AT&T releases transcript of Q2 2026 earnings call

• AT&T posted the edited transcript of its Q2 2026 earnings call attended by CEO John Stankey, CFO Pascal Desroches, IR head Brett Feldman.
• Management lifted the 2026 share repurchase plan by 25% to about $10 billion; Q2 buybacks were $2.2 billion; total shareholder returns were $4.1 billion.
• Q2 results: revenue up 2.3%; service revenue up 2.7%; adjusted EBITDA up 5.2% with margin 39.1%; adjusted EPS $0.65; free cash flow $4.7 billion.
• Guidance reiterated: low single-digit service revenue growth; adjusted EBITDA up 3%-4%; adjusted EPS $2.25-$2.35; free cash flow above $18 billion; capex $23-$24 billion.
• EchoStar spectrum deal expected to close by end-July; net leverage seen rising to about 3.2x post-close, returning toward 2.5x within about three years.
• Advanced Connectivity momentum: over 1 million advanced connectivity subscriber adds; 432,000 postpaid phone net adds; 147,000 consumer postpaid account adds; wireless service revenue up 3.3%.
• Fiber build accelerated: over 1 million fiber locations added in Q2; plans to reach 8 million new locations in 2026 including over 4 million from Lumen.
• Convergence: 42.5% of advanced home internet customers also have postpaid wireless; 45% excluding the acquired Lumen footprint; management expects near-term fiber ARPU pressure.
• FCC actions accelerated copper exit: approval to discontinue legacy copper voice in about 60% of California wire centers; over 30% of wire centers nationwide approved, effective late 2026.
• Direct-to-device satellite positioned for “corner cases” in 2027 via the AST SpaceMobile partnership; management downplayed interest in wholesale MVNO tie-ups.

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