AT&T Commits $45 Billion Shareholder Return, Citing Fiber and Wireless Growth

AT&T reaffirmed its plan to return more than $45 billion to shareholders between 2026 and 2028. CEO John Stankey announced the strategy before the Goldman Sachs Communacopia + Technology Conference on September 9. The capital allocation includes dividends and approximately $10 billion in share buybacks for 2026.

The company projects growth in adjusted EBITDA and higher free cash flow through 2028. AT&T aims to reduce its net debt-to-adjusted EBITDA ratio to approximately 2.5x within three years.

Operational momentum supports the outlook, with over 1 million additions in fiber, fixed wireless, and postpaid phones during the second quarter.