AT&T Inc. reported first-quarter 2026 results with total operating revenues of $31.5 billion, up 2.9% from 2025. Operating income rose to $6.7 billion, a 15.7% increase, reflecting higher margins, especially in its Advanced Connectivity segment.
Income from continuing operations declined 10.1% to $4.2 billion, and diluted EPS from continuing operations fell to $0.54 from $0.61. However, adjusted diluted EPS increased to $0.57 from $0.51, up 11.8%, and the company reiterated all full-year 2026 and multi-year guidance and capital return plans.
Advanced Connectivity revenues grew 4.7% to $28.5 billion, driven by a 27.3% rise in advanced home internet revenues and stronger wireless and equipment sales. Legacy segment revenues fell 25.3%, and Latin America revenues grew 20.8% but with lower operating income. Free cash flow was $2.5 billion, down from $3.1 billion, and net debt stood at $126.4 billion with a net debt-to-adjusted EBITDA ratio of 2.71.
AT&T reported mixed first-quarter 2026 results while reshaping its business portfolio. Income from continuing operations was $4.2 billion, or $0.54 per diluted share, down from $0.61 a year earlier, as prior-year results benefited from DIRECTV equity income.
Revenue grew and margins improved. Operating revenues rose to $31.5 billion, up 2.9%, driven by Advanced Connectivity wireless and fiber growth and higher Mexico revenue, partly offset by declining Legacy copper-based services. Operating income increased to $6.7 billion, lifting the operating margin to 21.1% from 18.8%.
Strategic moves highlight a shift to fiber and 5G. AT&T closed the acquisition of substantially all of Lumen’s mass markets fiber business and placed the assets into Forged Fiber 37 Services, LLC, which is classified as discontinued operations ahead of a planned sale of a controlling interest to an equity partner.
AT&T Inc. senior vice president and Chief Accounting Officer & Controller Sabrina Sanders S reported an acquisition of 1,588.44 deferred stock units of AT&T common stock through a benefit plan at a reference price of $28.99 per share. These units were purchased via automatic payroll deductions with partial company matching contributions and are settled only in stock on a 1-for-1 basis. Following this grant, she holds 1,818.866 units indirectly in the benefit plan, 5,366.3484 shares indirectly through a 401(k) plan based on a statement dated February 28, 2026, and 172,161 shares directly.
AT&T Inc. Chief Operating Officer Jeffery S. McElfresh acquired 13,018.282 shares of common stock on March 31, 2026 through an indirect grant recorded as deferred stock units at $28.99 per share.
The award was made under a benefit plan, using automatic payroll deductions and partial company matching contributions, and will be settled only in stock on a 1-for-1 basis. Following this grant, he indirectly holds 176,993.453 shares through the benefit plan, 9,310.7426 shares in a 401(k), and directly holds 724,034 shares of AT&T common stock.
AT&T executive Lori M. Lee reported an acquisition of 193.722 deferred stock units of Common Stock at $28.99 per share through a benefit plan. These units, purchased via automatic payroll deductions with partial company matching, are settled 1-for-1 in AT&T stock.
After this grant, indirect holdings by the benefit plan totaled 8,478.541 shares. Additional indirect positions reported include 14,186.0965 shares held by a 401(k) account, 391,151 shares held by a 2024 Trust, and 190,818 shares held by a Joint Trust.
AT&T Inc. Sr. Exec VP and CFO Pascal Desroches reported an acquisition of common stock-based units through a company benefit plan. On March 31, 2026, he received 121,297.575 deferred stock units at a reference price of $28.99 per unit, classified as an indirect holding by a benefit plan.
The filing explains these deferred stock units were purchased with automatic payroll deductions and partial company matching contributions and are settled only in stock on a 1-for-1 basis. The report also lists updated holdings, including indirect shares held through a 401(k) plan and a limited partnership, and direct ownership of common stock.
The Vanguard Group filed Amendment No. 10 to a Schedule 13G/A reporting 0 shares of AT&T Inc. common stock following an internal realignment. The amendment states that, on January 12, 2026, Vanguard disaggregated certain subsidiaries and business divisions and those entities will report beneficial ownership separately "in accordance with SEC Release No. 34-39538 (January 12, 1998)". The filing is signed by Ashley Grim, Head of Global Fund Administration, dated 03/26/2026.
AT&T Inc. has issued its 2026 proxy statement for a virtual annual meeting on May 14, 2026. Holders of 6,982,145,528 common shares as of March 16, 2026 may vote.
Stockholders will elect ten directors, ratify Ernst & Young as 2026 auditors, give an advisory vote on executive pay, vote on adding officer exculpation to the certificate of incorporation, and consider a new 2026 Incentive Plan authorizing up to 130 million shares plus a refreshed Stock Purchase and Deferral Plan increasing its share pool to 136 million. Two stockholder proposals seek broader written-consent rights and mandatory public EEO‑1 workforce disclosure; the board recommends against both, citing existing special-meeting rights, governance framework, and current human-capital disclosures.
The proxy emphasizes board refreshment and diversity, majority voting for directors with resignation policies, extensive stockholder engagement, and a pay-for-performance program where 2025 CEO target compensation was 91% at risk and about 69% of active NEO target pay was tied to stock price performance.
AT&T Inc. is soliciting proxies for its 2026 Annual Meeting to be held virtually on May 14, 2026; the Record Date is March 16, 2026. The proxy includes management proposals to elect ten directors (all incumbents), ratify Ernst & Young LLP as auditors, approve executive compensation, adopt an officer exculpation amendment, approve a 2026 Incentive Plan with a 130 million share reserve, and approve amendments to the Stock Purchase and Deferral Plan (increasing its authorized shares by 60 million to 136 million).
The proxy highlights 2025 operational priorities: investments in fiber and 5G, a goal to discontinue legacy services across most of the footprint by end of 2029, and shareholder returns of $12.4 billion in dividends and repurchases (described as a >50% increase versus prior year). Governance and compensation disclosures include board refreshment objectives, tenure targets for independent directors, historical equity burn rates (average 0.43% over 2023–2025), current overhang 1.35% and pro forma overhang ~2.78% if the Incentive Plan is approved. The proxy contains two stockholder proposals on written-consent rights and EEO-1 disclosure; the Board recommends voting against both.