DALLAS, July 8, 2025 — AT&T Inc. has unveiled a comprehensive multi-year strategic plan aimed at accelerating the expansion of its 5G and fiber networks across the United States. The initiative focuses on enhancing connectivity, modernizing infrastructure, and delivering substantial returns to shareholders.
Announced ahead of the company’s 2024 Analyst & Investor Day, the strategy outlines significant investments in network infrastructure, with a commitment to reaching over 50 million locations with fiber by the end of 2029. This expansion includes organic deployments and partnerships through ventures like Gigapower with BlackRock, as well as agreements with open-access providers.
In the wireless domain, AT&T plans to modernize its 5G network by 2027, aiming to provide deep mid-band spectrum coverage to more than 300 million people by the end of 2026. The upgraded network is expected to support high-speed connectivity and serve as a foundation for future innovations, including applications in generative AI.
To support these initiatives, AT&T projects annual capital investments of approximately $22 billion from 2025 through 2027. The company anticipates generating free cash flow exceeding $16 billion in 2025, growing to over $18 billion by 2027. These financial projections exclude contributions from DIRECTV, which AT&T is in the process of divesting.
As part of its commitment to shareholders, AT&T plans to return more than $40 billion over the next three years through dividends and share repurchases. This includes an initial $10 billion share repurchase authorization expected to be completed by the end of 2026.
The strategic plan also involves phasing out AT&T’s legacy copper network operations across most of its wireline footprint by the end of 2029. This transition aims to streamline operations and enhance service reliability for customers.
“Over the last four years, we’ve achieved durable and profitable subscriber growth, generated attractive returns on network investment, and strengthened our balance sheet,” said John Stankey, AT&T CEO. “We’re putting customers first to become the best connectivity provider in America. Our plan expands the country’s largest fiber network, modernizes our wireless network, and rewards our shareholders.”
The company has also raised its adjusted earnings per share forecast for 2024 to a range of $2.20 , reflecting confidence in its growth trajectory.
AT&T’s strategic focus on expanding its 5G and fiber networks positions the company to meet the growing demand for high-speed connectivity, while also delivering value to shareholders through disciplined capital allocation.
