AT&T Inc. is a telecommunications company that operates primarily through two reportable segments: Communications and Latin America. The company provides wireless and wireline telecom and broadband services to consumers in the U.S. and businesses globally, with a focus on expanding its 5G and fiber networks to drive growth in wireless and broadband services . AT&T's Communications segment includes Mobility, Business Wireline, and Consumer Wireline, while the Latin America segment offers wireless services and equipment in Mexico .
- Communications - Provides telecom and broadband services to U.S. consumers and businesses globally, focusing on wireless and wireline services.
- Mobility - Offers nationwide wireless services and equipment, significantly contributing to the segment's revenue.
- Business Wireline - Delivers advanced ethernet-based fiber services, IP Voice, and managed professional services to businesses.
- Consumer Wireline - Offers broadband services, including fiber connections, to consumers.
- Latin America - Provides wireless services and equipment in Mexico, contributing a smaller portion of the company's total segment operating revenues.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
John T. Stankey ExecutiveBoard | Chief Executive Officer and President | None | CEO and President of AT&T since July 2020. Over 38 years at AT&T, holding numerous leadership roles, including CEO of WarnerMedia and COO of AT&T. | View Report → |
David R. McAtee II Executive | Senior EVP and General Counsel | None | General Counsel since October 2015. Extensive legal expertise and leadership within AT&T. | |
Edward W. Gillespie Executive | Senior EVP - External and Legislative Affairs | None | Senior EVP since April 2020. Former Counselor to President George W. Bush and Managing Director at Sard Verbinnen & Co. | |
F. Thaddeus Arroyo Executive | Chief Strategy and Development Officer | None | Chief Strategy and Development Officer since May 2022. Over five years in senior roles at AT&T. | |
Jeffery S. McElfresh Executive | Chief Operating Officer | None | COO since May 2022. Over 28 years at AT&T, leading wireless, 5G, and fiber businesses. Key driver of AT&T's fiber expansion and operational efficiency. | |
Jeremy Legg Executive | Chief Technology Officer | None | CTO since May 2022. Former CTO of WarnerMedia and Turner. Led AT&T's network modernization, including software-defined networking and AI integration. | |
Kellyn S. Kenny Executive | Chief Marketing and Growth Officer | None | Chief Marketing and Growth Officer since May 2022. Former Global CMO at Hilton and VP of Marketing at Uber. | |
Lori M. Lee Executive | Global Marketing Officer and SEVP - HR and International | None | Global Marketing Officer since August 2023. Over five years in senior roles at AT&T, including SEVP of International and HR. | |
Pascal Desroches Executive | Senior Executive Vice President and CFO | None | CFO of AT&T since April 2021. Previously CFO of WarnerMedia and Turner. Key focus on financial strategy and operational efficiency. | |
William E. Kennard Board | Lead Independent Director | Board Member at Ford Motor Company, MetLife, and Yale University Trustee | Former Chairman of AT&T's Board (2021–2025). Extensive experience in telecommunications, including as FCC Chairman and U.S. Ambassador to the EU. |
- Can you provide more details on the progress of your multiyear cost-cutting targets, and how confident are you that EBITDA growth will outpace consolidated service revenue performance, especially amid potential operational challenges?
- Given concerns about a potential volume slowdown in the wireless industry and limited room for further pricing actions, how do you plan to sustain growth in your mobility segment, and do you share these concerns about volumes and pricing power?
- With the anticipated $480 million one-time payment related to your wireless network transformation in the back half of the year, can you elaborate on what this payment entails and whether it was fully contemplated within your original guidance?
- You mentioned a 500 basis point market share advantage in areas where you've deployed fiber; could you share more concrete data supporting your argument that convergence is a critical strategy and explain how AT&T is uniquely positioned to capitalize on these economics beyond market share gains?
- Considering recent network outages and data breaches, how have these events impacted your go-to-market strategy, and do they pose any risks to your future financial performance?
Research analysts who have asked questions during AT&T earnings calls.
Benjamin Swinburne
Morgan Stanley
5 questions for T
John Hodulik
UBS Group AG
5 questions for T
Michael Rollins
Citigroup
5 questions for T
Peter Supino
Wolfe Research
5 questions for T
Sebastiano Petti
JPMorgan Chase & Co.
