Here are 1-2 brief analogies for AT&T:

• Like **Verizon** and **Comcast** rolled into one, providing both mobile and internet services nationally.

• The **FedEx** or **UPS** of digital communication, managing a vast network to deliver voice and data.

• Mobility Services: AT&T provides wireless voice, data, and messaging services for consumers and businesses across its nationwide mobile network.
• Fixed-line Broadband Internet: The company offers high-speed internet access, primarily fiber-optic, to residential and small business customers.
• Business Wireline Services: AT&T delivers advanced networking, cybersecurity, managed hosting, and Internet of Things (IoT) solutions for enterprise and government clients.

AT&T (symbol: T) primarily sells its services to individuals and small businesses rather than exclusively to other large companies. While AT&T does have a significant Business segment serving large enterprises and government entities, its consumer-facing services for mobile and home internet constitute the largest portion of its subscriber base and a substantial share of its revenue.

The company serves the following categories of customers:

• Mobile Consumers: This category includes individuals and families who subscribe to AT&T's wireless services for their smartphones, tablets, and other connected devices. This encompasses both postpaid and prepaid customers utilizing voice, text, and data plans.
• Home Internet Subscribers: This category consists of individuals and households subscribing to AT&T's internet services, primarily AT&T Fiber, for their residential broadband connectivity needs.
• Small Business Owners: AT&T serves numerous small and medium-sized businesses (SMBs) with a range of services including wireless, internet, voice, and bundled solutions tailored to their operational needs. While these are businesses, their scale and service requirements often align more closely with advanced consumer users than with large enterprise clients.

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John Stankey, Chairman and Chief Executive Officer

John Stankey has led AT&T as CEO since July 2020, succeeding Randall L. Stephenson, after previously serving as president and chief operating officer. He joined AT&T in 1985 and has held various leadership roles across nearly every area of the business, including CEO of WarnerMedia, CEO of AT&T Entertainment Group, Chief Strategy Officer, Chief Technology Officer, CEO of AT&T Operations, and CEO of AT&T Business Solutions. Stankey oversaw the sale of a third of AT&T's stake in DirecTV to TPG Capital and the sale of WarnerMedia to Discovery Inc. He also played a role in creating Otter Media, a venture in partnership with the Chernin Group focused on acquiring and launching over-the-top (OTT) media services.

Pascal Desroches, Senior Executive Vice President and Chief Financial Officer

Pascal Desroches became AT&T's Senior Executive Vice President and Chief Financial Officer in April 2021. In this role, he is responsible for AT&T's financial planning, accounting, tax, auditing, treasury, investor relations, and corporate real estate functions. He previously served as CFO of WarnerMedia, CFO at Turner, and global controller at Time Warner Inc. Prior to joining Time Warner, Desroches was a partner at KPMG and a professional accounting fellow with the Office of the Chief Accountant at the U.S. Securities and Exchange Commission (SEC). Desroches has been credited with playing a key role in reshaping AT&T's financial strategy, including reducing its debt by over $40 billion and making significant investments in telecommunications infrastructure.

Jeff McElfresh, Chief Operating Officer

Jeff McElfresh serves as the Chief Operating Officer of AT&T. With nearly 30 years of experience at AT&T, he has held a variety of strategic, operational, and technology leadership roles, primarily within the Mobility business. Most recently, he was the Chief Executive Officer of AT&T Communications, where he led nearly 200,000 employees, and before that, he was president of its Technology and Operations group. His prior roles also include CEO of AT&T's Vrio (DirecTV Latin America and SKY Brasil businesses) from 2015 to 2018, senior vice president in AT&T's Strategy and Corporate Development group, and president of AT&T Mexico.

Thaddeus Arroyo, Chief Strategy and Development Officer

Thaddeus Arroyo is the Chief Strategy and Development Officer of AT&T Inc., overseeing corporate strategy, corporate development, venture investments, strategic business development and alliances, and incubating emerging businesses for long-term growth. His previous roles include Chief Executive Officer of AT&T Consumer and Chief Executive Officer of AT&T Business. He also served as CEO of AT&T Mexico from 2015 to 2016, where he expanded AT&T's high-speed mobile network and distribution channels. Before joining AT&T, Arroyo was CIO at Cingular Wireless and Senior Vice President of Product Marketing and Development for Sabre Corporation.

