AT&T says ‘on track’ to meet FY24 guidance

Tune in at 8:10 a.m. ET on May 21 for a fireside chat with AT&T‘s CEO, where he will cover recent progress on the company’s multiyear growth strategy. The company remains confident in its ability to deliver on all of the financial guidance shared during its earnings report in April 2024. AT&T also remains focused on driving incremental efficiencies through its goal of $2B+ in run-rate cost savings by mid-2026. The company is on track to achieve net-debt to adjusted EBITDA in the 2.5x range in the first half of 2025. It also plans to continue addressing short-term financing obligations as it shapes an even more sustainable and ratable free cash flow cadence. The company continues to see healthy, but normalizing, wireless industry trends and is pleased with how the Mobility business is performing in the second quarter. AT&T Fiber penetration rates continue to exceed initial business case assumptions with net adds varying from quarter to quarter based on seasonality, market dynamics and the pace of new fiber locations passed. AT&T’s connectivity portfolio continues to expand and includes multiple technologies, including 5G, fiber and the company’s fixed wireless access product – AT&T Internet Air – which is now available in parts of 95 locations for consumers and nationwide for businesses. AT&T is uniquely positioned to offer converged services at scale across its owned and operated 5G and fiber networks. With the largest wireless network in North America1 and the largest domestic consumer fiber internet network, AT&T benefits from owner’s economics when it adds converged mobile and broadband subscribers. AT&T continues to make critical investments in its wireless and fiber future. Over the past five years, from 2019 to 2023, AT&T invested $145 billion+ primarily in its wireless and wireline networks, including capital investments and acquisitions of wireless spectrum3. To support its ongoing investment in 5G and fiber, the company continues to expect 2024 capital investment in the $21B-22B range.