T · Earnings call · 2026Q3T · Full report
Capital Expenditure Program
AT&T INC. · 2026-10-21 · Importance 65 · Surprise 32 · In source text
Third-quarter capital investment was $5.6 billion, approximately $300 million higher year over year. AT&T expects $23 billion to $24 billion of capital investment for full-year 2026. Improved fiber deployment efficiency is expected to lower annual capital investment by roughly $1 billion versus the prior plan, to $22 billion to $23 billion in each of 2027 and 2028. AT&T still expects to reach more than 60 million fiber locations by the end of the decade, and plans to redirect capital primarily toward customer-acquisition working capital and interest payments.
Key facts
- AT&T expects annual capital investment of $22 billion to $23 billion in 2027 and 2028.
- AT&T said overall capital expenditure will decline about $1 billion in 2027-2028, of which $300 million to $400 million is AT&T Mexico wireless capital expenditure.
- AT&T's Q3 2026 capital investment was $5.6 billion, approximately $300 million higher year over year.
- AT&T said its fiber building efficiencies reflect long experience, scale, long-term partner contracts and improved ability to build faster and cheaper.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | committed | — | AT&T expects annual capital investment of $22 billion to $23 billion in 2027 and 2028. |
| cash | positive | committed | — | AT&T said overall capital expenditure will decline about $1 billion in 2027-2028, of which $300 million to $400 million is AT&T Mexico… |