AT&T has maintained robust subscriber momentum in its core connectivity businesses, adding more than 300,000 net postpaid phone customers each quarter since early 2023 and keeping postpaid phone churn at an industry-leading 0.92% in Q3 2025. Its fiber internet arm has also expanded rapidly, passing over 31 million locations by the end of Q3 2025 and achieving a 40% consumer penetration rate. During the same quarter, AT&T added at least 200,000 net consumer fiber subscribers, while 4.2 million customers now subscribe to both wireless and fiber services, a group that delivers higher lifetime revenue and lower churn rates than single-service users.

Despite pausing dividend increases, AT&T’s quarterly payout of $0.2775 per share equates to a yield around 4.5%, fully covered by free cash flow. The company generated over $16 billion in free cash flow in 2025, allocating under half of that to dividend obligations. AT&T also reaffirmed its commitment to return capital through $20 billion in share repurchases through 2027. These buybacks are poised to lower share count, boost per-share metrics and potentially pave the way for a future dividend hike once recent spectrum acquisition debt is further reduced.

In late 2025, AT&T partnered with AST SpaceMobile to roll out satellite connectivity gateways aimed at bringing broadband access to rural and remote regions. The initial phase will deploy multiple ground stations in underserved areas, with a public beta service slated for 2026 that will integrate with FirstNet emergency response networks. This strategic move leverages AT&T’s nationwide fiber footprint and could add incremental service revenue beyond its traditional wireless and fiber subscriber bases, while enhancing network resilience during natural disasters or infrastructure outages.