AT&T (T) Company Report

AT&T Inc. priced a CAD$1.25 billion 4.500% global note due March 12, 2036 at 99.777% of par.
The company also priced a CAD$1.00 billion 5.250% global note due March 12, 2056 at 99.402% of par.
Interest is payable semiannually on March 12 and September 12, commencing September 12, 2026, with make-whole calls before the par-call dates and par redemption thereafter.
Net proceeds (approx. CAD$1.242 billion and CAD$989 million) will fund general corporate purposes, including debt repayment and pending acquisitions; underwriters will reimburse CAD$1 million of AT&T’s expenses.

4 days ago

8-K

AT&T: KBRA assigns preliminary ratings to Metronet Infrastructure Issuer Series 2026-1

Debt Issuance

KBRA has assigned preliminary ratings to Series 2026-1 Notes from Metronet Infrastructure Issuer, LLC, marking the fifth rated series under its July 2025 master trust and reflecting stable cash flow analysis.
The transaction is collateralized by fiber-to-the-premises networks and related contracts, with annualized revenue of approximately $561.3 million and net Annualized Run Rate Revenue of about $406.5 million after senior expenses.
A FTTP master framework agreement obligates T-Mobile to remit monthly recurring charges for residential services to Metronet’s MFA Supplier Group, representing over two-thirds of pro-forma revenue, with commercial customers comprising the remainder.
KBRA expects to affirm ratings on all prior series (2025-1 through 2025-4) alongside the Series 2026-1 issuance, consistent with its cash flow analysis.

6 days ago

Press Release

AT&T pledges $250B to US network by 2030

New Projects/Investments

AT&T commits $250 billion through 2030 to expand and upgrade U.S. telecom infrastructure, more than doubling prior multi-year capex estimates (~$111.6 billion).
The plan targets 60 million fiber locations by 2030 (≈40 million by year-end), deepens an AST SpaceMobile satellite tie-up, strengthens FirstNet for first responders, and shifts from copper to fiber and wireless.
The company will recruit and train thousands of technicians within its ~110,000-strong U.S. workforce, emphasizing skills-based hiring and AI-native talent.
AT&T previously allocated $145 billion for expansion and coverage between 2021 and 2025, underscoring the scale-up in its new pledge.

7 days ago

Barron's

AT&T commits $250 billion to advance U.S. connectivity

New Projects/Investments

AT&T pledges $250 billion over five years to build and modernize its fiber and wireless network, targeting coverage for 100 million customers on the nation’s largest converged network.
The funds will accelerate deployment of fiber, 5G home internet, wireless and satellite services (in partnership with AST SpaceMobile), strengthen FirstNet for first responders, and enhance network security and resilience.
The company will invest in its ~110,000 U.S. employees, hiring thousands of technicians in 2026 and funding training, upskilling, and career development to support its expanded infrastructure.

7 days ago

Press Release

AT&T outlines 2026 fiber build and integration plans

Guidance Update

M&A

Share Buyback

AT&T expects to end 2026 with over 40 million fiber passings (up from 36 million post-Lumen) and a 5 million passings annual build rate, targeting over 50 million by the end of its three-year guidance period.
Integration of the Lumen Mass Markets assets (4 million passings, 1 million subscribers, ~25% penetration) will weigh on Q1 2026 results, with EBITDA growth in the low single digits and free cash flow of $2–$2.5 billion due to integration and transaction costs.
Starting in Q1 2026, AT&T will report in two segments—advanced connectivity and legacy communications—to better showcase returns on fiber/5G investments and progress on sunsetting copper.
Capital allocation includes an annual $8 billion dividend, $8 billion in share buybacks over the next three years, and a target of 2.5× net debt/EBITDA within three years, preserving flexibility for strategic investments.

8 days ago

Transcript

AT&T outlines 2026 execution priorities and financial guidance

M&A

Guidance Update

Share Buyback

AT&T will focus on integrating the Lumen Mass Markets assets (4 million passings, 1 million subs), closing the EchoStar deal, and ramping its fiber network to 40 million passings by year-end—building at a 5 million passings annual pace toward 50 million over the next three years.
Beginning in Q1 2026, AT&T will report under two segments—Advanced Connectivity (fiber/5G investments) and Legacy Communications—to better highlight returns on its growth assets and progress in sunsetting copper.
Q1 2026 is expected to deliver low-single-digit EBITDA growth and $2 billion–$2.5 billion free cash flow due to integration and transaction costs; full-year targets include >30% advanced home internet revenue growth and 2–3% wireless service revenue growth.
Capital allocation for 2026 assumes >$18 billion in free cash flow directed to an $8 billion dividend and $8 billion share buyback, with a path to reduce net leverage to 2.5× within three years while preserving capacity for strategic investments.

