During its 2024 Investor Day conference, AT&T unveiled an ambitious strategic plan aimed at expanding its fiber broadband and 5G networks while delivering $40 billion in shareholder returns over the next three years. The company plans to extend its fiber network to more than 50 million locations by the end of 2029, leveraging organic deployments, its Gigapower joint venture with BlackRock, and agreements with commercial open-access providers. Additionally, AT&T is modernizing its 5G wireless infrastructure to deepen mid-band spectrum coverage for over 300 million people by the close of 2026, incorporating programmable and open network technologies.
The fiber broadband expansion is central to AT&T’s efforts to streamline operations and phase out its legacy copper network, significantly enhancing capacity and reliability for customers. On the wireless front, the company plans to fully modernize its 5G network by 2027, building a high-capacity, scalable infrastructure designed to support emerging technologies like generative AI and ultra-fast connectivity for mobile users. These investments are part of AT&T’s broader commitment to maintaining its position as the leading capital investor in U.S. connectivity infrastructure since 2019.
The financial framework behind this strategy underscores AT&T’s focus on sustained growth. Over the next three years, the company plans to invest $22 billion annually in capital expenditures, targeting adjusted EBITDA growth of at least 3% per year. To reward shareholders, AT&T has authorized an initial $10 billion in stock repurchases, expected to be completed by 2026, alongside $20 billion in dividend payouts through 2027. Free cash flow is forecast to reach $16 billion in 2025, increasing to $18 billion by 2027.
• Fiber Network: Expand to 50 million+ locations by 2029, with 45 million reached through organic builds and 5 million via partnerships with Gigapower and open-access providers.
• 5G Infrastructure: Achieve deep mid-band spectrum coverage for 300 million+ people by 2026, with full network modernization using open technology by 2027.
• Legacy Copper Exit: Transition from legacy copper networks to future-ready fiber broadband by the end of 2029.
• Capital Investments: Allocate $22 billion annually from 2025 to 2027 for infrastructure growth and technology upgrades.
• Shareholder Rewards: Distribute $40 billion in dividends and share repurchases through 2027, including an initial $10 billion stock buyback.
• Financial Goals: Achieve $16 billion in free cash flow by 2025, growing by $1 billion annually to reach $18 billion in 2027.
AT&T sees its investments in fiber and 5G as the foundation for long-term industry differentiation, enabling faster speeds, higher network capacity, and more personalized connectivity solutions. The company is positioning its infrastructure to support advanced applications, including IoT, edge computing, and next-generation AI platforms, while remaining a customer-centric provider.
“We’re building America’s best connectivity network, delivering unmatched fiber and wireless experiences for customers, and creating sustainable value for shareholders,” said AT&T CEO John Stankey. “Our bold strategy puts us on a trajectory for transformative growth and leadership in the industry.”