5 questions for T
David Barden
Bank of America
3 questions for T
Bryan Kraft
Deutsche Bank AG
2 questions for T
James Schneider
Goldman Sachs
2 questions for T
Kannan Venkateshwar
Barclays PLC
2 questions for T
Michael Ng
Goldman Sachs
2 questions for T
John Hudlick
UBS
1 question for T
Timothy Horan
Oppenheimer & Co. Inc.
1 question for T
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
FCC 3.45 GHz licenses (via AT&T) | 2022 | AT&T acquired 1,624 3.45 GHz licenses through FCC Auction 110 on January 14, 2022, for a total cost of $9,079 million—with an upfront deposit of $123 million in Q3 2021 and the remaining $8,956 million paid in Q1 2022 using cash and short-term investments; the licenses were received in May 2022 and recorded as "Licenses - Net" on AT&T's balance sheet. |
Recent press releases and 8-K filings for T.
- On November 3, 2025, AT&T entered into a $12.0 billion Second Amended and Restated Credit Agreement (revolver) and a $17.5 billion Delayed Draw Term Loan Credit Agreement for general corporate purposes.
- The revolver bears interest at Term SOFR plus an Applicable Margin of 0.920% or Citibank’s base rate plus margin, carries a facility fee of 0.080%, and matures November 3, 2030, with up to two one-year extension options.
- Key covenants include a net debt-to-EBITDA cap of 3.75×, a limitation on liens, and a maximum revolver commitment of $14.0 billion.
- The $17.5 billion term loan is split into $6.0 billion 364-day and $11.5 billion two-year tranches provided by a syndicate of global banks.
- TELUS completed the acquisition of all outstanding TELUS Digital shares at US$4.50 per share, for an aggregate consideration of approximately US$539 million on October 31, 2025
- Following closing, TELUS owns 100% of TELUS Digital and expects to generate US$150 million in annual synergies through operational efficiencies
- Shareholder elections resulted in 106,755,480 shares for cash, 448,976 for share consideration and 12,697,517 for combination; TELUS issued 1,849,374 shares and paid US$508,970,041.54 in cash
- TELUS Digital subordinate voting shares will be delisted from the TSX and NYSE and deregistered under applicable securities laws
- AT&T partners with Thales to introduce a new generation eSIM management platform compliant with GSMA SGP.32 for enterprise IoT deployments.
- The Thales Adaptive Connect (TAC) solution embeds core eSIM functionality into AT&T’s global IoT connectivity platform, enabling remote provisioning, activation and security management to simplify operations and reduce costs.
- It automates large-scale device subscription ordering, grouping, updates and OTA configuration, accelerating time-to-market for IoT products and services.
- The service is now commercially available worldwide for enterprise customers across automotive, smart cities, healthcare and public sector applications.
- AT&T and Thales unveil a next-generation eSIM solution based on the GSMA SGP.32 IoT specification, enabling secure, remote management of IoT subscriptions over a consolidated platform.
- The platform, built on Thales Adaptive Connect and integrated into AT&T Virtual Profile Management for IoT, offers advanced automation to simplify large-scale device deployments and reduce operational costs.
- Optimized for industries such as automotive, smart cities, healthcare, and utilities, the solution ensures high security and device integrity while supporting global logistics with a single pre-integrated eSIM.
- The service is now commercially available worldwide, providing customers with streamlined subscription changes, diagnostics, and policy management via a single certified interface.
- Constellium delivered 373 kt shipments (+6% YoY), $2.2 B revenue (+20% YoY), $88 M net income vs. $8 M last year and $235 M Adjusted EBITDA in Q3 2025.
- Repurchased 1.7 M shares for $25 M in Q3 and 6.5 M shares for $75 M YTD 9M 2025.
- Raised 2025 guidance to $670–690 M Adjusted EBITDA (ex-metal price lag) and > $120 M Free Cash Flow; targeting $900 M EBITDA and $300 M FCF in 2028.
- Appointed Ingrid Joerg as CEO effective January 1, 2026; Jean-Marc Germain to retire December 31, 2025.
- Consolidated revenues grew 1.6%, adjusted EBITDA rose 2.4%, adjusted EPS was $0.54, and free cash flow reached $4.9 billion; capital investment was $5.3 billion, while net debt to adjusted EBITDA was 2.59x.
- Mobility service revenue increased 2.3% and mobility EBITDA grew 2.2%, with 405,000 postpaid phone net adds, 0.92% churn, and ARPU of $56.64; full-year mobility service revenue growth of ≥3% and mobility EBITDA growth of ≈3% are expected.
