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.
You might also like
| 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 covering AT&T Inc.
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.
- 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.
- Consolidated operating revenues and other income increased by 2% year-over-year to C$5.08 billion, while Adjusted EBITDA rose 1% to C$1.81 billion.
- Achieved 198,000 net mobile and fixed customer additions with postpaid mobile churn at 0.90%.
- Generated free cash flow of C$535 million (+11%) and reduced leverage to 3.7 × net debt/EBITDA, targeting ~3.55 × by year-end 2025.
- Announced a definitive agreement with La Caisse to sell a 49.9% stake in Terrion tower infrastructure for C$1.26 billion, accelerating asset monetization.
- TELUS Health operating revenues grew 16% and Adjusted EBITDA increased 29%, covering 157 million lives globally.
- Thanks to tax provisions in the One Big Beautiful Bill Act passed on July 3, 2025, AT&T expects to deploy fiber to an additional 1 million customer locations annually starting in 2026.
- The legislation also creates a midband spectrum pipeline and renews FCC auction authority to support high-speed wireless deployment and maintain U.S. technological competitiveness.
- AT&T will provide an update on the act’s impact on its 2025 and long-term financial outlook and capital allocation when it reports Q2 results on July 23, 2025.
- AT&T completed the sale of its remaining 70% stake in DIRECTV to TPG Capital, marking a full exit from its satellite TV business.
- The deal is valued at $7.6 billion in cash payments through 2029, with $2 billion received at closing.
- Proceeds support AT&T’s focus on 5G and fiber broadband, including the pending acquisition of Lumen’s Mass Markets fiber business (expected H1 2026).
- Announced a quarterly dividend of $0.2775 per share payable August 1, 2025.
- Escala Medical Ltd raised $4.5 million in a financing round led by the EIC Fund, following a €2.5 million grant from the EIC Accelerator in October 2023.
- The funding round included participation from private investors in the United States and Israel.
- Proceeds will expand U.S. commercial operations for its FDA-approved pelvic organ prolapse repair device launched in 2023 and support European market entry pending CE approval.
- A new distribution agreement with a Singapore-based partner will cover Southeast Asia for further international growth.
- Telus Corporation launched tender offers to repurchase up to US$750 million aggregate principal of two outstanding note series, subject to a maximum purchase condition and financing condition.
- The offers cover the 4.600% Notes due November 16, 2048 (Priority Level 1) and the 4.300% Notes due June 15, 2049 (Priority Level 2), with fixed spreads of 110 bps and 115 bps, respectively.
- The offers expire at 5:00 p.m. ET on June 27, 2025, with settlement expected on July 3, 2025, and accrued interest paid in addition to the total consideration.
- Acceptance of notes is not subject to proration; if the maximum purchase amount is reached, acceptance follows the specified priority levels without partial tenders.
- AT&T is advancing its fiber expansion strategy through the Lumen transaction, which adds 4,000,000 fiber passings at closing and supports a target of passing 60,000,000 homes with fiber by 2030.
- The company is maintaining its 2.5x net leverage target while planning share buybacks and managing capital, with a remaining $10 billion in financial flexibility after accounting for the Lumen deal.
- AT&T is leveraging its converged fiber and wireless networks, supported by the AT&T Guarantee, to enhance customer service and drive market competitiveness.
- AT&T Inc. has announced the issuance of three series of Global Notes with maturities in 2030, 2035, and 2056.
- The notes will carry annual interest rates of 4.700%, 5.375%, and 6.050% respectively, with semiannual interest payments beginning on February 15, 2026.
- The final term sheet details aggregate principal amounts of $1.000B for the 2030 Notes, $1.250B for the 2035 Notes, and $1.250B for the 2056 Notes, along with pricing, redemption, and make-whole call provisions.
- Company performance: AT&T reported strong 2024 results with continued growth in 5G and fiber connectivity, while reducing net debt by more than $30 billion since 2020.
- Capital allocation: The company outlined a capital plan that includes initiating share repurchases under a $10 billion authorization—targeting at least $3 billion repurchased by year-end—and returning over $40 billion to shareholders between 2025 and 2027.
- Proxy outcomes: All 10 board nominees were reelected, the ratification of Ernst & Young as auditor received 93.7% support, and the executive compensation advisory vote was approved with 90.7% in favor.