Page 1

AT & T Reports First - Quarter Results Solid wireless , fiber and HBO Max subscriber gains with continuing strong cash flows First - Quarter Consolidated Results Consolidated revenues of $ 43.9 billion , up 2.7 % Diluted EPS of $ 1.04 compared to $ 0.63 in the year - ago quarter Adjusted EPS of $ 0.86 compared to $ 0.84 in the year - ago quarter , up 2.4 % Cash from operations of $ 9.9 billion , up 12.0 % Capital expenditures of $ 4.0 billion ; gross capital investment¹ of $ 5.7 billion Free cash flow² of $ 5.9 billion , up 51 % ; total dividend payout ratio of 63.5 % ³ ● ● News Release Note : AT & T's first - quarter earnings conference call will be webcast at 8:30 a.m. ET on Thursday , April 22 , 2021. The webcast and related materials will be available on AT & T's Investor Relations website at https://investors.att.com/ . - DALLAS , April 22 , 2021 - AT & T Inc. ( NYSE : T ) reported first - quarter results that showed continuing customer growth in wireless , fiber and HBO Max and strong cash flows . " We continued to excel in growing customer relationships in our market focus areas of mobility , fiber and HBO Max , " said John Stankey , AT & T CEO . " We had another strong quarter of postpaid phone net adds , higher gross adds , lower churn and good growth in Mobility EBITDA . We also continue to increase penetration in markets where we offer fiber broadband and we're moving quickly to deploy more fiber . HBO Max continued to deliver strong subscriber and revenue growth in advance of our international and AVOD launches planned for June . " First - Quarter Highlights Communications Mobility : ● O O O O O O O 595,000 postpaid phone net adds 823,000 postpaid net adds 207,000 prepaid phone net adds Postpaid phone churn of 0.76 % Revenues up 9.4 % ; service revenues up 0.6 % ; equipment revenues up 45.2 % Operating income of $ 6.0 billion , up 3.7 % year over year ; EBITDA4 up 2.3 % Operating income margin of 31.5 % ; EBITDA service margin5 57.1 % compared to 56.1 % in the year - ago quarter