AT&T (T) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Strategic direction and growth outlook

• Emphasizes a disciplined, investment-led convergence strategy focused on integrating fiber and wireless to drive organic growth through 2028 and beyond.

• Reports strong customer adoption of converged products, leading to industry-leading brand metrics, low churn, and increased multi-product sales.

• Closed the Lumen transaction, adding 4 million fiber passings, aiming for 40 million by year-end and over 60 million by 2030.

• Targets 2%-3% wireless service revenue growth through 2028, driven by volume and market share gains in under-penetrated segments and small business.

• Maintains focus on performance and value rather than price competition, supporting attractive customer lifetime values and returns.

Network modernization and operational efficiency

• Ongoing wireless network modernization is halfway complete, with 18 months remaining, delivering improved customer experience and lower costs.

• Modernization includes open standards to foster innovation and capital efficiency, with capital intensity expected to fall post-completion.

• Plans to decommission most copper network by 2029, with new reporting separating advanced connectivity from legacy business for transparency.

• 85% of wire centers no longer sell legacy services; 30% are ready for full discontinuance, with ongoing customer migration and cost reduction.

• Standardization and modernization in both wireless and wireline expected to yield $4 billion in cost savings by 2028.

Fiber expansion and broadband strategy

• Integration of Lumen assets is underway, focusing on scaling build rates and leveraging new resources for growth, not just synergies.

• Aims to ramp up fiber build to 4 million passings per year, with strong cost control and supply chain management mitigating inflationary pressures.

• Cost per passing has increased less than 2% despite inflation, with efficiencies found in both build and customer connection costs.

• Fiber ARPU growth remains robust, with penetration and convergence strategies exceeding internal expectations.

• Fixed wireless is used tactically where fiber is unavailable, but fiber remains the primary focus for broadband growth.