T · Earnings call · 2026Q3T · Full report

Competition and New Entrants

AT&T INC. · 2026-10-21 · Importance 10 · Surprise 6

Management argued that a scaled converged fiber-and-wireless network is difficult for new entrants to replicate, citing the years of investment needed for coverage, indoor capacity and performance. AT&T sees fixed wireless as a sustainable option for some customers and applications, but expects some uses to shift toward newer technologies over time; it characterized LEO connectivity as potentially efficient for rural and less-dense areas and useful at network edges. Management said fiber-fed broadband combined with wireless is the more durable customer proposition where fiber investment is viable. AT&T also said it would consider wholesale use of fiber in particular markets if direct retail penetration matures, while emphasizing that it would not rule this out over the long term.

Key facts

• AT&T made a structural change to its consumer go-to-market structure because markets differ in infrastructure and in the tactics needed in particular geographies.
• AT&T reorganized its business, management teams, and incentives to support different tactics based on its asset base and local market circumstances.
• AT&T said 98% of traffic is in areas where it has already built and has capabilities.
• AT&T said its scaled network runs 6-8 low-band spectrum carriers depending on the metro.
• AT&T said fixed wireless access will remain sustainable for some customer bases and applications, but other uses may be displaced over time by newer technologies.