AT&T said it expects consolidated service revenue to grow at a low-single-digit annual rate from 2025 to 2027, and adjusted EBITDA to grow by 3% or better annually. It set capital investment at an annual range of $22 billion.

8-KRegulation FD DisclosureFiled Dec 3, 2024Period of report Dec 3, 2024Summary published (UTC) Oct 25, 2026

Key points

AI summary

AT&T said it expects consolidated service revenue to grow at a low-single-digit annual rate from 2025 to 2027, and adjusted EBITDA to grow by 3% or better annually. It set capital investment at an annual range of $22 billion.
The company said it expects free cash flow excluding DIRECTV to be $16 billion or more in 2025, growing by about $1 billion a year to reach $18 billion or more in 2027. It gave adjusted EPS excluding DIRECTV for 2025 in a range of $1.97 to $2.07.
The company plans to return $40 billion or more to shareholders through dividends and share repurchases from 2025 to 2027. It said that if it maintains its annualized dividend of $1.11, dividend payments would total $20 billion or more, with share repurchases of about $20 billion. The board has given initial approval for about $10 billion in share repurchases.
The company said it expects the sale of its entire 70% stake in DIRECTV to TPG to close in mid-2025. It also said that beginning in Q1 2025, it plans to report adjusted EPS and free cash flow excluding DIRECTV.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Long-term financial targets for 2025 to 2027

AT&T said it expects consolidated service revenue to grow at a low-single-digit annual rate from 2025 to 2027, and adjusted EBITDA to grow by 3% or better annually. It set capital investment at an annual range of $22 billion.

Source · Based on the filing body and exhibits

Free cash flow and adjusted EPS outlook

The company said it expects free cash flow excluding DIRECTV to be $16 billion or more in 2025, growing by about $1 billion a year to reach $18 billion or more in 2027. It gave adjusted EPS excluding DIRECTV for 2025 in a range of $1.97 to $2.07.

Source · Based on the filing body and exhibits

Shareholder return plan and $10 billion share repurchase approval

The company plans to return $40 billion or more to shareholders through dividends and share repurchases from 2025 to 2027. It said that if it maintains its annualized dividend of $1.11, dividend payments would total $20 billion or more, with share repurchases of about $20 billion. The board has given initial approval for about $10 billion in share repurchases.

Source · Based on the filing body and exhibits

DIRECTV sale and change in metric definitions

The company said it expects the sale of its entire 70% stake in DIRECTV to TPG to close in mid-2025. It also said that beginning in Q1 2025, it plans to report adjusted EPS and free cash flow excluding DIRECTV.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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