AT&T: Doing What They Said


  • AT&T continues to deliver healthy subscriber growth and improving margins, resulting in high-single digit non-GAAP earnings growth.
  • The company met the free cash flow forecast of $14 billion for 2022 and expects $16 billion in 2023. FCF will grow further as AT&T passes peak capex.
  • Debt is being reduced. This will speed up with less spectrum license costs compared to 2021-22.
  • AT&T is pursuing responsible growth with its fiber JV with BlackRock.
  • The stock is around fair value and competitive with bonds that yield 5-6% but with potential for dividend growth in 2024 and beyond.

In this photo illustration, a AT&T logo seen displayed on a...

SOPA Images/LightRocket via Getty Images

Healthy Growth In A Mature Industry

No one buys AT&T (NYSE:T) stock expecting rapid growth in earnings and share price. Investors generally purchase it for income comparable to a corporate bond but with the

AT&T Subscriber growth


AT&T Mobility Margin


AT&T Consumer Wireline Margin


AT&T Net Debt to EBITDA


AT&T Fiber strategy


Disclosure: I/we have a beneficial long position in the shares of T either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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