# AT&T Stock Q3 2026: Fiber Net Adds, Wireless Margins and Cash Flow
> AT&T stock Q3 2026: revenue rose 5.3% to $32.3bn, AT&T added 769,000 internet customers and adjusted EBITDA rose 5.4% to $12.5bn. T earnings and outlook.

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## Facts
- Ticker: T
- QSILabs fair value: $52.54 USD
- Price: $21.44 (as of 2026-11-02)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-21) and Form 10-Q filed 2026-10-21; price as of 2026-11-02 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/att-stock-q3-2026-earnings-fiber-wireless-cash-flow/

## Short answer
AT&T stock Q3 2026 comes down to a quarter in which home internet grew fast, wireless held up and cash flow stayed on plan. In the three months to 30 September 2026 revenue rose 5.3% to $32.32bn and service revenue 3.8% to $26.30bn. AT&T added 769,000 internet customers, 442,000 of them on fiber and 327,000 on fixed wireless, and 379,000 postpaid phone customers, with postpaid phone churn steady at 0.92%. Adjusted EBITDA rose 5.4% to $12.51bn, a 38.7% margin, and free cash flow was $4.95bn. Operating income fell 33.1% to $4.10bn because of a $2.6bn impairment on the sale of AT&T Mexico and an employee separation charge of about $800m. AT&T raised its 2026 adjusted earnings per share outlook to about $2.40 and lowered its capital spending plan for 2027 and 2028. Our discounted cash flow model values the shares at $52.54, against a $21.44 close on 2 November 2026; that gap rests mostly on a cost of capital pulled down by AT&T's heavy use of debt, so we show below how far it moves when you change it.

## Key takeaways
- Home internet is the growth engine. Advanced home internet revenue rose 23.4% to $2,975m. AT&T added 442,000 fiber and 327,000 fixed wireless customers, a quarter AT&T called "a record quarter" for internet net adds.
- Wireless is steady, not booming. AT&T added 379,000 postpaid phone customers, against 405,000 a year earlier, with churn unchanged at 0.92%. Wireless service revenue in the main segment rose 5.0% to $17,764m.
- Profit grew faster than revenue before one-off charges. Adjusted EBITDA rose 5.4% to $12,505m and adjusted earnings per share 20.4% to $0.65. Reported operating income fell to $4,095m after $3,372m of impairment and restructuring charges.
- Cash flow is on plan. Free cash flow was $4,953m, up 1.8%, and $12,129m over nine months. AT&T expects about $6bn in the fourth quarter and still expects $18bn or more for 2026.
- Debt rose with the EchoStar spectrum deal. Net debt reached $149.8bn, 3.13 times adjusted EBITDA, after AT&T paid $22.65bn for EchoStar spectrum licences. AT&T expects to return to about 2.5 times during 2029.
- The portfolio is being reshaped. AT&T agreed to sell AT&T Mexico and to put its Lumen fiber assets and Gigapower into a 50:50 joint venture with Global Infrastructure Partners and CPP Investments.
- QSILabs value: $52.54 a share, against a $21.44 close on 2 November 2026. A two-stage cross-check gives $48.13; analysts' average target is $27.59 and their highest $34.
- What to watch. Fiber and Internet Air additions in the fourth quarter, when AT&T expects higher marketing costs, the pace of copper retirement, the closing of the Mexico sale and the fiber joint venture, and how fast leverage comes down.

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