AT&T maintained its reputation as a dividend stalwart, supported by steady free cash flow and a disciplined capital allocation framework. In the third quarter, the company repurchased $1.5 billion of its common shares and reiterated a buyback target of up to $20 billion through 2027. This accelerated repurchase activity, on top of the quarterly dividend that has remained flat, enhances financial flexibility and underscores management’s commitment to returning excess capital to shareholders. Dividend discount models suggest a fair value range of $16 to $33 per share, depending on future dividend growth and buyback assumptions.

AT&T announced plans to relocate its Dallas headquarters to a 54-acre site in Plano by the second half of 2028, transforming the former Electronic Data Systems campus into a low-rise, open-plan facility designed for collaboration. The move will consolidate approximately 6,000 employees from the high-rise downtown tower into a single, purpose-built campus near the Legacy West district. Demolition and ground-up construction will allow AT&T to integrate advanced technology infrastructure, flexible workspaces, fitness and wellness amenities, and on-site childcare, aligning with its long-term real estate optimization strategy.