AT&T Raises Full-Year EPS Outlook to ~$2.40 After Record Q3 Broadband Net Adds; Cuts 2027-2028 Capex

AT&T (T-US) raised its full-year adjusted earnings guidance to about $2.40 per share from a prior range of $2.25 to $2.35 on October 21 after posting record quarterly broadband net additions and a 5.3% rise in third-quarter revenue to $32.3 billion. Adjusted EPS for the quarter came in at $0.65, up from $0.54 a year earlier. The company added 769,000 fiber and fixed wireless subscribers combined—442,000 fiber and 327,000 fixed wireless—plus 379,000 postpaid phone net adds. Advanced Connectivity revenue rose 7.2%, aided by wireless subscriber growth, price increases and the contribution from its acquisition of Lumen's mass-market fiber business. Legacy copper-based revenue fell 24.5%. AT&T cut its 2027 and 2028 capital investment guidance to $22 billion to $23 billion annually, down from an estimated $23 billion to $24 billion in 2026, while maintaining its target of more than 60 million fiber-enabled residential and business locations by the end of 2030. Reported EPS from continuing operations fell to $0.13 from $1.29, weighed by a non-cash impairment of its Mexican business and employee severance costs, versus a year-earlier gain on the sale of its DirecTV stake.