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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.
| 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?
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.
- Strong Q1 2025 Financial Performance: Delivered $30.6B in revenue with service revenues up 1.2%, adjusted EBITDA +4.4%, EPS of $0.51 (ex. DIRECTV) and diluted EPS of $0.61 .
- Robust profitability with operating income of $5.8B and net income of $4.7B .
- Subscriber growth fueled expansion: Recorded +324K postpaid phone net adds and +261K Fiber subscriber net adds, driving 5G and Fiber progress .
- Capital allocation highlights include a $22B capital investment and a current net debt of 2.63x Net Debt-to-Adjusted EBITDA (target ~2.5x), with full-year guidance expecting low-single-digit service revenue growth and 3%+ adjusted EBITDA growth .
- Accelerated network investments are underway with plans to pass over 30 million fiber locations by midyear and target 50+ million by 2029 .
- Share repurchase initiatives have begun under a $10B authorization, with at least $3B expected to be completed by year-end (repurchases commencing in Q2) .
- TELUS has priced $1.6 billion of fixed-to-fixed rate junior subordinated notes in two series with maturities of 30.25 years, set to close around April 21, 2025.
- The offering includes Series CAR notes at an effective yield of 6.25% (reset starting July 21, 2030) and Series CAS notes at an effective yield of 6.75% (reset starting July 21, 2035).
- Net proceeds are intended for repayment of debt, commercial paper, credit facility reduction, and other general corporate purposes, with the notes receiving 50% equity credit from rating agencies.
- AT&T Inc. announced the issuance of global notes totaling $2.75 billion, comprising 3.150% Notes due 2030, 3.600% Notes due 2033, and 4.050% Notes due 2037.
- The document details key underwriting terms including pricing, interest rates, redemption provisions, and a settlement date on March 31, 2025.
- Proceeds from the offering will be used for general corporate purposes, with underwriters reimbursing $1,300,000 in AT&T expenses.
- AT&T confirmed its Q1 free cash flow guidance at around $2.8 billion, maintaining consistency with last year's performance and emphasizing a $16 billion+ annual free cash flow target, excluding DIRECTV proceeds.
- The company detailed a robust network transformation with plans to expand its fiber footprint from 29 million locations at year-end 2024 to 45 million on an O&O basis—with an additional 5 million through joint ventures—targeting over 50 million locations by 2029.
- AT&T highlighted initiatives in wireless modernization and convergence of its fiber and wireless services to drive subscriber growth, improve ARPU, and enhance customer experience, including measures to mitigate temporary churn impacts.
- The strategy includes maintaining a flat $22 billion annual CapEx envelope, while gradually shifting investment from wireless to accelerated fiber build, with plans to deploy incremental financial capacity toward dividends, share buybacks, and potential strategic opportunities.
- AT&T CFO Pascal Desroches will update shareholders at the Deutsche Bank Media, Internet & Telecom Conference, discussing the company’s multi-year strategic growth plan and commitment to enhanced network investment.
- The update will detail financial guidance for 2025, including strong first-quarter free cash flow expectations of approximately $2.8 billion or higher and progress on achieving consolidated targets.
- The company also highlighted key transactions, such as cash proceeds from its DIRECTV-related sale and a structured sale-leaseback of real estate, which will support its capital allocation plans.