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Former Dividend Aristocrat AT&T Posts Strong Earnings, Tries to Win Back InvestorsAuthored by Jessica Mitacek. Article Posted: 4/24/2026. 
Key Points
- AT&T outperformed analyst expectations with an 11% year-over-year increase in adjusted EPS and record results in fixed broadband and fiber net adds.
- The company is aggressively expanding its fiber footprint through the acquisition of Lumen Technologies’ fiber business and is poised to offer direct-to-device satellite broadband via a partnership with AST SpaceMobile.
- Wall Street is turning increasingly bullish, evidenced by rising price targets, zero Sell ratings, and significant institutional buying.
- Special Report: Elon Musk already made me a “wealthy man”
It’s not often that a 141-year-old company generates excitement. But after AT&T (NYSE: T) reported Q1 2026 earnings on April 22, the market responded with renewed enthusiasm. After an initial sell-off heading into the earnings call, the stock gained nearly 3% on April 23 as investors reacted positively to a Q1 acquisition, the company reiterating guidance after record fixed broadband results, and a nearly 11% year-over-year increase in adjusted earnings per share (EPS).
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The communication services fixture appears to be back in Wall Street's favor, with upward revisions to price targets and sustained institutional buying signaling bullish momentum. For income investors or those seeking value in telecommunications, here’s what you need to know. After a Troubling Run, the Tide Is ShiftingShares of T have gained nearly 16% from their year-to-date low, a welcome reprieve for shareholders after a more than 22% drop from the stock’s one-year high in September 2025. Despite only one earnings miss in the past nine quarters, AT&T entered 2026 essentially flat over the past five years. During that period, the company lost its status as a Dividend Aristocrat in February 2022 after spinning off WarnerMedia. That wasn’t welcome news for income investors, but the stock had already fallen on tough times before the spinoff: from its February 2020 high through its five-year low in August 2023, AT&T dropped more than 50%. Despite not planning any dividend increases through at least 2027, the stock is attracting investors as it recovers. It still yields about 4.2%, and since its five-year low, AT&T has climbed more than 86%, trading not far off its 52-week high of $29.79. Meanwhile, the company’s strategic partnership with AST SpaceMobile (NASDAQ: ASTS)—signed in 2024—may finally be bearing fruit. On April 22, AST SpaceMobile was granted approval by the U.S. Federal Communications Commission to deliver nationwide, direct-to-device (D2D) cellular broadband from space. The agreement calls for providing space-based cellular broadband directly to everyday, unmodified AT&T mobile devices. In his earnings call comments, CEO John Stankey said the company’s “customers are going to want [D2D space-based broadband], and I think it's natural that we work with [low Earth orbit] providers that have the capabilities to solve that problem, to integrate those offerings into our services.” Q1 Takeaways: AT&T Had Plenty to HighlightAT&T posted a top- and bottom-line beat when it reported Q1 results. EPS of 57 cents topped analyst expectations of 55 cents, while quarterly revenue of $31.51 billion exceeded the $31.29 billion consensus. Notably, the company reported a record first-quarter consumer fixed broadband result, with 584,000 fiber and fixed wireless advanced internet net adds. It also added 1.1 million customers and approximately 4 million fiber locations when it closed a deal in Q1 to acquire Lumen Technologies’ (NYSE: LUMN) mass markets fiber business. That acquisition is expected to add around 8 million incremental fiber locations in 2026, and more than 60 million by 2030. AT&T finished Q1 with $12 billion in cash and cash equivalents, and returned $4.3 billion to shareholders during the quarter—$2 billion in dividend distributions and $2.3 billion in share repurchases under a buyback authorization that dates back to 2024. Management reiterated full-year and long-term guidance, including free cash flow of more than $18 billion in 2026, more than $19 billion in 2027, and more than $21 billion in 2028, alongside adjusted EPS of $2.25 to $2.35 this year and a double-digit, three-year compound annual growth rate through 2028. Despite strong EPS growth, the stock appears undervalued trading at a forward price-to-earnings multiple of about 11.5x, which aligns with an earnings growth forecast of roughly 10% over the next year. Wall Street Sentiment Is Slowly ShiftingFor the past year, AT&T has maintained a consensus Moderate Buy rating. But sentiment is shifting: none of the 22 analysts covering the stock currently assign a Sell rating. Over the past month, the average 12-month price target has climbed from under 6% to more than 17% higher than the current share price. Meanwhile, institutional buyers have outnumbered sellers for six consecutive quarters. Over the past year, inflows of nearly $24 billion have outpaced outflows of just over $10 billion. Short interest has ticked up but still represents only 1.69% of the float. Based on the company’s financials, the stock re-entered the TradeSmith Green Zone six days ago. AT&T's MarketRank™ currently scores higher than 96% of companies evaluated by MarketBeat, and it is ranked 41st out of 629 stocks in the computer and technology sector. Bottom line: AT&T is showing clear signs of operational progress—faster fiber growth, improving cash flow and renewed analyst optimism—while still offering a sizable yield. That said, investors should weigh the company’s slower dividend-growth outlook and the execution risk tied to large network and partnership initiatives when considering a position. |
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