AT&T returned $1.5 billion to shareholders through share repurchases in the third quarter and has set a target of up to $20 billion in buybacks by 2027, bolstering financial flexibility. This disciplined capital return strategy complements the company’s 7.0% dividend yield, which remains unchanged despite slower growth in payouts. Using dividend discount models that incorporate various growth and capital return scenarios, AT&T’s implied fair value per share ranges from $16 to $33. Management cited stable free cash flow of approximately $12 billion over the past twelve months as underpinning both dividend coverage and aggressive repurchase plans.

AT&T reported net income of $4.8 billion for the first nine months of the fiscal year, up 3% year-over-year, driven by growth in its fiber and business services segments. Total revenue of $103 billion over the same period reflects a 1.5% increase, as the company added 220,000 high-speed internet subscribers and saw continued demand for its cybersecurity and cloud solutions. Operating cash flow improved to $16.2 billion, allowing management to keep the dividend payout ratio near 60%, a level deemed sustainable by Moody’s and S&P, which both rate AT&T’s long-term credit at investment grade.

AT&T announced plans to relocate its global headquarters from downtown Dallas to a 54-acre site in Plano, Texas, by the second half of 2028. The new campus, formerly Electronic Data Systems’ headquarters, will accommodate approximately 6,000 employees in a low-rise configuration designed for collaboration and innovation. CEO John Stankey emphasized that the move responds to employee feedback on workspace functionality and will consolidate three existing Dallas-area offices into one modern facility near Legacy West. AT&T will retain a downtown presence for select corporate functions but projects annual real estate savings of $50 million once the Plano campus is fully operational.

The Plano relocation aligns with AT&T’s broader cost-optimization and workforce engagement initiatives. By centralizing operations on a single campus closer to where many employees reside, AT&T expects to reduce commuting times and improve talent retention. The move also follows trends among major firms such as Toyota and Goldman Sachs, which have expanded suburban footprints to offer amenities like fitness centers and childcare. Investors view the new headquarters as a long-term investment in productivity, estimating that improved employee satisfaction and streamlined operations could lift EBITDA by $300 million annually over the next five years.