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
3 questions for T
John Hodulik
UBS Group AG
3 questions for T
Michael Rollins
Citigroup
3 questions for T
Peter Supino
Wolfe Research
3 questions for T
Sebastiano Petti
JPMorgan Chase & Co.
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
David Barden
Bank of America
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.
- Revenue declined 9.1% year-on-year to SEK 56.2 billion in Q3 2025
- Adjusted gross margin rose to 48.1%, while adjusted EBITA margin reached a three-year high of 28.1%
- Net profit after tax was SEK 11.3 billion with EPS of SEK 3.33, boosted by a SEK 7.6 billion gain from the iconectiv divestment
- Free cash flow before M&A amounted to SEK 6.6 billion and net cash increased to SEK 51.9 billion
- Three of four regions saw growth, led by North East Asia at +10%, while the Americas declined 8%
- AT&T has chosen STREAMWIDE to power its next-generation mission-critical FirstNet solution for US public safety, supporting over 30,000 agencies on the FirstNet network.
- The solution adheres to 3GPP MCX standards, offering push-to-talk, secure multimedia, geolocation and real-time video—features beyond traditional land mobile radio systems.
- It marks the first large-scale deployment of a standards-based InterWorking Function (IWF) under 3GPP, enabling seamless interoperability between broadband users and legacy P25 radio systems.
- FirstNet users will receive priority and preemption on AT&T’s geographically redundant 4G/5G network, easing migration to advanced cellular platforms in critical environments.
- AT&T has chosen STREAMWIDE to advance its next-generation, mission-critical FirstNet® solution for US public safety agencies.
- The solution leverages 3GPP-compliant MCX services, offering Push-to-Talk, secure multimedia networking, geolocation, and real-time video on geo-redundant platforms.
- InterWorking Function (IWF) technology enables seamless interoperability between legacy land mobile radio systems (e.g., P25) and advanced 4G/5G networks.
- FirstNet already supports over 30,000 public safety agencies, and this collaboration reinforces STREAMWIDE’s global leadership in mission-critical communications.
- AT&T has chosen STREAMWIDE to power its next-generation FirstNet mission-critical solution, supporting over 30,000 public safety agencies and organizations.
- Built on the 3GPP MCX standard, the platform offers push-to-talk, secure multimedia, geolocation and real-time video across a broad device portfolio.
- Features large-scale 3GPP-based InterWorking Function interoperability between broadband users and Land Mobile Radio systems, enabling a smooth transition to 4G/5G with priority and preemption for first responders.
- Marks a U.S. breakthrough for STREAMWIDE with multiple geo-redundant platforms, underscoring its global leadership in mission-critical communications.
- AT&T has chosen STREAMWIDE to supply its next-generation secure critical communications solution for FirstNet, supporting over 30,000 public safety agencies in the U.S.
- The 3GPP-compliant MCX platform delivers push-to-talk, multimedia, geolocation, real-time video, and secure messaging with large-scale interoperability via an InterWorking Function
- Enables seamless migration from traditional LMR/P25 radios to advanced 4G/5G cellular networks, with guaranteed quality of service and geo-redundant reliability through AT&T’s integrated network
- Marks a strategic U.S. expansion that reaffirms STREAMWIDE’s global leadership in mission-critical communications technology
- AT&T priced $5.0 billion of unsecured notes in four tranches: $1.150 billion due 2032, $1.250 billion due 2035, $1.100 billion due 2045 and $1.500 billion due 2054.
- The 2032 Notes carry a 4.550% coupon, sold at 99.910% of par (99.610% to AT&T) with a 0.300% underwriting spread; settlement is September 24, 2025.
- The 2035, 2045 and 2054 Notes bear 4.900%, 5.550% and 5.700% coupons, priced at 99.693%, 99.667% and 99.484% respectively, with spreads of 0.375%, 0.550% and 0.700%.
- Net proceeds of approximately $4.96 billion will fund general corporate purposes, including debt repayments and pending acquisitions.
- Notes rank pari passu under AT&T’s May 2013 indenture and are callable at a make-whole premium (15 bps) before par call dates and at 100% of par thereafter.
- On September 16, 2025, AT&T closed its sale of €2,250,000,000 aggregate principal amount of Floating Rate Global Notes due 2027 under an Underwriting Agreement dated September 9, 2025, and an Indenture dated May 15, 2013.
- The Notes bear quarterly interest at three-month EURIBOR plus 40 bps, subject to a 0% floor, with interest payment and reset dates on March 16, June 16, September 16 and December 16, commencing December 16, 2025.
- Issued at 100.000% of par with a 0.150% gross spread, resulting in net proceeds of €2,246,625,000, and underwriters’ reimbursement of €775,000 of AT&T’s expenses.
- Proceeds are intended for general corporate purposes, which may include debt repayments and pending acquisitions.
- Revenue in Q2 2025 was $4.22 M, slightly down from $4.25 M in Q2 2024.
- Operating profit was $1.3 M (vs. $1.7 M) and net income was $640 K (vs. $1.1 M) in Q2 2025.
- EBITDA for Q2 2025 was $2.1 M, down from $2.4 M in the prior year period.
- Year-to-date capital investments of $3.7 M added over 50 fiber route-miles and 1,000 passings; cash was $1.73 M and term-loan debt outstanding was $17 M at ~5.5% as of June 30, 2025.
- Convergence of wireline and wireless networks underway to run both businesses over a single transport “pipe,” replacing proprietary hardware with software-defined, x86/Linux compute to lower network costs.
- Wireline network rebuild includes software-defined backbone and extension to 4,000+ central offices, supported by laying fiber the equivalent of New York–Los Angeles each month to boost capacity and simplify infrastructure.
- Wireless modernization through O-RAN deployment with Ericsson/Nokia and a cloud-native standalone 5G core in public clouds; millions of subscribers already migrated to the new mobility core.
- Internal IT transformation has retired over 2,000 legacy applications, migrated customer care and point-of-sale systems to cloud platforms, and reduced technical debt to improve operating efficiency.
- AI and GenAI adoption, with over 600 models in production using proprietary network and customer data, enabling automated trouble-ticket resolution, network optimization, fraud detection, and enhanced security services like Dynamic Defense.
- AT&T is working with advisers to sell its Mexican mobile unit for over $2 billion, with discussions ongoing and no guarantee of a buyer.
- As of end-March 2025, the unit had about 23 million subscribers (18% market share) vs Telcel’s 64% share.
- In Q2 2025, Latin America revenue was $1.05 billion (-4.4% YoY in USD) and EBITDA was $201 million (+13% YoY in USD).
- The company is shifting focus to its U.S. fiber business, including the $5.75 billion acquisition of Lumen’s mass-market fiber assets and targets of 50 million fiber locations by 2029 and 60 million by 2030.