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AT&T Expects Strong Free Cash Flow in Coming Years

publication date: Oct 22, 2025
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AT&T reiterated its full year 2025 financial guidance. Consolidated service revenue is targeted to grow in the low-single-digit range, while adjusted EBITDA is expected to grow 3% or better. Free cash flow is expected in the low-to-mid $16 billion range, while adjusted earnings per share is targeted in the higher end of the $1.97-$2.07 range. The company also reiterated its 2026-2027 financial outlook. Consolidated service revenue growth is expected in the low-single-digit range annually from 2026-2027, with adjusted EBITDA growth of 3% or better annually from 2026-2027. Adjusted earnings per share is expected to accelerate to double-digit percentage growth in 2027. Free cash flow is targeted at $18+ billion and $19+ billion for 2026 and 2027, respectively. We like the free cash flow growth expectations at AT&T, but its huge net debt position keeps us on the sidelines. Shares yield 4.3% at the time of this writing.


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