AT&T (T) Q4 2025 Earnings Call Transcript

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• Total shareholder returns 2026-2028 will be $45B+ representing approximately 30% of market cap and 75%+ of expected free cash flow

  80% confidence

• Bad debt increase is driven by higher equipment sales and service revenue growth, not payment pattern changes

  80% confidence

• 2028 target for adjusted EPS is double-digit 3-year CAGR

  80% confidence

• This is a structural realignment of the industry, ultimately going to be an industry of converged providers

  80% confidence

• Advanced home internet will grow 20%+ organic annual growth, with 30%+ reported growth in 2026 including Lumen

  80% confidence

• Current federal policy is the most supportive of market-based network investment in CEO's career

  80% confidence

• Wireless service revenue will grow 2-3% annually through 2026-2028

  80% confidence

• Adjusted EPS guidance for 2026 is $2.25-$2.35 range with approximately $0.05 dilution from acquisitions

  80% confidence

• Free cash flow guidance for 2026 is $18B+

  80% confidence

• There are continued opportunities for cost optimization

  80% confidence

• Business service revenue will have low single-digit CAGR through 2028

  80% confidence

• AT&T will lead the industry in advanced connectivity service revenue and adjusted EBITDA by end of this decade

  80% confidence

• AI revolution will increase demand for dense fiber and symmetrical connectivity

  80% confidence

• 2028 target for adjusted EBITDA growth is 5%+ annually

  80% confidence

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