AT&T (T) official guidance

•Capital investment* in the $23 billion to $24 billion range in 2026 and in the $22 billion to $23 billion range annually in 2027 and 2028

For the full year, we continue to expect $18 billion+ of free cash flow and $23 billion-$24 billion of capital investment.

•Capital investment\* in the $23 billion to $24 billion range

•Capital investment* in the $23 billion to $24 billion range in 2026 and in the $22 billion to $23 billion range annually in 2027 and 2028

•Capital investment* in the $23 billion to $24 billion range in 2026 and in the $22 billion to $23 billion range annually in 2027 and 2028

•Free cash flow\* of $18 billion+, including cash taxes of $1.0 billion to $1.5 billion and cash contributions to its employee pension plan of approximately $350 million

◦The Company's free cash flow* outlook anticipates annual cash taxes of $1.0 billion to $1.5 billion and cash contributions to its employee pension plan of approximately $350 million in 2026, with no significant additional cash contributions expected until 2030.

We remain on pace to achieve $4 billion in consolidated annual cost savings by the end of 2028.

During the first quarter, we made good progress executing against our ongoing transformation initiatives as we work towards achieving our target of $4 billion in annual cost savings by the end of 2028.

We achieved over $1 billion of cost savings in 2025, and expect to achieve an additional $4 billion annual cost savings by the end of 2028.

Reached more than 39 million total consumer and business locations with fiber; the Company remains on track to reach over 40 million total fiber locations by the end of 2026 and more than 60 million locations by the end of 2030³

Today, we reach over 37 million customer locations with fiber, and we're on track to reach 60 million-plus locations by the end of the decade.

•Adjusted EBITDA* growth in the upper portion of the 3% to 4% range in 2026, improving to 5% or better in 2028

For the full year, we continue to expect consolidated service revenues to grow in the low single-digit range and consolidated adjusted EBITDA to grow in the 3%-4% range.

•Adjusted EBITDA* growth in the 3% to 4% range in 2026, improving to 5% or better in 2028

We continue to expect consolidated adjusted EBITDA growth in the 3%-4% range for the full year.

•Adjusted EBITDA\* growth in the 3% to 4% range, including Advanced Connectivity EBITDA\* growth of 6%+

Putting this all together, we expect to achieve growth in consolidated adjusted EBITDA in the 3%-4% range in 2026, improving to 5% or better in 2028.

•Adjusted EBITDA* growth in the 3% to 4% range in 2026, improving to 5% or better in 2028 as growth in Advanced Connectivity increasingly more than offsets declines in Legacy.

•Adjusted EPS* in the $2.40 range in 2026 with a double-digit 3-year CAGR through 2028

We continue to expect full-year adjusted EPS to be in the range of $2.25-$2.35.

•Adjusted EPS* of $2.25 to $2.35 in 2026 with a double-digit 3-year CAGR through 2028

Adjusted EPS of $0.57 in the first quarter was up nearly 12%, and we continue to expect full-year adjusted EPS to be in the $2.25-$2.35 range.

•Adjusted EPS\* of $2.25 to $2.35

We expect adjusted EPS to be in the $2.25-$2.35 range in 2026, with a double-digit three-year CAGR through 2028.

•Adjusted EPS* of $2.25 to $2.35 in 2026 with a double-digit 3-year CAGR through 2028.

•Free cash flow* of $18 billion+ in 2026, $19 billion+ in 2027, and $21 billion+ in 2028

For the full year, we continue to expect $18 billion+ of free cash flow and $23 billion-$24 billion of capital investment.

•Free cash flow* of $18 billion+ in 2026, $19 billion+ in 2027, and $21 billion+ in 2028

For the second quarter, we expect free cash flow in the range of $4 billion-$4.5 billion, and we continue to expect $18 billion+ of free cash flows for the full year.

•Free cash flow\* of $18 billion+, including cash taxes of $1.0 billion to $1.5 billion and cash contributions to its employee pension plan of approximately $350 million

For 2026, we expect free cash flows of $18 billion+, reflecting primarily growth in Adjusted EBITDA, lower pension contributions, and lower legal settlements, partially offset by higher capital investments and cash interest.

•Free cash flow* of $18 billion+ in 2026, $19 billion+ in 2027, and $21 billion+ in 2028.

