AT&T management forecasts a compound annual growth rate in adjusted EBITDA of 3–4% in 2026, accelerating to 5% or more by 2028, driven by continued expansion of its 5G and fiber networks. Adjusted EPS is projected in a range of $2.25 to $2.35 in 2026, with double‐digit annual growth thereafter through 2028. Free cash flow is expected to exceed $18 billion in 2026, rising to $21 billion by 2028, underpinned by disciplined capital spending of $23–24 billion per year and cash taxes of $1.0–1.5 billion annually.

Over the next three years, AT&T plans to return more than $45 billion to shareholders via dividends and share repurchases. In 2025 the company already returned over $12 billion, and for 2026 it has authorized an $8 billion buyback. This commitment reflects management’s confidence in cash flow generation and balance‐sheet strength, even after planned acquisitions of Lumen’s consumer fiber assets and EchoStar spectrum licenses.

In the fourth quarter of 2025 AT&T added 421,000 net postpaid phone subscribers, 283,000 fiber broadband customers and 221,000 fixed wireless accounts, marking the second consecutive quarter with over half a million advanced home internet net adds. Mobility service revenues rose 2.4% year-over-year to $17.0 billion, while consumer wireline fiber revenues increased 13.6%. For the full year, AT&T delivered over 1.5 million postpaid phone net adds and surpassed one million fiber net adds for the eighth straight year.

Beginning in early 2026 AT&T will reorganize reporting around three segments: Advanced Connectivity (domestic 5G and fiber), Legacy (copper-based voice and data) and Latin America. Advanced Connectivity contributed approximately 90% of consolidated revenues in 2025 and is expected to drive mid-single-digit service revenue growth and mid-to-high single-digit EBITDA expansion annually. The phase-out of legacy copper networks is on track for substantial completion by end-2029, accelerating customer migrations to higher-margin services.