues +1.4% YoY, adjusted EBITDA +2.3% YoY (margin 37.4%), adjusted EPS $0.57 (+~12%), free cash flow $2.5B (high end of Q1 outlook) and full-year FCF reiterated at $18B+. Guidance maintained: consolidated service revenue growth low single-digit for the year; Advanced Connectivity service revenues +5%+ and EBITDA +6%+. Capital intensity is higher as fiber deployment accelerates (capex $5.1B in Q1). Leverage: net debt/EBITDA 2.71x at quarter end (expected to rise toward ~3.2x after EchoStar transaction then return toward ~2.5x over ~3 years). Strategic priorities: scale fiber and 5G convergence (OneConnect subscription offering), integrate Lumen assets to accelerate metro growth, monetize EchoStar spectrum to expand 5G/Internet Air, continue copper retirement and legacy transition, pursue cost savings of $4B by end of 2028 (force optimization, AI/digital efficiencies). Risks/notes: near-term legacy revenue declines and higher spend to integrate acquired geographies will mute EBITDA contribution from acquired Lumen regions in early periods; FCC-related quiet periods and regulatory processes (spectrum, copper retirement) remain relevant.