AT&T

AT&T is one of the largest communications companies in the United States. It sells wireless phone service on its 5G network, and home and business internet through fiber and fixed wireless (AT&T Internet Air). It also sells older copper-based phone and data services, and it plans to shut down most of its copper network by the end of 2029. It reaches more than 39 million locations with fiber and plans to reach more than 60 million by the end of 2030.

It serves more than 100 million people in the United States and nearly 2.5 million businesses. Revenue was $32.3 billion in Q3 2026. AT&T has agreed to sell its wireless business in Mexico.

The market doubts that AT&T can grow its cash flow while competition in wireless increases and its debt stays high. Press reports said that on October 8, 2026, SpaceX agreed to buy spectrum to make Starlink Mobile a major mobile carrier in the U.S. Investors fear a new national rival. Postpaid phone churn also rose to 0.92% in Q3 2026 from 0.86% in Q2.

AT&T paid $22.65 billion for EchoStar spectrum on July 28, 2026, mostly with new loans, and total debt was $159.6 billion at September 30, 2026. The company expects net debt to return to about 2.5 times adjusted EBITDA only during 2029. For the gap to close, four things must be true. Free cash flow must reach the guidance of $18 billion or more in 2026 and $19 billion or more in 2027.

Postpaid phone churn must stay near 0.9%, and fiber and fixed wireless net adds must stay strong. The sale of the Mexico business and the sale of half of the fiber joint venture must close in the first half of 2027. Satellite service must stay a small service for rural areas and dead zones. The Q4 2026 report, expected in late January 2027, gives the next test with the 2027 guidance.

If these checks pass, the gap can close slowly over two to three years. A new rival that forces price cuts would keep the gap open.

1. Jan 27, 2027 · est.Pending

   Q4 2026 results and 2027 guidanceFree cash flow of $18 billion or more for 2026, postpaid phone churn near 0.9% and 2027 guidance of $19 billion or more pass; lower guidance or rising churn fail.
2. Q1 2027 · est.Pending

   Mexico sale closesA closing with about $2.0 billion of cash in the first quarter of 2027 passes; a delay or a lower price fails.

Every passed and failed checkpoint across all picks

• October 21, 2026AT&T reported Q3 2026 results. Revenue grew 5.3% to $32.3 billion, and adjusted EPS was $0.65. Diluted EPS from continuing operations was $0.13, after a non-cash impairment of $2.6 billion on the Mexico business. Free cash flow was $5.0 billion. AT&T added 442,000 fiber, 327,000 fixed wireless and 379,000 postpaid phone customers, and postpaid phone churn was 0.92%. It raised its 2026 adjusted EPS outlook to the $2.40 range, lowered its capital investment outlook for 2027 and 2028 to $22 billion to $23 billion a year, and kept its free cash flow outlook of $18 billion or more for 2026.
• October 13, 2026AT&T agreed to sell its wireless business in Mexico to Grupo Televisa and Fintech Holdings. It expects about $2.0 billion of cash at closing, plus other benefits, and expects the sale to close in the first quarter of 2027.
• October 8, 2026Press reports said that SpaceX agreed to buy up to 14 megahertz of 800 MHz spectrum for its Starlink Mobile service, and that SpaceX said the purchase helps Starlink Mobile become a major U.S. mobile carrier. AT&T shares fell on October 9, 2026. These details come only from press reports.

Last earnings

October 21, 2026 (8-K on sec.gov)

Next earnings

Expected about January 27, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 21, 2026 · t-20260930
• 8-KEarnings releaseFiled October 21, 2026 · t-20261021
• 8-KChange of directors or officersFiled October 16, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled September 9, 2026 · Read it on sec.gov
• 8-KOther company newsFiled August 17, 2026 · Read it on sec.gov
• 8-KOther company newsFiled August 4, 2026 · Read it on sec.gov
• 8-KNew debt or financial obligation and Investor disclosureFiled July 28, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 22, 2026 · t-20260630
• 8-KEarnings releaseFiled July 22, 2026 · t-20260722
• 8-KChange of directors or officersFiled June 16, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 732717)

• Wireless competition can increase. Cable companies sell wireless service, and press reports say that SpaceX wants to make Starlink Mobile a major U.S. carrier. Price cuts or higher churn would lower AT&T's cash flow.
• Total debt was $159.6 billion at September 30, 2026, after the $22.65 billion EchoStar purchase. AT&T does not expect its leverage target of about 2.5 times adjusted EBITDA until 2029. Higher interest rates on new debt would reduce free cash flow.
• Legacy revenue fell 24.5% in Q3 2026. AT&T expects legacy EBITDA to turn negative after 2027 until it removes the copper network costs. Approvals to shut down copper networks can delay this beyond 2029.
• The sales of the Mexico business and of half of the fiber joint venture need approvals. A delay would keep debt higher for longer.

AT&T has a large debt. At September 30, 2026, total debt was $159.6 billion, of which $9.5 billion is due within one year, and cash was $10.8 billion. Read more

Dividend yield

5.1% (last 12 months, at today’s price of $21.80)

Paid per share

$1.112 in the last 12 months (4 payments)

Current annual rate

$1.112 ($0.278 × 4 a year)

Payout ratio

37% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

October 9, 2026, $0.278 per share

Dividends per share by year

Over the last 5 years, the dividend fell by about 11.8% a year. Over the last 10 years, the dividend fell by about 5.3% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.