AT&T Earnings Preview: What to Expect

With a market cap of $151.6 billion, AT&T Inc. (T) is a global provider of telecommunications and technology services operating through its Communications and Latin America segments. It has grown into one of the world’s largest providers of wireless, broadband, and communication services. The company offers a wide range of consumer and business solutions, including wireless voice and data services, internet connectivity, and related devices.

The Dallas, Texas-based company is set to unveil its fiscal Q2 2026 results before the market opens on Wednesday, Jul. 22. Ahead of the event, analysts forecast AT&T to post an adjusted EPS of $0.59, an increase of 9.3% from $0.54 in the same quarter last year. It has surpassed Wall Street's bottom-line projections in three of the past four quarters while missing on another occasion.

For fiscal 2026, analysts expect AT&T to report adjusted EPS of $2.31, a rise of nearly 9% from $2.12 in fiscal 2025. Additionally, adjusted EPS is anticipated to grow 9.1% year-over-year to $2.52 in fiscal 2027.

T stock has dropped 28.1% over the past 52 weeks, underperforming the broader S&P 500 Index's ($SPX) 20.3% gain and the State Street Communication Services Select Sector SPDR ETF's (XLC) 1.7% decline over the same period.

AT&T shares recovered marginally on Apr. 22 as investors were encouraged by stronger-than-expected Q1 2026 wireless subscriber growth, with the company adding 294,000 postpaid phone subscribers, driven by successful bundling of wireless and high-speed fiber services. Investor sentiment was further supported by 3% year-over-year revenue growth to $31.5 billion, which beat the consensus estimate, and the newly created Advanced Connectivity segment (5G and fiber) delivered approximately 5% revenue growth, highlighting the strength of AT&T's core growth businesses. 

Analysts' consensus rating on AT&T stock is cautiously optimistic, with a "Moderate Buy" rating overall. Out of 28 analysts covering the stock, opinions include 13 "Strong Buys," three "Moderate Buys," and 12 "Holds." The average analyst price target is $30.29, suggesting a potential upside of 46.5% from current levels.