Communication Services·Integrated Telecommunication Services·$182.5B
AT&T Inc. is a major player in the communication services sector, providing integrated telecommunication services....
Subscriber Growth
This metric is essential as it reflects the company's ability to attract and retain customers in a competitive market.
Average Revenue Per User (ARPU)
ARPU indicates how much revenue AT&T generates per subscriber, which is critical for assessing profitability.
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EPS Beat Streak
2Q
EPS Beat Rate
63%
Avg EPS Surprise
+3.43%
Avg Stock Reaction
+2.66%
In the last quarter, AT&T reported earnings per share of $0.52, exceeding expectations by 13%. The stock reacted positively, gaining 4.65% the following day.
Management Promises & Guidance
Overall, expectations are mixed as AT&T has shown some resilience in earnings but faces challenges in subscriber growth. Investors will be keen to see how management addresses competitive pressures.
Bull Case
If AT&T can demonstrate strong subscriber growth and improved ARPU, it could signal a turnaround, boosting investor confidence.
Bear Case
Conversely, if subscriber numbers decline or costs rise unexpectedly, it could lead to negative sentiment and a drop in stock price.
Subscriber Growth
N/AThis metric is essential as it reflects the company's ability to attract and retain customers in a competitive market.
Average Revenue Per User (ARPU)
N/AARPU indicates how much revenue AT&T generates per subscriber, which is critical for assessing profitability.
Capital Expenditures
N/AInvestments in infrastructure are vital for future growth and service quality, especially with the rollout of 5G technology.
The print will turn on these two things.
Q1
What is the current subscriber growth rate compared to last quarter?
Subscriber growth is a key indicator of AT&T's market position and competitiveness, which will heavily influence investor sentiment.
Q2
How has Average Revenue Per User (ARPU) changed this quarter?
Changes in ARPU will provide insights into pricing power and customer retention, which are critical for future profitability.
Why consensus could be wrong
The Street may underestimate AT&T's ability to stabilize its subscriber base amidst competitive pressures, particularly in the 5G market.
Supporting Evidence
Recent investments in network infrastructure could lead to improved service quality and customer retention.
Options pricing indicates a significant move, suggesting that traders are anticipating a more volatile reaction than what consensus reflects.
Key Risk
If subscriber growth exceeds expectations, it could challenge the current bearish sentiment in the market.
Pre-commit to what would confirm each case.
The core thesis revolves around AT&T's ability to grow its subscriber base while maintaining profitability through effective pricing strategies.
Bull Confirmed If
Subscriber growth of at least 2% quarter-over-quarter would confirm the bull case.
Bear Confirmed If
A decline in subscriber numbers or ARPU below $45 would confirm the bear case.
Implied Move
±3.26%
Historical Avg
±3.1%
The options market is pricing in a move of about 3.26%, indicating some uncertainty ahead of the earnings report.
Options are pricing ±3.3% while T has averaged ±3.1% over the last 8 prints — setup is roughly in line with history.
Likely market behavior by outcome — not investment advice.
Beat & Raise
If AT&T beats expectations and raises guidance, history suggests a potential stock increase of around 3.72%, confirming positive momentum.
In-Line / Cautious
An in-line report with cautious commentary may lead to a muted reaction, as investors weigh the implications of management's outlook.
Miss
If the company misses earnings expectations, history suggests a potential decline of about 1.38%, reflecting investor disappointment.
AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.
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AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.
No charge today · Auto-bills $8/mo after 7 days · Cancel anytime
ZIONS BANCORP N A
Apr 20, 2026