David Christopher, Executive Vice President, Business Development & Strategic Alliances

David Christopher is the Executive Vice President of Business Development and Strategic Alliances at AT&T. He leads the team responsible for executing the company's strategic business development deals and managing its largest partnerships, including the development of new revenue streams utilizing 5G and Fiber. Prior to this role, Christopher was Executive Vice President & General Manager of AT&T Mobility for four years and also served as President, managing P&L for the DirecTV and broadband businesses. He was Chief Marketing Officer for AT&T Mobility for ten years and began his career with AT&T as VP of Product Management with Cingular. Before joining AT&T, he held positions at Palm and Apple and started his career with Sara Lee Corporation. Christopher has also served as Chairman of CTIA and the Ad Council.

• High Debt Levels

  AT&T carries a significant debt burden, which is a frequently cited concern for the company. While the company has been actively working to reduce its debt, the substantial amount of outstanding debt can limit its financial flexibility, particularly in an environment of rising interest rates. This can impact AT&T's ability to invest in strategic initiatives, make acquisitions, or return capital to shareholders. As of September 2025, AT&T's total debt stood at approximately $158.493 billion.

• Intense Competition

  The telecommunications industry, particularly the wireless and broadband sectors in which AT&T operates, is characterized by fierce competition. AT&T faces pressure from established rivals such as Verizon and T-Mobile, as well as from cable companies like Comcast and Spectrum, which are expanding their connectivity offerings. This intense competition can lead to price wars, aggressive promotional offers, increased customer churn, and ultimately, pressure on revenue growth and profit margins.

• Need for Continuous Capital Investment and Rapid Technological Change

  The telecommunications industry is highly capital-intensive, requiring continuous and significant investment in infrastructure to keep pace with rapid technological advancements. AT&T must consistently invest in upgrading and expanding its 5G network, deploying fiber-optic services, and developing new technologies to meet evolving customer demands and maintain a competitive edge. Failure to make these crucial investments could result in a loss of market share and an inability to capitalize on emerging opportunities.

Fixed Wireless Access (FWA) from competitors like T-Mobile and Verizon is emerging as a significant threat to AT&T's broadband business, particularly its fiber expansion efforts. FWA offers a simpler, often more affordable alternative to traditional wired home internet, directly competing for subscribers that AT&T is targeting with its fiber buildouts. This technology leverages cellular networks to deliver home internet, circumventing the need for new wireline infrastructure and allowing competitors to quickly gain market share in broadband.

AT&T (symbol: T) operates in several significant addressable markets within the telecommunications sector, primarily in the United States. Its main products and services include wireless communication, broadband internet (especially fiber), and various business solutions.

Wireless Services

The addressable market for wireless telecommunications carriers in the U.S. was approximately $321.0 billion in 2024, and it is projected to grow to $340.3 billion in 2025. This market encompasses mobile voice, data, and messaging services for millions of customers. The broader U.S. wireless connectivity market, which includes infrastructure and devices, reached $33.5 billion in 2024 and is expected to grow to $118.0 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 13.4% from 2025 to 2033.

Broadband Services (Fiber and Fixed Wireless)

In the U.S., the fiber broadband market is experiencing significant growth. The residential and commercial fiber broadband customer base for the telco industry was 22.1 million as of December 31, 2023. The U.S. fiber optics market was valued at $3.1 billion in 2024 and is anticipated to reach $7.8 billion by 2033, with a CAGR of 10.8% between 2025 and 2033. The overall global broadband services market was valued at $497.47 billion in 2024 and is projected to grow to $1062.73 billion by 2033, at a CAGR of 8.8% during the forecast period (2025-2033). North America holds the largest share of this global market. In 2022, the U.S. alone had 121 million broadband subscribers, a number projected to reach 128 million by 2024. Fixed Wireless Access (FWA) is also a growing segment, projected to account for 15.8% of all U.S. broadband connections in 2028, up from 7.2% in 2023.

