AT&T (NYSE: T), Verizon Communications (NYSE: VZ), and T-Mobile US (NASDAQ: TMUS) are the three dominant players in the United States telecom industry. These firms battle fiercely for customers across mobile phone connectivity and home and business internet solutions.
In late April, all three of these names reported earnings, providing investors the latest glimpse into how the telecom war is playing out. Notably, there was not a clear “loser” in Q1 2026, with each of these stocks gaining after their results.
However, there was a clear distinction in how impressed markets were with each of their performances. Let’s dive into what transpired among these telecom giants during Q1 2026.
AT&T Beats, Convergence Gains Impress
Starting with AT&T, the company managed to post beats on both the top and bottom lines. Revenue rose by 2.9% year over year (YOY) to $31.51 billion, exceeding expectations of $31.29 billion. Adjusted earnings per share increased by 11.8% (YOY) to 57 cents, better than estimates of 55 cents.
Net wireless subscribers rose by 294,000. Although the figure dropped 9% YOY, it still exceeded estimates. AT&T continued to show strength within broadband, which looks at providing internet to home and business locations. The firm added 584,000 total fiber and fixed wireless customers, with additions split evenly between the two.
AT&T also made very strong progress on its “convergence strategy.” Its convergence rate measures the percentage of home internet customers that are also wireless subscribers. The figure came in at 42% on a reported basis.
However, AT&T added 1.1 million fiber customers through its recent deal with Lumen Technologies (NYSE: LUMN), which dilutes reported convergence. Adjusting for this, the company’s organic convergence rate was 44.6%. This was a big step up from 40.9% in Q1 2025, and marked the company’s fastest YOY convergence growth rate ever. Overall, these results allowed AT&T to see a slight 0.4% post-earnings gain.
Verizon Makes Strong Headway on Long-Term Transformation
Verizon’s results were more mixed. The company’s revenue rose by 2.7% YOY to $34.44 billion, but missed estimates of $34.79 billion. However, adjusted EPS came in strong at $1.28, up 7.6%, and beat estimates of $1.19.
Verizon's net wireless subscriber additions totaled 55,000. While softer than AT&T’s adds, it was much better than its loss of 289,000 subscribers a year ago. The figure also beat estimates, marking Verizon's first positive Q1 additions in 13 years. Broadband additions were relatively in line with recent trends, coming in at 341,000.
Importantly, Verizon raised both its full-year adjusted EPS guidance and net wireless subscriber addition guidance. It now sees adjusted EPS rising by 5% to 6%, up from expectations of 4% to 5% previously. It also expects wireless additions in the top half of its 750,000 to 1 million range.
Verizon’s light revenue but strong EPS show that its new strategy is on track. The firm is focusing on delivering more value to customers, rather than raising prices without providing more. Meanwhile, it is cutting costs across the organization. While this provides a near-term revenue headwind, it sets the firm up for more sustainable and profitable growth long-term. Overall, markets awarded Verizon with a moderate 1.5% post-earnings gain.
T-Mobile: Beats and Raised Guidance Lead to Strong Up-Move
Last up is T-Mobile, which stole the show during the quarter. The company posted revenue of $23.11 billion, once again leading the industry in growth at 10.6%. This figure was slightly higher than estimates of $22.97 billion. EPS fell by 12% YOY to 2.27, but this was largely due to costs associated with its acquisition of UScellular. This caused a 43-cent headwind. Notably, the firm’s EPS significantly exceeded estimates of $2.06.
T-Mobile’s net wireless subscriber additions of 217,000 beat estimates, and the company raised its guidance on multiple fronts. The midpoint of its full-year net wireless subscriber additions guidance rose by 50,000 to 1 million. The firm increased guidance on several profit metrics, including adjusted free cash flow. The midpoint of this figure rose by $50 million to $18.4 billion.
The company led internet service providers in broadband additions, which came in above 500,000. Pricing among wireless customers was another strong point. T-Mobile’s average revenue per account (ARPA) rose by 3.9% YOY to $151.93 and increased slightly compared to Q4 2025.
The market’s reaction to T-Mobile’s results was clearly the most positive among this group, with shares rising by approximately 6.1% post-earnings.
Analysts Eye Continued Strength for T-Mobile
Results across the telecom industry were solid during Q1 2026. Looking ahead, analysts see the most upside potential in T-Mobile. The MarketBeat consensus price target near $259 implies more than 30% upside in shares. The average of targets updated after the company’s report is almost exactly in line with this at just below $260. Notably, all analysts issuing updates following the report gave T-Mobile a Buy, Overweight, or Outperform rating.