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DALLAS, April 24, 2024 — AT&T Inc. (NYSE: T) reported first-quarter results that highlighted consistent 5G and fiber customer additions and showcased profitable growth driven by increased Mobility service and broadband revenues.
First-Quarter Consolidated Results
- Revenues of $30.0 billion
- Diluted EPS of $0.47; adjusted EPS* of $0.55
- Operating income of $5.8 billion; adjusted operating income* of $6.0 billion
- Net income of $3.8 billion; adjusted EBITDA* of $11.0 billion
- Cash from operating activities of $7.5 billion, up $0.9 billion year over year
- Capital expenditures of $3.8 billion; capital investment* of $4.6 billion
- Free cash flow* of $3.1 billion, up $2.1 billion year over year
First-Quarter Highlights
- 349,000 postpaid phone net adds with an expected industry-leading postpaid phone churn of 0.72%
- Mobility service revenues of $16.0 billion, up 3.3% year over year
- 252,000 AT&T Fiber net adds; 17th consecutive quarter of 200,000+ net adds
- Consumer broadband revenues of $2.7 billion, up 7.7% year over year
- 27.1 million consumer and business locations passed with fiber
“Our results this quarter reflect continued strong growth in our Mobility and Consumer Wireline connectivity businesses, which represent about 80% of our total revenues,” said John Stankey, AT&T CEO. “Customers are choosing AT&T and staying with us. We achieved a record-low first-quarter postpaid phone churn, grew consumer broadband subscribers for the third consecutive quarter, and expanded margins in Mobility and Consumer Wireline. We’re also delivering on our commitment to grow and improve the quality and cadence of free cash flow, which increased by more than $2 billion year over year. This consistent, solid performance driven by our investment-led strategy gives us confidence to re-affirm our full-year consolidated financial guidance.”
2024 Outlook
For the full year, AT&T reiterates guidance of:
- Wireless service revenue growth in the 3% range.
- Broadband revenue growth of 7%+.
- Adjusted EBITDA* growth in the 3% range.
- Capital investment* in the $21-$22 billion range.
- Free cash flow* in the $17-$18 billion range.
- Adjusted EPS* in the $2.15-$2.25 range.
- In 2025, the company expects to deliver Adjusted EPS* growth.
Note: AT&T’s first-quarter earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, April 24, 2024. The webcast and related materials, including financial highlights, will be available at https://investors.att.com.