AT&T Inc. (T) 2Q26 review: EBITDA beat with strong momentum in wireless

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AT&T Inc. (T) 2Q26 review: EBITDA beat with strong momentum in wireless

Goldman Sachs AT&T Inc. (T)

Key takeaways from the quarter

n Continued progress in convergence, with new plans benefiting net adds.

Advanced Connectivity revenues grew ~4% yoy in 2Q26 as growth ~5% growth in

Service revenue offset a ~-1% yoy decline in equipment revenue. Service revenue

was driven by growth in the customer base (+432k postpaid phone net adds and

+147k postpaid wireless accounts) and the uplift from pricing action which took

effect 2Q26. T attributed most of its postpaid phone net adds to shifting focus to

the value segment with the launch of “Build-A-Plan”, which supported overall new

account net adds as opposed to additional phone lines. AT&T reiterated its outlook

for Advanced Connectivity services revenues in 2026 to grow 5%+ yoy in 2026

overall, underscored by continued confidence in the ability to scale wireless and

advanced home internet service revenue growth.

o First, T will remain focused on convergence, which it expects to drive

continued strong net adds in advance home internet and postpaid phone

subscribers in 3Q26 and overall growth in converged customers in the near

term. Though pursuing convergence may be dilutive to fiber ARPU in the

near-term, favorable postpaid phone net adds and wireless ARPU dynamics

seen in 2Q26 should support overall growth. The stickier relationships

associated with converged offerings should also drive longer-term growth

across both wireless and broadband, and T remains constructive on its ability

to manage backbook pricing.

o Second, T remains committed to network improvements and aims to have the

best performing network with a highly competitive cost structure. T added