AT&T reported solid second-quarter 2025 financial results, underpinned by continued subscriber momentum in both its Mobility and Consumer Fiber units. The company added 401,000 postpaid phone subscribers and 243,000 AT&T Fiber net customers, bringing its total fiber base to 9.8 million. AT&T Internet Air, the company’s fixed wireless product, also gained traction with 203,000 new customers in the quarter. Fiber broadband revenue jumped 18.9% year over year to $2.1 billion, while Mobility service revenue rose 3.5% to $16.9 billion.
Consolidated revenue reached $30.8 billion, up 3.5% year over year, while net income totaled $4.9 billion. Adjusted earnings per share (EPS) came in at $0.54, and adjusted EBITDA rose 3.5% to $11.7 billion. Free cash flow improved to $4.4 billion, a 10% increase from Q2 2024. AT&T also repurchased $1 billion in common shares during the quarter and completed the full divestiture of DIRECTV by selling its remaining 70% stake to TPG on July 2. The company ended the quarter with $132.3 billion in total debt and $10.5 billion in cash.
AT&T raised its full-year and multi-year outlook, citing an expected $6.5 to $8.0 billion in cash tax savings between 2025–2027 stemming from the One Big Beautiful Bill Act. The company plans to allocate $3.5 billion of those savings to accelerate its fiber buildout, targeting a pace of 4 million new customer locations per year by the end of 2026. By 2030, AT&T aims to reach over 60 million fiber passings when including its Gigapower JV, open access partnerships, and the Lumen Mass Markets fiber footprint, which it recently agreed to acquire. The remainder of the tax benefit will support pension funding, share repurchases, and debt reduction.
Network Metrics Snapshot – Q2 2025
- Postpaid phone net adds: +401K (total base: 73.4M)
- Postpaid phone churn: 0.87%
- Postpaid phone ARPU: $57.04, up 1.1% YoY
- AT&T Fiber net adds: +243K (total base: 9.8M)
- AT&T Internet Air net adds: +203K
- Fiber ARPU: $73.26, up 6.2% YoY
- Fiber revenue: $2.1B, +18.9% YoY
- Consumer broadband total net adds: +446K
- Business Wireline revenue: down 9.3% YoY
- Business Wireline EBITDA: down 11.3% YoY
- Mobility EBITDA: $9.5B, +3.2% YoY
- Consumer Wireline EBITDA: $1.3B, +17.8% YoY
- Converged customer rate: 40.9% of fiber base also subscribe to Mobility
- Capital investment: $5.1B
- Free cash flow: $4.4B
- Net debt-to-adjusted EBITDA: 2.64x
“We are winning in a highly competitive marketplace, with the nation’s largest wireless and fiber networks,” said John Stankey, AT&T Chairman and CEO. “Customers are increasingly choosing AT&T because we have the best technology and options for wireless and broadband connectivity.”
🌐 Why it Matters: AT&T’s results reflect a clear strategic pivot toward high-performance fiber and wireless infrastructure, supported by favorable policy shifts. The One Big Beautiful Bill Act provides not only cash tax relief but regulatory certainty that is enabling long-term capital planning. By committing $3.5 billion in tax savings directly to fiber buildout, AT&T is expanding its geographic reach and accelerating deployment timelines. This sets the stage for more robust competition with cable operators and fixed wireless challengers. The Lumen acquisition and Gigapower JV reinforce a multi-channel fiber strategy aligned with public-sector and enterprise needs, suggesting future gains in both retail and wholesale markets.
