How often does AT&T move more than the options market prices?

3 of the last 8 reports moved at least as far as the implied move.

TNYSETelephone Communications (No Radiotelephone)

AT&T Inc. (T) earnings date, market-implied expected move, and options open interest by expiry

21.37

−0.07 · −0.32%

post 21.32 −0.24%

After hours18:00 ETdelayed

Open21.50Volume51.5MMkt cap$144.4BP/E11.59EPS1.84Div yield5.18%

Day21.22 – 21.5036%52-wk19.41 – 28.4321%

AT&T Inc.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

No implied move.

Expected move

Inputs

Next report

Jan 27

before open · in 85 days

est.Q4 FY26

Calendar

Next report

Last report

−6.45%

vs ±3.7% implied · ×1.74

shaded = implied · ▲▼ = realized

Oct 21 '26 · confirmed

Implied vs realized

Largest filed tie

17.00%

of American Tower revenue

supplierAMT 10-K

Supply chain

Largest filed tie

13F top-10 QoQ

+0.38%

shares held · 10 largest managers

13F · Jun 30 '26126d lag

2,698 managers

Top fund weight

4.09%

T weight · XLC

N-PORTJun 30 '26

10 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

AT&T (T) is expected to report on Jan 27 before open (estimated date).

Implied vs realized

8 reports

3 of 8≥ implied

avg implied: ±4.0%
avg realized: ±3.2%

Jan 27 '25Jan 27 '25confirmed±3.7%▲+6.25%×1.67

Apr 23 '25Apr 23 '25confirmed±4.2%▲+0.85%×0.20

Jul 23 '25Jul 23 '25confirmed±3.7%▲+1.20%×0.32

Oct 22 '25Oct 22 '25confirmed±4.0%▼−1.92%×0.48

Q4 FY25Jan 28 '26confirmed±4.0%▲+4.65%×1.16

Q1 FY26Apr 22 '26confirmed±4.4%▲+0.39%×0.09

Q2 FY26Jul 22 '26confirmed±3.8%▲+3.50%×0.91

Q3 FY26Oct 21 '26confirmed±3.7%▼−6.45%×1.74

quarterimplied−10%0+10%realized×

Q3 FY26±3.7%▼−6.45%×1.74

Q2 FY26±3.8%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 10 expiries · Nov 2 close

1.18OI · 10 expiries · Nov 2 closeP/C open interest · Mar 19 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

6 nearer expiries

11,360+223%Nov 63d0.4127,509+205%0.41

4,673+106%Nov 1310d0.2916,214+182%0.29

41,010−9%Nov 2017d0.5673,190+6%0.56

6,401+86%Nov 2724d0.4015,953+206%0.40

13—Dec 431d0.4231—0.42

78—Dec 1138d0.41188—0.41

64,071+4%Dec 1845d0.60107,238+5%0.60

104,843+1%Jan 1573d0.53196,396+2%0.53

report · Jan 27 · before open · est.

ExpiryPutsCallsP/C

6 nearer expiries

Nov 63d11,360+223%27,509+205%0.41

Nov 1310d4,673+106%16,214+182%0.29

Nov 2017d41,010−9%

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

No implied move.

Linked exposure

Revenue flow

as filedQ3 FY26

3.93%as filednet margin · revenue +2.42% QoQ · +5.25% YoY

Revenue

$32.3B+2.42% QoQ

Gross profit

$19.9B+1.89% QoQ

61.51% margin

Operating income

$4.1B−41.82% QoQ

12.67% margin

Pre-tax income

$2.7B−53.69% QoQ

Net income

$1.3B−74.67% QoQ

3.93% margin

Cost of revenue

$12.4B+3.28% QoQ

Operating expenses

$15.8B+26.55% QoQ

SG&A $7.4B

Depreciation $5.0B

Other operating $3.4B

Other expense

$1.4B

Tax

$1.4B+77.30% QoQ

Revenue$32.3B+2.42%

Gross profit

$19.9B+1.89%

61.51% margin

Operating income

$4.1B−41.82%

12.67% margin

Pre-tax income

$2.7B−53.69%

Net income

$1.3B−74.67%

3.93% margin

Cost of revenue

$12.4B+3.28%

Operating expenses

$15.8B+26.55%

SG&A $7.4B

Depreciation $5.0B

Other operating $3.4B

Other expense

$1.4B

Tax$1.4B+77.30%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Sep 30 '26 · width = $

Revenue flow

Intraday

15m bars

Hatch = extended hours · ▯ up · ▮ down · bars = volume, 15mSource: market data · 18:00 ET

Intraday

Event sensitivity

PPI ×1.47· ±1.6% vs ±1.1% · 10 releases

eventrelease day|move|up · n×base

PPIproducer prices±1.6%7 of 10×1.47

CPIconsumer prices±1.3%3 of 10×1.21

FOMCrate decision±1.3%11 of 24×1.20

NFPjobs report±1.0%3 of 10×0.94

PCEpersonal income & outlays±0.8%12 of 19×0.78

GDPgross domestic product±0.8%12 of 19×0.75

CPROFcorporate profits±0.6%6 of 12×0.55

Bar = avg |move| to ±2% · tick = ±1.1% avg day · ×base = |move| ÷ ±1.1% · min 6 releases

Earnings history

EPS 0.12 · consensus —

Quarter	Reported	EPS	Consensus
Q3 FY26	Oct 21 '26 · confirmed	0.12	—
Q2 FY26	Jul 22 '26 · confirmed	0.66	—
Q1 FY26	Apr 22 '26 · confirmed	0.54	—
Q4 FY25	Jan 28 '26 · confirmed	0.52	—

Methodology

ties · implied moves · holdersMethod