AT&T 2Q26: What‘s not to like?

研报英文原文证据摘录

AT&T 2Q26: What‘s not to like?

up ~2% from a year ago. Consumer postpaid wireless account additions of 147K marked the Company's

best result in more than three years, which management attributed to its converged go-to-market strategy driving improved

growth in new accounts choosing AT&T for both wireless and home internet.

Fiber and Advanced Home Internet

AT&T delivered its best-ever second quarter for AT&T Fiber net adds and a record quarter for combined fiber and fixed wireless

net adds, with total Advanced Connectivity internet net adds of 646K (367K fiber, 279K FWA). Advanced home internet

service revenue grew 27.3% YoY to $2.9B, primarily reflecting improved fiber net adds as the Company accelerates its fiber

deployment, as well as the continuing contribution from the Lumen acquisition in 1Q26. Fiber ARPU declined 1.3% YoY,

primarily reflecting a full quarter's impact from Lumen subscribers, who carry lower ARPU; excluding the acquired Lumen

footprint, fiber ARPU was approximately flat YoY. AT&T added over 1 million fiber locations in the quarter, taking total consumer

and business locations reached with fiber to 38.6M, and remains on track to exceed 40M locations by year-end 2026 and 60M

+ by the end of the decade. Management noted that June converged gross adds within the acquired Lumen territories were up

45% versus February, as the Company continues the branded rollout of AT&T Fiber across the acquired footprint.

Convergence

Convergence continued to build, with 42.5% of advanced home internet customers also subscribing to AT&T wireless at

quarter-end, up from 42.0% in 1Q26. Excluding customers within the acquired Lumen footprint, the convergence rate reached

45%.