AT&T (T) official guidance

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

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

We expect our focus on convergence to drive continued strong net additions in advanced home internet and postpaid phone subscribers during the third quarter and continued growth in converged customers.

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.

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

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

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.

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.

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.

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%+.

we continue to expect Advanced Connectivity business service revenues will grow at a low single-digit CAGR through 2028.

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

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

We expect our focus on convergence to drive continued strong net additions in advanced home internet and postpaid phone subscribers during the third quarter and continued growth in converged customers.

•Capital investment* in the $23 billion to $24 billion range annually during 2026-2028

•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

◦Advanced Connectivity EBITDA* growth in the mid-to-high-single-digit range annually, including expected growth of 6%+ in 2026

◦Advanced Connectivity EBITDA* growth in the mid-to-high-single-digit range annually, including expected growth of 6%+ in 2026

◦Legacy EBITDA* expected to turn negative after 2027, until AT&T has substantially eliminated direct costs associated with operating its copper-based network5

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

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

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

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

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

•Service revenue growth in the low-single-digit range annually

AT&T maintains its 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 within approximately three years following the closing of its transaction with EchoStar.

•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

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.

We expect improved growth in adjusted EBITDA in the second quarter as comparisons normalize, service revenue growth improves and as we implement further cost actions.

Our outlook continues to anticipate an immaterial EBITDA contribution this year from the operating regions acquired from Lumen.

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.

We expect second quarter year-over-year wireless service revenue growth to improve from growth reported in the first quarter and maintain our full year outlook for growth in the 2%-3% range.

We expect second quarter year-over-year wireless service revenue growth to improve from growth reported in the first quarter and maintain our full year outlook for growth in the 2%-3% range.

•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

•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

•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

As we complete these investments, we expect our capital intensity to decline from a high teens% of revenue to the mid-teens%... driving higher, durable, long-term cash flow.

Looking ahead, we expect annual cash taxes of approximately $1 billion-$1.5 billion through 2028.

Including Gigapower and the fiber assets that we're acquiring from Lumen, we expect to reach over 40 million customer locations with our fiber services by the end of this year, up from 32 million at the end of 2025.

Beyond 2026, we plan to expand our fiber reach by approximately 5 million locations annually through the end of this decade.

We also expect depreciation and amortization expense of about $20 billion annually through 2028, as incremental depreciation from our growth investments is offset by the roll-off of depreciated assets that have reached the end of their useful lives.

For 2026, our outlook for adjusted EPS includes approximately $0.05 of dilution from standup costs and higher interest expense related to our transactions with Lumen and EchoStar, and an effective tax rate in the 22% range.

Within our traditional operating region, we continue to expect that our annual pace of fiber construction will ramp from 3 million new locations in 2025 to a run rate of 4 million by the end of this year.

So in the first quarter of this year, we expect Adjusted EBITDA growth to be below the run rate we expect for the full year, with free cash flows in the $2 billion-$2.5 billion range.

We expect free cash flows to grow by $1 billion+ in 2027 and approximately $2 billion in 2028, driven primarily by growth in Adjusted EBITDA.

We expect free cash flows to grow by $1 billion+ in 2027 and approximately $2 billion in 2028, driven primarily by growth in Adjusted EBITDA.

Immediately following the closing of these transactions, we expect our net debt to Adjusted EBITDA to increase to approximately 3.2x and then to decline to approximately 3x by year-end as we grow Adjusted EBITDA and free cash flow.

Immediately following the closing of these transactions, we expect our net debt to Adjusted EBITDA to increase to approximately 3.2x and then to decline to approximately 3x by year-end as we grow Adjusted EBITDA and free cash flow.

We continue to expect that our net leverage will return to a level consistent with our target in the 2.5x range within approximately 3 years following the closing of these acquisitions.

We expect our advanced home internet service revenues to grow organically by 20%+ annually through 2028, which is consistent with the annual growth we have achieved in these revenues over the past two years.

So we expect that our reported growth in advanced home internet revenues in 2026 will exceed 30%.

Altogether, we expect that total business service revenues within the Advanced Connectivity segment will grow at a low single-digit CAGR through 2028.

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

We also continue to expect full-year capital investment in the $22 billion-$22.5 billion range, which implies fourth quarter capital investments of roughly $7 billion-$7.5 billion.

We expect to receive an additional $3.8 billion of cash, with the large majority expected over the course of the fourth quarter and the early part of next year.

At the end of the third quarter, we passed more than 31 million total locations with fiber, and we expect to reach more than 60 million customer locations by the end of 2030.

In the fourth quarter, we expect to see sequentially lower depreciation and amortization expense as certain legacy assets become fully depreciated. We expect our fourth quarter depreciation and amortization expense of about $5 billion is more aligned with the quarterly run rate we expect heading into next year.

Based on this solid execution, we continue to expect business wireline EBITDA pressures to moderate versus last year, with a full-year decline in the low double-digit range.

Based on our operating momentum and strong performance through the first three quarters of the year, we continue to expect to achieve full-year growth in consumer fiber broadband revenue in the mid to high teens and consumer wireline EBITDA growth in the low to mid-teens range.

I'm really pleased with how well the team is executing and remain confident in our ability to deliver on our full-year outlook for mobility service revenue growth of 3% or better and mobility EBITDA growth of approximately 3%.

Overall, our third quarter results show that we're executing well and are reiterating our full-year financial guidance. At a consolidated level, this includes service revenue growth in the low single-digit range and adjusted EBITDA growth of 3% or better.

We also reiterate our full-year outlook for adjusted EPS of $1.97-$2.07 and expect that we will come in closer to the high end of this range.

However, we continue to expect full-year free cash flow in the low to mid-$16 billion range, including about $4 billion in the fourth quarter.

However, we continue to expect full-year free cash flow in the low to mid-$16 billion range, including about $4 billion in the fourth quarter.

This includes an additional $400 million of contributions planned in the fourth quarter, with the remaining $700 million of contributions next year.

This includes an additional $400 million of contributions planned in the fourth quarter, with the remaining $700 million of contributions next year.

Based on our operating momentum and strong performance through the first three quarters of the year, we continue to expect to achieve full-year growth in consumer fiber broadband revenue in the mid to high teens and consumer wireline EBITDA growth in the low to mid-teens range.

I'm really pleased with how well the team is executing and remain confident in our ability to deliver on our full-year outlook for mobility service revenue growth of 3% or better and mobility EBITDA growth of approximately 3%.

Overall, our third quarter results show that we're executing well and are reiterating our full-year financial guidance. At a consolidated level, this includes service revenue growth in the low single-digit range and adjusted EBITDA growth of 3% or better.

During the third quarter, we returned $3.5 billion to our shareholders. This includes nearly $1.5 billion of stock repurchases, keeping us on pace to achieve our full-year target of $4 billion in buybacks.

•Capital investment* in the $22 billion to $22.5 billion range.

•Capital investment* in the $23 billion to $24 billion range annually from 2026-2027.

•Adjusted EBITDA* growth of 3% or better annually from 2026-2027.

•Adjusted EPS* accelerating to double-digit percentage growth in 2027.

•Consolidated service revenue growth in the low-single-digit range annually from 2026-2027.