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AT&T (T) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 27, 2026
AT&T (T) reported revenue of $31.5B for the first quarter 2026 (Q1 2026), +3% from a year earlier and -6% from the quarter before. Operating margin was 21.1%, net earnings $3.8B (12.2% of revenue).
AT&T, Q1 2026: revenue $31.5B (+3% year over year), operating margin 21.1%, net earnings $3.8B, operating cash flow $7.6B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $31.5B | -6% | +3% |
| Operating profit | $6.7B | +15% | +16% |
| Net earnings | $3.8B | +1% | -12% |
| Operating cash flow | $7.6B | -33% | -16% |
| Free cash flow | $2.7B | -40% | -43% |
What changed
Revenue was $31.5B in Q1 2026, up 3% year over year and down 6% from the previous quarter. Wireless service was the largest line at 56% of revenue. Advanced home internet added $0.60B year over year (up 27%), 68% of the total change. Other service declined 23%.
Operating profit was $6.7B, a 21.1% margin (up 2.3 points year over year). Of the extra revenue versus Q1 2025, 103% reached operating profit, above the 19% margin then. Total costs fell 0% while revenue rose 3%. Net earnings were $3.8B, down 12% year over year. The effective tax rate was 22.0%.
Operating cash flow was $7.6B (down 16% year over year), 182% of net income including minority interests. Non-cash charges added back $5.0B of depreciation and amortization. Working capital and other items used $1.6B. Capital expenditures of $4.9B left free cash flow of $2.7B.
Questions
What was AT&T's revenue in the first quarter 2026?
AT&T (T) reported revenue of $31.5B for the first quarter 2026 (Q1 2026), +3% from a year earlier and -6% from the quarter before.
Was AT&T profitable in the first quarter 2026?
Operating profit was $6.7B (21.1% of revenue) and net earnings $3.8B.
Source: AT&T 10-Q on SEC EDGAR.