AT&T’s 2025 Annual Report outlines a clearly defined, capital-intensive investment roadmap for 2026-2028 centred on three core themes: accelerating fiber and 5G network expansion, monetizing a converged connectivity strategy, and driving operational efficiency through AI and digital transformation.

The company has repositioned itself as an advanced networking company and is investing aggressively to extend its lead in fiber and 5G while simultaneously winding down its legacy copper infrastructure. The three-year financial targets are ambitious. AT&T expects to deliver accelerated adjusted EBITDA growth, double-digit adjusted EPS growth, strong free cash flow, and more than $45 billion in shareholder returns from 2026 to 2028.