Business Wireline and Connectivity Solutions

AT&T provides wireline telecom services, broadband services, and advanced connectivity services like fiber ethernet and fixed wireless for businesses. While specific market sizes for "business wireline telecom services" for AT&T's offerings are not explicitly detailed, the broader "wireline services market" (often associated with oil and gas exploration in search results) was valued at $10.26 billion globally in 2024 and is projected to reach $15.42 billion by 2032. North America holds the largest share of this market, valued at $3.71 billion in 2024.

AT&T (symbol: T) anticipates several key drivers for future revenue growth over the next 2-3 years, primarily centered on expanding its core connectivity services and strategic initiatives:

1. Fiber Broadband Expansion and Subscriber Growth: AT&T is heavily investing in expanding its fiber network, with a goal to pass over 50 million total locations with fiber by the end of 2029. This includes approximately 45 million locations through organic deployment and an additional 5 million-plus locations through partnerships like Gigapower and other commercial open-access providers. The company consistently reports strong fiber net additions and expects mid-to-high teens annual growth in consumer fiber broadband revenue.
2. 5G Mobility Subscriber Growth and Service Revenue: AT&T aims for continued profitable growth in its 5G mobility segment. The company has been achieving strong postpaid phone net adds and expects wireless service revenue growth in the 3% range for the full year. Improvements in postpaid phone average revenue per user (ARPU) on legacy plans also contribute to this growth.
3. Convergence Strategy: AT&T's strategy emphasizes being a converged connectivity provider, offering both high-speed 5G wireless and fiber broadband. Management believes this dual infrastructure asset gives AT&T a lasting advantage, leading to higher customer retention and increased average revenue per user through bundling of services. Customers who bundle AT&T Fiber and AT&T Wireless services exhibit higher net promoter scores and stay longer.
4. Strategic Acquisitions and Network Modernization: Acquisitions, such as the EchoStar spectrum, are expected to enhance revenue and EBITDA growth, particularly by facilitating fixed wireless subscriber expansion. AT&T is also focused on modernizing its wireless network and decommissioning legacy copper infrastructure, which is anticipated to lead to a less capital-intensive model with improved cash flow and operating leverage over the long term. The acquisition of Lumen's Mass Markets fiber business is also expected to contribute to fiber expansion.

Share Repurchases

• AT&T plans to return more than $40 billion to shareholders through dividends and share repurchases from 2025-2027, with approximately $20 billion allocated for share repurchases.
• An initial tranche of approximately $10 billion in common stock repurchases was authorized by AT&T's Board, expected to commence when the company reaches its net leverage target in the first half of 2025 and conclude by the end of 2026.
• For the first nine months of 2025, AT&T repurchased approximately 87 million shares totaling $2.444 billion under its $10 billion common stock repurchase authorization.

Share Issuance

• AT&T's issuance of common stock was 105 million shares in 2020, decreasing to 3 million shares in 2023, and then increasing to 15 million shares in 2024.
• The latest twelve months issuance of common stock was 32 million shares.

Inbound Investments

• The sale of AT&T's remaining 70% stake in DIRECTV to TPG Capital for $7.6 billion closed on July 2, 2025.
• In February 2021, AT&T sold a 30% stake in its video businesses (DIRECTV, U-Verse TV, and DIRECTV Stream) to TPG Inc., forming a new entity, which closed in August 2021.
• AT&T expects to receive $5.4 billion of after-tax cash payments in 2025 and $0.5 billion in 2029 related to the sale of the DIRECTV investment.

Outbound Investments

• AT&T completed the spinoff of WarnerMedia and its subsequent merger with Discovery, Inc. to form Warner Bros. Discovery on April 8, 2022, divesting its media arm.
• The company sold its advertising technology division, Xandr, to Microsoft, with the deal completed in June 2022.
• AT&T announced plans to acquire spectrum licenses from EchoStar and substantially all of Lumen's Mass Markets fiber business.

Capital Expenditures

• AT&T's capital investment was $20.1 billion in 2021, $24.3 billion in 2022, $23.6 billion in 2023, and $22.1 billion in 2024.
• Expected capital investment for full-year 2025 is projected to be in the range of $22 to $22.5 billion.
• The primary focus of capital expenditures is on expanding the fiber network to reach over 50 million total locations by 2025 and 60 million by 2030, and modernizing its 5G wireless network.