•Free cash flow* of $18 billion+ in 2026 and $19 billion+ in 2027.

•Free cash flow* of $18 billion+ in 2026, $19 billion+ in 2027, and $21 billion+ in 2028

•Free cash flow* of $18 billion+ in 2026, $19 billion+ in 2027, and $21 billion+ in 2028

•Free cash flow* of $18 billion+ in 2026, $19 billion+ in 2027, and $21 billion+ in 2028.

•Free cash flow* of $18 billion+ in 2026 and $19 billion+ in 2027.

As a result, we expect free cash flow will be relatively stable year-over-year in the third quarter, with strong year-over-year growth in the fourth quarter.

AT&T maintains its long-term outlook for improved growth in adjusted EBITDA* and adjusted EPS* and higher free cash flow* through 2028, its plans to return $45 billion+ to shareholders during 2026-2028 through dividends and share repurchases, and an expectation that its net debt-to-adjusted EBITDA ratio* will return to a level consistent with its target in the 2.5x range during 2029.

We also expect higher cash flow from operations during the fourth quarter of this year compared to last year, when our results were impacted by discrete items, including legal settlements and a large contribution to our pension.

◦Advanced Connectivity service revenue growth in the mid-single-digit range annually, including expected growth of 5%+ in 2026

Our advanced connectivity segment enters the second half of the year with strong momentum, and we continue to expect full-year service revenue growth of 5%+ and EBITDA growth of 6%+.

◦Advanced Connectivity service revenue growth in the mid-single-digit range annually, including expected growth of 5%+ in 2026

We're really pleased with how the business is positioned coming out of the first quarter and continue to expect Advanced Connectivity service revenues to grow 5%+ this year, with EBITDA growth of 6%+.

•Service revenue growth in the low-single-digit range, including Advanced Connectivity service revenue growth of 5%+ and a decline in Legacy service revenue of 20%+

•Advanced Connectivity service revenue growth in the mid-single-digit range annually, including expected growth of 5%+ in 2026, which includes approximately 100 basis points of growth from the planned acquisition of retail fiber subscribers from Lumen.

◦Legacy service revenue decline of 20%+ in 2026 and be immaterial by the end of 2029

◦Legacy service revenue decline of 20%+ in 2026 and be immaterial by the end of 2029

Legacy service revenues declined about 25% year-over-year, which is consistent with our outlook for 20%+ decline in 2026.

•Service revenue growth in the low-single-digit range, including Advanced Connectivity service revenue growth of 5%+ and a decline in Legacy service revenue of 20%+

AT&T expects Legacy service revenue to decline 20%+ in 2026 and to be immaterial by the end of 2029 with negative EBITDA* from this segment expected after 2027 until it has substantially eliminated direct costs associated with operating its copper-based network.3

For the full year, we continue to expect consolidated service revenues to grow in the low single-digit range

We continue to expect we will grow consolidated service revenues in the low single-digit range for the full year, driven by growth in wireless service, fiber, and fixed wireless revenues, partially offset by declines in transitional and legacy revenues.

•Service revenue growth in the low-single-digit range, including Advanced Connectivity service revenue growth of 5%+ and a decline in Legacy service revenue of 20%+

•Strong capital returns, including plans to maintain its current annualized common stock dividend of $1.11 per share and $24 billion+ of share repurchases, including approximately $10 billion during 2026

As John previously shared, we now expect to buy back approximately $10 billion of our shares in 2026.

•Strong capital returns, including plans to maintain its current annualized common stock dividend of $1.11 per share and approximately $24 billion of share repurchases, including approximately $10 billion during 2026

We continue to expect to repurchase approximately $8 billion of stock this year and to maintain a consistent pace of buybacks through 2028 as we execute against our plans to return $45 billion plus to shareholders over this time period.

•Consistent capital returns, including plans to maintain its current annualized common stock dividend of $1.11 per share and share repurchases of approximately $8 billion

Under this capital return plan, we expect to maintain our current common stock dividend with a consistent pace of share repurchases through 2028, including approximately $8 billion of buybacks in 2026.

The Company expects to repurchase approximately $8 billion of common stock during 2026 under these authorizations and to maintain a consistent pace of share repurchases through 2028, pending additional Board authorization.