8 days ago

Transcript

AT&T outlines 2026 fiber expansion and Lumen integration plans

M&A

Guidance Update

New Projects/Investments

AT&T will focus in 2026 on integrating the Lumen Mass Markets assets, closing the EchoStar spectrum deal, and executing its fiber build to reach 4 million organic passings and a 5 million passings annual run rate by year-end, targeting 40 million total passings by exit 2026.
In Q1 2026, consolidation of Lumen’s 4 million passings (at 25% penetration vs. 40% in AT&T’s core) will lower reported penetration and convergence rates, with EBITDA growth of low single digits and free cash flow of $2 billion–$2.5 billion after integration and transaction costs.
Beginning in Q1, AT&T will report in two segments—Advanced Connectivity and Legacy Communications—to spotlight returns on fiber/5G investments and track the wind-down of its legacy network.
Over the next three years, AT&T plans to expand to over 50 million fiber passings (with 5 million annual builds), funded by strong free cash flow after an $8 billion dividend, $8 billion buybacks, and aiming to reduce leverage to 2.5× EBITDA while retaining flexibility for strategic opportunities.

8 days ago

Transcript

AT&T to update shareholders at Deutsche Bank conference

Guidance Update

M&A

New Projects/Investments

Pascal Desroches, AT&T’s CFO, will speak on March 9 at 8:00 a.m. ET at the Deutsche Bank Media, Internet & Telecom Conference to review the company’s progress on its multi-year growth strategy.
Beginning with Q1 2026, AT&T will report three new segments—Advanced Connectivity (≈ 90% of 2025 revenues), Legacy and Latin America—to improve visibility into its 5G and fiber investments.
The company closed its acquisition of Lumen’s Mass Markets fiber business on February 2, adding over 1 million fiber customers across 4 million locations, which will be reflected in Q1 2026 results.
AT&T reiterates its 2026 targets: Q1 free cash flow of $2.0–2.5 billion, full-year adjusted EBITDA growth of 3–4%, and $45 billion+ in shareholder returns through 2028.
Following its EchoStar transaction, AT&T expects net debt/adjusted EBITDA of ≈ 3.2x, declining to ≈ 3.0x by year-end 2026.

Mar 8, 2026, 9:30 PM

Press Release

TELUS CFO outlines strategy and priorities at Scotiabank TMT Conference

CEO Change

Guidance Update

M&A

CEO succession on track: Victor will join as CEO designate in May and assume full responsibilities in July, with management focused on executing current strategic plans and further deleveraging.
Wireless outlook: Subscriber growth in 2026 is expected to mirror 2025 levels amid slower immigration; ARPU will continue improving but may not reach positive growth by year-end, as TELUS emphasizes value-based bundles over aggressive loading tactics.
Fiber and capital intensity: Capital spending is targeted at ≤10% of revenue, reflecting largely completed fiber builds in core markets; future investments will shift toward AI and digital platforms while copper networks are phased out regionally.
Deleveraging and Health monetization: Net debt/EBITDA is projected to fall to 3.3x by end-2026 and 3.0x by 2027, supported by tower transactions and potential asset sales; TELUS Health is in a formal sale process with over 75 inbound interests and pitch books due within 30 days.
Digital strategy: TELUS Digital will refocus on external AI and digital solutions, reintegrating customer-experience services into core operations while exploring future transaction options for the external CX business.

Mar 3, 2026, 3:30 PM

Transcript

AT&T outlines growth and network transformation strategy at Morgan Stanley TMT Conference

Guidance Update

M&A

New Projects/Investments

AT&T reconfirmed its multi-year guidance with 2–3% wireless service revenue growth through 2028 (volume-driven) and 3–4% EBITDA growth in 2026, ramping to 5%+ by 2028, backed by a $4 billion cost reduction target.
AT&T’s convergence strategy drives growth: it serves customers across 36 million fiber passings, expects 40 million by year-end, and emphasizes fiber + wireless bundles that deliver industry-leading brand love, NPS and low churn.
Closed the Lumen Mass Markets acquisition, adding 4 million passings, and is scaling its Gigapower build engine to 1 million passings per year to exceed 60 million total fiber passings by 2030.
Advancing wireless network modernization, with half of radio rip-and-replace complete and full deployment in 18 months, yielding higher throughput, better reliability, lower operating costs and opening the network to new hardware vendors.
Accelerating copper network decommissioning, with 85% of wire centers discontinued for sale and 30% cleared for full shutdown, and introducing new reporting to separate Advanced Connectivity from legacy services to track migration progress.