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AT&T
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Latest analysis
Updated Oct 21, 2026
AT&T Q3 2026: Advanced Connectivity EBITDA margin holds at 41.8% as spectrum acquisition drives debt ratio to 56.1% and Mexico exit accelerates portfolio simplification
AT&T's Advanced Connectivity segment delivered 18.9% operating income growth in Q3 2026, with fiber net adds accelerating 43% year-over-year to 442,000 and fixed wireless connections surging 65.4% to 2.94 million — the core growth engine is operating. The $22.65 billion EchoStar spectrum acquisition and $5.76 billion Lumen fiber deal pushed total debt to $159.6 billion and the debt ratio to 56.1%, while the October 13 agreement to sell Mexico wireless for approximately $2 billion signals a decisive pivot to a pure-play domestic converged connectivity operator. Consolidated Q3 operating income compressed 33.1% year-over-year to $4.1 billion, driven by a $2.56 billion noncash Mexico impairment charge and employee separation costs rather than fundamental deterioration in the core business.
Tone: mixedRevenue
$125.6B
T 10-K · FY 2025
Employees
133,030
Revenue growth YoY
+2.7%
Founded
1983
Profile
T 10-K Item 1 · Feb 9, 2026AT&T is a Delaware-incorporated holding company providing telecommunications and technology services globally through two reportable segments: Communications and Latin America. The Communications segment delivers wireless, wireline, and broadband services to U.S. consumers and businesses worldwide, while the Latin America segment provides wireless service and equipment in Mexico. AT&T's strategic focus is on expanding its fiber and 5G networks as the foundation for convergence growth.
Read filing description ↓ Collapse description ↑
AT&T Inc. is a leading provider of telecommunications and technology services globally. The services and products that we offer vary by market and utilize various technology platforms in a range of geographies. Our reportable segments are organized as follows: The Communications segment provides wireless and wireline telecom and broadband services to consumers located in the United States and businesses globally. Our business strategies reflect integrated product offerings that cut across product lines and utilize shared assets. This segment contains the following business units: Mobility provides nationwide wireless service and equipment. Business Wireline provides advanced ethernet-based fiber services, fixed wireless services, IP Voice and managed professional services, as well as legacy voice and data services and related equipment, to business customers. Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services, and our fixed wireless access product (AT&T Internet Air or 'AIA') that provides internet services delivered over our 5G wireless network, to residential customers in select locations. Consumer Wireline also provides legacy telephony voice communication services. The Latin America segment provides wireless service and equipment in Mexico. We are a leader in providing connectivity services through our market focus areas of 5G and fiber. Fiber underpins the connectivity we deliver, both wired and wireless. Building on that fiber foundation is our solid spectrum portfolio, strengthened through Federal Communications Commission (FCC) auctions, other spectrum acquisitions and 5G deployment. We believe our fixed wireline and mobile approach will differentiate our services and provide us with additional convergence growth opportunities in the future as bandwidth demands continue to grow.
Primary products
- Wireless Service
- Fiber Broadband
- AT&T Internet Air (AIA)
- Fixed Wireless Access
- AT&T Dedicated Internet
- Fiber Ethernet
Business segments
End markets
Geographies
Named competitors
“We are one of three facilities-based providers in Mexico (retail and wholesale), with the most significant market share controlled by América Móvil.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total operating revenues increased 2.7% in 2025, driven by higher Mobility service revenue and Consumer Wireline growth, partially offset by Business Wireline declines and a modest contribution from Latin America overcoming unfavorable foreign exchange impacts.
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