AT&T shares slide despite Q1 beat as free-cash-flow dips and wireless metrics draw scrutiny

AT&T Inc. (T) is down 3.2% today. Here is some analysis on what might have caused this price movement.

Analysis: The drop appears tied to a “good-but-not-great” earnings reaction: AT&T’s quarterly results beat expectations, but investors focused on weaker free cash flow driven by higher network investment and lingering concerns about wireless subscriber economics and legacy revenue declines. With guidance largely reiterated rather than raised, the market’s response looks like a reset after optimism going into the print.

Details:

AT&T posted first-quarter revenue of about $31.5B and adjusted EPS of $0.57, both ahead of consensus estimates.

Free cash flow was about $2.5B versus roughly $3.1B a year ago, reflecting higher capital investment as fiber deployment accelerated.

The company reiterated full-year adjusted EPS guidance of $2.25 to $2.35 and free cash flow of $18B+ (no upward revision), which may have tempered expectations.

Ongoing legacy revenue erosion remained a visible headwind even as wireless and fiber were highlighted as growth drivers.

Sources:

AT&T Investor Relations, SEC (company 8-K/Exhibits), TipRanks

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

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$T Hedge Fund Activity

We have seen 1,234 institutional investors add shares of $T stock to their portfolio, and 1,473 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 149,197,627 shares (-74.8%) from their portfolio in Q4 2025, for an estimated $3,706,069,054
GQG PARTNERS LLC removed 20,777,716 shares (-19.5%) from their portfolio in Q4 2025, for an estimated $516,118,465
D. E. SHAW & CO., INC. added 20,749,641 shares (+224.7%) to their portfolio in Q4 2025, for an estimated $515,421,082
JPMORGAN CHASE & CO removed 18,454,242 shares (-20.3%) from their portfolio in Q4 2025, for an estimated $458,403,371
CITADEL ADVISORS LLC removed 15,026,505 shares (-82.6%) from their portfolio in Q4 2025, for an estimated $373,258,384
PACER ADVISORS, INC. removed 14,943,470 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $371,195,794
FMR LLC added 14,912,983 shares (+35.4%) to their portfolio in Q4 2025, for an estimated $370,438,497

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$T Government Contracts

We have seen $1,006,198,867 of award payments to $T over the last year.

Here are some of the awards which we have have seen pay out the most over the last year:

ENTERPRISE DATA NETWORK SERVICES CARRIER B: $428,655,919
CO: TELLY RENFROE AWARD OF NEW TASK ORDER BASE YEAR INITIAL FUNDING: $165,718,256
ESTABLISH A BROAD NETWORKING AND TELECOMMUNICATIONS SERVICE ENVIRONMENT TO MEET ITS NETWORK SERVICES (WIDE ...: $60,096,910
AWARD OF TASK ORDER ONE FOR DOMESTIC TELECOMMUNICATIONS FOR THE DOS.: $43,000,000
EIS TASK ORDER 693KA8-21-F-000083 - MASTER CONTRACT # GS00Q17NSD3000. VENDOR IS AT&T. FOR THE TRANSITION O...: $33,787,567

To track government contracts to publicy traded companies, check out Quiver Quantitative's government contracts dashboard.

$T Congressional Stock Trading

Members of Congress have traded $T stock 10 times in the past 6 months. Of those trades, 4 have been purchases and 6 have been sales.

Here’s a breakdown of recent trading of $T stock by members of Congress over the last 6 months:

SENATOR JOHN FETTERMAN sold up to $15,000 on 03/27.
REPRESENTATIVE MARK ALFORD sold up to $15,000 on 03/16.
REPRESENTATIVE DAVID TAYLOR has traded it 4 times. They made 3 purchases worth up to $45,000 on 01/29, 10/30 and 1 sale worth up to $15,000 on 02/26.
REPRESENTATIVE JULIA LETLOW sold up to $15,000 on 02/12.
REPRESENTATIVE TIM MOORE has traded it 2 times. They made 1 purchase worth up to $50,000 on 01/09 and 1 sale worth up to $50,000 on 01/30.
REPRESENTATIVE CLEO FIELDS sold up to $50,000 on 12/11.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

$T Analyst Ratings

Wall Street analysts have issued reports on $T in the last several months. We have seen 4 firms issue buy ratings on the stock, and 1 firms issue sell ratings.

Here are some recent analyst ratings:

Citigroup issued a "Buy" rating on 12/22/2025
Goldman Sachs issued a "Buy" rating on 12/19/2025
Morgan Stanley issued a "Overweight" rating on 12/10/2025
Canaccord Genuity issued a "Buy" rating on 12/04/2025
JP Morgan issued a "Underweight" rating on 11/18/2025

To track analyst ratings and price targets for $T, check out Quiver Quantitative's $T forecast page.

$T Price Targets

Multiple analysts have issued price targets for $T recently. We have seen 11 analysts offer price targets for $T in the last 6 months, with a median target of $27.0.

Here are some recent targets:

Kannan Venkateshwar from Barclays set a target price of $19.0 on 04/14/2026
Maher Yaghi from Scotiabank set a target price of $21.5 on 04/10/2026
Aravinda Galappatthige from Canaccord Genuity set a target price of $17.5 on 04/09/2026
Vince Valentini from TD Cowen set a target price of $19.0 on 04/02/2026
Brandon Nispel from Keybanc set a target price of $36.0 on 03/25/2026
Michael Rollins from Citigroup set a target price of $31.5 on 03/23/2026
Eric Luebchow from Wells Fargo set a target price of $27.0 on 01/26/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.