AT&T Raises Full-Year Adjusted EPS Outlook to About $2.40

The guidance raise is the headline, but the more telling detail is the split between earnings and cash: adjusted EPS is being lifted while the free cash flow floor stays at $18 billion, just shy of consensus. That gap is what separates a genuine operating beat from a mix or accounting effect, and it lands in a quarter where revenue growth of 5.2% cleared estimates comfortably. For telecom and dividend-focused holders, the durability of cash generation matters more than the EPS revision. Whether free cash flow tracks the improved earnings trajectory is the open question.