AT&T Beats Q2 Expectations With $4.7B Free Cash Flow, Raises Buyback Target to $10B

According to its Q2 earnings results released overnight (July 23), AT&T beat earnings expectations with adjusted EPS of $0.65 versus Wall Street consensus of $0.59. The stock closed up 3.5% following the announcement.

The telecom company generated $4.7 billion in free cash flow, exceeding its own guidance range of $4.0 billion to $4.5 billion. AT&T also raised its 2026 share repurchase target to about $10 billion from $8 billion, with the company expecting to return approximately $18 billion to shareholders this year through buybacks and dividends.