Description

AT&T Inc.’s 8 Million-Location Fiber Push: Can The Expansion Reshape Growth?

The full-year 2026 results of AT&T Inc. reflect ongoing progress in its strategic focus on advanced connectivity services, driven by expansion in fiber, fixed wireless, and wireless postpaid segments. In the second quarter, the company reported a 2.7% year-over-year increase in service revenue and a 5.2% rise in adjusted EBITDA, with adjusted EPS growing over 20% compared to the prior year. Capital expenditures rose to $6.1 billion in the quarter as AT&T accelerated fiber deployment, adding over 1 million fiber locations and incorporating the recently acquired Lumen footprint for its largest fiber expansion year to date—targeting 8 million new locations. Free cash flow reached $4.7 billion, exceeding guidance, supporting increased shareholder returns through $10 billion in planned share repurchases and dividends that roughly equal free cash flow forecasts. Growth was concentrated in the Advanced Connectivity segment, which contributed over 90% of service revenues and nearly all adjusted EBITDA.