Company Announcements

Key Takeaways:

• AT&T reiterates full-year 2025 financial guidance and capital return plans including an expected $20 billion of share repurchase capacity during 2025-2027
• AT&T is pursuing a multi-year, strategic growth plan centered around putting customers first, continued network investment and increased capital returns to shareholders
• AT&T's announced plans to acquire low-and-mid-band spectrum from EchoStar and substantially all of Lumen's Mass Markets fiber business further positions AT&T to become the best connectivity provider in America

DALLAS , Sept. 8, 2025 /PRNewswire/ -- Tune in at 10:30 a.m. ET on Sept. 9 for a fireside chat with AT&T's Chairman and Chief Executive Officer where he will discuss the Company's progress on its long-term vision and multi-year growth strategy.

John Stankey, Chairman and Chief Executive Officer, AT&T (NYSE:T), will speak tomorrow at the Goldman Sachs Communacopia + Technology Conference where he'll provide an update to shareholders.

AT&T is well-positioned to become America's leading connectivity provider

Since AT&T outlined its long-term growth strategy and priorities at its 2024 Analyst & Investor Day, the Company has taken significant actions to lead the way in advancing America's connectivity infrastructure and ultimately provide more value to customers, shareholders and the Company.

In wireless, AT&T continues to modernize and strengthen its network. The Company recently announced plans to acquire an average of approximately 50 MHz of low-band and mid-band spectrum licenses from EchoStar – covering virtually every market across the U.S. This agreement, and previously announced plans to purchase a portion of UScellular's retained spectrum licenses, further positions AT&T to maintain its long-term leadership in advanced wireless connectivity.

At the same time, the Company continues to expand its fiber assets. Earlier this year, AT&Tannounced an agreement to acquire substantially all of Lumen's Mass Markets fiber internet connectivity business, and in July it shared plans to invest savings from tax provisions included in the One Big Beautiful Bill Act into accelerating its fiber internet build-out.

Based on its increased pace of organic fiber deployment, the expected addition and planned expansion of Lumen Mass Markets fiber assets, and locations served through its Gigapower joint venture and other commercial open access provider agreements, AT&T expects that it will reach more than 60 million fiber locations by the end of 2030¹. This would represent an approximate doubling of its current fiber reach.

These collective efforts to enhance the Company's wireless and fiber networks will expand investment in critical U.S. connectivity infrastructure, create new middle-class jobs and accelerate access to advanced high-speed internet connectivity – through fiber and 5G – for millions of Americans.

AT&T is seeing solid customer demand and remains on track to achieve its 2025 financial guidance

AT&T continues to win in a highly competitive wireless marketplace with the nation's largest wireless network and is pleased with how the Mobility business is performing in the third quarter.

In Consumer Wireline, the Company continues to expand access to AT&T Fiber – the fastest, top-rated internet nationwide² – and AT&T Internet Air. AT&T continues to expect that subscriber net additions for each of these services will be higher during the second half of 2025 than it reported during the first half of the year.

AT&T reiterates all full-year 2025 financial guidance and the long-term financial outlook provided with its second quarter 2025 earnings report, which includes expectations for growth in consolidated service revenue, adjusted EBITDA and adjusted EPS as well as its outlook for free cash flow and capital investment.

In addition, AT&T continues to expect that its net debt-to-adjusted EBITDA ratio will return to its target in the 2.5x range within approximately 3 years of closing the EchoStar spectrum purchase.

AT&T maintains the capital returns plan outlined at its 2024 Analyst & Investor Day and updated with its second quarter 2025 earnings release, including $20 billion of capacity for share repurchases during 2025-2027.

The Company expects to maintain a consistent approach to capital returns during 2028-2029 while reducing its net debt-to-adjusted EBITDA ratio, supported by improved long-term growth in service revenue and adjusted EBITDA from the EchoStar transaction and strong free cash flow.

Conference details and more are available on the AT&T Investor Relations website

Full conference details are posted on the AT&T Investor Relations website, including a replay of the webcast. Viewers should start the webcast a few minutes before the scheduled start time, as conference agendas are subject change.

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¹Locations reached with fiber include consumer and business locations: (i) passed with fiber, and (ii) served with fiber through commercial open-access providers.

²Based on analysis by Ookla® of Speedtest Intelligence® data for Q1/Q2 2025. Ookla trademarks used under license and reprinted with permission.

About AT&T
We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.

Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.

This news release contains certain non-GAAP financial measures. Adjusted EBITDA, adjusted EPS, capital investment, free cash flow and net debt-to-adjusted EBITDA estimates depend on future levels of revenues, expenses, cash from operating activities, capital expenditures, vendor financing payments and other metrics which are not reasonably estimable at this time. Accordingly, we cannot provide reconciliations between these projected non-GAAP metrics and the most comparable GAAP metrics and related ratios without unreasonable effort. Reconciliations between the non-GAAP financial measures and the GAAP financial measures are available on the company's website at https://investors.att.com.

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SOURCE AT&T