Verizon for phone and internet service

The electric utility company for your phone and internet connection

• Wireless Communication Services: Provides mobile voice, data, and messaging services for consumers and businesses across its nationwide 5G network.
• Broadband Internet Services: Offers high-speed internet access, primarily through fiber-optic connections, to residential and small business customers.
• Business Connectivity Services: Delivers a range of networking, voice, and managed services to large enterprises and government entities.

AT&T (symbol: T) primarily sells its telecommunications and entertainment services to millions of individual consumers and a vast number of businesses of all sizes, rather than having a few specific, identifiable major corporate customers like a typical B2B supplier. Therefore, its customer base is best described by categories of customers it serves:

• Wireless Subscribers (Consumers): This represents AT&T's largest customer segment, encompassing millions of individuals and families who subscribe to its mobile voice, text, and data plans for smartphones, tablets, wearables, and other connected devices.
• Broadband Internet Subscribers (Consumers): Millions of households rely on AT&T for their home internet services, primarily through its expanding AT&T Fiber network, which provides high-speed, reliable connectivity, as well as legacy DSL connections.
• Small and Medium Business (SMB) Customers: AT&T serves a massive number of small and medium-sized businesses across various industries. For these customers, AT&T provides essential services such as business wireless communication, dedicated business internet lines, voice over IP (VoIP) solutions, and other managed network and IT services tailored to their operational needs.

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John Stankey, Chairman and Chief Executive Officer

John Stankey has served as CEO of AT&T since July 2020 and was elected Chairman in February 2025. He previously held the roles of President and Chief Operating Officer of AT&T, and prior to that, he was the CEO of WarnerMedia. Before leading WarnerMedia, Stankey spent three decades in various leadership positions within AT&T, including chief executive of AT&T Entertainment Group, president and chief executive of AT&T Operations, and president of Telecom Operations. As chief strategy officer for AT&T Corporate Strategy, Stankey co-founded Otter Media in partnership with the Chernin Group, a venture focused on acquiring and launching over-the-top (OTT) media services. He oversaw the sale of a significant portion of AT&T's stake in DirecTV to TPG Capital and subsequently the remaining stake. Stankey also oversaw the sale of WarnerMedia to Discovery Inc.

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 the company's financial planning, accounting, tax, auditing, treasury, investor relations, and corporate real estate functions. Before joining AT&T, Desroches served as Executive Vice President and CFO of WarnerMedia, and prior to that, he was CFO of Turner Broadcasting System Inc. and Global Controller of Time Warner. He was also a partner at KPMG and served as a professional accounting fellow with the Office of the Chief Accountant at the United States Securities and Exchange Commission (SEC).

Jeff McElfresh, Chief Operating Officer

Jeff McElfresh serves as the Chief Operating Officer of AT&T Inc.

Thaddeus Arroyo, Chief Strategy and Development Officer

Thaddeus Arroyo is the Chief Strategy and Development Officer of AT&T Inc. He is responsible for corporate strategy, corporate development, venture investments, strategic business development and alliances, and incubating emerging businesses. 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 and Chief Information Officer for AT&T.

Kellyn Smith Kenny, Chief Marketing & Growth Officer

Kellyn Smith Kenny is the Chief Marketing & Growth Officer of AT&T Inc.

Aggressive expansion of Fixed Wireless Access (FWA) by competitors (e.g., T-Mobile and Verizon) as a primary home broadband alternative. This technology leverages existing 5G networks to offer high-speed internet services, directly competing with and often undercutting traditional wireline broadband offerings like AT&T's fiber and legacy services. The rapid growth and market acceptance of FWA pose a clear threat to AT&T's wireline broadband subscriber base and revenue, as it provides a compelling, often lower-cost, and easily deployable alternative.

AT&T (symbol: T) primarily operates in the United States, offering a range of telecommunications and technology services to both consumers and businesses. The addressable markets for its main products and services are sized as follows:

• Wireless Services (U.S. Market): The U.S. wireless telecommunication services industry is projected to reach a market value of approximately $450.2 billion in 2025.
• Broadband Internet Services (U.S. Market): The USA Internet Service Providers (ISP) Market, which includes fiber-optic, cable, DSL, and satellite internet services, was valued at approximately $139.8 billion in 2023. Fiber-optic internet is noted as the most dominant connection type within this market due to its high speed and reliability.
• Business Solutions (U.S. Market): For its comprehensive business solutions, which include advanced connectivity, cloud services, cybersecurity, and managed network services, the addressable market can be broadly represented by the U.S. Unified Communications market. This market size surpassed $144.72 billion in 2024 and is predicted to reach around $719.79 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 17.6% from 2025 to 2034.

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

1. Growth in Fiber Broadband Subscribers and Revenue: AT&T is heavily investing in expanding its fiber network and expects continued strong growth in its Consumer fiber broadband segment. The company reported an 18.9% increase in fiber revenue in Q2 2025 and 18.9% year-over-year fiber revenue growth in Q2 2025. It added 243,000 AT&T Fiber net adds in Q2 2025 and 288,000 in Q3 2025. AT&T expects Consumer fiber broadband revenue growth in the mid-to-high teens. The company plans to accelerate its fiber internet build-out to a pace of 4 million locations per year, reaching a run-rate it expects to achieve by the end of 2026.
2. Growth in Mobility (5G) Service Revenue and Postpaid Phone Subscribers: The company projects mobility service revenue growth of 3% or better for the full year 2025 and annually from 2026-2027. This growth is driven by consistent postpaid phone net additions, such as 401,000 in Q2 2025 and 405,000 in Q3 2025, and an increase in postpaid phone average revenue per user (ARPU). An expected pricing action in Q4 2025 is also anticipated to contribute to service revenue growth.
3. Expansion and Adoption of AT&T Internet Air (Fixed Wireless): AT&T is experiencing strong demand for its fixed wireless offering, AT&T Internet Air, with 203,000 net adds in Q2 2025 and 270,000 in Q3 2025, doubling its subscriber gains year-over-year in Q3. The company exited Q2 2025 with over a million consumer internet air subscribers. This expansion is supported by wireless network modernization efforts and the increased coverage of mid-band spectrum.
4. Increased Convergence of 5G and Fiber Services: AT&T's strategy of offering converged 5G and fiber services is leading to higher-value customer relationships with lower churn. The convergence rate, where customers subscribe to both fiber and 5G services, reached 41.5% in Q3 2025, a 180 basis point improvement from a year ago. This approach is expected to enhance AT&T's market competitiveness and drive customer base growth.
5. Impact of Strategic Acquisitions: Pending acquisitions, such as substantially all of Lumen's Mass Markets fiber business, are expected to further strengthen AT&T's connectivity portfolio and bolster organic growth.