AT&T Beats Q2 EPS and Subscriber Estimates, but T Reverses to 1.2% Loss

At 6:30:55 a.m. ET on July 22, 2026, AT&T reported adjusted EPS, adjusted EBITDA and postpaid phone additions above the supplied expectations, while revenue came in below consensus and full-year guidance was maintained. T rose from $23.27 at the headline timestamp to $23.41 after one minute, then reversed to $23.00 by 10 minutes, down 1.16%. The clean post-headline path ran against the original framing: the larger positive move had already begun before the recorded earnings update.

The quarter combined operating beats with a revenue miss

Adjusted EPS was $0.65 versus $0.59 expected, and adjusted EBITDA was $12.3 billion versus $12.1 billion expected. Revenue of $31.6 billion was below the supplied $31.77 billion estimate. Wireless postpaid phone net additions reached 432,000 versus 325,264 expected, while postpaid phone-only churn was 0.86% and free cash flow was $4.7 billion.

AT&T's July 22, 2026 results release confirmed the reported earnings, cash-flow and subscriber figures and reiterated the company's consolidated full-year outlook. The release emphasized growth across fiber, fixed wireless and postpaid phone subscribers as AT&T continued to build its Advanced Connectivity business. AT&T Investors

The stock had already repriced before the timestamp

T was $22.57 two minutes before the recorded headline and $23.27 when it crossed. It then reached $23.41 after one minute. The original 3.722% first-minute figure begins at the earlier $22.57 price rather than the $23.27 headline-time level, so it includes most of the advance that had already occurred.

The same distinction changes the 10-minute read. T traded at $23.00 after 10 minutes, leaving it 1.16% below the headline-time price. The original positive 1.905% figure compares $23.00 with the earlier $22.57 reference and therefore does not represent a clean release-to-10-minute return.

The first-minute gain reversed completely

The immediate post-headline move was initially positive, with T rising from $23.27 to $23.41. That gain did not hold. By the 10-minute checkpoint, the stock had fallen below both its one-minute price and its headline-time level. The available sequence therefore shows an early uptick followed by a full reversal, not a sustained earnings rally.

Guidance was reiterated, not raised

AT&T continued to expect full-year adjusted EPS of $2.25-$2.35, adjusted EBITDA growth of 3%-4% and free cash flow of at least $18 billion. Those ranges had already been maintained during the company's April 22, 2026 first-quarter earnings call, so the second-quarter update did not introduce a higher annual financial outlook. AT&T Investors

Reuters reported later on July 22, 2026 that bundled wireless and broadband offers supported subscriber growth and reinforced AT&T's convergence strategy of selling multiple connectivity services to the same household. That context helps explain the strength of the customer metrics, but it does not isolate which disclosure drove the reversal in T. Reuters

The defensible market read is narrower: AT&T delivered better-than-expected profit, EBITDA and postpaid additions, missed the supplied revenue estimate and maintained its outlook. T initially moved higher after the recorded headline but was down 1.16% by 10 minutes. It would overstate causality to assign that reversal to the revenue miss, unchanged guidance or any single operating metric without a complete same-window headline chronology.