AT&T (T) Citi’s 2026 Global TMT Conference summary

Strategic transformation and financial progress

• Over $150 billion invested in the past five years to reposition the business, including divestitures and network upgrades.

• Achieved the largest fiber broadband network in the country and improved spectrum position.

• Service revenues for wireless, fiber, and fixed wireless grew over 5% in Q2, with EBITDA up over 8%.

• Guidance for double-digit EPS growth and returning nearly 100% of free cash flow to shareholders.

• EBITDA growth targeted at 3%-4% this year, accelerating to 5%+ by 2028, with continued free cash flow growth.

Business segment evolution and growth drivers

• Business service revenue saw a positive inflection in Q2, nearing 2% year-over-year growth.

• Refined go-to-market strategy, focusing on both digital and indirect channels to reach small and medium businesses.

• Enhanced customer experience through AI-driven service improvements and simplified bundles.

• Strategic products (wireline and wireless) now comprise 80% of the portfolio, ahead of previous targets.

• Fixed wireless is positioned as a growth opportunity, especially where fiber is not available.

AI, technology, and product innovation

• AI is leveraged for productivity, automation, and revenue growth, driving demand for high-capacity connectivity.

• Investments in 400 gig metro networks and platform software to support AI workloads and provide network intelligence.

• New products like Product Fusion enhance interoperability and disaster response capabilities.

• Dark fiber deals are pursued selectively, with greater focus on value-added services and network intelligence.