- Consumer wireline revenues rose 4.1% (fiber revenue +16.8%), consumer wireline EBITDA grew >15%, with 288,000 AT&T Fiber net adds, 270,000 AT&T Internet Air net adds, and a 41.5% fiber-to-wireless convergence rate; full-year fiber broadband revenue growth is guided to mid-high teens, and wireline EBITDA to low-mid teens.
- Business wireline revenues declined 7.8% and EBITDA fell ≈13%, but fiber and advanced connectivity revenues grew 6% (up from 3.5% in Q2); business wireline EBITDA is forecast to decline in the low double-digit range.
- AT&T is deploying 3.45 GHz mid-band spectrum under a Spectrum Manager lease to cover ~2/3 of the U.S. population by mid-November for AT&T Internet Air expansion, and expects to close its Lumen fiber assets transaction in early 2026, with a long-term outlook update due early next year.
- In Q3 2025, consolidated service revenues grew 0.8% YoY to $25.3 B (total operating revenues $30.7 B).
- Adjusted EBITDA rose 2.4% YoY to $11.9 B, with margin at 38.6%.
- Free cash flow (excl. DIRECTV) reached $4.9 B, up from $4.4 B in Q2 2025.
- Subscriber additions were strong: +405 K postpaid phone net adds (73.8 M total) and +288 K fiber net adds (10.1 M total).
- Reaffirmed 2025 guidance for low-single-digit service revenue growth, 3%+ adjusted EBITDA growth, free cash flow in the low-to-mid $16 B range, and $22–22.5 B capital investment.
- Total revenues rose 1.6% y/y, adjusted EBITDA grew 2.4%, and adjusted EPS was $0.54; free cash flow reached $4.9 billion in Q3 2025.
- Mobility service revenue increased 2.3% y/y, mobility EBITDA was up 2.2%, with 405,000 postpaid phone net adds and churn of 0.92%.
- Consumer Wireline revenue grew 4.1% y/y (fiber +16.8%), wireline EBITDA rose 15%, 288,000 fiber net adds, and fiber-mobility convergence hit 41.5%.
- Reiterated FY 2025 outlook: low-single-digit service revenue growth, ≥3% adjusted EBITDA growth, free cash flow of $16–16.5 billion, capex $22–22.5 billion, and adjusted EPS of $1.99–2.07.
- AT&T reported $30.7 billion in Q3 2025 revenues, $1.29 diluted EPS (adjusted EPS $0.54), $6.1 billion operating income, and $11.9 billion adjusted EBITDA, generating $4.9 billion of free cash flow.
- Customer momentum included 405,000 postpaid phone net adds (postpaid phone churn 0.92%), 288,000 AT&T Fiber net adds, and 270,000 AT&T Internet Air additions, with 41% of fiber households also subscribing to AT&T Mobility.
- AT&T closed the sale of its remaining 70% DIRECTV stake and announced agreements to acquire Lumen’s mass‐market fiber assets for $5.75 billion and EchoStar spectrum for approximately $23 billion.
- The company reiterated its 2025 guidance: low‐single‐digit consolidated service revenue growth; ≥3% mobility service revenue growth; mid‐to‐high‐teens consumer fiber broadband revenue growth; ≥3% adjusted EBITDA growth; $22–22.5 billion capital investment; free cash flow in the low‐to‐mid $16 billion range; adjusted EPS at the high end of $1.97–2.07; and $4 billion of share repurchases.
- Revenues of $30.7 billion and diluted EPS of $1.29 in 3Q25 (vs. $(0.03) a year ago), with adjusted EPS of $0.54.
- Net income of $9.7 billion, adjusted EBITDA of $11.9 billion and free cash flow of $4.9 billion in the quarter.
- Customer adds included 405,000 postpaid phone net adds, 288,000 AT&T Fiber net adds and 270,000 AT&T Internet Air net adds in 3Q25.
- Reiterated full-year 2025 guidance: consolidated service revenue growth in the low-single-digit range; adjusted EBITDA growth ≥ 3%; free cash flow in the low-to-mid $16 billion range; and adjusted EPS at the higher end of $1.97–$2.07.
- Announced strategic acquisitions: Lumen’s fiber assets for $5.75 billion (expected early 2026) and EchoStar spectrum for ~$23 billion (expected H1 2026).